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]

Group 1: Company Overview - Chengdu XianDao Pharmaceutical Development Co., Ltd. aims to become a world-class innovative biopharmaceutical company focused on small molecule and nucleic acid drug discovery and optimization [3] - The company has developed a DNA-encoded compound library (DEL) with over 1.2 trillion molecules, making it a leader in the DEL technology field [4] - Chengdu XianDao has multiple internal drug projects at various clinical and preclinical stages, with a focus on global markets including North America, Europe, Asia, Africa, and Oceania [5] Group 2: Financial Performance - In Q3 2023, the company achieved a revenue of CNY 90.08 million, a year-on-year increase of 13.38% [6] - For the first three quarters of 2023, total revenue reached approximately CNY 246 million, up 12.64% year-on-year [6] - The net profit attributable to shareholders for the first three quarters of 2023 was CNY 18.29 million, reflecting a significant increase of 75.35% compared to the previous year [6] Group 3: Cash Flow and Business Recovery - The operating cash flow for the first three quarters of 2023 was CNY 65.79 million, a substantial improvement from a negative cash flow of CNY -6.61 million in the same period last year [6] - The increase in cash flow is attributed to the recovery of core DEL-related business and improved sales collections [7] Group 4: Strategic Adjustments - The company has adjusted the exclusivity period for DEL library screening from three years to one year to increase potential order quantities and better utilize its extensive compound library [7][8] - This change is expected to enhance customer trust and engagement without affecting the intellectual property rights of the compounds screened [8] Group 5: New Service Offerings - Chengdu XianDao introduced "DEL For" and "DEL Plus" services aimed at early drug development, focusing on specific targets and integrating AI/ML for enhanced compound discovery [9][10] - The company has over 50 novel E3 ligase proteins available for direct customer orders, showcasing its commitment to innovative drug discovery [10] Group 6: Collaborations and Partnerships - In September 2023, the company's subsidiary Vernalis partnered with Pierre Fabre Laboratories to develop drug candidates targeting undisclosed tumor markers [11] - The collaboration with the Structural Genomics Consortium (SGC) aims to utilize DEL technology for screening new targets, contributing to the global open science initiative "Target 2035" [12]