Group 1 - The company completed a share repurchase plan, buying back 914,200 shares for approximately 25 million yuan, which will be used for employee stock ownership or equity incentives [1][2] - The company has been actively investing in new drug development, recently obtaining approval for the new drug Marcilosavir, which enhances its product line [1][2] - The company has maintained high R&D investment, totaling nearly 2 billion yuan from 2021 to 2024, which supports product innovation and maintains a gross margin above 77% [1][4] Group 2 - The share repurchase accounted for 0.10% of the total share capital, with a repurchase average price of 27.35 yuan per share [2] - The company has a remaining 1.311 million shares in the repurchase account, which will not have voting rights or profit distribution until used [2] - The newly approved drug for chronic constipation and fecal impaction has a significant market potential, with projected sales of 838 million yuan in urban public hospitals in 2024 [3] Group 3 - In the first quarter of 2025, the company's R&D expenditure reached 100 million yuan, with a cumulative investment of nearly 1.5 billion yuan over the past three years [4] - The company’s gross margin for the first quarter of 2025 was 77.25%, consistently above 77% since 2014, indicating strong competitive positioning [4] - The company employs a balanced strategy across traditional Chinese medicine, chemical drugs, and innovative drugs, contributing to stable cash flow and market competitiveness [4]

Core Viewpoint - Jichuan Pharmaceutical (600566) has received approval from the National Medical Products Administration for its compound polyethylene glycol (3350) electrolyte powder, which is intended for the treatment of chronic constipation and fecal impaction [1] Company Summary - Jichuan Pharmaceutical's wholly-owned subsidiary, Jichuan Limited, has been granted a drug registration certificate for its product, which is chocolate-flavored to enhance palatability [1] - The total research and development expenditure for this drug has reached approximately 11.1886 million yuan (unaudited), all of which has been expensed [1] - The approval of the drug registration certificate is expected to have a positive impact on the company's future development [1]