Financial Performance - In the first half of 2025, the company achieved total revenue of CNY 21.675 billion, a year-on-year increase of 3.39% [2] - Net profit attributable to shareholders was CNY 1.815 billion, up 7.01% year-on-year [2] - The second quarter revenue reached CNY 10.939 billion, with a year-on-year growth of 3.65% [2] Pharmaceutical Sector Performance - The core subsidiary, China Medical East, reported revenue of CNY 7.317 billion, a 9.24% increase year-on-year, and a net profit of CNY 1.580 billion, up 14.09% [3] - The pharmaceutical industrial segment's innovative product sales reached CNY 1.084 billion, with a significant growth of 59% [3] Research and Development - The company invested CNY 1.484 billion in R&D, a 33.75% increase, with direct R&D expenses at CNY 1.174 billion, up 54.21% [4] - The R&D expenditure accounted for 15.97% of the pharmaceutical industrial revenue [4] - Over 80 innovative drug pipelines are currently under development, focusing on endocrine, autoimmune, and oncology fields [5][6] Product Pipeline and Innovations - The company is advancing several ADC products, including HDM2005 and HDM2012, with clinical trials ongoing [7][8] - In the autoimmune sector, candidates like HDM3018 and HDM4002 are in IND development, targeting conditions such as inflammatory bowel disease and IgA nephropathy [10][11] - The oral GLP-1 receptor agonist HDM1002 has completed patient enrollment for its clinical trials [15][20] Market Outlook and Strategic Initiatives - The company plans to distribute a cash dividend of CNY 614 million, representing 33.83% of the net profit [5] - The innovative product revenue is expected to continue rising, with a current contribution of nearly 15% to the pharmaceutical industrial revenue [14] - The newly established pharmaceutical investment fund will focus on innovative drugs, medical aesthetics, and health-related projects [19]