This year, Garden Group has maintained double-digit revenue growth year-on-year in the first three quarters while fostering comprehensive development in Garden Village. Behind this achievement lies the group’s steadfast focus on its 11 key initiatives for the year, advancing industrial upgrades, technological innovation, and market expansion. Shao Qinxiang, Secretary of the Garden United Party Committee in Dongyang City, Zhejiang Province, and Chairman of Garden Group, emphasized that the company will continue to harness technological innovation to drive new momentum, aiming for intelligent transformation to achieve breakthroughs in development.

**Building a Globally Unique Vitamin D3 Industrial Chain** Garden Group’s biopharmaceutical sector has emerged as a core growth driver this year. Over its 45-year history, the group has prioritized establishing high-tech industries in its hometown, attracting top talent and collaborating with institutions like the Chinese Academy of Sciences. Since the 1990s, Garden Group has adhered to a "no non-high-tech projects" strategy, developing a complete vitamin D3 industrial chain and listing on the capital market. The group has also invested heavily in a biopharmaceutical tech park in Jinhua Economic Development Zone, creating the world’s largest production base for vitamin D3, 25-hydroxyvitamin D3, lanolin cholesterol, and refined lanolin. As the leading biopharmaceutical subsidiary, Garden Bio has built an integrated "raw materials + finished drugs" industrial chain, driving innovation in markets, culture, and technology while transitioning into a comprehensive health and nutrition company. This year, Garden Bio reported significant profit and tax growth, accelerated new product development, and progressed construction on its Jinhxi Tech Park, further solidifying its global leadership in vitamin D3.

**Launching High-End Inhalation Formulation Project** Garden Group has outlined a five-year plan to focus on biopharmaceuticals, consolidating resources under Garden Pharmaceutical, Furexi Pharmaceutical, and Hangzhou Zhixing Pharmaceutical, while establishing Garden Kexin Pharmaceutical. In August, Garden Kexin broke ground on a R&D and smart manufacturing base for 800 million high-end inhalation formulations annually—a key provincial industrial project. With an investment of 2.36 billion yuan and spanning 282 acres, this project marks a new phase in Garden Group’s biopharmaceutical expansion, aiming to localize high-end inhalation formulations and replace imports. The facility will synergize with Garden’s existing vitamin D3 chain, pharmaceuticals, and medical devices, strengthening its market position. Shao Qinxiang highlighted the project’s role in extending the respiratory制剂产业链 and bringing advanced enterprises back to their hometown. The team aims for completion by 2027, leveraging R&D to boost Garden’s economy and public health.

**Breakthrough in Domestic High-End Inhalation Formulations** A decade ago, Garden Group began respiratory制剂布局 at Furexi Pharmaceutical in Shaoxing, later acquiring Hangzhou Zhixing Pharmaceutical to advance high-end inhalation R&D. Recently, a team led by Chief Scientist Wang Zhaolin achieved a milestone: passing China’s first bioequivalence (BE) trial for a low-dose generic of GlaxoSmithKline’s asthma drug "Seretide" (salmeterol/fluticasone). This success breaks a long-standing technical barrier in complex inhalation formulations, supporting Garden’s "15th Five-Year Plan" focus on high-end inhalation industrialization. Wang noted the generic’s registration submission is underway, targeting H1 2025 for market approval. With 70% of China’s high-end inhalation market still dominated by imports, this advancement accelerates domestic substitution. Experts hailed the BE trial as validating Hangzhou Zhixing’s R&D prowess and setting a technical benchmark for complex generics.

Shao Qinxiang affirmed this breakthrough as a strategic milestone, pledging increased R&D investment to expand Garden’s respiratory and rare-disease pipeline. During the "15th Five-Year Plan," the group will prioritize biopharmaceuticals, particularly high-end inhalation projects, to enhance competitiveness in respiratory treatments and generics, positioning itself as a sector leader and fueling sustainable growth.