Group 1 - The core viewpoint is that He Yuan Bio is experiencing sustained policy support in the cell and gene therapy (CGT) sector, with indications expanding from tumors to multiple areas, despite a cautious investment environment [1] - The company's CDMO business is affected by a slowdown in investment, leading to short-term fluctuations in gross margin, but the long-term market potential remains significant, with gross margins expected to gradually recover [1] - The CRO business is showing steady growth, with an 8.02% increase in sales revenue and an expanding customer base, while actively exploring overseas markets [1] Group 2 - In the fourth quarter, sales and management expenses increased while R&D expenses decreased, with plans for multiple quality improvement measures in 2025 [1] - He Yuan Bio has established a wholly-owned subsidiary, He Yuan He Mei, in the field of regenerative medicine to achieve large-scale cell production and expand its CRO/CDMO full industry chain services [1] - The company has signed new orders exceeding 270 million, and the GMP capacity utilization rate at the Lingang industrial base continues to improve [1] Group 3 - The company aims to optimize its business model centered around underlying technology, expand into international markets, and strengthen strategic partnerships, aspiring to become a comprehensive service platform in the fields of cell gene therapy and regenerative medicine, with a focus on both domestic and global markets [1]