Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].

Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Views - The report emphasizes the ongoing disruptions caused by the US-China tariff policies and suggests focusing on opportunities in non-US markets and import substitution [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, while companies primarily exporting to markets outside the US will be less affected [4][9] Summary by Sections Tariff Policy Overview - Since April 2, 2025, the US government has imposed a 34% "reciprocal tariff" on Chinese goods, with frequent adjustments to tariff rates and exemptions for certain pharmaceutical products [4][5] - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [5] Opportunities in the Biopharmaceutical Sector - The report identifies potential for domestic products to increase market share in the blood products sector due to tariff impacts, particularly for albumin, where US imports are significant [9] - It suggests monitoring companies such as Palin Bio, Tiantan Bio, and Huashan Bio for potential growth in market share as import costs rise [9] Medical Devices - The report notes that the tariff policies and anti-dumping investigations are likely to accelerate the domestic substitution process in medical devices, particularly in electrophysiology and imaging fields [10] - Companies like Yirui Technology and United Imaging are highlighted as making progress in domestic production capabilities [10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" as key investment themes [12] - Specific companies to watch include BeiGene, Mindray, and Xiamen Innovax for their innovative products and overseas market potential [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, demonstrating strong cash flow and reduced losses [13][14] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products and a strong pipeline [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - **Wuxi Biologics**: Recognized for its strong technical capabilities and expanding overseas operations [22] Market Performance - The report notes a decline in the pharmaceutical sector, with a 5.61% drop in the past week, while the overall market saw a smaller decline [31][42] - The biopharmaceutical sector is highlighted as having the smallest decline among sub-sectors, indicating relative resilience [44]

Financial Data and Key Metrics Changes - In 2024, the company achieved drug sales growth of 49.7%, primarily driven by core product Aureloproteinib, which reached RMB1 billion in sales, reflecting a 49.1% increase compared to 2023 [11][12] - The net loss for the year decreased by 29.9%, from RMB646 million in 2023 to RMB453 million in 2024, indicating improved operational efficiency [11][12] - Gross margin ratio increased from 82.6% in 2023 to 86.3% in 2024, demonstrating enhanced manufacturing efficiency and revenue growth [12] Business Line Data and Key Metrics Changes - The commercialization of Aureloproteinib was a significant driver, achieving over RMB1 billion in sales, marking a milestone for the company [10][14] - The launch of the AMZAL indication for Aureloproteinib contributed to its rapid growth, establishing the company as the first mover in this market [13][14] Market Data and Key Metrics Changes - The company is focusing on expanding its market reach in China, particularly in low-tier cities, to enhance hospital coverage and sales for its hematology products [77] - The company anticipates that the MZL contribution to sales will grow to around 50% by the end of 2025, indicating strong market potential [76] Company Strategy and Development Direction - The company aims to accelerate its pipeline development, with expectations of three to four large asset approvals in the next three years [16] - Strategic collaborations, such as the partnership with Voluum for the development of CD2063 antibody, are key to expanding the company's global reach [15] - The company is prioritizing business development and aims to secure first-line approvals for its products in both China and globally [64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a growth rate of at least 30% in 2025, driven by the continued success of MZL and expansion into new markets [76][78] - The company is optimistic about the approval timelines for its key products, including tafacitumab, which is expected to receive approval in the second quarter of 2025 [80] Other Important Information - The company has made significant advancements in its innovative pipeline, with 50 drugs in various stages of development, including pre-IND, Phase I, II, and III trials [16] - The ADC platform is a new focus area for the company, with the first candidate B7 ADC expected to enter clinical trials soon, showcasing the company's commitment to expanding its therapeutic offerings [45][50] Q&A Session Summary Question: Can you elaborate on the ADC platform and its differentiation? - Management highlighted the strengths of the ADC platform, emphasizing the innovative linker and payload design that enhances efficacy and safety compared to existing therapies [45][50] Question: What is the strategy for ICP-248 and its positioning in the market? - Management acknowledged the competitive landscape but expressed confidence in securing first-line approval for their BCL2 inhibitor in China, while also pursuing global opportunities [64][66] Question: What is the timeline for the Phase III trial of orilabrutinib in SLE? - Management indicated that the Phase IIb data would be available in the fourth quarter, with a high possibility of initiating the Phase III trial within the same year [72] Question: What are the expectations for tafacitumab's approval timeline? - Management anticipates approval for tafacitumab around the second quarter of 2025, with preparations for commercial launch already underway [80] Question: How does the company view competition in the hematology space? - Management acknowledged the competitive data presented by peers but remains focused on improving their own efficacy and securing market share through strategic positioning [60][84]

