Core Viewpoint - The company has released its first quarter report for 2025, highlighting key financial data and operational performance, while ensuring the accuracy and completeness of the information disclosed [3][15]. Financial Data - The financial statements for the first quarter of 2025 are unaudited, with the company confirming the authenticity of the financial information provided [5][6]. - The company reported a year-on-year revenue growth of 11.11% after excluding the impact of the declining pharmaceutical distribution industry [17]. Operational Performance - The company has strengthened its market planning and expanded sales channels, resulting in increased sales of its core product, the Pianzaihuang series [17]. - As of the end of the first quarter of 2025, the company signed contracts with 15 new renowned doctors and opened 32 new medical halls [17]. Market Conditions - The pharmaceutical distribution industry has faced revenue declines due to changes in medical insurance policies and a shrinking consumer market [17]. - Rising costs of key raw materials, particularly natural cow bile, have compressed profit margins, with prices reaching 1.6 million yuan per kilogram [17]. Investor Engagement - The company will participate in an online investor meeting on May 14, 2025, to discuss its 2024 annual and 2025 first-quarter performance [10][11]. - Investors can engage in the meeting through the "Panorama Roadshow" website and other platforms [11].