Financial Performance - In the first half of 2025, the company achieved a revenue of 2.635 billion CNY, a slight increase compared to the same period last year [3] - The net profit attributable to shareholders reached 1.991 billion CNY, reflecting a growth of 3.04% year-on-year [3] - The non-deductible net profit was 2.37 billion CNY, marking a significant increase of 32.21% compared to the previous year [3] - The revenue from pharmaceutical-related sales accounted for 85.53% of total revenue, with overseas pharmaceutical formulations generating 332 million CNY, a growth of 6.46% year-on-year [3] Product Development and R&D Achievements - The company completed clinical trials for several innovative drugs and is advancing towards submitting IND applications for new projects [4] - The company has received registration certificates for two tumor products, enhancing its portfolio in the oncology sector [4] - The R&D efforts have transitioned into a positive cycle, with new products expected to drive future growth [4] Core Product: Yili Shu® - Yili Shu® achieved over 220,000 shipments in the first half of 2025, with a terminal price of 4,600 USD per unit in the U.S. market [5][9] - The product has established commercial partnerships in over 40 countries and regions, with approvals in 34 countries [8] - The company anticipates shipping over 450,000 units of Yili Shu® for the entire year, with over 40,000 units expected for overseas markets [9] Market Strategy and Pricing - The pricing strategy for Yili Shu® varies by region, with a premium price in the U.S. and competitive pricing in emerging markets [10] - The company aims to optimize its supply chain to reduce production costs and improve market access [6] - The global market for G-CSF products is estimated at approximately 22 million units, with Yili Shu® positioned to capture significant market share due to its clinical advantages [7] Core Product: Yini Kang® - Yini Kang® targets the growing market of osteoarthritis patients in China, with an estimated annual injection population of 3-5 million [11] - The product offers long-lasting effects and may delay functional deterioration, distinguishing it from short-acting alternatives [11] - The company is focused on building brand awareness and educating healthcare providers to enhance product adoption [12] International Business Expansion - The company has established a presence in over 50 countries, with production bases in Italy and a sales network across Southeast Asia [13][15] - The global BD center has facilitated partnerships with major pharmaceutical companies, enhancing the company's market reach [14] - The strategy includes both importing foreign products into China and exporting domestic innovations globally [14]