Group 1: Financial Performance - The company's net profit for 2024 was 8,033.45 million, showing a decline due to increased R&D expenses [5] - The overall revenue decreased by 5% in the previous year, with the gross margin of the formulation segment dropping from 63% to 49% [5] - The sales expenses increased by 22% in 2024, but the company reported a 38.03% decrease compared to 2023 [2] Group 2: Product and Market Insights - The company’s main formulation products include cephalosporins and benazepril hydrochloride tablets [2] - The inventory balance for 2024 was 327 million, with a turnover period of 5.04 days [2] - The company’s export revenue accounted for 25.85% of total revenue, with major markets including Southeast Asia, India, Europe, and North America [6] Group 3: R&D and Innovation - The R&D investment for 2024 was 231 million, with a focus on innovative drug development [5] - The company does not have any ongoing PD-1 monoclonal antibody projects [6] - The gross margin for the specialty intermediate products is reported at 72% [3] Group 4: Corporate Governance and Market Perception - The company emphasizes the importance of market transparency and investor relations [5] - There is a concern regarding the company's stock price, which has reached a historical low, influenced by various market factors [6] - The management is committed to enhancing company value and shareholder returns through effective governance [5]