Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is currently facing a patent infringement lawsuit initiated by Ajinomoto Co., Ltd. regarding the production and sale of monosodium glutamate, with a claim for economic damages amounting to RMB 130 million [5][12] - The company emphasizes its commitment to intellectual property rights and innovation, having completed a significant cross-border acquisition that enhances its research and development capabilities [12][12] - The company has a robust pipeline of over 400 patents and has invested over RMB 7.33 billion in R&D in 2024, maintaining a leading position in the industry [12][12] - The company is projected to achieve net profits of RMB 3.26 billion, RMB 2.55 billion, and RMB 3.08 billion for the years 2025 to 2027, respectively [12][12] Summary by Sections Event Description - The company has received a civil lawsuit from Ajinomoto Co., Ltd. for patent infringement related to the manufacturing method of L-amino acids, claiming damages of RMB 130 million [5][5] Event Commentary - The company is actively responding to the lawsuit and has stated that its operations remain normal. The outcome of the lawsuit is uncertain, and it cannot yet assess the potential impact on its financial performance [12][12] - The company has a strong focus on R&D, with a three-tier innovation system that includes basic research, pilot testing, and industrial transformation [12][12] Financial Projections - The company forecasts total revenue of RMB 24.88 billion in 2025, with a gross profit margin of approximately 20% [16] - The projected net profit for 2025 is RMB 3.26 billion, with an EPS of RMB 1.16 [16][16]