KHPG(SZ:002773)2025-09-12 10:37Group 1: Investor Relations and Company Strategy - The company does not plan to open flagship stores on Alibaba Health and JD Pharmacy, focusing instead on open cooperation and strengthening independent R&D while exploring BD opportunities with global peers [3] - The company emphasizes the importance of long-term market value, which is determined by operational performance, profitability, and growth potential [3] - Future efforts will focus on deepening core business, enhancing operational performance, and optimizing strategic layout through innovation and market expansion [4] Group 2: R&D and Product Development - The company is currently advancing the clinical phase III of its new drug KH110 for Alzheimer's treatment, with uncertain market launch timing influenced by various factors [3] - R&D expenses increased by 11.27% year-on-year in the first half of 2025, highlighting the company's commitment to enhancing R&D efficiency and resource allocation [5] - The company has established a comprehensive R&D system focusing on key therapeutic areas such as ophthalmology, neurology, and oncology, leveraging both domestic and international resources [6] Group 3: Market Position and Competitive Strategy - The company’s core product, Conbercept, maintains a leading position in the Chinese ophthalmology market, despite increased competition from new entrants [6] - By 2028, a high-concentration version of Conbercept is expected to launch, further solidifying the company's market position [6] - The company is actively monitoring market dynamics and investor feedback to effectively communicate its strategic plans and investment value [5]