Core Viewpoint - Hanyu Pharmaceutical has signed a strategic cooperation letter with the digital asset platform KuCoin to explore the first RWA pilot project in mainland China, anchored by overseas pharmaceutical pipelines [1] Group 1: RWA Project and Assets - The RWA project is anchored by a product matrix that includes several key drugs such as Liraglutide, Semaglutide injection, and others, with partnerships established in various regions [2] - Hanyu Pharmaceutical has nearly 50 research pipelines covering cutting-edge fields like peptide drugs and small nucleic acid drugs, including significant weight-loss medications and innovative treatments for various diseases [2] - The company has established a raw material supply network covering over 20 countries in Europe, America, and Asia, with formulations authorized for entry into over 90 countries, providing a stable cash flow foundation for asset value [2] Group 2: Financial Performance - Hanyu Pharmaceutical expects to achieve a net profit attributable to shareholders of between 142 million to 162 million yuan in the first half of 2025, representing a substantial year-on-year growth of 1470.82% to 1663.89% [3] - The strong performance growth supports the company's global expansion and innovation efforts [3]

Core Viewpoint - The RWA (Real World Asset) project is emerging as a new concept following virtual currencies, NFTs, DeFi, DAPP, and DAO, aiming to tokenize real-world assets on the blockchain for investment and trading purposes [3][4][5] Group 1: RWA Project Overview - RWA projects aim to link real-world physical assets, such as art and commodities, to blockchain technology, allowing these assets to be traded as digital tokens [3][4] - The essence of RWA projects is to create a token economy that mirrors real-world functions, similar to previous blockchain initiatives like NFTs and DeFi [6] Group 2: Key Elements of RWA Projects - The first essential element is the existence of real physical assets, which provide a basis for value assessment, distinguishing RWA from previous virtual currencies that lacked underlying assets [4][5] - The second element is the blockchain technology required for asset tokenization, with a preference for public chains over consortium chains to ensure decentralization and transparency [5][6] - The third element involves issuing tokens that anchor the real-world assets, which serve as proof of ownership and facilitate transactions [5][6] - The fourth element is the necessity of a trading platform for these tokenized assets, which is currently not permissible in the domestic market [7] Group 3: Regulatory Challenges - RWA projects face significant regulatory hurdles in China, including prohibitions on token issuance and trading services, as outlined in several government documents [6][7] - Collaborations with local exchanges for RWA projects may not be viable due to regulatory restrictions on the operations of these exchanges [7][8] - Historical cases, such as the prosecution of a local exchange for token trading, highlight the legal risks associated with RWA initiatives [8]