Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is experiencing a phase of operational pressure, with expectations for gradual improvements from management reforms and strategic investments [1] - Revenue for 2024 is projected at 5.371 billion yuan, a year-over-year decrease of 11.61%, while net profit is expected to be 174 million yuan, down 70.59% year-over-year [1] - The company is positioned as a biotechnology materials platform, with potential for steady growth across its diversified business segments as management reforms take effect [5] Business Segment Summaries Raw Material Business - Revenue reached 1.236 billion yuan, an increase of 9.47% year-over-year, with international markets contributing 608 million yuan, up 17.65% [2] - The overall gross margin for the raw material business was 65.57%, a slight increase of 0.86 percentage points [2] Medical Terminal Business - Revenue for this segment was 1.440 billion yuan, reflecting a significant growth of 32.03% year-over-year, with a gross margin of 84.37% [3] - The aesthetic medicine business showed notable improvement, with skin-related medical products generating 1.073 billion yuan, up 43.57% [3] Skin Science Innovation Business - This segment reported revenue of 2.569 billion yuan, a decline of 31.62% year-over-year, with a gross margin of 72.80% [4] - The company is focusing on product innovation in skin repair and anti-aging, with new product launches aimed at enhancing competitive positioning [4] Nutritional Science Innovation Business - Revenue in this area was 82 million yuan, marking a growth of 40.97% year-over-year, focusing on key areas such as nutrition and immunity [4] Financial Forecasts and Investment Recommendations - Revenue projections for 2025-2027 are set at 5.848 billion yuan, 6.522 billion yuan, and 7.387 billion yuan, representing year-over-year growth rates of 8.9%, 11.5%, and 13.3% respectively [5] - Net profit forecasts for the same period are 469 million yuan, 624 million yuan, and 778 million yuan, with significant growth anticipated in 2025 at 169.2% [5]