R&D Strategy - The company has initiated a comprehensive review of its R&D strategy since 2024, focusing on clear objectives in disease areas and technology platforms [2] - Key areas of focus include gastrointestinal, reproductive health, and mental health, with a complete product pipeline and treatment plans [2][3] - In the gastrointestinal field, the company is advancing P-CAB products, with the tablet in phase III clinical trials expected to launch this year [2] - In reproductive health, the company has successfully launched a water-soluble progesterone injection and is working on recombinant human follicle-stimulating hormone injection, expected to be approved by Q1 2027 [2][3] Key Product Developments - The NS-041 project for epilepsy is in phase II clinical trials, showing superior selectivity and efficacy compared to similar products [4] - The IL-17A/F monoclonal antibody for psoriasis has completed phase III clinical enrollment, with plans to submit for approval in 2025 [5] - The company has a strong market position in reproductive health, holding over 90% of the u-FSH market in China since 2005 [5][6] Financial Performance and Projections - The company expects a slight growth in traditional Chinese medicine sales, driven by policy changes and new product developments [7] - In 2024, the revenue from APIs and intermediates is projected to be CNY 3.25 billion, with a 7.9% increase in exports [8] - The company plans to balance dividends, share buybacks, and R&D investments, with 88% of net profit allocated to shareholder returns in 2024 [11] Business Development Strategy - The business development strategy focuses on gastrointestinal, mental health, and reproductive health, while expanding into chronic disease areas [10] - The company aims to leverage its technology platforms to enhance its product pipeline and market competitiveness [10] Market Outlook - The market for psoriasis and ankylosing spondylitis treatments is expected to grow significantly, with high demand for effective therapies [5] - The company is preparing to optimize sales channels and promotional teams for upcoming product launches [5]