Core Viewpoint - The company reported a revenue of 1.621 billion yuan in the first half of 2025, with a strong performance in its core small molecule API business, which accounted for 93% of total revenue, showing a year-on-year growth of approximately 20% [2] Group 1: Business Performance - The core business segment maintained good growth, with the small molecule API business being the primary contributor [2] - New business segments, including small molecule formulations, gene and cell therapy, and new molecules, accounted for 7% of total revenue, with a year-on-year growth of about 22% [2] - The small molecule formulation business experienced a year-on-year revenue decline of 7%, primarily due to the impact of centralized procurement policies, leading to a decrease in market demand for domestic generic drug formulation CDMO services [2] Group 2: Strategic Outlook - The company aims to balance short-term business growth with long-term development by aligning with industry trends and market developments [2]

Group 1 - The core viewpoint of the article is that Boteng Co., Ltd. (SZ 300363) has conducted an investor survey, highlighting its business structure and revenue composition for the first half of 2025 [1] - In the first half of 2025, Boteng's revenue composition is as follows: small molecule API business accounts for 92.54%, emerging business accounts for 7.11%, and other businesses account for 0.36% [1]

Core Insights - In Q1 2025, the company achieved a revenue of 800 million yuan, representing an approximate 18% year-on-year growth, and significantly reduced its net loss to 4.28 million yuan [1] - The overseas market showed strong growth, with revenue from international clients reaching 609 million yuan, a year-on-year increase of about 30%, while domestic revenue declined by approximately 8% to 192 million yuan [1] - The small molecule API business generated 761 million yuan in revenue, up about 20% year-on-year, while new businesses collectively contributed 40.59 million yuan [1] Business Performance - The company's core small molecule API business demonstrated a notable improvement in profitability [1] - New businesses negatively impacted the net profit by approximately 58 million yuan, with specific contributions from small molecule formulations, gene cell therapy, and ADC business reducing net profit by 27 million yuan, 16 million yuan, and 15 million yuan respectively [1] Strategic Focus - The company aims to enhance its management capabilities, strengthen marketing, and improve core business competencies to navigate external uncertainties [2] - The goal is to restore revenue growth and gradually achieve profitability by focusing on "certainty to strengthen and adapt" in response to market volatility [2]