Group 1: Research Basic Information - The research object is Chengdu先导, belonging to the medical service industry, and the reception time is September 23, 2025. The listed company's reception staff includes the chairman, general manager JIN LI (Li Jin), independent director Tang Guoqiong, financial director Liu Hongge, and board secretary Geng Shiwei [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the company's 2025 semi - annual performance briefing through the "Shanghai Stock Exchange Roadshow Center" online platform [19] Group 3: Core Views - In the first half of 2025, the company's operating income increased by 16.58% year - on - year, and the net profit attributable to the parent increased by 390.72%. The main driving factors include the growth of the DEL sector, milestone income confirmation, exploration of new business models, and the efficient operation of the automation platform. Additionally, government subsidies and exchange gains also contributed to the profit [23] - The DEL technology platform continued to expand its library types in 2025, built large - scale peptide libraries, made progress in screening, and participated in important international cooperation projects, which demonstrated its leading position [25] - The company adjusted the R & D investment structure, with the parent company increasing investment and the UK subsidiary decreasing it, achieving a slight decline in overall R & D expenses while improving resource allocation efficiency [26] - The company adjusted its self - developed pipeline projects. The HG146 project is advancing smoothly in clinical phase II, other projects are also progressing steadily, and some projects have achieved important milestones [27] - The "HAILO platform" achieved phased results in platform construction, model iteration, and pipeline promotion in the first half of 2025 [28] - The company joined the global first DNA - encoded compound library (DEL) alliance as the only technology service provider, and the alliance has made good progress in the past year [30]