Core Insights - The company is actively expanding its overseas market presence, with product exports projected to increase from 28.54% in 2024 to 38.6% by mid-2025 [2] - A joint venture with Huahai Pharmaceutical is focused on high-end steroid raw material production, with two production workshops already in trial production [3] - The company is leveraging synthetic biology technology to optimize processes and enhance customer collaboration in response to global pharmaceutical supply chain restructuring [5] Overseas Market Expansion and Future Plans - The company's export ratio is on the rise, with a target of 28.54% for 2024 and an increase to 38.6% by mid-2025 [2] - The company aims to strengthen brand promotion and sales channels through overseas subsidiaries and local partnerships [2] Raw Material Layout and Progress - The joint venture, Huahai Gongtong, aims to integrate strengths for high-end steroid raw material production, with plans divided into two phases covering 13 products [3] - Two production workshops are in trial production, with another set to begin soon, and preparations for registration documentation are underway [3] Applications of Steroid Products - Steroid drugs are categorized into sex hormones, progestogens, corticosteroids, and others, with applications in hormone replacement, disease treatment, and inflammation management [4] - The range of products and applications is continuously expanding [4] Response to Supply Chain Restructuring and Core Competitiveness - The global restructuring of the pharmaceutical supply chain is influencing the company's capacity layout and customer collaboration models [5] - The company views full supply chain collaboration as a core competitive advantage, enhancing efficiency across starting materials, intermediates, and raw materials [5] Plans for High-Value-Added Fields - Over the next 2-3 years, the company plans to extend into high-value-added areas, leveraging its complete industrial chain and professional R&D platform [6] - The focus will be on high-end intermediates and customized products [6]

Group 1: Company Overview and Market Expansion - The company's overseas market expansion has seen an increase in product export ratio from 28.54% in 2024 to 38.6% in the first half of 2025, indicating a consistent upward trend in international sales [2] - The primary overseas markets include Europe, North America, South America, and India [3] Group 2: Product Development and Production - The joint venture with Huahai Pharmaceutical focuses on high-end steroid raw materials, with a total of 13 high-end steroid raw material products planned, and two production workshops have entered trial production [3][4] - The company aims to enhance production efficiency and product quality by applying synthetic biology and other technologies [5] Group 3: Market Applications and Trends - Steroid drugs are categorized into sex hormones, progestogens, corticosteroids, and others, with applications in hormone replacement therapy, immune response treatment, and chronic disease management [4] - The restructuring of the global pharmaceutical supply chain presents new opportunities, particularly in reproductive health and chronic disease management for the aging population [5] Group 4: Competitive Strategy - The company emphasizes full supply chain collaboration as a core competitive advantage, focusing on optimizing raw material sourcing, intermediate production, and raw material drug development [5] - Plans to extend into high-value areas such as high-end intermediates and specialty raw materials are underway, supported by a complete industrial chain from steroid drug raw materials to intermediates and APIs [5]

Core Insights - The company reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] - The gross margin improved, but the net margin remained negative, reflecting ongoing financial pressures [1][3] Financial Performance - Total revenue for the first half of 2025 reached 302 million yuan, a year-on-year increase of 29.33% compared to 234 million yuan in 2024 [1] - The net profit attributable to shareholders was -11.15 million yuan, a decline of 117.88% from -5.12 million yuan in the previous year [1] - The gross margin improved to 21.77%, up 25.25% from 17.38% in 2024, while the net margin was -4.85%, down 64.53% from -2.95% [1] - Total expenses (selling, administrative, and financial) amounted to 54.49 million yuan, accounting for 18.02% of revenue, an increase of 16.2% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents decreased by 56.02% to 134 million yuan, raising concerns about liquidity [1] - Accounts receivable increased by 21.72% to 239 million yuan, indicating potential cash flow issues [1] - Interest-bearing liabilities rose by 13.65% to 1.227 billion yuan, contributing to a higher debt burden [1][3] Business Model and Market Position - The company has established a vertical integration system covering the entire steroid drug industry chain, positioning itself as a key player in the domestic market [4][5] - The company aims to maintain its market share in the steroid drug sector through innovation and strategic partnerships with leading pharmaceutical companies [4][5] - Focus areas include reducing production costs through technological advancements and expanding capacity for high-value products [5]

Group 1 - Xianju Pharmaceutical Co., Ltd. has experienced a decline in stock price for seven consecutive trading days, with a cumulative drop of -5.94% [1] - The company, founded in 1972, aims to become one of the top ten steroid drug suppliers globally and focuses on the steroid hormone sector [1] - In the second quarter of this year, Xianju Pharmaceutical was added to the top ten shareholders of the Xinchuan He Feng three-year holding mixed fund, which has achieved a year-to-date return of 20.55% [1] Group 2 - Yang Shijin and Zhu Kefei are the current fund managers of the Xinchuan He Feng three-year holding mixed fund [4] - Zhu Kefei has been managing the fund since July 2, 2025, and has a tenure of 36 days with a return of 8.40% [3] - Xingsheng Global Fund Management Co., Ltd. was established in September 2003 and is co-owned by Xinyi Securities Co., Ltd. and Global Life Insurance International Company [3]