Core Viewpoint - Lijun Group's half-year report for 2025 highlights steady progress, with key financial metrics showing growth in revenue and profit despite market fluctuations [2] Financial Performance - The company achieved operating revenue of 6.272 billion yuan, remaining stable; total profit reached 1.828 billion yuan, an increase of 13.66% year-on-year; net profit attributable to shareholders after deducting non-recurring items was 1.258 billion yuan, up 8.91% [2] - Net cash flow from operating activities was 1.687 billion yuan, reflecting a year-on-year growth of 10.26% [2] Business Segments - Revenue growth was observed across various segments, including digestive, mental health, reproductive, and traditional Chinese medicine, with the traditional Chinese medicine segment generating 799 million yuan, up 7.31% [3] - The biopharmaceutical segment reported revenue of 95 million yuan, an increase of 8.31% [3] - Despite a decline in the raw materials segment due to domestic price fluctuations, exports of high-margin specialty raw materials grew significantly, with export revenue reaching 974 million yuan, up 19.68% [3] International Expansion - Overseas revenue amounted to approximately 1.004 billion yuan, marking an 18.40% increase and accounting for 16.01% of total revenue, up 2.51 percentage points year-on-year [3] - The company is pursuing an internationalization strategy, including a proposed acquisition of a controlling stake in the Vietnamese company IMP, which has a strong production and distribution network [3] R&D and Product Development - R&D investment was approximately 491 million yuan, representing 7.82% of total revenue, indicating a balanced approach between short-term profitability and long-term strategic planning [4] - The company has 39 formulation products in the pipeline, with 13 at the registration stage and 8 in clinical trials, showcasing a structured development approach [4] - Notable advancements include the approval of a long-acting formulation of aripiprazole, addressing clinical needs in mental health treatment [4] Innovation and Technology - The company emphasizes a dual strategy of self-research and business development, with ongoing systematic research in core therapeutic areas and cutting-edge technologies [5] - AI is being integrated into the entire R&D process, enhancing efficiency in drug design and clinical research, thereby shortening development cycles [5] - The company aims to continue focusing on clinical value-driven R&D, expanding into chronic disease markets, and accelerating the registration and commercialization of innovative products [5]