Dongcheng Pharmaceutical performance exceeded expectations; Increased sales volume and gross profit margin; Nuclear drug business has resumed. In the third quarter of 2022, the operating revenue reached 976 million yuan, with a year-on-year growth of 0.71%; Net profit of returning to the mother was 162 million yuan, up 51.22% year on year; Net profit deducted from non-return to the mother was 159 million yuan, up 53.62% year on year. During the reporting period, the revenue of the API business was 1.63 billion yuan, a year-on-year increase of 3.29%, mainly due to the increase in the sales volume of heparin sodium, and the gross profit margin also improved. The revenue of nardrheparin calcium for injection was 295 million yuan, up 3.18% year on year. At the same time, core drug business FDG, Yunke injection and other key products recovered significantly during the reporting period. 

Pan Asian Microvent polytetrafluoroethylene membrane (ePTFE) is a polymer material with excellent performance, which is widely used in automotive, consumer electronics, new energy, medical, clothing, industrial filtration, aerospace and other fields. Based on the review of the development history of Gore, the benchmark enterprise in the industry, the application and development of ePTFE film in China is still in the early stage at present, and the future can be extended in a huge space. Due to the obvious long-tail niche market characteristics in the downstream fields of ePTFE, natural barriers will be formed for the first entrants. At the same time, ePTFE material itself has certain technical barriers in stretching, modification, application and development. Microvent will continue to expand in the downstream application of ePTFE, from the realization of autonomy and control to create high-end demand. Consumer electronics, new energy vehicles CMD pressure relief valve, proton exchange membrane are expected to become a bright spot of profit growth.