Group 1 - The core viewpoint is that the domestic innovative drug industry is expected to enter a critical turning point by 2025, transitioning from capital-driven to profit-driven, with expectations of valuation recovery and performance realization [1] - The innovative drug sector is anticipated to enter a "results realization phase" by 2025, with prior R&D investments converting into commercial products, significantly improving corporate profitability [1] - The market focus is shifting from financial reports to changes in industry fundamentals, with innovative drugs, overseas expansion, and the impact of centralized procurement becoming core areas of investment attention [1] Group 2 - Prusis, as a leading clinical trial site management organization (SMO) in China, has demonstrated industry recovery trends, with a total of 3,800 SMO projects undertaken and 2,250 projects executed as of the end of Q1 2025, showing a continued increase from 2,161 projects at the end of 2024 [1] - The company reported rapid growth in inquiry volume and new orders in Q1 2025, indicating a preliminary recovery in industry and client demand [2] - The innovative drug sector is undergoing dual validation of valuation and fundamentals, with leading companies accelerating commercialization, providing support for long-term growth [2]