Core Viewpoint - *ST Jingfeng is forecasting a significant net loss for the year 2025, with expected net profit attributable to shareholders ranging from -90 million to -60 million yuan, and a net profit excluding non-recurring items expected to be between -64 million and -43 million yuan [1] Group 1: Financial Performance - The company attributes the anticipated losses for 2025 to a decline in sales prices of its main products due to pharmaceutical industry policy changes, resulting in continued operational losses [1] - In contrast, the company reported a turnaround in 2024, achieving profitability due to a waiver from bondholders on 110 million yuan of principal and all related fees for the "16 Jingfeng 01" bonds, which contributed 266 million yuan to investment income [1] Group 2: Market Conditions - The sales of the company's main products have not shown a significant recovery, which is a contributing factor to the expected losses in 2025 [1]

Policy Developments - The National Development and Reform Commission held a seminar on policies related to the pharmaceutical industry, focusing on promoting high-quality development and gathering suggestions for policy improvement [2] Cross-Strait Medical Exchange - The State Council Taiwan Affairs Office encourages and supports medical exchanges between the mainland and Taiwan, emphasizing improved healthcare services for Taiwanese citizens in the mainland [3] Medical Device Approvals - Weili Medical received a Class II medical device registration certificate for two products, enhancing its product range and market competitiveness [5] - Northeast Pharmaceutical's subsidiary obtained a drug registration certificate for L-Carnitine oral solution, which will enrich the company's product pipeline [6] - Oriental Bio secured an overseas medical device registration for a combined antigen test kit, which is expected to aid in market expansion [7] Financial Reports - Tianyu Bio reported a net loss of 107 million yuan for 2024, with a revenue of 802 million yuan, reflecting a year-on-year growth of 19.55% [9] - Haizheng Pharmaceutical's Q1 2025 net profit was 194 million yuan, a decrease of 21.85% year-on-year, with revenue of 2.632 billion yuan, down 3.48% [10] - Jiuzhoutong announced the completion of fundraising for a Pre-REITs fund, with 826 million yuan raised, which will positively impact its financial indicators [11] Industry Developments - The National Medical Insurance Bureau reported that 165.7 billion yuan was disbursed for instant settlement of medical insurance funds in the first quarter of 2025, covering 246,700 designated medical institutions [14] - He Yuan Bio signed a strategic cooperation agreement with Beijing Tiantan Hospital to leverage cell and gene therapy technologies for clinical research [15] Shareholder Actions - Hai Li Bio's shareholder Zhang Le reduced his stake by 8.2916 million shares, representing 1.2646% of the company's total share capital, during a period when the stock price fell by 2.84% [17]