Core Viewpoint - The company is actively advancing its research and development capabilities, particularly in the field of biopharmaceuticals, with a focus on innovative drug development and clinical trials [2]. Group 1: Oncology Research - The company has several products in the clinical research pipeline, including HuA21 injection, an innovative drug targeting HER2, which has shown promising safety and efficacy in early studies and is moving into Phase III clinical trials [2]. - The "5G9 injection," another HER2-targeting drug, has received approval for clinical trials [2]. - A collaboration with Afana Company is underway for the development of AFN0328 injection, aimed at treating HPV tumors and precancerous lesions, currently in Phase I clinical trials [2]. - The company has a stake in Boshengji, which is conducting clinical trials for the first universal CAR-Vδ1T cell drug (UTAA09 injection) with CDE's implied permission [2]. - Another investment in Yuansong Biotechnology has led to the development of a oncolytic virus drug (recombinant L-IFN adenovirus injection) that has received CDE's implied permission for clinical trials in advanced solid tumors [2]. Group 2: Growth and Development Research - The "AK2017 injection," a recombinant human growth hormone-Fc fusion protein, is progressing well in clinical trials, having completed Phase II enrollment and is preparing for Phase III discussions [2]. Group 3: Antiviral Research - The "AK1008 project," aimed at treating viral infections causing children's herpangina, is currently in Phase II clinical trials [2]. - The "AK1012 project," targeting respiratory syncytial virus infections in children, is in Phase I clinical trials [2]. - The company is committed to disclosing information on products that have not yet entered clinical trials once they obtain clinical approval [2].

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 1,292.19 million, a year-on-year decrease of 0.51% [3] - The net profit was CNY 374.55 million, down 11.61% year-on-year, while the net profit attributable to shareholders was CNY 366.52 million, a decrease of 11.92% [3] - The net cash flow from operating activities increased by 53.75% to CNY 316.42 million [3] - The main business of biological products saw a year-on-year growth of 7.49%, with sales of the injection drug Trastuzumab "Ansatin" increasing by 298% [3] Business Strategy and Market Development - The company is optimizing sales channels and strategies to enhance market development amid intensified competition and fluctuating market demand [3] - Plans for the second half of the year include optimizing business structure, increasing market expansion efforts, and enhancing internal management and resource integration [3] Growth in Specific Product Lines - The growth hormone segment has seen a year-on-year increase in new patient enrollment, with water-based injections accounting for over 40% of the segment's revenue [3][4] - The company is collaborating with Weisheng Pharmaceutical on the long-acting growth hormone "Longpei Growth Factor," expected to be approved in the second half of 2025 [5] Innovative Drug Development - The company is advancing its self-developed innovative drugs, including: - "HuA21 Injection," targeting HER2, currently in Phase III clinical trials [8] - "AK2024 Injection," also targeting HER2, has received clinical approval [8] - "HK010 Injection," a dual-target drug, is progressing well in Phase I trials [8] - "AK2017 Injection," a recombinant human growth hormone, is in Phase II trials [8] - The company is also involved in various collaborative projects, including mRNA drug development and CAR-T therapies [9] Future Financial Outlook - The company anticipates a slight increase in sales and R&D expenses over the next two years due to the rise in clinical trials and new product launches [10] - Overall, the company aims to achieve a recovery growth target for the full year of 2025, supported by product market promotion and sales activities [10][11]

Group 1: Company Strategy and Goals - The overall business goal for 2025 is to achieve restorative growth and maintain stable development [3] - The company aims to enhance the sales proportion of growth hormone water injections and expand the indications for growth hormone [3] - The company plans to accelerate the production capacity of the cancer drug Trastuzumab (Ansatin) and deepen brand building and market expansion [3] Group 2: Product Development and Clinical Trials - The clinical trial for "AK2017 Injection" (recombinant human growth hormone-Fc fusion protein injection) has successfully completed Phase II enrollment, with discussions for Phase III trial already held [3] - The company is actively promoting clinical trials for interferon spray and inhalation agents, targeting respiratory infections and gynecological diseases [3] - The "AK1008 Project" (human interferon α2b spray) is in Phase II trials for treating viral infections in children [3] Group 3: Competitive Landscape - Currently, there are 5 companies producing short-acting growth hormones, and several companies are expected to launch long-acting growth hormones [4] - The market for growth hormones is competitive but the overall pricing system remains stable [4] - The strategic partnership with Weisheng Pharmaceutical aims to cover the long-acting growth hormone market and enhance the company's competitiveness in children's growth and development [7] Group 4: Innovation and Collaborations - The company is developing several innovative drugs, including "HuA21 Injection" targeting HER2, which has shown promising safety and efficacy in early trials [4] - Collaboration with Afana Company on "AFN0328 Injection" for HPV precancerous lesions is in Phase I trials, with plans for further mRNA drug development [5] - The company is also involved in CAR-T cell therapy research through its investment in Boshengji Company, which has received implicit approval for clinical trials [5] Group 5: Market Expansion and Future Plans - The company is preparing to expand its international market presence by building FDA and EU-compliant production lines and engaging with foreign distributors [8] - The exclusive agency agreement with Baoji Pharmaceutical for the innovative drug "SJ02" aims to enhance the company's product matrix in the assisted reproduction field [8] - The company anticipates that the launch of long-acting growth hormones and long-acting follicle-stimulating hormones will provide new growth points for its business [8]

