Core Viewpoint - The company is undergoing a transformation towards innovation with sustained R&D investment, despite facing significant revenue and profit declines in recent reports [1][2]. Financial Performance - In 2024, the company reported revenue of 1.45 billion, a year-on-year decrease of 42.07%, and a net loss attributable to shareholders of 540 million. For Q1 2025, revenue was 377 million, down 39.48%, with a net profit of 57 million, a decline of 43.70% [2]. - The company adjusted its marketing model in 2023, which continues to impact revenue through Q1 2025. However, it is expected that revenue growth will gradually recover starting Q2 2025, with an overall sales volume increase of 8.16% when excluding price effects [3]. R&D Investment - The company increased its R&D investment to approximately 324.79 million in 2024, a 7.77% increase year-on-year, representing 22.40% of total revenue [4]. - The company has registered 11 new product approvals and has 2 new drugs in clinical stages as of 2024 [4]. Key Product Development - The new drug AR882 is a critical product for the company's transition to an innovative pharmaceutical company, showing potential as a Best-in-Class treatment for gout and high uric acid levels. Clinical trial results were presented at the 2024 EULAR conference [5]. - As of March 2025, AR882 has completed patient enrollment for its global pivotal Phase III trials, with expectations for continued data readouts to support external licensing [5]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 1.565 billion, 1.939 billion, and 2.313 billion respectively, with EPS forecasts of 0.36, 0.54, and 0.79. The current stock price corresponds to P/E ratios of 104.9, 69.6, and 48.1 for these years [6].