Group 1: Company Overview and Market Conditions - The overall business operation of the company in Q3 2025 remains stable, with market demand relatively steady and sales progressing as planned [2] - The pharmaceutical manufacturing industry saw a revenue of CNY 12,275.2 billion in the first half of 2025, a year-on-year decrease of 1.2%, and a total profit of CNY 1,766.9 billion, down 2.8% [2] - Despite the overall industry pressure, the transdermal patch market is showing a positive growth trend, with sales expected to exceed CNY 7 billion in 2024, a year-on-year increase of approximately 10%, and over CNY 4 billion in the first half of 2025, up about 15% [3] Group 2: Strategic Focus and R&D Investment - The company is fully transitioning to focus on innovative drug research and development, with a core emphasis on chemical and traditional Chinese medicine innovations [4] - The estimated R&D expenditure for the year 2025 is projected to be between CNY 250 million and CNY 300 million [5] - The company is committed to enhancing its product strength and brand influence through continuous R&D, aiming to meet diverse health needs and create long-term value for investors [6][7] Group 3: Competitive Landscape and Product Development - The external pain relief market has significant growth potential, driven by increasing health demands and an aging population [6] - The JIJ02 gel shows advantages over existing acne treatments, such as lower risk of resistance and milder side effects, with plans to expand its indications in the peptide drug area [7] - Following the implementation of centralized procurement for the Loxoprofen Sodium Gel Patch, the company will adopt multi-faceted measures to stabilize its business foundation and ensure long-term growth [7]