Group 1: Financial Performance and Challenges - In 2024, the company experienced its first decline in revenue and net profit, primarily due to decreased sales in its main business segments, including bioproducts and traditional Chinese medicine [2][3] - The company aims for recovery growth in 2025, focusing on enhancing academic promotion and increasing the sales proportion of its water injection products [3] - The sales of "Ansaiting" are expected to show significant year-on-year growth in 2025, while the traditional Chinese medicine segment has resumed production and aims to maintain growth [3] Group 2: Research and Development (R&D) Strategy - The decline in R&D expenditure does not indicate a reduction in R&D efforts; rather, it reflects the clinical product structure and progress at different times [5] - The company is advancing its R&D capabilities and is involved in innovative technology investments, with a focus on clinical trial phases [5] - Future R&D investments are expected to increase as products like "AK2017 Injection" progress to Phase III clinical trials [5] Group 3: Market Expansion and Product Development - The company is actively building production lines compliant with FDA and EU certifications to facilitate overseas market entry [6] - AI technology is being utilized to assist in drug development, including molecular design and data integration for various business applications [8] - The company is developing new formulations of interferon for respiratory infections and gynecological diseases, with ongoing clinical trials for several products [9] Group 4: Clinical Pipeline Overview - The company has several products in clinical trials, including "HuA21 Injection" for HER2-targeted therapy, which has completed Phase Ib/II trials and is preparing for Phase III [10][11] - "AK2017 Injection" (recombinant human growth hormone-Fc fusion protein) is progressing well in clinical trials, having completed Phase II and moving towards Phase III [11] - The company is also exploring new indications for growth hormone and accelerating the development of tumor drugs like "Ansaiting" [9][11]

Group 1: Company Overview and Investor Relations - The investor relations activity included a site visit to the company's exhibition hall and production lines, followed by a Q&A session with investors [2] - The company is engaged in the production of growth hormones using recombinant E. coli technology, with a composition of 191 amino acids identical to human growth hormone [2] Group 2: Growth Hormone Mechanism and Competitive Landscape - Growth hormone plays a crucial role in human growth, development, and metabolic regulation, with peak secretion during deep sleep [2] - There are currently 5 companies producing short-acting growth hormone, and 2 companies with long-acting growth hormone, with a strategic partnership expected to yield long-acting growth hormone approval in the second half of 2025 [3] Group 3: Competitive Advantages - The company leverages technological and industrial advantages, talent, and production capabilities to innovate and enhance product competitiveness [3] - The marketing strategy focuses on deepening market segmentation, optimizing promotion strategies, and strengthening brand building, covering over 4,000 large and medium-sized hospitals nationwide [3] - The company pursues strategic investments in high-tech pharmaceutical companies to enhance core competitiveness and risk resilience [3] Group 4: Technological Advancements - The company has received clinical approval for the CAR-Vδ1T cell therapy (UTAA09 injection), marking a global first in this category [4] - Collaboration with Hefei Afana Company on mRNA drugs has led to the clinical approval of AFN0328 injection for HPV tumors, currently in Phase I trials [4] - The company is also developing oncolytic virus drugs, with a product receiving clinical trial approval for late-stage solid tumors [4] Group 5: AI Integration in Drug Development - The company utilizes AI technologies to assist in drug development, reducing time and costs, and has already seen clinical approvals for drugs developed using AI platforms [5] - AI applications are being expanded across various business scenarios, including patient management and marketing data analysis [5] Group 6: Clinical Pipeline Overview - The company has several ongoing clinical trials, including: - HuA21 injection for HER2-targeted therapy, currently in Phase III trials [6] - AK2017 injection (recombinant human growth hormone) progressing to Phase III trials [7] - AK1008 and AK1012 projects for treating viral infections in children, in Phase II and I trials respectively [7] - Development of regulatory T cell therapies for autoimmune diseases, with clinical trials initiated [7]

Group 1: Company Goals and Strategies - The overall business goal for 2025 is to achieve restorative growth while maintaining stable and healthy development [2] - The company aims to enhance academic promotion and increase the sales proportion of water injections, while pushing for restorative growth in growth hormone sales [2] - The Chinese medicine sector will optimize sales policies for traditional Chinese medicine plasters to maintain growth momentum [2] Group 2: Investment and Partnerships - The cornerstone investment in Weisheng Pharmaceutical is aimed at establishing a long-term cooperative relationship to enhance resource integration and competitive advantage [3] - The company plans to divest forensic-related businesses and actively transition to new business areas [3] Group 3: Sales Performance - In Q1 2025, the sales of growth hormones showed a year-on-year increase, reversing the previous downward trend [3] - The sales revenue of Trastuzumab exceeded 100 million yuan in 2024, with expectations for significant year-on-year growth in 2025 [3] Group 4: Research and Development Progress - The company is advancing several clinical trials, including a new drug targeting HER2, which has shown promising safety and efficacy in early studies [4] - Ongoing clinical trials for various products, including AK1008 and AK1012, are aimed at treating viral infections in children [4] - The company is collaborating on innovative mRNA technology for cancer treatment, with clinical trials approved for AFN0328 injection [4]