Core Viewpoint - Guilin Sanjin is actively pursuing the development of its biopharmaceutical business despite facing short-term challenges, while maintaining a stable dividend policy to ensure returns for investors [2][4]. Biopharmaceutical Business - The biopharmaceutical sector is a crucial part of Guilin Sanjin's "one body, two wings" strategy, but it is currently experiencing a downturn due to long R&D cycles, high investment costs, and significant risks [2]. - Bai Fan Bio is affected by the investment environment and intense competition, leading to idle capacity in the CDMO supply side [2]. - Despite a substantial increase in business development and customer resource accumulation compared to 2023, the company is still far from achieving large-scale production, which impacts profitability [2]. - Baochuan Bio has several projects in the new drug development stage with no products on the market, resulting in small revenue and underutilized capacity [2]. - To control costs, Guilin Sanjin is optimizing personnel structures and hiring professional consulting firms to reduce losses, while also focusing on promising projects like the BC006 monoclonal antibody injection, which is nearing completion of Phase I clinical trials [2]. Development of Second and Third-Line Products - The development trend for second and third-line products is positive, with the company maintaining its support for these products [3]. - The sales of the Gecko Cough Capsule showed ideal growth last year and are expected to continue this year, although growth may slow as the scale increases [3]. - The sales of the Dizziness Ning series surpassed 100 million yuan in 2021, with future growth prospects better than first-line products [3]. Dividend Policy - Guilin Sanjin is committed to providing stable returns to investors and has consistently implemented a cash dividend policy since its listing [4]. - The company considers its operational and sustainable development capabilities to maintain stable operating cash flow, ensuring daily operations and growth [4]. - Generally, the dividend policy remains unchanged unless there are special funding needs [4].

| | 粒等继续突破，并力争保持较高增速。二、三线品种虽然 | | --- | --- | | | 在绝对量上和一线品种还有较大差距，但是总体的增长态 | | | 势好于一线品种。 | | | 3、公司分红能否延续？ | | | 公司一直以来致力于为广大投资者创造良好、稳定的投 | | | 资回报，上市以来持续实施现金分红政策。同时，公司充 | | | 分考虑实际经营情况和可持续发展能力，一直保持稳定的 | | | 经营性现金流，确保有充足的现金支撑企业的日常运营及 | | | 发展。一般情况下，除非有特殊的资金需求，公司的分红 | | | 政策不变。 | | 关于本次活动是否涉 | 无 | | 及应披露重大信息的 | | | 说明 | | | 活动过程中所使用的 | 无 | | 演示文稿、提供的文 | | | 档等附件（如有，可 | | | 作为附件） | | 编号：2025024 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 路演活动 ☑ | | | □现场参观 | | | □其他(线上业绩交流会) | ...

Core Viewpoint - Guilin Sanjin held an online performance exchange meeting, attracting participation from 20 institutions including Cinda Securities and Ping An Securities, discussing the company's performance and business development [1] Group 1: Financial Performance - In the first half of 2025, Guilin Sanjin achieved total operating revenue of 998.34 million yuan, a decrease of 6.56% compared to the same period last year [1] - The total profit for the same period was 341.85 million yuan, down 3.74% year-on-year [1] - The net profit attributable to shareholders of the listed company was 286.83 million yuan, a decline of 4.70% compared to the previous year [1] Group 2: Business Development - The biopharmaceutical business is a crucial part of the company's "one body, two wings" strategy, facing challenges such as long R&D cycles, high investment, and significant risks due to a cooling industry [2] - The company is controlling costs and optimizing personnel structure while actively seeking partners to enhance its biopharmaceutical segment [2] - The second and third-tier products are expected to develop positively, with continued support from the company [2] Group 3: Sales and Marketing Strategy - The company has implemented strict controls on sales expenses, focusing on second and third-tier products while maintaining a relatively low sales expense ratio for first-tier products [2] - The overall sales expense ratio is expected to remain stable throughout the year, with adjustments based on product sales progress and market changes [2] - The company is enhancing its inventory management system and utilizing BI intelligent analysis to improve inventory turnover efficiency [2]

Financial Performance - In the first half of 2025, the company achieved total revenue of 998.34 million yuan, a decrease of 6.56% compared to the same period last year [2] - The total profit amounted to 341.85 million yuan, down 3.74% year-on-year [2] - The net profit attributable to shareholders was 286.83 million yuan, reflecting a decline of 4.70% compared to the previous year [2] Biopharmaceutical Sector - The biopharmaceutical segment is a key part of the company's dual-wing strategy, facing a challenging environment with high investment and long R&D cycles [2] - The company is experiencing increased competition and a more diverse customer base, leading to idle capacity in the short term [2] - Despite significant growth in business development and customer resources in 2023, the company has not yet met the scale production requirements, impacting overall profitability [2] Product Development and Market Strategy - The company is focusing on cost control and optimizing personnel structure to minimize losses in its biopharmaceutical projects [2] - The BC006 monoclonal antibody injection project is nearing completion of Phase I clinical trials [3] - The company is actively seeking partners for its biopharmaceutical segment while maintaining stable operations in traditional Chinese medicine [3] Secondary Product Lines - The development trend for second and third-line products is positive, with continued support from the company [3] - The Gaqi Dingtuan capsule showed ideal growth last year and is expected to maintain this momentum [3] - The Xuanyun Ning series surpassed 100 million yuan in sales last year, aiming for double-digit growth this year [3] Dividend Policy - The company is committed to providing stable returns to investors and has consistently implemented a cash dividend policy [3] - The dividend policy is expected to remain unchanged unless there are special funding needs [3] Sales Strategy and Inventory Management - The company has been strict in controlling sales expenses, focusing on precision in expenditure [3] - Sales expenses are expected to be aligned with sales revenue, with no significant changes anticipated for the overall sales expense ratio [3] - The company has upgraded its inventory management system, achieving a healthy inventory cycle of 1.5 to 2 months, which has improved operational quality and cost optimization [4]

