Core Viewpoint - The company is increasing its investment in research and technological innovation, focusing on the development of new veterinary drugs to enhance product competitiveness [1] Group 1: R&D Investment - In the first half of 2025, the company invested CNY 31.53 million in R&D, representing a 19.16% increase compared to the same period last year [1] Group 2: Product Development and Approvals - The company is accelerating the efficiency of new drug approvals and production transitions, continuously advancing the approval of new veterinary drugs and comparative products [1] - As of June 30, 2025, the company has obtained 19 new veterinary drug registration certificates, including 4 new certificates in the first half of 2025 for products such as Mianping Ointment, Enconazole, Enconazole Solution, and Qijqing Extract Powder [1] - The company has obtained a total of 219 veterinary drug approval numbers [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]