Core Viewpoint - The company has experienced a continuous decline in revenue and an increase in losses since its IPO, failing to leverage the capital market for growth, with current revenue levels even lower than pre-IPO figures [2][3]. Financial Performance - For the first three quarters, the company's revenue was 272 million yuan, a year-on-year decrease of 16.64%, with a loss of 30.16 million yuan, which has further expanded [2]. - In Q3 alone, revenue was 89.65 million yuan, down 16.21% year-on-year, marking the third consecutive quarter of revenue decline, and the net profit loss was 11.88 million yuan, continuing a six-quarter streak of losses [2]. - Historical performance shows a significant increase in revenue in the year following the IPO, but since then, revenue growth has slowed, with a projected near halving of revenue in 2024 compared to previous years [2][3]. Market Dynamics - The decline in performance is attributed to changes in market demand for antiviral raw materials, leading to a significant drop in sales, compounded by increased competition causing price declines and higher provisions for price reductions [2][3]. Strategic Investments - The company has increased its investment in new product development, resulting in higher R&D expenses, while new subsidiaries are in critical phases of product reserve and capacity ramp-up, leading to increased operational costs [3]. Stock Performance - The company's stock price peaked at 230 yuan per share post-IPO but has since fallen over 80%, with the latest closing price at 32.12 yuan per share [3]. - The stock experienced a cumulative decline of over 10% in 2022, followed by significant drops of 24.58% and 47.47% in 2023 and 2024, respectively, although there has been a slight increase in stock price this year [3]. Shareholder Activity - There have been over 60 recorded instances of share reductions by major shareholders and executives since the company went public, indicating a lack of confidence in the company's future [4]. - The controlling shareholder and actual controller have reduced their holdings by 312,210 shares, representing 2.47% of the total share capital [4]. - Notable shareholders have also reduced their stakes significantly, with some falling below 5% ownership, reflecting ongoing divestment trends [5].