Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024 despite industry pressures, with a revenue of 3.03 billion and a net profit of 1.96 billion, reflecting year-on-year increases of 5.4% and 5.3% respectively [2][3] Revenue and Profit Analysis - In Q4 2024, the company's revenue was 650 million, showing a year-on-year decline of 7.0%, while the net profit was 370 million, down 15.5% year-on-year [2] - The revenue from solution products and gel products for 2024 was 1.74 billion and 1.22 billion respectively, with year-on-year growth of 4.4% and 5.0% [3] Product Performance - The sales volume for solution products was 634.6 thousand units, up 23.4% year-on-year, while gel products saw a decline in sales volume to 89.4 thousand units, down 11.2% [3] - The average price of solution products decreased due to a shift in product mix, while the average price of gel products increased due to a higher proportion of high-margin products [3] Profitability Metrics - The company's gross margin for 2024 was 94.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 64.7%, down 0.1 percentage points [4] - In Q4 2024, the gross margin was 94.0%, down 0.4 percentage points year-on-year, and the net profit margin was 57.2%, down 5.7 percentage points [4] R&D and Cost Management - The company increased its R&D investment, with a R&D expense ratio significantly rising, completing 57 patent applications and engaging in 21 collaborative research projects with medical institutions [4] - The overall expense ratio increased by 1.3 percentage points to 22.2%, driven by higher R&D costs, while sales expenses remained stable [4] Product Line Expansion - The company received a Class III medical device registration for a new gel product, expected to launch this year, which will enhance its gel product line [5] - Clinical trial approvals were obtained for several new products, indicating ongoing innovation and product development [5] Strategic Acquisition - The company plans to acquire REGEN Biotech, Inc. in March 2025, which is expected to strengthen its competitive advantage in the global regenerative market and enhance its overseas market expansion capabilities [7]