Core Viewpoint - The company anticipates a decline in raw material prices for steroid hormone APIs in both domestic and international markets by the first half of 2025, which will impact revenue and profit [1] Company Strategy - The company plans to develop high value-added sterile APIs, expand its hormone product categories, and seek opportunities to transfer international major clients to address industry challenges [1] - The company aims to continuously optimize processes and improve overall efficiency to seize opportunities in the global steroid hormone capacity integration over the next few years [1] Market Conditions - The steroid hormone raw material market is currently facing challenges, leading to a competitive environment where many companies are struggling [1] - The raw material market is undergoing a phase of survival of the fittest, with short-term pains expected, but long-term confidence in the development of compliant capacity and international certification is strong [1] Competitive Advantage - The company believes that entering the supply chain system, which takes about two years from validation batch to commercial batch, can create a relatively unique competitive advantage [1]