康替唑胺商业化潜力持续兑现，研发管线稳步推进

Investment Rating - The investment rating for the company is "Buy" [7][10]. Core Views - The commercialization potential of the drug "康替唑胺" continues to be realized, with steady progress in the research and development pipeline [8][10]. - The company reported a total revenue of 90.77 million yuan for 2023, representing a year-on-year growth of 88.31%, while the net profit attributable to the parent company was -421 million yuan, compared to -220 million yuan in the previous year [7][10]. - The company is actively expanding its academic promotion and distribution network, with over 450 hospitals prescribing 康替唑胺 by the end of 2023 [8]. Financial Summary - For 2023, the company achieved total revenue of 90.77 million yuan, with a year-on-year growth rate of 88.31% [12]. - The net profit attributable to the parent company for 2023 was -421 million yuan, with projections for 2024 and 2025 being -414 million yuan and -312 million yuan, respectively [12][14]. - The gross margin for 2023 was 81.6%, with expectations of increasing to 83.0% in 2024 [12][14]. Research and Development Pipeline - The company has one marketed product and four drugs in clinical stages, with significant investments in R&D totaling 345 million yuan in 2023, a 129.31% increase year-on-year [9]. - Key clinical trials include MRX-4 for diabetic foot infections and MRX-8, which completed Phase I trials in China in 2023 [9]. - The company is also developing innovative drugs targeting kidney diseases and tumors through peptide-drug conjugates (PDC) and antibody-drug conjugates (ADC) technologies [9].