Group 1: Raw Material Development - The price of penicillin products has been declining but showed signs of recovery in Q2 2025, with an optimistic market outlook for sustained price recovery [1] - The global demand for clindamycin series remains stable, with Q1 sales showing a year-on-year increase and maintaining a good gross margin [1] - The company has diversified its raw material drug portfolio across various fields, including anti-infection, diabetes, dermatology, ophthalmology, and psychiatric medications, with products at different R&D stages [1] Group 2: CMO/CDMO Business Expansion - The company has seen good growth in existing collaborations with strategic clients, leading to a year-on-year increase in cooperation orders [2] - New projects are in the validation phase, with successful completion of validation for anti-infection products and ongoing global market registration changes [2] - The peptide platform is expanding its supply volume while actively seeking high-value new project collaborations to enhance revenue [2] Group 3: Formulation Business Strategy - Three formulation products have passed consistency evaluations, and one product has won a national procurement bid, with plans to expand market sales through collaborations rather than building a sales team [2] - The company aims to enrich its formulation product line and create an integrated industrial platform covering intermediates, raw materials, and formulations [2] - Ongoing collaborations with overseas formulation companies are being explored for opportunities in modified new drug development [2] Group 4: Innovation Drug Sector - The company currently does not engage in innovative drug R&D but provides CMO/CDMO services for clinical-stage innovative drugs and patented products for leading global and domestic pharmaceutical companies [2] - Investments in industry funds include projects related to HPV infection, liver cancer therapeutic vaccines, TCR-T cell therapy, and recombinant drugs [2] Group 5: Dye Market Dynamics - The company leads in the niche market of anthraquinone active blue dye products and has adjusted prices based on market conditions this year [2] - Continuous monitoring of market sales and price trends will guide timely adjustments to production plans, maintaining competitive advantages in the dye market [2]