Group 1 - The overall prosperity of the downstream aquaculture industry is good in the first half of the year [1] - The company's pharmaceutical preparations and raw material drug businesses continue to perform well [1] - In the first half of 2025, pharmaceutical preparations achieved sales revenue of 421 million yuan, a year-on-year increase of 54.23% [1] - Veterinary raw material drugs achieved sales revenue of 333 million yuan, a year-on-year increase of 199.01% [1] Group 2 - Due to the redemption of convertible bonds, the interest expense for convertible bonds decreased by 11.3071 million yuan compared to the previous year [1] - This reduction in interest expense had a certain impact on the company's net profit [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.22 billion yuan, a year-on-year increase of 88.45% [2] - The net profit attributable to shareholders was 1.17 billion yuan, up 325.88% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 508.65 million yuan, reflecting a growth of 9,930.10% year-on-year [2] Business Segments - The pharmaceutical preparations segment generated sales revenue of 4.21 billion yuan, marking a 54.23% increase year-on-year [3] - The veterinary raw materials segment saw sales revenue of 3.33 billion yuan, with a significant growth of 199.01% compared to the previous year [3] - The sales revenue from the raw material drug business increased its proportion by 15 percentage points compared to the previous year [6] Research and Development - The company invested 31.53 million yuan in R&D in the first half of 2025, an increase of 19.16% year-on-year [4] - A total of 19 new veterinary drug registration certificates were obtained, including 4 in the first half of 2025 [4] Pet Medicine Development - The company has established a dedicated R&D team for pet medicines and received 7 product approvals during the reporting period [5] - The pet medicine segment includes products for deworming, analgesics, dermatological treatments, internal diseases, and functional health products [5] Future Growth Strategies - The company aims to enhance profitability by focusing on technology-driven strategies and increasing R&D investments [7] - Plans include expanding the pet medicine segment, ensuring stable raw material supply, and exploring overseas markets to mitigate domestic business cycle impacts [8]

Financial Performance - In 2024, the company achieved operating revenue of CNY 1.2 billion, a year-on-year increase of 17.71% [2] - The net profit attributable to shareholders was -CNY 20.16 million, a decline of 220.11% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -CNY 16.24 million, down 45.06% year-on-year [2] - In Q1 2025, the company reported operating revenue of CNY 399 million, a year-on-year growth of 92.96% [2] - The net profit attributable to shareholders in Q1 2025 was CNY 44.50 million, an increase of 371.23% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 34.09 million, up 511.54% year-on-year [2] Strategic Development - The company focuses on technological innovation as a driving force for development, with a vertical layout in the upstream raw material drug industry and a horizontal layout in pet, poultry, ruminant, and aquaculture sectors [3] - Plans to enhance R&D and technological innovation to improve product competitiveness and optimize the product performance and industry chain structure [3] - The company aims to expand its overseas market presence, with a "going out" strategy to mitigate domestic business cycle impacts [3] Market Expansion - The company has established a veterinary drug production base in Vietnam and is obtaining production licenses [4] - In 2024, the export sales of raw materials increased by 155.71% year-on-year, with sales networks covering over 20 countries and regions [4] Industry Outlook - The veterinary drug industry is crucial for the healthy and stable development of the breeding industry, enhancing disease prevention capabilities and improving production efficiency [5] - The industry has seen continuous growth, with a compound annual growth rate of 8.47% in sales from 2019 to 2023 [5] - The market demand for veterinary drugs has rebounded since the second half of 2024 due to improved conditions in the breeding industry [5] Future Directions - The company plans to continue accelerating the approval and production efficiency of new drugs, focusing on innovative product development [6] - Emphasis on integrating R&D resources and enhancing collaboration with domestic and international enterprises in pet drug development [6] - The future direction includes a shift from "scale expansion" to "value enhancement," promoting high-quality development through technological innovation and green development [7]