Core Viewpoint - The company is focusing on the development of its biopharmaceutical segment while managing costs and optimizing its product pipeline amidst a challenging market environment [2][5]. Group 1: Biopharmaceutical Development - Biopharmaceuticals are a key part of the company's dual strategy, facing high investment and long R&D cycles, with the industry currently experiencing a downturn [2]. - The company is seeing significant growth in business development and customer resource accumulation compared to 2023, but still falls short of scale production requirements [2]. - The company is controlling costs and expenses for its biopharmaceutical segments, with a focus on projects with promising clinical data, such as the BC006 monoclonal antibody injection nearing completion of Phase I clinical trials [2]. Group 2: Product Line Growth - The company’s second and third-tier products are showing a positive development trend, with continued support from the company [3]. - The company expects the sales growth of the Guaifenesin capsule to continue this year, while the Xuanyinning series aims for double-digit growth [3]. - Other products like Shuyuqing spray and Fufang Ganmaoling granules are also expected to maintain high growth rates, despite the absolute volume being lower than first-tier products [3]. Group 3: Sales Strategy and Financial Performance - The company is managing its sales expenses with a more precise allocation, focusing on second and third-tier products while maintaining a low sales expense ratio for first-tier products [4]. - The company reported a main revenue of 467 million yuan in Q1 2025, a decrease of 3.32% year-on-year, while net profit increased by 4.8% to 105 million yuan [5]. - The company’s gross margin stands at 77.76%, with a debt ratio of 27.69% [5]. Group 4: Market Outlook and Analyst Predictions - Analysts have provided various profit forecasts for the company, with net profit predictions for 2025 ranging from 471 million yuan to 512 million yuan [6]. - The company has seen a net outflow of 5.57 million yuan in financing over the past three months, indicating a decrease in financing balance [6].

Group 1: Company Strategy and Development - Biopharmaceuticals are a crucial part of the company's "one body, two wings" strategy, facing high investment and long R&D cycles, with the industry currently experiencing a downturn [1] - The company has seen significant growth in business development and customer resources in 2023, but still falls short of scale production requirements, impacting overall profitability [1] - The company is optimizing costs and expenses for its subsidiaries, focusing on projects with promising clinical data and development prospects, such as the BC006 monoclonal antibody injection project nearing completion of Phase I clinical trials [1] Group 2: Product Performance and Market Trends - The overall development trend for second and third-line products is positive, with specific products like the Gejie Dingchuan capsule expected to maintain growth rates similar to last year [2] - The sales of the Xuanyun Ning series surpassed 100 million yuan in 2021, with a goal of achieving double-digit growth this year [2] - Other products, including Shuyanquing spray and compound cold granules, are also expected to continue breaking through and maintaining high growth rates [2] Group 3: Regulatory and Sales Strategy - The national essential drug list adjustment is led by relevant government departments, and the company has not engaged in any application processes during this period [2] - The company maintains strict control over sales expenses, with a trend towards more targeted spending, particularly on second and third-line products [2] - Overall sales expenses are aligned with sales revenue, and significant changes in the sales expense ratio are not anticipated for the year [2]

Group 1: Company Strategy and Market Conditions - Biopharmaceuticals are a crucial part of the company's "one body, two wings" strategy, facing high investment and long R&D cycles, with the industry currently experiencing a downturn [1] - The CDMO supply side has seen some capacity idling due to a competitive environment, impacting overall profitability [1] - The company is focusing on cost control and optimizing personnel structure to minimize losses [1] Group 2: Product Development and Pipeline - The BC006 injection project is nearing completion of Phase I clinical trials, with a focus on balancing R&D progress and operational performance [1] - The company is actively seeking partnerships in the biopharmaceutical sector [1] Group 3: Sales Performance of Secondary and Tertiary Products - Secondary and tertiary products are showing good growth trends, with specific products like "Gaojie Dingchuan Capsules" expected to maintain last year's growth rate [2] - The "Dizziness Ning" series surpassed 100 million CNY in sales in 2021, aiming for double-digit growth this year [2] - Other products, such as "Shu Yan Qing Spray" and "Compound Cold Granules," are also expected to achieve significant sales growth [2] Group 4: Regulatory and Market Access - The national essential drug list adjustment is led by relevant government departments, and the company has not engaged in any application processes during this period [2] - The timeline for the announcement of the new essential drug list remains uncertain [2]

