Financial Performance Summary - In 2025, the company achieved operating revenue of 20.67 million RMB, an increase of 20.31 million RMB year-on-year [2] - The net profit attributable to the parent company was -136.69 million RMB, a reduction in loss of 62.81 million RMB year-on-year [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -167.37 million RMB, a reduction in loss of 50.14 million RMB year-on-year [2] - Total assets at the end of the reporting period were 1.31 billion RMB, a decrease of 3.44% year-on-year [2] - Equity attributable to the parent company was 1.06 billion RMB, a decrease of 10.75% year-on-year [2] Key Factors Influencing Performance - The significant increase in operating revenue was primarily due to the approval and sales of the company's first Class 1 new drug, Deuteroenzalutamide soft capsules (Project No: HC-1119), which was launched in May 2025 [2][4] - The drug was included in the National Medical Insurance Catalog in December 2025, leading to a substantial price reduction and affecting revenue due to inventory price adjustments and changes in marketing strategies [3] - Research and development expenses for 2025 were 113.69 million RMB, a decrease of 34.68% compared to the previous year, reflecting a strategic optimization of the R&D pipeline [3] - Sales expenses increased due to the need for market expansion and academic promotion activities, while the reduction in share-based payment expenses and an increase in government subsidies contributed to the overall financial situation [3]