Core Viewpoint - The company emphasizes its commitment to innovation and collaboration in research and development, focusing on both the quantity and quality of its R&D efforts [2] Group 1: R&D Strategy - The company is enhancing its R&D foundation and optimizing conventional drug processes to improve cost-effectiveness [2] - It is accelerating the transformation of R&D results, particularly in the fields of biological veterinary medicine and traditional Chinese veterinary medicine [2] Group 2: New Product Development - The company has obtained approval for six new veterinary drug formulations this year, including two products, chlorhexidine acetate soft capsules and enconazole solution, which fill gaps in the domestic market [2] - The approval of new products is expected to enhance the company's market competitiveness, although market acceptance for these new products will require time [2]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.26 billion CNY, a year-on-year increase of 58.92% [1] - Net profit attributable to shareholders reached 188 million CNY, up 494.28% year-on-year; net profit excluding non-recurring items was 166 million CNY, a growth of 611.92% [1] - In Q3 2025, revenue was 437 million CNY, reflecting a year-on-year growth of 22.76%; net profit attributable to shareholders was 70.72 million CNY, a staggering increase of 1,575.79% [1][2] Group 2: Strategic Initiatives - The company focuses on a dual strategy of vertical integration in raw material pharmaceuticals and horizontal expansion into pet, poultry, ruminant, and aquaculture sectors [1] - Continuous investment in R&D has enriched the product matrix and reduced production costs, contributing to record operational performance [3] Group 3: Product Development - The company has obtained 6 new veterinary drugs this year, including two products that fill domestic market gaps [3] - New products are expected to enhance market competitiveness, although their promotion requires gradual market acceptance [3] Group 4: Market Expansion - The company is actively pursuing an "outbound" strategy, with a production base in Vietnam now operational and 63 production approvals obtained [4] - A sales service company has been established in Indonesia to explore new overseas markets [4] Group 5: Accounts Receivable Management - The company maintains a robust accounts receivable management system, ensuring careful evaluation of customer credit situations [5] - Current credit policies remain unchanged, and customer payment collection is normal [5] Group 6: Pet Business Development - The company has increased investment in pet drug R&D and market channel development, utilizing both online and offline sales strategies [6][7] - The pet segment has shown strong sales growth, with new products like the Enrofloxacin solution addressing market needs [7]

Group 1 - The core product developed by the company is Enconazole solution, which is an antifungal medication for pets' skin [1] - The product has already received production approval and is currently being sold in the domestic market [1] - The company is actively working on the overseas registration of this product [1]

Core Viewpoint - The company is increasing its investment in research and technological innovation, focusing on the development of new veterinary drugs to enhance product competitiveness [1] Group 1: R&D Investment - In the first half of 2025, the company invested CNY 31.53 million in R&D, representing a 19.16% increase compared to the same period last year [1] Group 2: Product Development and Approvals - The company is accelerating the efficiency of new drug approvals and production transitions, continuously advancing the approval of new veterinary drugs and comparative products [1] - As of June 30, 2025, the company has obtained 19 new veterinary drug registration certificates, including 4 new certificates in the first half of 2025 for products such as Mianping Ointment, Enconazole, Enconazole Solution, and Qijqing Extract Powder [1] - The company has obtained a total of 219 veterinary drug approval numbers [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.22 billion yuan, a year-on-year increase of 88.45% [2] - The net profit attributable to shareholders was 1.17 billion yuan, up 325.88% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 508.65 million yuan, reflecting a growth of 9,930.10% year-on-year [2] Business Segments - The pharmaceutical preparations segment generated sales revenue of 4.21 billion yuan, marking a 54.23% increase year-on-year [3] - The veterinary raw materials segment saw sales revenue of 3.33 billion yuan, with a significant growth of 199.01% compared to the previous year [3] - The sales revenue from the raw material drug business increased its proportion by 15 percentage points compared to the previous year [6] Research and Development - The company invested 31.53 million yuan in R&D in the first half of 2025, an increase of 19.16% year-on-year [4] - A total of 19 new veterinary drug registration certificates were obtained, including 4 in the first half of 2025 [4] Pet Medicine Development - The company has established a dedicated R&D team for pet medicines and received 7 product approvals during the reporting period [5] - The pet medicine segment includes products for deworming, analgesics, dermatological treatments, internal diseases, and functional health products [5] Future Growth Strategies - The company aims to enhance profitability by focusing on technology-driven strategies and increasing R&D investments [7] - Plans include expanding the pet medicine segment, ensuring stable raw material supply, and exploring overseas markets to mitigate domestic business cycle impacts [8]