A：Changfeng Pharmaceuticals is a China-based, global-oriented inhalation drug delivery system innovation pharmaceutical companies, committed to the development of universal access to the global respiratory and nasal therapy. Since its establishment in 2007, after nearly 20 years of development, the company has developed from focusing on the accessibility and affordability of drugs (1.0 stage) to building a full HD core technology system, deeply combining drug delivery devices and CMC technology to build the industry's scarce industrialization capabilities and global core moat (2.0 and 3.0 stages). At present, we are focusing on mechanism innovation and green innovation, with the goal of consolidating the position of global inhalation drug delivery technology and leading the global inhalation drug delivery innovation pattern. Changfeng Pharmaceutical was co-founded by Dr. Liang Wenqing and Dr. Li Li. Dr. Liang Wenqing has a doctorate in molecular biology and immunology and is an EMBA in Southern California. Dr. Li Li has a doctorate from the University of Michigan and the work experience of GSK Chief Scientist. They are all continuous entrepreneurs who have successfully started their own businesses in the United States and deeply cultivated the field of new drugs. In addition, as an expert in the field of mechanical devices, Dr. Mark has a deep accumulation of technology and declaration in inhalation products. The team members have their own expertise and complement each other, forming a cooperative team with international R & D and reporting experience.

A：Since its establishment, Changfeng Pharmaceutical has completed six rounds of financing and obtained strategic investment from the National Advanced Manufacturing Fund. The company has a production base of 100 acres of Suzhou headquarters, which is expected to become one of the largest production bases in the world in the future, and has an innovative drug research and development subsidiary in Guangzhou, a drug research institute next to Wuxi Shuofang Airport, and two research and development buildings. These perfect infrastructure provides a strong guarantee for the rapid development of the company. After more than ten years of development, Changfeng Pharmaceutical has successfully launched six products, covering more than 10,000 hospitals in China, forming a three-dimensional online and offline sales network. The company currently has more than 20 research pipelines and is simultaneously promoting global product development on a global scale. After the first product was launched in 2021, the company entered a period of rapid performance explosion, some products have entered the national collection and health insurance catalog, competitiveness and market penetration continued to rise. Starting from the second full sales year, the company has achieved profitability and continued profitability, demonstrating stable operating capabilities and market competitiveness.

A：The respiratory drug market is large enough because it is related to the life cycle needs of all people and is not affected by economic environment or economic cycles. At the same time, the industry has high technical barriers and market moat, the global mainstream respiratory preparation giant concentration is high, new players are difficult to enter. In China, Changfeng Pharmaceutical has deep coverage and self-industrialization, forming a significant competitive advantage. With the in-depth exploration of clinical demand, the market size of the industry is still rising, especially in the field of long-term chronic drug use, such as rhinitis, COPD and asthma, there is a huge market demand and growth potential.

A：We are paying close attention to the need for treatment in areas including idiopathic pulmonary fibrosis, pulmonary arterial hypertension and pulmonary diseases caused by the bifurcation bacillus complex. There is a huge unmet market demand for these diseases in the world, but there is a lack of effective treatment, the five-year survival rate is very low, and the existing oral drugs have the problems of gastrointestinal intolerance and toxic side effects.

A：The inhalation formulation can accurately deliver the drug to the lesion site without causing side effects throughout the body, thereby realizing long-term use without side effects. For example, for conditions such as MAC lung disease, inhaled formulations allow for more precise control of drug dosage, avoiding the problem of dose reduction after oral administration of drugs through gastrointestinal reactions and hepatic metabolism.

A：Our inhalation products include nebulizers, nasal sprays, aerosols, powder sprays and soft sprays. Among them, our inhalation preparation products have significant advantages, such as fast onset, precise effect on the lesion site and no systemic side effects, which has become the gold standard in the global respiratory field. In addition, we have cooperated with German and French teams to develop sophisticated and complex inhalation devices. Even very small steel needle components are difficult to realize domestic production in China, which reflects our high barriers in technology and research and development.

A：The main difficulty lies in the high requirements of the multidisciplinary R & D team, because our inhalation products are products combined with medicine and machinery, involving the integration of knowledge of pharmacology, physical chemistry, mechanical kinetic energy particles and other disciplines. In addition, in the process of production scale-up, due to the high requirements for the consistency of dynamic conditions of inhaled preparations, each production link needs to undergo long-term precise research and debugging. At the same time, the global approval process also has to face China, the United States and The different approval requirements in Europe constitute high barriers in the industry.

A：The difficulties in this industry are not limited to a certain point, but run through the whole process, including long R & D cycle, large investment, complex technology and other comprehensive factors. Even a complex generic drug takes more than ten years to develop, which is far more than the cycle of ordinary generic drugs, and its research and development investment is huge, which can not be viewed by the standard of ordinary generic drugs. As a result, industry barriers are very high, and not many companies can enter quickly.

A：From the perspective of the company's value three-driven engine, although we have more than 30 high-end complex preparation products under development, we maintain the pace of sustainable and stable listing every year, forming a stable cash flow base, maintaining operations and feeding research and development. At the same time, relying on a mature business platform, we have steadily pushed access to many countries around the world by replicating the layout of innovative drugs, and have achieved closed-loop delivery overseas, with unique advantages. Therefore, the company's positioning is not simply a generic pharmaceutical company or an innovative pharmaceutical company, but a combination of the two characteristics to form a set of replicable R & D and production advantages.