Core Viewpoint - The company Nocare Biopharma showcases its commitment to innovation and high-quality development at the 2025 Zhongguancun Forum, emphasizing its contributions to global patient accessibility and technological advancements in the biopharmaceutical sector [1][2]. Group 1: Recognition and Awards - Nocare Biopharma received two significant recognitions at the Zhongguancun Forum, including being the only biopharmaceutical company selected for the Beijing Municipal Government Quality Management Award and having its novel oral BCL2 inhibitor Mesutoclax (ICP-248) included in the "Top 100 New Technologies and Products List" [1][2]. - The company was nominated for the Beijing Municipal Government Quality Management Award, standing out among over 300 applicants, with only 10 companies receiving awards [1]. Group 2: Innovative Products and Pipeline - Nocare Biopharma's new oral high-selectivity BCL2 inhibitor ICP-248 was highlighted at the forum, marking the third innovative product from the company to be recognized in the "Top 100 New Technologies and Products List" [2]. - The company showcased its innovative pipeline in hematological malignancies and autoimmune diseases, including new BTK inhibitors and TYK2 inhibitors [2]. Group 3: Market Potential and Research Focus - The global market for autoimmune diseases is projected to reach $185 billion by 2029, prompting Nocare Biopharma to enhance its drug discovery platform and accelerate clinical research for its high-potential TYK2 inhibitors targeting unmet clinical needs [3]. - The company is focused on addressing various autoimmune diseases such as atopic dermatitis and psoriasis through its innovative drug development efforts [3]. Group 4: Integration of AI in Drug Development - Nocare Biopharma is actively exploring the integration of artificial intelligence (AI) in its drug development processes, aiming to enhance molecular screening and clinical trial efficiency [4][5]. - The company has established a dedicated R&D team to develop and upgrade its computational chemistry platform, which includes modules for predicting physicochemical properties and drug design [4].

中信证券 创新药和集采政策趋势 20250330 摘要 Q&A 当前医药板块在政策方面有哪些重要变化？ 近期，医药板块在政策方面出现了显著变化，尤其是集采政策的优化和商保的 快速落地。首先，关于集采政策，上周业内流传的相关内容显示，第十批集采 相关舆情之后，医保监管部门进行了相应调整。在两会期间，总理报告中提到 要"优化集采"和"完善药品价格形成机制"，这表明未来将更多体现市场化 竞争机制。这一变化缓解了过去对行业估值压制的担忧。 具体而言，此次调整 可能使得更多差异化和品牌类型产品能够进入市场，从而重新评估市场模型。 • 集采政策优化及医保支付标准调整：两会期间强调"优化集采"和"完善 药品价格形成机制"，预示着市场化竞争机制的回归，缓解了行业估值压 制，利好差异化和品牌类型产品，降低非医保支付品类的价格干预风险。 • 多元化支付体系加速构建：商业健康险目录的推出，特别是城市定制型商 业医疗保险如上海"全药保"，覆盖更多创新药和进口原料药，为临床刚 需创新药提供新的支付契机，预计商业保险市场规模将超万亿。 • 创新药企迎来发展机遇：恒瑞医药、百济神州、信达生物等企业预计实现 首次或持续盈利，并可能推出重磅产 ...

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.80%, with notable gains from companies such as Lepu Biopharma-B (up 16.56%) and Zai Lab (up 10.27%) [1] - The Hang Seng Medical ETF (513060) has risen by 2.11%, marking its third consecutive increase, with a trading volume of 4.69 billion yuan [1][2] - The second Boao Lecheng Stem Cell Conference has opened, marking a new phase of standardized and high-quality development in China's stem cell industry [2] Group 2 - Financial analysts predict that the approval and implementation of more projects in the stem cell sector will lead to advanced treatment methods benefiting the public [2] - The domestic medical innovation industry is expected to experience multiple growth opportunities, particularly for companies with true innovation capabilities in new drug development [2] - The Hang Seng Medical ETF has seen a significant growth in scale, increasing by 34.09 billion yuan over the past year, ranking in the top third among comparable funds [2] Group 3 - Since its inception, the Hang Seng Medical ETF has achieved a maximum monthly return of 28.34% and an average monthly return of 7.00% [3] - The ETF has outperformed its benchmark with an annualized excess return of 2.02% over the past year [3] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [3] Group 4 - The tracking error of the Hang Seng Medical ETF is 0.033%, the highest tracking precision among comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 24.97, indicating it is at a historical low compared to the past year [4] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 55.64% of the index, with companies like WuXi Biologics and BeiGene among the leaders [4][6]

