Core Viewpoint - The company is facing short-term performance pressure but is expected to drive innovation through self-research and transformation [1] Financial Performance - The company recently released a performance forecast for 2025, expecting a net loss attributable to shareholders of 66 million to 96 million yuan, and a non-recurring net loss of 79 million to 110 million yuan [1] - The performance pressure is primarily due to the impact of centralized procurement and the MAH system on the company's generic drug business [1] Strategic Initiatives - The company aims to optimize its business structure and return to a growth trajectory through active innovation [1] - A recent collaboration with Zhongshen Innovation on the self-researched oncology drug BIOS-0629 will provide the company with a milestone payment of 300 million yuan and a 10% share of the sales revenue [1] Long-term Outlook - Despite short-term performance challenges, the company's long-term development potential is considered significant [1] - The company’s insights into the industry and research capabilities are expected to lead to a second growth curve through innovative drug development and licensing [1] Earnings Forecast - The earnings per share (EPS) for 2025-2026 are projected to be -0.63 yuan and 0.37 yuan, respectively, down from previous estimates of 2.49 yuan and 2.80 yuan [1] - The EPS for 2027 is forecasted to be 0.61 yuan [1] Valuation - A DCF valuation method is employed, with a target price set at 53.84 yuan, maintaining a "buy" rating [1]