Group 1: R&D Progress - DR10624 has shown strong lipid-lowering effects and safety in Phase II clinical trials, with results presented at the AHA Scientific Sessions 2025. It has been included as a breakthrough therapy for severe hypertriglyceridemia by the CDE in January 2026 [1][2] - HDM1002, an oral GLP-1 receptor agonist, has completed patient enrollment for its Phase III trial in weight management, with top-line data expected in Q3 2026. The study has shown good overall safety without liver enzyme elevation [3] - HDM2005 has reported positive preliminary results in Phase I trials for mantle cell lymphoma and classical Hodgkin lymphoma, and is also undergoing trials for diffuse large B-cell lymphoma and solid tumors [4] Group 2: Upcoming Data Releases - Key data releases expected in 2026 include: - HDM1002 weight management Phase III top-line data - HDM1005 weight management Phase III 40-week data - HDM2005 solid tumor Phase I preliminary data - DR10624 for MASLD/MASH Phase II top-line data [5] Group 3: New Product Approvals and Market Outlook - The company anticipates new drug approvals in 2026, including edaravone tablets and various biosimilars, which are expected to enhance revenue contributions [6][7] - The innovative products, such as Ailaha® and Huijiaojing®, are projected to maintain rapid growth due to their clinical value and market strategies [9] Group 4: Industrial Microbiology and Pet Medicine - The industrial microbiology sector is expected to continue its rapid growth, supported by expanding overseas markets and commercialized products [12] - The HDM7006 project for managing obesity in cats is addressing a significant market gap, with a reported obesity rate of 28.1% among pet cats in China. This product is positioned as a safe and effective GLP-1/GIP dual-target weight management solution [16] Group 5: Strategic Collaborations and Licensing - The company is actively pursuing licensing agreements for its self-developed products and is optimistic about future collaborations [8] - A strategic partnership with MC2 for skincare products aims to leverage innovative technology for daily skin care solutions in the Greater China region [14][15]

Financial Performance - For the first nine months of 2025, the company achieved a revenue of CNY 32.664 billion, a year-on-year increase of 3.77% [2] - The net profit attributable to shareholders was CNY 2.748 billion, up 7.24% year-on-year [2] - The net profit excluding non-recurring gains and losses was CNY 2.694 billion, reflecting an 8.53% increase [2] - In Q3 2025, the company reported a revenue of CNY 10.989 billion, a 4.53% increase year-on-year, and a net profit of CNY 0.933 billion, up 7.71% [3] R&D Investment - R&D investment for the first nine months of 2025 reached CNY 2.186 billion, a 35.99% increase year-on-year [2] - Direct R&D expenditure was CNY 1.767 billion, marking a 53.76% increase, which accounted for 16.21% of the pharmaceutical industrial revenue [2][14] Product Development and Approvals - The company has 90 innovative drug pipeline projects in progress [4] - Five new products have received market approval in 2025, with six applications under review [4] - The innovative product sales and agency service revenue reached CNY 1.675 billion, a significant increase of 62% year-on-year [17] Market Challenges and Opportunities - The aesthetic medicine segment faced challenges, with a revenue of CNY 1.568 billion, down 17.90% year-on-year [5] - The industrial microbiology segment showed robust growth, with a revenue increase of 28.48% [15] - The company anticipates a recovery in the aesthetic medicine sector as new products are launched [5][9] Future Product Pipeline - Expected product approvals in the next year include Semaglutide injection, Insulin degludec injection, and others [7] - The company is also preparing for the launch of several aesthetic products, including YY001 and Ellansé® [7][9] Clinical Trials and Research - The GLP-1 receptor agonist HDM1002 has completed patient enrollment for its clinical trials [10] - The three-target agonist DR10624 has shown promising results in clinical studies and will be presented at the AHA Scientific Sessions 2025 [10][19] Sales Projections - The sales peak for the drug Ustinumab is projected to reach CNY 2 billion [18] - The MediBeacon® TGFR product is expected to exceed CNY 1 billion in sales potential [6]