Financial Performance - In 2024, the company achieved operating revenue of 803.73 million yuan, a year-on-year increase of 5.75% [2] - The net profit attributable to shareholders was 106.43 million yuan, a decrease of 21.01% year-on-year [2] - The net profit excluding non-recurring gains and losses was 83.47 million yuan, down 26.88% year-on-year, primarily due to increased operating costs from hiring new staff [2] - In Q1 2025, operating revenue was 176.47 million yuan, a decline of 4.37% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 7.43 million yuan, a decrease of 67.32% year-on-year [2] Contractual and Project Management - The company signed new contracts worth 1 billion yuan, with a total outstanding contract amount of 1.889 billion yuan by the end of 2024, reflecting a year-on-year growth of 0.38% [2] - As of March 31, 2025, the company had undertaken over 3,800 international and domestic SMO projects, with 2,250 projects currently in execution [2] - The company has a total workforce of 4,277 employees and serves over 960 clinical trial institutions across more than 200 cities in China [2] Shareholder Value and Dividends - The total cash dividend for the first half and full year of 2024 was 19.88 million yuan, accounting for 18.68% of the net profit for 2024 [2] - Cumulatively, from 2022 to 2024, the company distributed a total of 40.77 million yuan in cash dividends [2] Industry Insights and Future Outlook - The SMO industry is entering a new development phase, with leading companies expanding client resources and institutional coverage, while smaller firms are gradually exiting the market [3] - In 2024, Chinese pharmaceutical companies achieved a historic breakthrough in licensing-out transactions, totaling 51.9 billion USD, with 4.1 billion USD in upfront payments [3] - The company plans to continue innovating in organizational management and explore the application of AI and new technologies in clinical trial execution [3] Competitive Advantages - The company has strong competitive advantages in various disease areas, including hematological tumors, solid tumors, and rare diseases, having facilitated the launch of 82 new oncology drugs and 14 biosimilars by the end of 2024 [4] - As of December 2024, the company participated in 10 projects related to therapeutic nuclear drugs, 87 TCR projects, 67 ADC projects, and 24 CGT projects [4] - Notable products launched include the world's first approved CLDN18.2 targeted therapy and the first approved oral GLP-1 drug in China [4]