Core Insights - The company held a roadshow in Shenzhen, attracting over 100 institutions, including IDG Capital and Anxin Fund, to discuss its strategy, R&D progress, and market positioning [1] - The company focuses on chronic disease management (CKM) with a commitment to integrity and long-termism, aiming to become a leader in the treatment of CKM syndromes [2] Financial Performance - In the first half of 2025, the company reported a revenue growth of 4.3% year-on-year, with Q2 showing a significant rebound of 12.3%, and new product revenue accounting for over 50% of total revenue [3] - The company maintains a low debt ratio and substantial cash reserves, with R&D investment consistently above 20% of revenue [3] R&D Pipeline - The company has a robust R&D pipeline in hypertension and related CKM diseases, with various drug types including oral small molecules and combination therapies, some of which are in clinical II/III phases [4] - The company is developing innovative drugs for resistant hypertension, including SAL0140 and SAL0120, and has a focus on improving patient compliance through small nucleic acid products [4][5] Market Strategy - The company has six patented drugs in the hypertension and metabolic disease sectors, with four hypertension products forming a differentiated matrix, two of which are in the medical insurance negotiation phase [6] - The company emphasizes academic promotion and patient education while exploring digital chronic disease management models for comprehensive patient lifecycle management [6] Q&A Highlights - During the Q&A session, the company addressed various market concerns, including the focus on clinical research for JK07, the independent operation of its U.S. subsidiary, and the use of AI to enhance R&D efficiency [7]

Company Strategy - The company focuses on unmet clinical needs, with a commitment to long-term growth and innovation in the cardiovascular-kidney-metabolic (CKM) disease area [4] - It aims to create social value and has established a strong brand in the chronic disease sector, particularly in hypertension and metabolic diseases [4] - The company has six patented drugs targeting hypertension and metabolic diseases, with plans to become the leading brand in hypertension medications in China [4][6] Recent Business Performance - In the first half of 2025, the company's revenue grew by 4.3% year-on-year, with a notable rebound of 12.3% in Q2 [6] - New product revenue now accounts for over 50% of total revenue, indicating successful market penetration [6] - The company maintains a low debt ratio and strong cash reserves, with R&D investment consistently above 20% of revenue [6] R&D Pipeline - The company has 74 new drugs in development, including 51 chemical drugs and 23 biological drugs, with over 50 projects focused on CKM diseases [7] - R&D efforts are supported by platforms in both China and the U.S., utilizing AI to enhance drug discovery and development efficiency [7][8] - The company is developing a comprehensive pipeline for hypertension treatments, aiming for a range of administration methods from daily to quarterly dosing [8] Innovative Drug Development - The company is advancing several first-in-class and best-in-class products for blood lipid management, including a monoclonal antibody for PCSK9 [11] - It is also exploring unique mechanisms for metabolic diseases, focusing on energy metabolism and muscle metabolism to address obesity and diabetes [11][19] - The company is committed to integrating innovation with healthcare policies to ensure rapid clinical application of research outcomes [8] Market Strategy - The company emphasizes academic promotion and patient education to enhance product penetration and disease awareness [14] - It is exploring digital chronic disease management models to improve patient lifecycle management and commercialize chronic disease treatments [14] - The company aims to leverage its products' entry into medical insurance to expand market coverage [14] Clinical Needs and Challenges - Cardiovascular diseases remain the leading cause of death globally, with significant unmet clinical needs in hypertension management [5] - The company recognizes the complexity of hypertension mechanisms and aims to provide tailored treatment solutions for various patient demographics [9][10] - The focus on differentiated strategies in a competitive market is crucial for establishing a unique position in the metabolic disease sector [19]