Core Viewpoint - Zhejiang Xianju Pharmaceutical Co., Ltd. has announced a delay in the "High-end Formulation Internationalization Construction Project" to December 31, 2026, due to pending product approvals and to mitigate fundraising risks [1][2]. Group 1: Project Update - The company raised 1 billion yuan through a private placement in 2020, with a net amount of 987 million yuan allocated for the project, which originally aimed for completion by December 31, 2025 [1]. - As of October 31, 2025, 636 million yuan has been invested in the project, achieving a progress rate of 90.79%, with major construction completed and production line installation nearly finished [1]. - Remaining funds will be used for construction, cleanroom facilities, and necessary testing equipment for the formal production phase [1]. Group 2: Financial Performance - The company's revenue for 2023 and 2024 is projected to be 4.123 billion yuan and 4.001 billion yuan, reflecting year-on-year declines of 5.85% and 2.98% respectively [3]. - Net profit for the same years is expected to be 563 million yuan and 397 million yuan, with significant year-on-year decreases of 24.86% and 29.46% [3]. - For the first three quarters of 2025, revenue was 2.826 billion yuan, down 12.71%, and net profit was 407 million yuan, down 23.29% [4]. Group 3: Regulatory Issues - In 2025, the company faced regulatory penalties for alleged price monopoly in raw materials and issues related to fundraising management [5][6]. - The Tianjin Market Supervision Administration imposed a fine totaling 195 million yuan for violating antitrust laws related to the pricing of dexamethasone phosphate sodium [6]. - The Zhejiang Securities Regulatory Commission issued warning letters to the company and its executives for fundraising management issues [6].