Group 1: Report Overview - The research object is Gongtong Pharmaceutical Co., Ltd., belonging to the chemical pharmaceutical industry, and the reception time was on June 12, 2025 [16]. - The participants in the research include investors who participated in the "2025 Online Collective Reception Day for Investors of Listed Companies in Hubei Province" [19]. Group 2: Company's Market Position and Strategy - In the field of steroid drug starting materials, the company has achieved large - scale production of a full range of products such as 4 - androstenedione (4 - AD), androstadienedione (ADD), 9 - hydroxyandrostenedione (9 - OH - AD), 11 - hydroxy - AD, and dihydroxyalcohol, with its production capacity scale and product variety diversity ranking among the top in the world; in the intermediate field, it has built a vertically integrated system covering the entire steroid drug industry chain and has become an important R & D and production base for steroid drug intermediates in China; in the API field, relying on the API project of its subsidiary Huahai Gongtong, it will become the first integrated supplier in China to simultaneously layout sex hormones, progestogens, corticosteroids, and other types of steroid APIs, realizing the full - chain connection from starting materials to APIs [23]. - To face market competition, the company adheres to innovation - driven development, with its product strategy focusing on three directions: deepening the integration of biotransformation and synthetic biology technologies through technological iteration to reduce the production cost of key intermediates; optimizing the automation level of existing production lines through capacity expansion to increase the proportion of high - value - added product production capacity; and continuously exploring the market, consolidating strategic cooperation with global leading pharmaceutical companies, and expanding the layout of intermediates in emerging fields such as anti - cancer and assisted reproduction [23]. Group 3: R & D - related Information - The Hubei Gongtong Steroid Research Institute, established over three years ago, aims to break through four core technologies: targeted screening of strains, targeted modification of enzyme engineering, efficient conversion of sterols, and green synthesis processes, and form a closed - loop innovation system from basic research to industrial transformation. Its technological achievements have won many authoritative certifications such as the National Science and Technology Progress Award [24][25]. - From 2022 to 2024, the company's R & D investments were 45.15 million yuan, 38.10 million yuan, and 51.08 million yuan respectively, and the proportion of R & D investment in operating income has been increasing year by year. The company has established a special R & D center to promote the R & D of new products and processes and the upgrading and optimization of existing processes [25]. Group 4: Overseas Market and Other Business Information - In 2024, the company's overseas sales accounted for 28.54%, and the proportion has been increasing year by year. In 2025, the company will continue to adhere to the international development strategy, strengthen brand promotion overseas and increase sales channels by establishing subsidiaries overseas, and seek business cooperation through overseas resources [25]. - The vitamin D3 industrialization project has been filed and is being implemented according to the company's project plan [27]. - Regarding the company's share repurchase, the period is within 12 months from the date of the board of directors' review. The company will promote the repurchase work according to market conditions and disclose the repurchase progress as of the end of the previous month at the beginning of each month [27]. - For specific information on innovative drugs such as fluvestrant, it shall be subject to the information disclosed on the company's designated information disclosure website; for the follow - up plan of convertible bonds, it shall be subject to the company's announcements; and for the question of whether the company's losses in the first half of the year will increase year - on - year after the capitalization of the raised projects, it is necessary to refer to the semi - annual report of 2025 [25][27]

Group 1: Market Position and Strategy - The company has achieved large-scale production of steroid drug starting materials, ranking among the top globally in terms of production capacity and variety [2] - It has established a vertically integrated system covering the entire steroid drug industry chain, becoming a key R&D and production base for steroid drug intermediates in China [3] - The company focuses on three strategic directions: reducing production costs through technological iteration, optimizing existing production lines to increase high-value product capacity, and expanding market presence in emerging fields like anti-cancer and assisted reproduction [3] Group 2: R&D Investment and Achievements - R&D investments from 2022 to 2024 were 45.15 million, 38.10 million, and 51.08 million CNY, respectively, with the proportion of R&D investment to revenue increasing year by year [4] - The company has established a closed-loop innovation system from basic research to industrialization, recognized with multiple awards including the National Science and Technology Progress Award [3] Group 3: International Market Expansion - In 2024, the company's product export ratio was 28.54%, showing a year-on-year increase [3] - Plans for 2025 include strengthening brand promotion and sales channels through overseas subsidiaries and seeking commercial cooperation through international resources [3] Group 4: Stock Performance and Future Plans - The company is considering stock repurchase based on market conditions, with updates provided monthly [5] - There are ongoing projects for innovative drugs, including the industrialization of Vitamin D3, which is progressing as planned [5]