Core Viewpoint - The company is facing challenges due to policies such as volume-based procurement and medical insurance cost control, leading to a decrease in revenue and net profit in the first three quarters of 2025 compared to the previous year [3]. Financial Performance - In the first three quarters of 2025, the company achieved a total operating revenue of 25.894 billion yuan, a year-on-year decrease of 3.42% [3]. - The net profit attributable to shareholders was 455 million yuan, down 4.64% year-on-year [3]. Corporate Actions - The company acquired 100% equity of Beijing Jinsui Technology Development Co., Ltd., resulting in retrospective adjustments to previous financial data as per accounting standards [5]. - The company has decided to waive its preferential right to acquire a 5% limited partnership interest in a health industry fund, which corresponds to a subscribed capital contribution of 100 million yuan [8]. Regulatory Developments - A subsidiary, Hubei Keyi Pharmaceutical Co., Ltd., received a drug registration certificate for Fusidic Acid Cream, which is used for skin infections caused by certain bacteria [43]. - The drug has been approved for registration after meeting the relevant requirements of the Drug Administration Law [44]. Market Context - The domestic market for Fusidic Acid Cream had total sales of approximately 500 million yuan in 2023 and is projected to reach 524 million yuan in 2024 [47]. - The company has multiple topical semi-solid formulations already on the market, and the new product will enhance its product pipeline and provide valuable experience for future generic drug development [49].