Core Viewpoint - Minsheng Health announced the gradual elimination of initial production capacity shortages for its Yiwai Shou product, which is now on the market [1] Group 1: Product Launch and Sales Strategy - The company is preparing to launch Minoxidil lotion and Varenicline tablets, which will be introduced to the market as planned [1] - Initially, the sales strategy for Yiwai Shou involved offline agency models, but the company is considering online sales and OTO (Online to Offline) models as production capacity increases [1] - The future sales model will combine both online and offline approaches, focusing on key products that are expected to become new growth points for the company [1]

Group 1: Company Performance Overview - The main product line, vitamin and mineral products, achieved revenue of 426 million CNY in H1 2025, accounting for 92.15% of total revenue, with a year-on-year growth of 9.84% [1] - The key product, 21 Jin Weita multi-element tablets, holds a market share of 35.12% in quantity and 25.05% in value at pharmacy terminals, both showing increases of 3.26% and 5.85% year-on-year respectively [1][2] Group 2: Revenue Structure and Profitability - The vitamin and mineral product category generated over 1 billion CNY in revenue in H1 2025, with major products including Jin Weita multi-vitamin tablets and other health food products [2] - The gross margin for vitamin and mineral products has declined due to the faster growth of health foods compared to OTC drugs, but the company expects margins to improve with the increase in self-operated e-commerce [2][3] Group 3: Sales and Marketing Strategies - The company plans to maintain its market position by expanding product lines and deepening channel penetration [2] - Sales expense ratio decreased by several percentage points in Q2 2025, with expectations that new product launches in H2 will not significantly impact overall sales expense ratio [3] Group 4: Strategic Collaborations and New Ventures - The acquisition of Minsheng Zhongke (Shandong) has integrated it as a wholly-owned subsidiary, focusing on probiotic products and leveraging the company's brand for growth [4][5] - The company has opened two model stores in the medical beauty sector and plans to continue expanding this initiative [6] Group 5: Future Outlook and Investor Relations - The company emphasizes investor returns, planning to maintain a cash dividend policy with an average annual cash dividend amount exceeding 40% of net profit since its listing [6]