Core Viewpoint - The company Baillie Gifford Tianheng forecasts a significant decline in its 2025 performance, with expected revenue dropping by approximately 57.06% year-on-year, alongside substantial net losses attributed to increased R&D investments and lower milestone income compared to the previous year [1] Financial Performance - The company anticipates achieving an operating revenue of around 2.5 billion yuan in 2025, reflecting a year-on-year decrease of about 57.06% [1] - The projected net loss attributable to the parent company is expected to be around 1.1 billion yuan, representing a year-on-year increase of approximately 129.67% [1] - The net loss attributable to the parent company, after excluding non-recurring gains and losses, is forecasted to be around 1.2 billion yuan, indicating a year-on-year increase of about 133.01% [1] R&D Investment - The performance decline is primarily due to the company's continuous increase in R&D investment, which has seen a significant year-on-year growth [1] - The previous year's financial results included higher income from intellectual property due to a first payment from BMS, which was not matched by the milestone income recognized in the current reporting period [1]