Core Insights - New Kaineng is strategically positioning itself in the biopharmaceutical sector through systematic investments and a dual business model of "fine chemicals + precision medicine" [2][5][8] - The company aims to build a robust technology matrix in biomedicine by investing in high-potential firms and focusing on cutting-edge technologies like CAR-T cell therapy [2][3][4] Investment Strategy - The core logic of New Kaineng's investment decisions is to achieve industrial chain synergy, selecting complementary investment targets that enhance existing business capabilities [3] - The company employs a "diversified portfolio + phased dynamic investment" strategy to balance risk and return, allowing for investments in various technological paths to mitigate R&D risks [3][4] Business Transformation - New Kaineng has transitioned from a focus on PVP in fine chemicals to a dual business model that includes precision medicine, driven by the need to overcome development bottlenecks [5][6] - The company is leveraging historical opportunities in the healthcare service industry by establishing specialized medical service platforms [6] Infrastructure Development - The establishment of the Songjiang base is a key strategic move for New Kaineng, serving as a hub for integrating into the Yangtze River Delta biopharmaceutical ecosystem [7][8] - The Songjiang base is designed to enhance resource aggregation and facilitate efficient collaboration across the biopharmaceutical supply chain, significantly improving operational efficiency [7] Future Outlook - New Kaineng anticipates a concentrated release of investment returns in the coming years, with several drug pipelines entering clinical stages and expected approvals within 3 to 5 years [4] - The company aims to create a biopharmaceutical industry matrix that emphasizes technological collaboration and resource sharing, rather than mere diversification [8]