Core Viewpoint - The report outlines Wuhan Keqian Bio Co., Ltd.'s commitment to enhancing quality and efficiency while returning value to shareholders through innovation, operational optimization, governance, and investor communication. Group 1: Innovation and Business Development - The company is focusing on strengthening its core competitiveness by expanding into new business areas such as vaccines for ruminants and pets, diagnostic reagents, and insect protein development, achieving a revenue of 487.29 million yuan, a year-on-year increase of 21.67% [1] - Research and development expenses amounted to 45.50 million yuan, with six new veterinary drug certificates obtained and five clinical approvals applied for [2] Group 2: Operational Management and Efficiency - The company has implemented an integrated office approval system and is advancing a new ERP project to enhance operational efficiency and cost management [2] - Inventory strategies have been optimized to accelerate turnover and reduce capital occupation, while accounts receivable management has been strengthened to improve collection efficiency [2][3] Group 3: Governance and Management - The company emphasizes the importance of a sound governance structure and effective internal controls, holding three shareholder meetings and four board meetings in the first half of 2025 [3] - An employee stock ownership plan was implemented, involving 55 key personnel, to align interests between shareholders and employees [3] Group 4: Investor Returns and Communication - Since its listing, the company has maintained a cash dividend policy, distributing a total of 711.10 million yuan from 2020 to 2024, with an average cash dividend ratio of 32.23% [4] - The company has repurchased 2.21 million shares for a total of 35.84 million yuan, reinforcing its commitment to shareholder returns [5] - The company prioritizes timely and transparent information disclosure, having released two regular reports and 69 announcements in the first half of 2025 [5][6]