Group 1: Company Overview and Strategy - Morning Light Bio's long-term development strategy consists of three steps: achieving the world's largest production and sales of capsicum red, establishing around ten leading products globally, and building a natural plant extract industry base [12] - The company is currently in the second step of its strategy, having begun preparations for the third step [12] Group 2: Research and Development - The company has invested significantly in R&D, with a total of 702 patent applications and 450 patents granted as of mid-2025 [3] - R&D expenses have increased significantly in the first half of the year, driven by changes in project structure and higher material costs [8] Group 3: Market Position and Product Development - The company is focusing on expanding its product range, particularly in natural colorants, which are expected to replace synthetic colorants, providing a broader market opportunity [9] - The company has established a strong foothold in the herbal medicine sector, with 11 drug registration certificates obtained and several products in the pipeline [10] Group 4: Financial Performance and Growth Prospects - The revenue from traditional Chinese medicine granules is currently less than 1% of total revenue, indicating potential for growth in this area [3] - The company has expressed confidence in maintaining high growth rates, driven by increasing consumer demand for natural and healthy products [4] Group 5: International Operations - The U.S. subsidiary is currently evaluating the production of nutritional and medicinal products, with no production lines established yet due to economic factors [4] - The company is monitoring the international market for opportunities, particularly in the extraction of astaxanthin from cotton plants [6]