Core Insights - The company reported a total revenue of 41.906 billion yuan for 2024, representing a year-on-year growth of 3.16% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 3.352 billion yuan, showing a year-on-year increase of 22.48% [1] - The fourth quarter alone generated revenue of 10.428 billion yuan, with a year-on-year growth of 1.94%, and a net profit of 870 million yuan, reflecting a significant year-on-year increase of 42.7% [1] Segment Performance - **Industrial Segment**: Achieved revenue of 13.811 billion yuan, a year-on-year increase of 13.05%, with a net profit of 2.876 billion yuan, up 29.04% [1] - **Industrial Microbiology**: Recorded sales revenue of 711 million yuan, marking a substantial year-on-year growth of 43.12% [1] - **Commercial Segment**: Generated revenue of 27.092 billion yuan, with a modest year-on-year increase of 0.41% [1] - **Medical Aesthetics Segment**: Reported revenue of 2.326 billion yuan, a decline of 4.94% year-on-year, although domestic medical aesthetics business saw an increase of 8.32% to 1.139 billion yuan [1] Innovation Pipeline - In the oncology field, the self-developed ROR1 ADC product HDM2005 received FDA orphan drug designation, with multiple innovative ADC projects planned for submission in mid-2025 [2] - In the endocrine field, the oral GLP-1 receptor agonist HDM1002 achieved positive phase II results, with plans to start phase III clinical trials in April 2025 [2] - The company is also advancing in autoimmune and rare diseases, with the self-developed product HDM3010 currently in phase III clinical trials for vitiligo [2] Financial Projections - The company is expected to achieve revenues of 45.199 billion yuan, 48.905 billion yuan, and 52.035 billion yuan for the years 2025 to 2027, respectively [3] - The net profit attributable to the parent company is projected to be 4.041 billion yuan, 4.545 billion yuan, and 5.173 billion yuan for the same period [3] - Corresponding price-to-earnings ratios are estimated at 16.75, 14.89, and 13.08 times for 2025 to 2027 [3]