文 | 美觉BeautyNEXT 在美妆行业漫长的供应链中，瓶子，曾是最易被忽视的角色。它承载着视觉识别与品牌溢价，却在"用 后即弃"的消费逻辑中，被快速抛弃。 如今，当循环经济日益成为全球共识的背景下，这一"容器"被重新赋予了价值：不只是一次性包装，而 是一个可进入系统的、可延展生命周期的"耐用品"。 法国已经走在前面。 近期，法国六家香水品牌、经销商共同启动了一个"美妆香水循环圈"的试点项目——这可能是高端美妆 品牌，首次大规模尝试"原瓶回用"，而非仅回收。 也许，在商业里，依旧无法避免利润的博弈和劲敌的对抗；但是在商业向善的浪潮下，可持续，正在成 为让美妆企业从竞争走向结盟的"黏合剂"。 一个长期以来由"一次性包装"主导的领域，正在迎来转变的契机。 01 六"君子"结盟 在之前的报道《可持续，如何让美妆企业从竞争走向联合？》中，我们已经关注到全球美妆商业不可阻 挡的可持续结盟浪潮。 例如，仅在2024年2月，一周之内，全球美妆市场连续诞生可持续化妆品追溯联盟(TRASCE)和美丽价值 联盟(The Value of Beauty Alliance)两大组织，欧莱雅、拜尔斯道夫、香奈儿、雅诗兰黛、资生堂、 ...

Summary of Chengdu XianDao Conference Call Company Overview - Chengdu XianDao operates four core technology platforms: drug discovery and development, nucleic acid platform, protein degradation mechanism, and chemical and biological technology services. Drug discovery and development accounts for nearly 50% of the business [2][4][5]. Industry Insights - The nucleic acid platform has seen rapid revenue growth, reaching 50 million, which constitutes over 10% of total revenue by 2024. The protein degradation mechanism has made breakthroughs in proprietary ligands and commercial conversion [2][5]. - The company has expanded its client base significantly, increasing from over 200 clients in 2022 to more than 500 in 2024, with over 2000 potential leads, indicating successful business development [2][7]. Financial Performance - In 2024, the company achieved a 15% year-over-year revenue growth, with domestic business up 7% and overseas markets growing between 10% to 17%. Net profit attributable to shareholders and non-recurring profit both improved significantly due to enhanced operational efficiency and government subsidies [3]. - The overall gross margin for sales business is maintained at around 75%, with the FBDD segment showing significant margin improvement [3][10]. Research and Development - R&D investment remains stable at 15% to 20% of revenue, influenced by the growth of the group's revenue scale and external environment [2][14]. - The company has transferred over 1,100 active compound entities and holds more than 110 IPs, covering 53 target categories and over 700 challenging global targets [2][15]. Clinical Projects - The HG146 solid tumor project has entered Phase II clinical trials, with nearly 10 patients enrolled, aiming for 40 patients within 12 months [2][16]. - The L17 inflammation project has progressed to the second generation exploration phase, confirming the PCC stage [2][17]. Technological Advancements - Chengdu XianDao is developing an AI and DMTA-based fully automated molecular optimization platform, with expectations for more feedback and applications by 2025 [2][18]. - The company has established a DEL technology platform combined with AI and machine learning for molecular discovery, launching the Halo platform [2][18]. Collaborations and Acquisitions - The acquisition of Haina Pharmaceutical aims to extend the industrial chain, increase domestic revenue, reduce geopolitical risks, and leverage rich data assets [4][30][31]. - The collaboration with BenevolentAI and Viralytics has shown significant synergy, leading to important breakthroughs in commercializing molecular delivery projects [6]. Market Dynamics - The company has diversified its client structure, with a resilient global revenue distribution: approximately 40% from the US, 34% growth in Europe, and 16% from domestic markets [3][2]. - The FDA's gradual elimination of animal testing is expected to enhance enthusiasm among overseas biotech companies for early drug development [27][28]. Future Outlook - The company anticipates continued growth in the AI application in drug discovery, with significant potential for cost reduction and time savings in drug development [18][19]. - The DEL technology library alliance has delivered several libraries, enhancing business growth and industry influence [42]. Conclusion - Chengdu XianDao is positioned for steady growth through its core and emerging business segments, leveraging technological advancements and strategic collaborations to enhance its market competitiveness and operational efficiency [45][46].