Core Viewpoint - Oriental Bio has faced significant operational challenges, including two consecutive years of losses and recent management changes, which have raised concerns about its future performance and strategic direction [1][2][3]. Financial Performance - Oriental Bio reported a dramatic decline in revenue, with 2023 revenue plummeting by 90.65% to 820 million yuan, and a net loss of 398 million yuan, marking a 119.23% year-over-year decrease [3][4]. - In 2021, the company achieved record revenues of 10.169 billion yuan, a 211.43% increase from the previous year, and a net profit of 4.92 billion yuan, reflecting a 193.33% growth [3]. - The company’s performance was heavily influenced by its COVID-19 testing products, which contributed significantly to its revenue during the pandemic [4]. Management Changes - The company has experienced a shift in its management team, with two board members resigning within a month, raising questions about leadership stability [1]. Business Expansion and Strategy - Oriental Bio is actively expanding its business, particularly in the U.S. market, through acquisitions and the establishment of production bases for chronic disease monitoring and animal diagnostics [5][6]. - The company has diversified its portfolio by adding an animal vaccine business, aiming to create a dual-track business model that includes both human and animal health [5]. Legal Challenges - The company is currently facing a significant lawsuit in the U.S., with claims exceeding 1 billion USD related to alleged contract violations, which could impact its financial stability [6]. Shareholder Actions - In response to ongoing losses and to bolster market confidence, Oriental Bio initiated a share buyback program, committing to repurchase shares worth between 25 million and 50 million yuan [7].