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]