Group 1: Company Performance - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025, attended by key executives and independent directors [1] - The sales of joint-related drugs reached 500 million yuan, a year-on-year increase of 23.41%, accounting for over 70% of the company's total revenue [2] - The core product, glucosamine capsules, has maintained a steady growth trend, supported by national procurement agreements across 30 provinces [2][3] Group 2: Growth Drivers - Key growth drivers include the expansion of national procurement policies, increasing demand due to an aging population, and the optimization of medical insurance reimbursement [2] - The company is positioned as a major integrated manufacturer of glucosamine, benefiting from advantages in product positioning, market status, pricing, and geographical location [2][3] Group 3: Product Development and Market Strategy - The company is developing a high-purity EPA (eicosapentaenoic acid) product line, responding to rising global demand for cardiovascular disease prevention and treatment [3][4] - The company is preparing for dual submissions for EPA-related products in the U.S. and China, with minimal impact from U.S. tariffs due to low overseas revenue [4] - The company aims to integrate its supply chain from raw materials to health products, enhancing market competitiveness and expanding its scale [3][4] Group 4: Market Position and Competitive Advantage - The company has established a strong market position by holding both raw material and formulation production licenses, participating in national standard formulation, and ensuring product quality [2][3] - The company is focused on maintaining cost and price advantages through self-production of raw materials and developing various dosage forms [5] - The company has a history of high dividend payouts and share buybacks, indicating a commitment to shareholder returns despite market pressures [5][6]