Core Viewpoint - In the first half of 2025, JianKai Technology Co., Ltd. reported a slight increase in revenue but a significant decline in net profit, indicating challenges in domestic sales while experiencing growth in international orders [1][2]. Financial Performance - The company achieved operating revenue of 130 million yuan, a year-on-year increase of 0.89% [1]. - Product sales revenue was 126 million yuan, a decrease of 0.26% year-on-year, while technical service revenue reached 3.78 million yuan, an increase of 83.77% [1]. - Domestic sales revenue fell to 20.48 million yuan, down 58.35% year-on-year, primarily due to a major domestic client reducing orders [1]. - International sales revenue increased to 105 million yuan, a growth of 36.96% year-on-year, driven by a rise in orders from overseas pharmaceutical clients [1]. - The net profit attributable to shareholders was 22.05 million yuan, a decline of 21.08% year-on-year, and the net cash flow from operating activities decreased by 88.22% [1]. Research and Development - Total R&D investment amounted to 42.60 million yuan, an increase of 52.44% year-on-year, with R&D expenses accounting for 32.84% of operating revenue, up 11.11 percentage points [2]. - The increase in R&D investment is attributed to the ongoing Phase III clinical trial for the PEG-Irinotecan project for small cell lung cancer, which began patient enrollment in September 2024 [2]. Operational Strategy - Despite a challenging global political and economic landscape and intensified competition in the domestic pharmaceutical raw materials sector, the company maintained a stable operational development [2]. - The company leveraged its unique advantages in PEG modification technology across multiple fields and optimized its production quality management system [2]. - JianKai Technology successfully accumulated a substantial reserve of overseas pharmaceutical orders, laying a solid foundation for future business development [2].