Financial Performance - The company reported a net loss of 453 million yuan for the fiscal year 2024, with a cash-adjusted loss of 431 million yuan after excluding non-cash items[3]. - The company will not distribute profits for the fiscal year 2024, pending approval at the annual shareholders' meeting[8]. - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-over-year increase of 15%[20]. - The net loss attributable to shareholders decreased by 30.20% year-on-year, amounting to approximately RMB 440.63 million in 2024, compared to RMB 631.26 million in 2023, due to increased sales of the drug Orelabrutinib and reduced foreign exchange losses[32]. - The net cash outflow from operating activities improved significantly, decreasing from RMB 665.49 million in 2023 to RMB 365.55 million in 2024, attributed to increased sales and cash receipts from goods sold[32]. - The company reported a gross margin of 60% for the fiscal year 2024, an improvement from 55% in the previous year[20]. - Operating expenses were reduced by 10% year-over-year, contributing to improved profitability[20]. - The adjusted net loss for the year, excluding certain non-cash items, was RMB 430.80 million, compared to RMB 490.67 million in the prior year, reflecting a decrease of about 12%[41]. Research and Development - Research and development expenses increased by 7.57% year-on-year to 815 million yuan, reflecting the company's ongoing investment in new technology platforms and clinical trials[3]. - The company is investing RMB 200 million in R&D for new technologies, focusing on enhancing product efficiency and user experience[20]. - Research and development expenses accounted for 80.70% of total revenue in 2024, a decrease of 21.83 percentage points from 102.53% in 2023, reflecting the substantial growth in revenue[31]. - The company has established a comprehensive research and development platform to accelerate drug discovery and improve clinical trial efficiency[49]. - The company is engaged in developing innovative small molecules, monoclonal antibodies, and bispecific antibodies targeting promising indications in hematological malignancies and solid tumors[88]. Product Pipeline and Approvals - The company has a robust product pipeline in hematological malignancies, autoimmune diseases, and solid tumors, with its core product, Orelabrutinib, already commercialized[4]. - The BLA for the Tafasitamab and Lenalidomide combination therapy has been accepted by the CDE and is under priority review, expected to receive approval in the first half of 2025[4]. - The company has multiple products in various stages of clinical trials, with several expected to advance to market approval by mid-2025, including Tafasitamab combined with Lenalidomide for treating relapsed or refractory DLBCL[46]. - The company aims to establish a leadership position in the hematological oncology field, focusing on treatments for Non-Hodgkin Lymphoma (NHL), leukemia, and multiple myeloma (MM)[47]. - The company aims to establish a competitive drug portfolio for the treatment of various solid tumors, utilizing targeted therapies, immuno-oncology methods, and advanced ADC technology[78]. Market Expansion and Strategy - The company expects revenue guidance for 2025 to be between RMB 1.5 billion and RMB 1.7 billion, indicating a growth rate of 25% to 42%[20]. - Market expansion plans include entering two new international markets by Q3 2025, aiming for a 10% market share in each[20]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of up to RMB 500 million allocated for this purpose[20]. - A strategic partnership with a leading tech firm is expected to enhance distribution channels and increase market penetration by 30%[20]. - The company plans to continue expanding its market presence and product offerings, focusing on the ongoing development of innovative therapies[32]. Clinical Trials and Efficacy - The ORR for Tafasitamab combined with Lenalidomide in clinical trials was reported at 73.1%, with 32.7% of patients achieving CR[55]. - ICP-248, a new oral BCL-2 inhibitor, has shown promising results in early trials, with an ORR of 87.5% in r/r CLL/SLL patients[59]. - The company aims to complete the Phase III clinical trial for Obinutuzumab in ITP by the end of 2025 and submit the NDA in the first half of 2026[68]. - The Phase II clinical trial data for Obinutuzumab in ITP will be published in The American Journal of Hematology in April 2024, with a Phase III trial expected to complete in 2025[141]. - The ongoing clinical trials for ICP-490 and ICP-B05 are expected to further evaluate their safety and efficacy in various cancer indications[123][124]. Innovation and Technology - The company is leveraging its proprietary ADC platform to develop differentiated ADC products aimed at improving efficacy and safety in cancer treatment[49]. - The proprietary ADC platform features irreversible bioconjugation technology and a drug-antibody ratio (DAR) of 8, aiming to enhance stability and therapeutic efficacy[82]. - The ADC platform utilizes proprietary linker-payload technology, achieving a drug-antibody ratio (DAR) of 8, aimed at providing effective and targeted cancer therapies[175]. - The company has completed the IV formulation dose escalation for ICP-B02, which shows good efficacy in FL and DLBCL patients[117]. Management and Governance - The company’s management team has extensive experience from major pharmaceutical companies, enhancing its capabilities in drug development and commercialization[45]. - The company operates as a red-chip enterprise, listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange's Sci-Tech Innovation Board[10]. Market Trends and Projections - The global pharmaceutical market size was $1.50 trillion in 2022 and is expected to reach approximately $2.09 trillion by 2030[189]. - The global oncology drug market size grew from $143.5 billion in 2019 to $228.9 billion in 2023, with a CAGR of 12.4%, and is projected to reach $419.8 billion by 2030, with a CAGR of 9.1% from 2023 to 2030[197]. - The global autoimmune disease treatment market is projected to reach $185 billion by 2029, with a compound annual growth rate (CAGR) of 3.7%[66].

