Group 1: Company Overview and R&D - The company’s R&D expenses for 2024 are expected to increase by 10% year-on-year, focusing on the development of raw materials and formulations, as well as process optimization and technological innovation for mature products like vitamins [1] - The company has officially started selling para-hydroxyphenol in the PEEK field and is actively promoting its products, having completed sample submissions to major domestic PEEK manufacturers, currently in various validation stages [1] Group 2: Product Registration and Market Activities - The company holds registration certificates for two products: Fumaric Acid Bisoprolol Tablets and Lacosamide Injection, with the former having commenced market promotion and industrialization in 2024 [1] - There are currently no plans for stock incentive programs or share buybacks, although the company previously repurchased shares in 2019 and conducted a restricted stock incentive plan in 2015, along with the first employee stock ownership plan launched in 2021 [2] Group 3: Inventory and Capital Expenditure - The company’s large ending inventory balance is attributed to its diverse business segments, including vitamins, flavors, raw materials, leather chemicals, and chromium salts, consisting mainly of raw materials, work-in-progress, and finished products to meet varying customer demands [2] - Future capital expenditures will primarily focus on new project construction, such as a 600-ton iodinated contrast agent raw material project, and technological upgrades to existing projects aimed at cost reduction, efficiency enhancement, and improved safety and environmental control [2] Group 4: Risk Management - The company has not engaged in hedging activities and currently sees no demand for such services [2]

Group 1: Company Overview and Product Information - The company has four production bases, with key products including Vitamin K3, chromium tanning agents, and various pharmaceutical raw materials [1] - The main applications of para-hydroxyphenol span multiple industries, including food, daily chemicals, pesticides, pharmaceuticals, dyes, and polymer materials [1] - The company has officially started selling para-hydroxyphenol in the PEEK field and is currently in the verification stage with major domestic PEEK manufacturers [2] Group 2: Regulatory Approvals and Product Registration - The company has obtained various regulatory approvals for iodine contrast agents, including registrations in China, India, Japan, and CEP certification [2] - Currently, the company holds registration certificates for two formulation products, with one product, Bisoprolol fumarate tablets, having commenced market promotion in 2024 [2] Group 3: Financial Performance and Inventory Management - The growth in performance for the first half of 2025 is attributed to the year-on-year price increase of certain vitamin products and a decrease in production costs [2] - The company maintains a large ending inventory balance due to its diverse product lines, which include vitamins, flavors, raw materials, and chromium salts, and is focused on improving asset turnover efficiency [2] Group 4: Supply Chain and Procurement - The company sources chromium ore locally in South Africa as needed and currently has no plans to acquire chromium mines [2] Group 5: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [2]