A：At present, the company has established a large-scale industrial advantage through the layout of inhalation platform and other high-complexity preparation categories, successfully promoted the declaration process to many countries around the world, and completed the delivery closed loop in many overseas countries, providing valuable experience for subsequent replication. In addition, the company leverages its proprietary delivery technology and manufacturing capabilities to deepen its global cutting-edge technology and specialty Junior College drug development, further consolidating its long-standing core barriers. With the continuous declaration of new drugs and the acceleration of clinical progress, it is expected that by 2027 there will be an intensive landing of favorable policies for innovative drugs, and the pace of delivery of the company's products and projects will be accelerated across the board, shifting from active commercialization to structured risk.

A：The company has shifted from a single product to a full three-dimensional layout, including the construction of nationwide in-hospital, online and offline, and overseas sales channels. With the sales experience of listed products, the company has opened up the omni-channel sales model, forming a stable upward development rhythm. With the continued product launch, the company will rely on existing channels to further consolidate and enhance the market position.

A：The company's simultaneous placement of new treatments and innovative medical devices on complex biologics platforms and proprietary delivery technology platforms is an advantage that many other large CROs are difficult to replicate quickly. In the field of innovative drugs, the company continues to expand the respiratory field indications, while laying out the nasal brain pathway and other emerging treatment track, and forward-looking to build SRNA and innovative paper body and other cutting-edge drug delivery technology. Through rational use of funds, the company is maintaining a sustainable pace of product listing every year, steadily promoting the implementation of volume and innovative layout at each stage, and forming a product pipeline with unique advantages. Among them, there are many products with global FIC potential or in line with 505b2 declaration path, demonstrating the company's unique advantage in the subdivision of West Road.

A：2025 is a reinvention and relatively turbulent year for the company, facing the challenge of centralized renewal and policy implementation. Nevertheless, the company has achieved more efficient sales transformation through internal organizational restructuring and external channel restructuring, successfully coping with the pressure of the past market. Therefore, despite the challenging external environment, the company will continue to move forward steadily in the turbulence and continue to promote the development and innovation of various businesses.

A：The company's financial foundation is very solid, with hundreds of millions of cash reserves, sufficient cash flow reserves, and at the beginning of this year, a new round of three-year centralized procurement has all landed, from 26 to 28 years of three years of basic stability, there is no risk of not living.

A：Yes, the company has completely got rid of its dependence on the first single product, and the second growth curve has begun to be realized. For example, CF018 products have grown from more than 2400 million in 24 years to more than 7900 million in 25 years. It is expected to exceed 100 million this year and continue to grow in volume in the market. CF018 products have been fully admitted to more than 2,000 tumor hospitals in China, and are undergoing continuous hospitalization and release process. At the same time, the company has completed the restructuring of commercial channels, building a nationwide hospital, out-of-hospital hospitals, clinics and online sales channels, and has laid out overseas channels.

A：The company began shipping deliveries in July 2025, laid out and implemented a replicable delivery model a few years in advance, and began to replicate the market in several countries.

A：The company's innovation pipeline has entered the clinical key node, this year there will be more innovative varieties into the market, and will continue to increase research and development. At present, innovative products have formed a new pace of development in China, and preliminary results have been achieved in overseas markets. In the next five years, at least five new products will be approved for listing overseas.

A：The collection policy is positive for the company, helping to quickly promote products to tens of thousands of hospitals across the country, and the company has jumped out of the traditional model of relying on hospitals through multiple channels.

A：The company's atomization series product layout is comprehensive, covering the whole age group and the whole treatment cycle, with light to severe patients with full coverage of products. This year, two new nasal spray products will be approved, which will further consolidate the company's position in the field of rhinology and respiratory.

A：The company's overseas business has achieved large-scale replication, the next five years will promote more new products in overseas approved listing and commercial landing. At the same time, more than ten innovation pipelines have been steadily deployed, and some have entered the clinical research stage. It is expected that a good turning point will come in the next few years.

A：We plan to build an innovative industrial layout in the field of global mutual breathing and nasal drugs by relying on a systematic platform-based enterprise with the ability to develop and transform the whole industry chain, using a mature delivery technology platform, drug discovery platform, preparation platform and industrialization and industrialization capabilities. Through the overlay of full coverage of the three-dimensional global commercial sales network, to create an international innovative pharmaceutical enterprises with core competitiveness.

A：Competitors in the domestic market mainly include imported drugs such as GSK and AstraZeneca, as well as Zhengda Tianqing, Health Park and Sichuan Pratt. However, they each have different characteristics. For example, Zhengda Tianqing and Health Source are comprehensive pharmaceutical companies with a wide layout in many fields, while we focus on innovation and going out to sea in the respiratory field. Pratt also focuses on the inhalation field, but at present the market scope is small, and its full model platform is not seen, which has become our main difference. Some of the founders of competitors such as Prick and Health Park have left, and the subsequent strategic layout will change. We are focusing on the full range of Western European models and innovating on a global scale. In addition, in terms of market share, due to different products, our various models have different market strategies, such as Budinaid and nasal spray products, which are affected by the impact of centralized procurement and the market strategy of slow volume, resulting in different market share performance.