Group 1: Market Value Management - The company considers market value management a key task for the year, focusing on improving operational management and utilizing various methods such as information disclosure, cash dividends, and share buybacks to enhance market value [2][3] - A market value management system was established in June 2025, with a share buyback plan approved by the shareholders in July, allowing for a buyback of between 80 million to 100 million yuan [3] - On August 14, 2025, the company executed its first share buyback, acquiring 3,762,300 shares for a total payment of 19,999,259.00 yuan (excluding transaction fees) [3] Group 2: Business Expansion and Projects - As of mid-2025, the company has launched 199 SPD projects across 23 provinces in China, with plans to initiate new projects as needed [3] - The company currently operates 205 DTP pharmacies, including 192 direct-operated and 13 franchised, with plans to further develop this business segment [4] Group 3: Competitive Strategy - The company aims to build a differentiated competitive system focusing on "strengthening barriers, enhancing value, and exploring growth," leveraging its state-owned enterprise background for synergy in the pharmaceutical commercial sector [4] - Strategies include enhancing logistics through smart delivery methods and expanding into high-growth niche markets such as medical devices and DTP pharmacies [4] Group 4: Research and Development - The company's R&D primarily focuses on generic drugs, adhering to international standards, with four products already approved and three in commercial production [4]