Financial Performance - Total revenue increased by 36.7% from RMB 738.5 million in 2023 to RMB 1,009.4 million in 2024, primarily driven by strong sales growth of Oubatinib[4] - Gross profit rose by 42.8% from RMB 610.1 million in 2023 to RMB 871.0 million in 2024, with a gross margin of 86.3%, up 3.7 percentage points from 82.6% in 2023[4] - The net loss decreased by 29.9% from RMB 645.6 million in 2023 to RMB 452.9 million in 2024, indicating improved financial performance[6] - Total revenue for the year ending December 31, 2024, was RMB 1,009.4 million, with revenue from Orelabrutinib exceeding RMB 1 billion for the first time, marking a 49.1% increase from the previous year[46] - Net sales of drugs rose by 49.7% from RMB 671.6 million in 2023 to RMB 1,005.6 million in 2024, driven by rapid growth in sales of the drug Oubatinib[146] Expenses and Costs - Operating expenses increased by 8.1% from RMB 1,311.6 million in 2023 to RMB 1,417.8 million in 2024, with sales and distribution expenses rising by 14.5%[5] - Research and development expenses rose to RMB 814.0 million in 2024, up from RMB 751.2 million in 2023, reflecting increased investment in technology platform innovation and clinical trials[5] - The ratio of sales and distribution expenses to drug sales decreased from 54.6% in 2023 to 41.8% in 2024, indicating improved operational efficiency[5] - Administrative expenses decreased from RMB 193.5 million in 2023 to RMB 183.9 million in 2024, mainly due to a one-time payment related to the termination of an intellectual property transfer agreement[156] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7.76 billion, providing flexibility for clinical development and investment in competitive product lines[6] - The net current assets amounted to RMB 6,759.2 million as of December 31, 2024, supported by cash and bank balances of RMB 6,222.6 million[162] - The company recorded a loss of RMB 5.3 million from joint ventures in 2024, compared to a loss of RMB 4.9 million in 2023[160] - Trade receivables and bills increased from RMB 307.6 million as of December 31, 2023, to RMB 351.0 million as of December 31, 2024, with a significant rise in receivables within three months from RMB 248.9 million to RMB 345.9 million[163] Product Development and Clinical Trials - The company is advancing over 30 ongoing global trials across various clinical stages, focusing on a strong and diverse pipeline of products[9] - The company aims to establish leadership in the hematology field, with Oubatinib as a core therapy and plans for regulatory approval of Tanshitumomab in the first half of 2025[10] - The NDA for Obinutuzumab's use in first-line CLL/SLL treatment was accepted by the CDE in August 2024, with approval expected within the year[11] - The BLA for the combination therapy of Tazemetostat and Lenalidomide for treating relapsed/refractory DLBCL has been accepted for priority review by the NMPA, with approval anticipated in the first half of 2025[13] - The company has initiated a Phase III clinical trial for ICP-248 in CLL/SLL patients, with the first patient expected to be enrolled in March 2025[15] Market and Competitive Position - The global autoimmune disease treatment market is projected to reach $185 billion by 2029, growing at a CAGR of 3.7%, driven by rising prevalence and new product launches[19] - The company aims to become a leader in the hematological malignancies field, supported by a robust product portfolio including Obinutuzumab and Tanshinone Monoclonal Antibody[37] - The company is positioned to address unmet clinical needs in autoimmune diseases through innovative therapies targeting B and T cell signaling pathways[19] Innovations and Collaborations - The company has enhanced its commercialization capabilities by optimizing its management team and strategies, leading to improved operational efficiency and market penetration[11] - A licensing agreement for the development and commercialization of ICP-B02 has been established, with potential milestone payments totaling up to $502.5 million based on clinical and regulatory achievements[16] - The company is actively seeking licensing and clinical collaboration opportunities to complement its existing product pipeline and enhance operational efficiency[41] Regulatory and Approval Updates - Obinutuzumab has been approved as the first and only BTK inhibitor for treating relapsed/refractory Marginal Zone Lymphoma (MZL) in China, and is listed as a first-line recommendation in the CSCO guidelines for MZL treatment[11] - The company has reached an agreement with the FDA to initiate Phase III trials for Obinutuzumab in treating primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) patients[20] - The combination therapy of Tazemetostat and Lenalidomide has received accelerated approval in the US and conditional approval in Europe for treating relapsed refractory DLBCL[67] Future Plans and Projections - The company plans to submit the IND application for ICP-B794 in the first half of 2025 and initiate clinical trials in the second half of 2025, aiming to enhance its oncology portfolio[40] - The company plans to submit the New Drug Application (NDA) for ICP-723 by the end of March 2025[29] - The company aims to accelerate the progress of its clinical trials to meet the urgent treatment needs of patients[84]

