Summary of Key Points Core Viewpoint - The company held its 2025 semi-annual performance briefing on September 18, 2025, to discuss its business strategies and performance metrics, focusing on digital transformation and new business models in the pharmaceutical industry [1]. Group 1: Company Performance and Strategy - The company aims for a minimum of 28% revenue growth in its emerging business for 2025 compared to 2024, with new business revenue reaching 851 million yuan in the first half of 2025 [2]. - The company reported that its SPD and "Internet+" businesses contributed approximately 3.3 billion yuan in revenue, accounting for about 12% of total revenue in the first half of 2025 [3]. - The company is actively managing its market value through share buybacks and strategic planning to enhance shareholder value and operational efficiency [3]. Group 2: Financial Metrics and Challenges - The company noted a significant divergence between net profit and operating cash flow, primarily due to an increase in accounts receivable, which the company plans to address through improved management [2]. - The company issued 4 billion yuan in short-term financing bonds to repay high-interest bank loans, indicating no immediate debt repayment pressure [3]. - The company’s gross margin for wholesale business is approximately 5.5%, while the gross margin for its emerging e-commerce business is around 15%, indicating higher profitability in new business models [5]. Group 3: Industry Outlook - The pharmaceutical distribution industry is expected to grow due to factors such as rising disposable income, increased health awareness, and an aging population, which will drive demand for healthcare and pharmaceutical products [4]. - The company is focusing on optimizing its economic structure and enhancing its supply chain capabilities to improve overall efficiency and profitability [4].

Core Viewpoint - Jiangsu Province has issued policies to promote deep reforms in drug and medical device regulation, aiming to enhance the high-quality development of the pharmaceutical industry [1] Group 1: Support for Innovation - The policies emphasize support for the research and development of innovative products, focusing on areas such as innovation, clinical needs, and rare disease treatments [1] - A series of provincial science and technology projects will be implemented to support the development of cutting-edge medical technologies, including cell and gene therapy drugs, foreign-approved drugs, radioactive drugs, medical robots, and brain-computer interface devices [1] Group 2: Enhancement of Testing and Monitoring Capabilities - The initiative includes advancing the construction of testing platforms in emerging fields such as brain-computer interfaces and artificial organs [1] - The goal is to create advantageous testing projects in the field of medical acoustics [1]

Core Viewpoint - The National Medical Products Administration (NMPA) is actively engaging with the radioactive pharmaceutical industry to enhance research, quality management, and regulatory science [1] Group 1 - The NMPA's deputy director, Huang Guo, led a team to visit radioactive pharmaceutical R&D and production companies in Sichuan [1] - The visit included discussions on the development of radioactive pharmaceuticals and the importance of comprehensive quality management [1] - The focus of the research also included regulatory science, indicating a commitment to improving oversight in this sector [1]

Core Viewpoint - The training conducted by Tianjin Binhai Airport Logistics Company aims to enhance the compliance and safety of air transportation of Class 7 radioactive materials in response to the regulatory needs of Tianjin City [1][2]. Group 1: Training Overview - The training included two main modules: one focused on the full-chain management of radioactive pharmaceuticals, presented by a lecturer from Tianjin Hengrui Medicine Co., which covered drug classification characteristics, transportation safety regulations, and emergency response processes [2]. - The second module featured experts from Tianjin Inspection, who provided a comprehensive interpretation of the ICAO TI-2025 international rules, including packaging levels, exemption transport conditions, and dose limits [2]. Group 2: Practical Application - The training emphasized a dual approach of "regulations + practical operations" to address issues faced by frontline personnel regarding classification standards, declaration documents, and emergency response [2]. - The goal of the training was to ensure that relevant personnel master the core regulations of Class 7 radioactive material transportation, thereby translating training outcomes into compliance guarantees in actual operations [2].