Core Viewpoint - Pro Pharmaceutical's CDMO business is outperforming its API business, indicating a shift towards a new growth phase for the company as the API sector faces industry cycle challenges [1] Group 1: Business Performance - The API business is currently at the bottom of the industry cycle, leading to performance pressure year-on-year [1] - The CDMO business is entering a harvest period, which is expected to drive the company's performance growth [1]

Core Viewpoint - The report from Changcheng Guorui Securities on August 11 recommends a "buy" rating for Jiuzhou Pharmaceutical (603456.SH, latest price: 18.45 CNY) based on several positive indicators of the company's performance [2] Group 1: Company Performance - The main operating performance of Jiuzhou Pharmaceutical is recovering, with a favorable cash flow situation [2] - The CDMO project pipeline is continuously enriching, and the expansion of new customers is progressing smoothly [2] Group 2: Business Development - The TIDES division and related technology platforms are rapidly developing, actively promoting capacity expansion [2] - Revenue from the API business has shown slight fluctuations, but the gross margin is continuously recovering [2]