Group 1 - The company held an investor relations event on August 13, attracting major institutions like Tianfeng Securities and Caitong Fund, where executives detailed the company's product layout and answered questions [1] - The focus of the event included the company's layout in narcotic drugs, market prospects for existing products, and exploration results in cutting-edge fields like mRNA [1] Group 2 - The company has accelerated its narcotic drug layout, with the sublingual tablet of dihydroetorphine hydrochloride being a key product, showing high growth potential [2] - The company has accumulated extensive experience in abuse-resistant sustained-release formulations, which are applied in multiple product developments [2] - The strict regulation of narcotic drugs creates a unique competitive barrier for companies like the company, which is one of the few manufacturers in this field [3] Group 3 - The company has identified significant market opportunities for its dihydroetorphine hydrochloride injection, projecting a 742.22% year-on-year revenue growth for 2024 [3] - The company is the only domestic pharmaceutical enterprise with integrated advantages in raw materials and formulations for dihydroetorphine hydrochloride [3] - The company has established partnerships with other formulation companies to enhance its market position in the raw material market [3] Group 4 - The company is also enhancing its narcotic drug portfolio, with the recent approval of a generic version of tramadol injection, strengthening its market competitiveness [4] Group 5 - The company's mature products, such as bisoprolol fumarate and benidipine hydrochloride, remain important revenue pillars, with the latter capturing a 55% market share in 2022 [5] - The new collection rules for centralized procurement allow for more competitive pricing strategies, which may benefit the company's main products [5] - The company is actively expanding its research and development, including studies on new indications for existing products [6] Group 6 - The company is exploring the mRNA vaccine field, with its self-built platform showing promising results in antigen design and thermal stability [6] - The company aims to establish itself as an "innovative pharmaceutical group" through continuous improvement in its narcotic drug matrix and mRNA vaccine exploration [6]

Core Viewpoint - The company has demonstrated strong financial performance in Q1 2025, with a net profit of 15.76 million yuan, representing a year-on-year growth of 35.47%, and a non-recurring net profit of 14.86 million yuan, up 124.92% year-on-year, attracting significant attention from institutional investors [1][2]. Financial Performance - In Q1 2025, the company achieved a net profit of 15.76 million yuan, a 35.47% increase compared to the previous year, and a non-recurring net profit of 14.86 million yuan, which is a 124.92% increase year-on-year [1]. - The net profit growth rates for 2023, 2024, and Q1 2025 were 222.72%, 10.33%, and 35.47%, respectively, indicating a consistent upward trend in profitability [2]. Sales Strategy - The company has implemented a "three-full strategy" focusing on comprehensive product promotion, channel expansion, and terminal coverage, which has driven sales growth, particularly in the cardiovascular sector [2]. - The core products, including the antihypertensive drug "Yuan Zhi" (Benidipine Hydrochloride Tablets) and "Bo Su" (Bisoprolol Fumarate Tablets), have significantly contributed to sales, with "Yuan Zhi" sales expected to grow nearly 29% in 2024 [2][3]. Market Position - "Yuan Zhi" has captured a market share of 55.57% as the first generic product in China, indicating strong competitive positioning and market penetration [3]. - The company is proactively preparing for potential future participation in centralized procurement markets while focusing on non-procurement market strategies to mitigate impacts [3]. Product Development - The company is expanding its product matrix in the analgesic sector, with a focus on the opioid "Hydromorphone" series, which has seen a sales increase of 742.22% in 2024, positioning it as a significant product alongside "Yuan Zhi" [5][6]. - The company is also advancing its pipeline in the psychiatric medication sector with the development of methylphenidate formulations, targeting the ADHD market, which is projected to grow significantly [7][8]. Future Outlook - The company anticipates continued revenue and profit growth in 2025, driven by the steady performance of core products and the accelerated release of analgesic medications [9]. - The strategic focus on innovation aims to establish the company as a leading player in the pharmaceutical industry, encompassing chronic disease management and specialty medications [9].