Financial Performance - The company's net profit for the first half of 2025 is projected to be between 100 million and 135 million CNY, representing an increase of 237.95% to 356.24% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses is expected to decline by 1.9 million to 3.5 million CNY, a decrease of 70.96% to 84.23% year-on-year [2][3] - The fair value changes of financial assets resulted in a significant gain of approximately 110 million CNY in the first half of the year [3] Product Development and Innovation - Key innovative drugs in development include DT678, MBT-1608, PHP1003, PHP0101, long-acting recombinant human follicle-stimulating hormone injection, and GLP-1-Fc fusion protein [4] - The long-acting recombinant human follicle-stimulating hormone injection and GLP-1-Fc fusion protein have completed clinical trials and are about to be submitted for market approval [4] - The company has a unique anti-platelet aggregation drug developed in collaboration with a U.S. university, which is currently in Phase II clinical trials [4][5] New Product Launches - The nitroglycerin spray, as a unique dosage form in China, has significant market potential, especially for emergency use in angina and myocardial infarction [6] - The company plans to enhance marketing strategies for the nitroglycerin spray through academic conferences and collaborations with various sales channels [6] Shareholder Returns - Since its listing in 2004, the company has consistently paid cash dividends, with total dividends exceeding 2.1 billion CNY, which is more than ten times the initial fundraising amount [7] E-commerce and Sales Channels - The company has established a flagship store on JD.com, with a growing range of products available for sale [9] - The proportion of oral formulations has been increasing, prompting the company to explore new marketing models, including e-commerce [9] Investment Activities - The company holds a 55.69% stake in Beijing New Mile Health Industry Group through a partnership, which is expected to yield good returns in the future [10]

Group 1: Market Competition and Product Development - The company is adopting a differentiated competition strategy by continuously launching competitive new products and enhancing market promotion and e-commerce platform development [1][2][3] - The newly launched prebiotic and probiotic lozenges are aimed at improving gut microecological balance and supporting immune health, with unique features such as heat and acid resistance [1][3][5] - The company is focusing on developing innovative products to address the challenges posed by the competitive generic drug market, which has thin profit margins [3][5] Group 2: Financial Performance and Challenges - In Q1 2025, the company reported a profit of approximately 45.97 million, with a non-recurring profit of 21 million, impacted by a loss of 110.65 million from two major investments [2][4] - The company's financial performance has been affected by significant price drops in key products due to national procurement policies, with an estimated impact of -170 million in 2024 [4][6] - The company has experienced stock price volatility, with a decline attributed to fluctuations in the market value of its financial assets [4][6][7] Group 3: Future Growth and Strategic Plans - The company plans to enhance its market presence by accelerating the launch of new products and expanding e-commerce sales, aiming for significant sales growth [6][7][8] - The company is actively pursuing the development of GLP-1 long-acting products for type 2 diabetes treatment and weight management, with clinical studies completed and preparations for NDA submission underway [2][11][18] - The company is committed to increasing R&D investment, focusing on innovative drug development to meet the growing health demands of an aging population [6][19][26] Group 4: Stock and Investor Relations - The company has not engaged in stock buybacks recently, which has raised concerns among investors regarding confidence in the company's future [4][25][27] - The total number of shareholders as of March 31, 2025, was reported to be 57,688, indicating a stable investor base [31] - The company is considering suggestions for stock buybacks to enhance investor confidence, although it faces various constraints [25][30][32]

Core Viewpoint - Beijing Shuanglu Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for its nitroglycerin spray (brand name: Lishengle), marking a significant milestone as the first domestic approval for this new dosage form [1][2]. Group 1: Drug Information - The nitroglycerin spray is classified as a chemical drug of category 4, with each bottle containing 200 sprays, and each spray delivering 0.4 mg of nitroglycerin [1][2]. - The drug acts quickly, with clinical studies showing that 23.5% of patients experience immediate effects, 62% within one minute, and up to 85.75% within two minutes [2]. - The spray is designed for emergency situations, particularly for acute angina attacks, and is noted for its safety and efficacy compared to aerosol forms, as it does not contain propellants and avoids cooling effects [2][3]. Group 2: Market Context - There are approximately 330 million cardiovascular disease patients in China, with around 11 million suffering from coronary heart disease, indicating a significant market for emergency medications like nitroglycerin [3]. - The overall market size for nitroglycerin formulations (including tablets and aerosols) is estimated to be between 1 billion to 2 billion yuan in 2023, with an expected annual growth rate of 8% to 12% due to the aging population and rising cardiovascular diseases [3]. - The newly approved nitroglycerin spray has been included in the national medical insurance category B, enhancing its market accessibility [3]. Group 3: Company Impact - The approval of the nitroglycerin spray will enrich the company's product portfolio in the cardiovascular medication sector, positioning it as the sole domestic provider of this new dosage form [3].