Group 1: Company Performance and Orders - In 2024, the company expects to achieve approximately 1.515 billion CNY in new orders, representing a year-on-year growth of about 30.07% [2] - The company anticipates that the growth rate for new orders in the traditional Chinese medicine CRO sector will be around 20%, accounting for approximately 30% of total new orders in 2024 [3] - As of the end of 2024, the company has unrecognized revenue from contracts amounting to approximately 2.759 billion CNY, with an expected 682 million CNY to be recognized as revenue in 2025 [4] Group 2: Market Conditions and Competition - The CRO market remains highly competitive, with some smaller CRO companies facing operational difficulties, layoffs, or even liquidation, leading to an expected increase in industry concentration [3] - The company maintains a strong competitive advantage due to its established presence and resources in the CRO market [3] - The nuclear medicine CRO market is emerging, with few companies having relevant project experience, which positions the company favorably for future projects [8] Group 3: Profitability and Margins - The company expects the gross margin for clinical business to slightly decline due to ongoing market competition, while the gross margin for preclinical business remains stable [4] - Despite the anticipated decline in gross margin, the company is focused on reducing costs and believes that net profit margins will not decrease [4] Group 4: Future Plans and Innovations - The company plans to continue focusing on clinical services while also developing preclinical research and drug evaluation services, as well as contract development and manufacturing organization (CDMO) services [6] - There are ongoing discussions for the transfer of self-developed projects, with expectations to achieve significant milestones in 2025 [5] - The company is actively exploring AI applications in clinical trial design and data analysis, with plans to expand its use in clinical monitoring and preclinical compound screening [9]