Group 1: Nanwei Medical - The overseas team of Nanwei Medical has over 400 members, primarily located in Europe and the United States, focusing on the digestive endoscopy sector and actively seeking acquisition targets [1] - The integration after the CME acquisition has proceeded smoothly, with plans for regional expansion in the European market relying on existing channels and acquisitions [1] - The Thai factory is expected to commence production by the end of the year, supplying to Europe and the United States, with a focus on large-volume consumables at lower costs compared to domestic production [1] - Single-use endoscopes have high acceptance in the European and Japanese markets, while other markets are rapidly developing due to cost-performance advantages [1] - Research and development priorities include visualization products, endoscopic consumables, and tumor intervention products [1] - The domestic endoscopic surgery volume has a compound annual growth rate of approximately 15%, benefiting from medical reform DRG policies [1] Group 2: Aladdin - The Aladdin platform operates independently of the Chinese Academy of Sciences, covering a wide range of businesses with 247,000 registered members, over 1,800 research institutions, and 10,218 suppliers, achieving an annual transaction volume of nearly 4 billion yuan [2] - Revenue sources include store fees, bridge fees, value-added service fees, and advertising fees [2] - The high profit in 2023 is attributed to non-recurring income, while the profit decline in 2024 is not due to core business operations [2] - The contract signing, payment, and asset transfer were completed in August 2023 [2] - Aladdin continues to utilize distributors for better customer service, distinguishing itself from manufacturers that build their own sales platforms [2] - The company has completed six investment deals across various fields and will continue to seek new projects [2]

Group 1: Sanxin Medical - Sanxin Medical has made significant progress in the blood dialysis field, with overseas business revenue reaching 187 million CNY, a year-on-year increase of 67.30% [1] - The company’s export sales of blood purification products amounted to 165 million CNY, showing an 83.84% year-on-year growth [1] - Sanxin Medical plans to issue convertible bonds to raise up to 530 million CNY for blood dialysis projects and to supplement working capital [1] - The number of domestic blood dialysis patients is rapidly increasing, indicating substantial room for improvement in dialysis treatment rates [1] - The company has developed a self-researched dialysis catheter that breaks the import monopoly and has achieved first-place qualification in centralized procurement [1] - Sanxin Medical's self-developed wet membrane dialyzer has better biocompatibility, reducing allergic reactions, and the centralized procurement coverage has achieved nationwide reach [1] Group 2: BeiGene - BeiGene reported a moderate single-digit percentage increase in the net price of its drug, Baiyueze, in the U.S., with plans to maintain price stability throughout the year [2] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, with ongoing global regulatory project expansions [2] - The revenue guidance adjustment is based on Baiyueze's leading position in the U.S. and the continuous expansion in Europe and other markets [2] - Gross margin growth is attributed to improved production efficiency of Baiyueze and Baizean, considering tariff policy impacts [2] - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study shows Baiyueze outperforming Ibrutinib [2] - The BTK CDAC is being explored for applications in immunity and inflammation, with plans for a Phase III clinical trial to start in the second half of 2025 [2] Group 3: Aladdin - The Aladdin platform operates independently from the Chinese Academy of Sciences, covering a wide range of services with 247,000 registered members and over 1,800 research institutions [3] - The platform has 10,218 suppliers and an annual transaction volume of nearly 4 billion CNY, with revenue sources including store fees, bridge fees, value-added services, and advertising fees [3] - The high profit in 2023 is due to non-recurring income, while a decline in 2024 profits is not related to core business operations [3] - Aladdin has completed six investment deals across various fields and will continue to seek new projects [3]