Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a turnaround in Q1 2025, with revenue of 198 million yuan, representing a year-on-year increase of 113% and a quarter-on-quarter increase of 66.37%. The net profit attributable to shareholders was 16 million yuan, up 214.52% year-on-year and 119.41% quarter-on-quarter [5] - The company's HIV new drug sales reached 62 million yuan in Q1 2025, showing positive commercial progress. The new drug's revenue for 2024 was 150 million yuan, reflecting a year-on-year growth of 103.73% [6] - The company is expanding its pipeline with various innovative drugs and has made significant progress in clinical trials, including the ACC017 tablet and AD108 injection [7] Financial Summary - In 2024, the company reported revenue of 418 million yuan (up 1.57% year-on-year) and a net loss of 141 million yuan (down 85.63% year-on-year). The projected revenues for 2025, 2026, and 2027 are 737 million yuan, 1,037 million yuan, and 1,237 million yuan respectively, with expected net profits of -3 million yuan, 21 million yuan, and 77 million yuan [8] - The gross margin for Q1 2025 was 62.04%, an increase of 20 percentage points year-on-year, while the net margin was 12.94%, up 27.59 percentage points year-on-year [5] - The company's earnings per share (EPS) for 2025 is projected to be -0.01 yuan, with subsequent years showing improvements to 0.05 yuan in 2026 and 0.18 yuan in 2027 [8]