Core Insights - The company reported a revenue of RMB 19.891 billion for the nine months ending September 30, 2025, representing a year-on-year decrease of 12.32% [1] - Profit attributable to shareholders was RMB 3.511 billion, down 7.06% year-on-year, with earnings per share at RMB 0.3072 [1] Group 1: Pharmaceutical Business - The pharmaceutical segment generated revenue of RMB 15.450 billion, including licensing fee income of RMB 1.540 billion, a decrease of 17.2% compared to the same period last year [1] - The decline in revenue is primarily attributed to the ongoing impact of centralized procurement and price adjustments of drugs listed in the national medical insurance drug catalog [1] Group 2: Innovation and Internationalization Strategy - The company emphasizes innovation and has increased its investment in research and development to enhance its long-term competitive advantage [1] - The company is advancing its internationalization strategy through diverse models such as licensing, self-development, and research collaborations [1] Group 3: Raw Material Products - The raw material products segment achieved sales revenue of RMB 3.006 billion, an increase of 10.3% year-on-year [1] - Sales revenue from Vitamin C products reached RMB 1.788 billion, up 22.3% year-on-year, driven by significant demand growth in overseas markets [1] - The company plans to focus on product quality and expand its overseas sales network to further increase market share [1]