Group 1 - The research team from Zhejiang University School of Medicine has presented a groundbreaking study on the treatment of advanced pancreatic cancer using "Epimedium extract soft capsules (Akeladin) + AG (Gemcitabine + Albumin-bound Paclitaxel)" at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, attracting significant attention in the oncology community [1][2] - Pancreatic cancer, known as the "king of cancers," has a 5-year survival rate of less than 10%, with most patients diagnosed at an advanced stage, making surgical intervention impossible. Traditional treatment regimens like FOLFIRINOX and AG are currently the main chemotherapy options, but patient survival rates remain poor [2] - The study is a single-arm, single-center prospective Investigator-Initiated Trial (IIT) involving 20 newly diagnosed patients with advanced pancreatic ductal adenocarcinoma (PDAC), all of whom received 6 cycles of treatment with Epimedium extract soft capsules combined with AG [2][3] Group 2 - As of December 15, 2024, the study has shown promising results, with an objective response rate (ORR) of 50%, a disease control rate (DCR) of 90%, and a 6-month survival rate of 90%. Notably, 35% of initially unresectable patients became resectable after treatment [3] - The safety profile indicated that the incidence of grade ≥3 treatment-related adverse events (TRAEs) was 40%, primarily associated with chemotherapy drugs, with no fatal TRAEs reported. This research provides a new treatment option for advanced PDAC patients and demonstrates significant potential for further studies and the development of other indications [3] - The Epimedium extract soft capsules, developed by Beijing Shengnuo Pharmaceutical Technology Co., Ltd., are a first-in-class immunomodulatory drug derived from traditional Chinese medicine, primarily used for treating advanced hepatocellular carcinoma. The drug has recently received approval for clinical trials in combination therapy for advanced colorectal cancer with specific genetic markers [4]

Financial Data and Key Metrics Changes - First quarter net sales reached $4.6 billion, exceeding guidance of $4.4 billion to $4.5 billion, with a decline of 5.1% year-over-year [7][27] - Adjusted diluted EPS was $0.16, above the guidance range of $0.12 to $0.15, compared to $0.27 last year [9][32] - Comparable sales (comps) declined 1.2%, better than the guidance of a decline of 4.5% to 2.5% [7][27] - Gross margin was $1.8 billion or 39.2% of net sales, flat compared to the prior year [31] Business Line Data and Key Metrics Changes - Macy's net sales were down 6.5% with comps down 2.1% [28] - Bloomingdale's net sales increased by 2.6% with comps rising 3.8% [30] - Blue Mercury's net sales were up 0.8% with comps increasing 1.5% [30] - Backstage outperformed full-line stores by several hundred basis points, while Marketplace achieved approximately 40% GMV growth [11] Market Data and Key Metrics Changes - International tourism negatively impacted comps by about 30 basis points [8] - Go forward business comps declined 0.9%, outperforming total comps [8] - The luxury segment showed resilience with Bloomingdale's and Blue Mercury continuing positive comp trends [12][14] Company Strategy and Development Direction - The company is focused on its "Bold New Chapter" strategy, emphasizing omni-channel performance and improving customer experience [6][10] - The strategy includes strengthening and reimagining Macy's, accelerating luxury offerings, and modernizing operations [10][14][15] - The company aims to diversify sourcing to mitigate tariff impacts, reducing reliance on China from over 50% pre-pandemic to 20% currently [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the second quarter, noting improved performance in May compared to earlier months [43][44] - The company anticipates a more choiceful consumer and plans to navigate a competitive promotional landscape [21][34] - Management highlighted the importance of maintaining a healthy inventory to sales ratio while being disciplined with inventory commitments [21][22] Other Important Information - The company closed 64 underperforming locations last year as part of its strategy [24] - Capital expenditures are expected to be approximately $800 million, reflecting a commitment to long-term growth [37] - The company plans to return approximately $152 million to shareholders through dividends and share repurchases [33] Q&A Session Summary Question: Sales guidance and consumer pressure - Management reaffirmed annual sales guidance, noting stronger performance in March and April compared to February, with cautious optimism for the rest of the year [43][44] Question: Strategic pricing decisions - Pricing adjustments are being made selectively, with a focus on maintaining value for consumers while navigating tariff impacts [45][46] Question: Impact of tariffs on pricing - Pricing is gradually being integrated into the system, with limited pricing seen in Q2, and negotiations with vendors are ongoing [50][51] Question: Actions to capture market share - The company is focusing on product diversity, improved marketing, and enhanced in-store experiences to capture market share [59][62] Question: Inventory planning amid tariffs - The company plans to remain disciplined with inventory flow and avoid over-purchasing to mitigate tariff impacts [86][87] Question: Consumer health across income cohorts - Consumer health remains under pressure, but discretionary spending is showing signs of improvement, particularly in categories like fine jewelry [108][110]