Group 1 - The pharmaceutical sector has undergone a four-year adjustment, with negative expectations gradually being digested due to high baselines from pandemic benefits, unexpected cost control by the medical insurance bureau, and impacts from medical anti-corruption [1] - The Chinese pharmaceutical industry is rapidly enhancing its recognition and influence in the global market through continuous innovation and transformation [1] - The company is initiating a transformation towards an academic marketing model in 2024, promoting the "Doctor Pan Project," which, despite short-term transformation pressures, enhances the potential for core product volume growth [1] Group 2 - The company is deepening its refined and stratified sales approach, categorizing sales lines based on product characteristics and treatment areas, with dedicated personnel for products like Jinzhen Oral Liquid and Xingbei Cough Granules [1] - The company is gradually strengthening its OTC layout to improve terminal coverage and achieve a multi-business approach, with sales expenses projected at 1.535 billion yuan in 2024, a year-on-year decrease of 20.7% [1] - The company's R&D pipeline is gaining value, with the acquisition of China New Pharmaceutical in 2024 to enhance its biological drug research layout, while multiple products in traditional Chinese medicine, chemical drugs, and biological drugs are entering clinical trials or receiving approvals [1] Group 3 - The company is expected to achieve a net profit attributable to the parent company of 440 million, 530 million, and 630 million yuan from 2025 to 2027, representing year-on-year growth of 13.0%, 20.2%, and 18.4% respectively, with corresponding PE ratios of 21, 17, and 15 times [1]