Group 1 - The company reported a revenue of approximately 686 million RMB for 2025, representing a year-on-year decrease of 3.33% [1] - The net loss attributable to shareholders was approximately 157 million RMB, marking a shift from profit to loss compared to the previous year, with a basic loss per share of 0.15 RMB [1] - The company increased its R&D investment to about 358 million RMB, which constitutes a growing proportion of its revenue [1] Group 2 - The company has made significant progress in its R&D projects, including the completion of patient enrollment for the FDA018 antibody-drug conjugate project ahead of schedule, with over 350 cases enrolled [1] - The company’s subsidiary, Taizhou Fudan Zhangjiang Pharmaceutical Co., Ltd., has been actively supporting the industrialization of antibody-drug conjugate projects, including technology transfer and production process validation [1] - The company adjusted its sales strategy for the drug Liposomal Doxorubicin due to its exclusion from the national procurement list, leading to a gradual reduction in its market retail price starting May 1, 2025, which affected its profit margins [2]

Group 1 - The company expects to record an unaudited net loss attributable to the parent company of approximately RMB 120 million to RMB 180 million for the fiscal year ending December 31, 2025, compared to an audited net profit of RMB 39.73 million in 2024 [1] - The company is actively advancing its R&D projects, with R&D expenditure accounting for an increasing proportion of revenue. The Phase III clinical trial for the FDA018 antibody-drug conjugate has exceeded its enrollment target, with over 350 cases enrolled [1] - The company’s subsidiary has been supporting the industrialization of antibody-drug conjugates (ADC), including technology transfer and production process validation [1] Group 2 - The company’s photodynamic drug development projects are progressing as planned, with the registration application for a powder for oral solution of Amifostine for high-grade glioma visualization accepted [2] - R&D expenditure for the reporting period was approximately RMB 350 million [2] - The company adjusted its sales strategy for the product "Li Baoduo" due to changes in market competition and the inclusion of Doxorubicin Liposome Injection in the national centralized procurement directory, leading to a profit contribution decrease of approximately RMB 100 million compared to the same period last year [2]