Core Insights - Huadong Medicine (000963) reported a stable growth trend in Q1 2025, achieving operating revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit attributable to shareholders of 915 million yuan, up 6.06% [1] - The company's core pharmaceutical industrial segment continued to perform well, with its subsidiary, China-U.S. Huadong, generating revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [1] - The sales of innovative drugs, particularly the biosimilar drug Ustinumab injection (Sailixin), have shown strong market performance, with over 800 hospitals prescribing it as of March 31, 2025 [1] Business Segments - The pharmaceutical industrial R&D investment reached 880 million yuan in Q1 2025, a 49.60% increase year-on-year, with direct R&D spending of 600 million yuan, up 71.77%, accounting for 16.67% of pharmaceutical industrial revenue [2] - Huadong Medicine is focusing its innovative R&D efforts on three key areas: endocrinology, autoimmune diseases, and oncology, with several important milestones achieved in Q1 2025 [2] - The medical aesthetics segment generated approximately 238 million yuan in revenue in Q1 2025, reflecting a 24.37% increase compared to Q4 2024, with 40 high-end products in the international market [2]