Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.54 [7][8]. Core Views - The company's revenue for 2024 is reported at RMB 2549 million, a year-over-year decline of 12.0%, primarily due to short-term industry policy disruptions and adjustments in the agency business, alongside goodwill impairment [1]. - The core business revenue showed stable growth, with self-developed product revenue reaching RMB 1913 million in 2024, reflecting a year-over-year increase of 1.8% [1]. - The company is expected to enhance its competitive edge in core self-developed businesses and achieve long-term positive development [1]. Summary by Sections Main Business Performance - The company achieved revenue of RMB 2549 million and net profit attributable to the parent company of RMB 127 million in 2024, with a significant decline in net profit by 59.4% year-over-year [1]. - In Q1 2025, the company reported revenue of RMB 510 million, a decrease of 17.2% year-over-year, attributed to ongoing adjustments in sales strategies and increased promotional investments [1]. Chemical Luminescence Segment - Revenue from chemical luminescence reagents in 2024 was RMB 1029 million, showing an 8.0% year-over-year growth, indicating increasing market recognition [2]. - The company expects to sell nearly 2000 new chemical luminescence instruments in 2025, which will positively impact reagent consumption at hospital terminals [2]. Other Business Segments - The biochemical segment reported revenue of RMB 499 million in 2024, down 13.5% year-over-year, likely due to price adjustments following provincial alliance procurement [3]. - The clinical inspection segment saw a revenue increase of 21.8% year-over-year, reaching RMB 214 million, driven by successful promotion of clinical inspection equipment [3]. - The agency business continued to weaken, with revenue dropping 37.6% year-over-year to RMB 612 million [3]. Profit Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is adjusted to RMB 0.49, reflecting a 44% downward revision compared to previous estimates [4]. - The target price of RMB 13.54 is based on a sum-of-the-parts (SOTP) valuation method, applying price-to-earnings (PE) ratios of 28x for self-developed products and 24x for agency products [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 13.54 RMB [7][8]. Core Views - The company's revenue for 2024 is reported at 2.549 billion RMB, a year-over-year decline of 12.0%, primarily due to short-term industry policy disruptions and adjustments in the agency business [1]. - The core business revenue showed stable growth, with self-produced product revenue reaching 1.913 billion RMB in 2024, an increase of 1.8% year-over-year [1]. - The company is expected to enhance its competitive edge in core self-operated businesses and achieve long-term positive development [1]. Summary by Sections Main Business Performance - In 2024, the company achieved revenue of 2.549 billion RMB, with a net profit attributable to the parent company of 126.81 million RMB, reflecting a significant decline of 59.4% year-over-year [6]. - The first quarter of 2025 saw revenue of 510 million RMB, a decrease of 17.2% year-over-year, attributed to ongoing adjustments in sales strategies and increased promotional investments [1]. Chemical Luminescence Segment - The revenue from chemical luminescence reagents in 2024 was 1.029 billion RMB, marking an 8.0% year-over-year increase, indicating growing market recognition [2]. - The company expects to sell nearly 2,000 new chemical luminescence instruments in 2025, which will positively impact reagent consumption at hospital terminals [2]. Other Business Segments - The biochemical segment reported revenue of 499 million RMB in 2024, down 13.5% year-over-year, likely due to price adjustments following provincial alliance procurement [3]. - The clinical inspection segment experienced rapid growth, with revenue of 214 million RMB, up 21.8% year-over-year, driven by successful equipment promotion [3]. - The agency business saw a significant decline in revenue, down 37.6% year-over-year to 612 million RMB, as its contribution continues to diminish [3]. Profit Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is adjusted to 0.49 RMB, reflecting a 44% downward revision compared to previous estimates [4]. - The target price of 13.54 RMB is based on a sum-of-the-parts (SOTP) valuation method, applying price-to-earnings (PE) ratios of 28x for self-produced products and 24x for agency products [4][12].