Investment Rating - The industry investment rating is maintained as "Add" for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The competitive landscape of the BTK inhibitor market is continuously changing, with BeiGene's Zanubrutinib rapidly approaching a leading market share position in the U.S. market. In 2024, the company's product revenue reached 26.994 billion yuan, a significant increase from 15.504 billion yuan in the previous year, primarily driven by sales growth of Zanubrutinib and other licensed products [2][12]. - Zanubrutinib's global sales in 2024 amounted to 18.859 billion yuan, reflecting a growth of 106.4%. U.S. sales were 13.890 billion yuan, up 107.5%, largely due to expanded use in CLL indications. European sales reached 2.564 billion yuan, a 195.4% increase, while sales in China were 1.856 billion yuan, growing by 35.2% [2][12]. - The company expects revenue for 2025 to be between 35.2 billion and 38.1 billion yuan, driven by Zanubrutinib's leading position in the U.S. and ongoing expansion in Europe and other key global markets [2][12]. Summary by Sections Market Review - During the week of February 24 to February 28, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.72%, underperforming the CSI 300 index by 0.49 percentage points, while outperforming the ChiNext index by 1.74 percentage points. The sector ranked 23rd among 31 first-level sub-industries [1][17]. Company Dynamics - BeiGene's Zanubrutinib ranked first in prescription volume among new CLL patients in the U.S. market, achieving a 97% year-on-year revenue growth in Q4 2024, surpassing competitors like Ibrutinib and Acalabrutinib [3][13]. - Another domestic BTK inhibitor, Orelabrutinib from Innovent Biologics, received approval for a Phase III clinical trial in combination with a BCL-2 inhibitor for first-line CLL/SLL treatment [15]. Investment Recommendations - BTK inhibitors show significant advantages in treating B-cell malignancies and certain B-cell immune disorders, making them a hot target for blood malignancies and autoimmune diseases. The report suggests focusing on BeiGene and Innovent Biologics [4][16].

Revenue Projections - The company expects revenue from Obinutuzumab to be approximately RMB 1,001 million in 2024, representing a growth of about 49% compared to the previous year[4]. - Total operating revenue is projected to be around RMB 1,010 million, reflecting a growth of approximately 37% year-over-year[4]. - The sales revenue of Obinutuzumab has increased by about 49% due to its coverage under medical insurance for three indications, including being the first and only BTK inhibitor approved for marginal zone lymphoma in China[6]. Net Loss Estimates - The net loss attributable to the parent company is estimated at RMB 443 million, a reduction of about 30% compared to the previous year[4]. - The net loss attributable to the parent company, after deducting non-recurring gains and losses, is expected to be around RMB 444 million, a decrease of approximately 29% year-over-year[4]. Research and Development - The company has increased its R&D investment by approximately 8.4% compared to the previous year, indicating a commitment to pipeline development[6]. Financial Stability - The company incurred an unrealized exchange loss of about RMB 33 million in 2024, which is less than the unrealized exchange loss from the previous year[6]. - The sales expense ratio has continuously decreased, enhancing the company's sustainable development capabilities[6]. - The company has not identified any significant uncertainties that would affect the accuracy of this earnings forecast[7]. Data Disclosure - The data provided is preliminary and subject to change, with the final audited financial data to be disclosed in the 2024 annual report[8].