Core Viewpoint - The acceptance of the registration application for MaiLi Precise by the NMPA marks a significant milestone in the development of high-end hyaluronic acid products by East China Pharmaceutical in the Chinese market [1][4]. Group 1: Product Development and Market Position - MaiLi series is a high-end hyaluronic acid brand under East China Pharmaceutical, consisting of four products, all of which are already launched in Europe [2]. - MaiLi Precise, the product recently accepted for registration, is designed to correct under-eye hollows and has shown good filling performance and safety in clinical trials [4]. - The Chinese hyaluronic acid market is experiencing rapid growth, with a market size increase from 3.1 billion yuan in 2017 to 6.3 billion yuan in 2021, and projected to reach 44.1 billion yuan by 2030, reflecting a compound annual growth rate of 24.2% from 2021 to 2030 [4]. Group 2: Competitive Advantage and Technology - The MaiLi series avoids competition in a saturated market by leveraging its high-end brand positioning and unique OxiFree technology, which preserves long-chain hyaluronic acid and reduces the need for chemical cross-linking agents [5]. - This innovative technology allows for stronger support and a lighter, more flexible effect with less product usage, providing a safer and more effective option for consumers [5]. Group 3: Strategic Expansion and Future Outlook - East China Pharmaceutical is committed to a global operational strategy and has a comprehensive product matrix covering various aesthetic medical fields, including injectables and energy-based devices [6]. - The company is actively expanding its international market presence, with multiple products undergoing registration in regions such as the Middle East and Europe [8]. - A rich pipeline of new products is expected to launch in the coming years, including new high-end hyaluronic acid fillers and a recombinant botulinum toxin, which will further enhance the company's market position [9].

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]