Group 1: Inventory Management - The company has upgraded its inventory management system, utilizing a BI intelligent analysis system and a professional data analysis team to optimize inventory turnover efficiency, maintaining a healthy inventory cycle of 1.5-2 months [1] - The overall inventory level has significantly decreased compared to the same period last year, indicating effective inventory control and optimization across channels [1] Group 2: Growth Potential of Secondary and Tertiary Products - The growth trend for secondary and tertiary products is positive, with specific products like the Hejia Dingchuan capsule expected to maintain last year's growth rate, although growth may slow as volume increases [1] - The Xuanyunning series has surpassed 100 million yuan in sales in 2021, aiming for double-digit growth this year, while other products like Shuyanquing spray and Fufang Ganmaoling granules are also expected to maintain high growth rates [1] Group 3: Biopharmaceutical Development - Biopharmaceuticals are a key component of the company's dual strategy, facing a challenging market with high investment and long R&D cycles [2] - The company is optimizing its R&D pipeline, focusing on projects with promising clinical data, such as the BC006 monoclonal injection, which is nearing completion of Phase I clinical trials [2] Group 4: Dividend Policy - The company is committed to providing stable returns to investors, maintaining a consistent cash dividend policy since its listing [2] - For 2024, the company plans to distribute a cash dividend of 2.06 billion yuan, with a proposal of 3.5 yuan per 10 shares, while also outlining a mid-year cash dividend plan for 2025 [2]

Financial Performance - In 2024, the company achieved total revenue of CNY 2,193.99 million, a growth of 1.03% compared to CNY 2,171.60 million in the previous year [1] - The total profit reached CNY 643.94 million, marking a 24.24% increase from CNY 518.28 million year-on-year [1] - Net profit attributable to shareholders was CNY 521.53 million, up 23.79% from CNY 421.30 million in the previous year [1] - In Q1 2025, the net profit after deducting non-recurring gains and losses was CNY 97.67 million, an increase of 11.61% from CNY 87.52 million in the same period last year [1] Business Strategy and Market Conditions - The biopharmaceutical sector is a key component of the company's dual-wing strategy, facing a challenging environment with high investment and long R&D cycles [1] - The industry is currently experiencing a downturn, with increased competition and diverse customer choices impacting business operations [1] - The company is focusing on cost control and optimizing employee structure to mitigate losses while continuing to invest in R&D [1] - Key projects, such as the BC006 monoclonal antibody injection, are progressing, with Phase I clinical trials nearing completion [1] Sales and Marketing Strategy - The company maintains strict control over sales expenses, with a focus on precision and targeted investment [2] - Sales expenses are being directed more towards second and third-tier products, with adjustments based on market performance [2] - The growth potential for second and third-tier products remains strong, with specific products like the Hagei Ding Chuan capsule expected to continue their growth trajectory [2] - The company aims to maintain a stable sales expense ratio in line with sales revenue [2] Dividend Policy - The company is committed to providing stable returns to investors, maintaining a consistent cash dividend policy since its listing [2] - For the 2024 fiscal year, the proposed dividend is CNY 3.5 per 10 shares, totaling CNY 206 million in cash dividends [2] - The company plans to continue its cash dividend strategy for the mid-2025 period, barring any special funding needs [2]

Group 1 - Xiangyu Medical has been focusing on the rehabilitation market for over 20 years, developing clinical rehabilitation equipment and integrated solutions based on specific clinical needs [1] - The company plans to launch more products and solutions in rehabilitation robotics, brain-computer interfaces, AI healthcare, mental health, and cardiopulmonary rehabilitation [1] Group 2 - Hualan Biological is evaluating various production expression systems for recombinant human albumin, including yeast, plant cell, and bacterial expression systems [2] - Currently, no domestic companies have obtained drug registration certificates for recombinant human albumin, which could alleviate the high reliance on imports if approved [2] Group 3 - Sanxin Medical identifies the ASEAN market as one of the most promising growth markets for blood dialysis globally, with significant sales achievements in countries like Indonesia, Malaysia, Thailand, and Vietnam [3] - The company aims to leverage multilateral economic cooperation mechanisms between China and ASEAN countries for further overseas market expansion [3] Group 4 - Renhe Pharmaceutical's outsourcing production aims to enrich the variety of products on the market, focusing on complementary products that the company does not have registration for or lacks production capacity [4] - All revenue and profits from outsourced products are reflected in the company's financial statements [4] Group 5 - Jinbo Biological has established partnerships with L'Oréal Group for raw material products, generating certain revenue [5] - The company is prioritizing market expansion in Southeast Asia while focusing on the speed of registration for medical devices [5] Group 6 - Guilin Sanjin's "Dizziness Ning" series sales surpassed 100 million yuan in 2021, with a target for double-digit growth this year [6] - The company is supporting second and third-tier products, which are showing better growth trends compared to first-tier products [6]