Core Viewpoint - Changshan Pharmaceutical's stock price has reached a historical high, driven by investor interest in its weight loss drug, Aibennate, despite the company facing ongoing performance challenges [1][3]. Group 1: Company Developments - Aibennate, developed by Changshan Pharmaceutical's subsidiary, is a novel GLP-1 receptor agonist aimed at treating type 2 diabetes and potentially aiding in weight loss [2]. - The National Medical Products Administration (NMPA) has accepted the new drug application (NDA) for Aibennate, indicating progress in its regulatory pathway [2]. - The company has acknowledged the competitive landscape for GLP-1 drugs, with several already approved for weight loss, which may impact Aibennate's market potential [2]. Group 2: Financial Performance - In 2024, Changshan Pharmaceutical reported a revenue of 1.031 billion yuan, a year-on-year decline of 26.92%, and a net profit attributable to shareholders of -249 million yuan, indicating a loss reduction compared to previous periods [3]. - For Q1 2025, the company achieved a revenue of 259 million yuan, down 12.10% year-on-year, but reported a net profit of 3.78 million yuan, reflecting a significant increase of 106.13% [3]. - The decline in revenue is primarily attributed to changes in the market structure due to centralized procurement policies affecting the sales of its main product, low molecular weight heparin calcium injection [3].