Core Insights - The company reported a revenue decline of 18.06% to 2.971 billion yuan in 2024, with a net loss of 1.329 billion yuan [1][2] - The decline is attributed to unexpected price drops in certain products, restricted market access in some regions, and the implementation of outpatient policy affecting retail traffic [1] - The overall market for traditional Chinese medicine is experiencing a downturn, with a 9.6% year-on-year decrease in the comprehensive price index [1] Revenue Breakdown - Total revenue for 2024 was 2.971 billion yuan, down from 3.626 billion yuan in 2023 [2] - Revenue from pharmaceutical production and sales accounted for 77.86% of total revenue, while traditional Chinese medicine sales contributed 21.34% [3] - Online sales represented 7.88% of total revenue, with offline sales making up 91.33% [3] Product and Market Development - The company has established four major therapeutic areas: oncology, dermatology, nephrology, and gastroenterology, covering 81% of prefecture-level cities and 87% of county-level cities [4] - Key products include a variety of injections and capsules, with a focus on expanding market presence through both self-operated and distributor models [4] - The company has initiated 2 new innovative drug projects and 9 generic drug raw material projects in 2024, alongside ongoing development in both raw materials and formulations [5] Traditional Chinese Medicine Initiatives - The company is advancing the registration of its compound injection with the FDA and has completed efficacy studies for other products [6] - In 2024, the company introduced 11 new products, enhancing its product structure and laying a foundation for improved operational quality and profitability [6]