Group 1: Company Overview - In 2024, the company achieved a revenue of 1.938 billion CNY, a decrease of 10.75% year-on-year [1] - The net profit attributable to shareholders was -330 million CNY, an increase of 21.38% year-on-year [1] - In Q1 2025, the company reported a revenue of 486 million CNY and a net profit of 9.23 million CNY [1] Group 2: Product Sales and Pipeline - The sales of the Penem series have been under pressure, but a slight recovery is expected starting Q2 2025 [2] - Clindamycin maintains strong sales momentum with high capacity utilization [2] - The company has a diverse pipeline covering anti-infection, diabetes, dermatology, ophthalmology, and psychiatric medications, with products at various R&D stages [2] Group 3: CMO/CDMO Business - The company is one of the earliest in China to engage in CMO/CDMO, having established a partnership with Germany's BI in 2008 [2] - There has been a strong demand growth for existing products from strategic customers, with several new projects in the pipeline [2] Group 4: Formulation Sales and Strategy - The company does not plan to build a large sales team for formulations but will focus on participating in centralized procurement and collaborating with other sales enterprises [2] - The formulation product Voglibose tablets achieved sales of nearly 8 million CNY, marking the first large-scale sales product for the company [2] Group 5: Future Capital Expenditure - The company plans to maintain low capital expenditures in the coming years, focusing on optimizing the supply chain and introducing new products [2] Group 6: Dye Business Performance - In Q1, the sales of the KN-R dye series saw a slight year-on-year increase, with prices recovering [3] - The company will continue to monitor price trends and adjust production plans while enhancing the value chain [3]