Meeting Summary - The 21st temporary meeting of the 9th Board of Directors of Jiangsu Lianhuan Pharmaceutical Co., Ltd. was held on January 23, 2026, via communication, with all 9 directors present, meeting the requirements of the company's articles of association [2][5]. Board Resolutions - The Board approved the proposal to establish a "Business Isolation System" to enhance risk management and ensure business separation between the company and its affiliated fund management entities, promoting stable and healthy development [3]. Financial Performance Forecast - The company forecasts a net profit attributable to shareholders for 2025 to be in the range of -99 million to -83 million RMB, indicating a decrease of 166.66 million to 183.16 million RMB compared to the previous year [7][9]. - The net profit after deducting non-recurring gains and losses is expected to be between -39 million and -32.5 million RMB, a reduction of 82.37 million to 88.87 million RMB year-on-year [7][9]. Previous Year Performance - In 2024, the net profit attributable to shareholders was 84.16 million RMB, and the net profit after deducting non-recurring gains and losses was 49.87 million RMB, with earnings per share at 0.29 RMB [10][11]. Reasons for Expected Loss - The expected loss is attributed to several factors, including pressure on gross margins from national drug procurement policies, adjustments in medical insurance payment policies, increased international market competition, administrative penalties leading to non-recurring expenses, and rising R&D costs due to increased investment in innovative drug development [11].