Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady revenue growth in 2024, with a reported revenue of 419 million yuan, reflecting a year-on-year increase of 1.92%. However, the net profit attributable to the parent company is -129 million yuan, a significant decline of 70.79% year-on-year [4][7] - The company is focusing on the commercialization of its HIV drug, which is showing strong momentum, supported by clinical research evidence [5] - The acquisition of Nanda Pharmaceutical is part of the company's strategy to deepen its presence in the human protein business and create a second growth curve [6] Financial Summary - In 2024, the company's total assets increased by 9.35% to 1.91 billion yuan, while the equity attributable to the parent company decreased by 11.94% to 999 million yuan [4] - The company's revenue projections for 2024-2026 have been adjusted to -129 million yuan, -3 million yuan, and 21 million yuan respectively, with corresponding EPS of -0.31, -0.01, and 0.05 yuan per share [4] - The company's gross margin is expected to improve from 55.4% in 2024 to 70.2% in 2026, indicating a positive trend in profitability [7]