Group 1: Financial Performance - The company's CRO service revenue for 2022 was 109.6 million with a gross margin of 66.96% [4] - In 2023, CRO service revenue increased to 154.1 million with a gross margin of 69.62% [4] - However, in 2024, CRO service revenue rose to 168.5 million but the gross margin dropped to 47.58%, indicating a decline of over 20 percentage points [4] Group 2: Market Challenges and Strategies - The company faced a negative growth in CRO service revenue in the second half of 2024 due to market competition and price adjustments [2] - To mitigate the impact of increased tariffs between the US and China, the company has enhanced local warehousing and inventory measures while leveraging its US and Canadian production capabilities [3] - The company aims to improve service competitiveness and expand overseas CRO business to achieve growth in 2025 [2] Group 3: Business Development and Future Outlook - The company expects its conventional business revenue to continue growing in 2025, despite uncertainties in unconventional business revenue due to external factors [3] - The dry powder culture medium business is anticipated to generate revenue starting in 2025 after initial customer trials in 2024 [5] - The company plans to enhance the utilization of the Skyland Industrial Square, acquired for over 900 million, to support the biopharmaceutical industry chain in the capital [5] Group 4: Product Development and Innovation - The company is actively developing biological reagents related to organoid research, including matrix gels, although there are currently no plans for traditional matrix gel products due to animal use requirements [7] - New products such as salt-tolerant nucleic acid enzymes and linking enzymes have been launched by the Suzhou subsidiary, which is still in the process of market expansion [6]