Core Viewpoint - Company has established itself as a leading player in the domestic CDMO sector, with strong global competitiveness in API, CDMO, and formulation businesses, and is expected to enter a new growth cycle as CDMO business enters an explosive phase and other segments return to long-term growth trajectories [3][6]. CDMO Business - The CDMO business is poised for explosive growth due to stable product quality, strong cost control, and efficient customer service, positioning the company as a core player in global innovative drug CDMO [3]. - Domestic innovation drug industry is thriving, with leading biotech companies emerging, which is expected to drive the company's rapid growth as domestic API projects commercialize [3]. - Long-term partnerships with overseas pharmaceutical giants are anticipated to contribute to sustained revenue and profit growth from both human and veterinary drug projects [3]. Formulation Business - The company is accelerating its "multi-variety" strategy leveraging its integrated API and formulation advantages, with an expected approval of over 15 new formulation products annually starting in 2026 [4]. - Investment in differentiated competition through higher technical barriers in modified new drugs is ongoing, utilizing advanced drug technology platforms to support long-term growth in the formulation business [4]. API Business - The API and intermediate business remains the foundation and largest component of the company's operations, with antibiotics expected to stabilize and rebound in prices from H2 2025 to 2026 [5]. - The veterinary drug sector is nearing a clearing phase, with potential for significant profit elasticity upon price recovery [5]. - The company continues to expand its slow disease API product pipeline, ensuring growth through capacity and technical advantages [5]. - The aesthetic medicine segment is expected to grow rapidly through diversified product offerings and deepening collaborations with leading clients [5].