Core Viewpoint - Tianjin Hongri Pharmaceutical Co., Ltd. held an investor meeting on September 11, 2025, to discuss its semi-annual performance and governance, engaging with investors on various topics [1] Group 1: R&D and Strategy - Investors inquired about the increase in R&D investment in innovative chemical and biological drugs for the first half of 2025, as well as the company's differentiation strategy regarding PD-1/L1 target research [2] - The company emphasized that R&D innovation is a core strategy, acknowledging the lengthy and uncertain nature of new drug development [2] - There were concerns about the company's dual-driven strategy being mere rhetoric, to which the company responded that it is based on concrete actions and long-term planning [2] Group 2: Business Operations and Management - Investors raised questions about the progress and profitability of the collaboration with Chengdu Medical Investment on the Rongcheng Elderly Care Project, with the company advising to refer to periodic reports for updates [2] - Suggestions were made for the company to adopt promotional strategies for its "Shangyimingjia" internet platform, which the company acknowledged [2] - The management's professional background was questioned due to performance declines post the acquisition by Xingcheng Group, with the company asserting compliance with legal and regulatory standards in management appointments [2] Group 3: Financial Performance and Market Management - The company addressed inquiries regarding sales, management appointments, product sales, and R&D progress, stating that it would evaluate single products for policy support to ensure overall effectiveness [2] - On market capitalization management, the company noted that stock prices are influenced by various factors and has established a market value management system to enhance operational efficiency [2] - The company confirmed no significant changes in revenue contribution from various business segments and has no current acquisition plans [2]