Group 1: Financial Performance - The company achieved a revenue of 13.68 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.17% [2] - In Q3 2025, the revenue reached 2.83 billion yuan, marking an increase of 11.72% [2] - The net profit attributable to shareholders for the first three quarters was 4,273 million yuan, with a net profit of 1,735 million yuan in Q3 [2] Group 2: Strategic Planning - The Boston R&D base in the U.S. commenced operations in September 2025, enhancing local service capabilities [3] - The company aims for a revenue growth rate exceeding 15% and to achieve profitability by 2025, with strategic effects expected to manifest in 2026 [3] - By 2027, the company plans to enter a phase of significant growth [3] Group 3: Business Development - The company is expanding its integrated service capabilities and focusing on new modalities, including XDC, small nucleic acids, AOC, and POC [3] - Domestic business growth is driven by the rebuilding of the BD team and strong research capabilities, leading to increased order recognition [4] - The company is actively pursuing investment in industry funds to identify promising biopharmaceutical projects [5] Group 4: Market Trends and Orders - The order scale has shown steady growth, with significant recovery in domestic business and a rebound in overseas markets [5] - The company has completed team restructuring to enhance client maintenance and new customer acquisition [5] - The market order prices have started to rebound, and the company is enhancing its R&D capabilities to strengthen its competitive edge [5]

Core Viewpoint - The company achieved a significant turnaround in its financial performance for the fiscal year ending December 31, 2024, with a net profit of 33.54 million yuan, marking a return to profitability after a previous loss [1][2] Financial Performance - The company's revenue reached 980 million yuan, representing a year-on-year growth of 36.8% [1] - The earnings per share for the year were 0.08 yuan, indicating a successful recovery [1] - The antibody discovery business generated revenue of 317.8 million yuan, an increase of 80.7% compared to the previous year, accounting for 32.4% of total revenue [1] Strategic Developments - The company signed approximately 200 drug collaboration/authorization/transfer agreements, with about 100 new agreements signed in 2024, reflecting a growth of approximately 70% year-on-year [1] - The company has established a global network, particularly with advanced laboratory facilities in Boston, contributing to the rapid growth of its model animal and antibody discovery businesses [2] Cost Management - Research and development expenses decreased to 323.9 million yuan, down approximately 31.7% from the previous year, indicating a shift in focus towards long-term development [2] - General and administrative expenses were reduced to 218.4 million yuan, a decrease of about 23.7%, showcasing improved operational efficiency [2]