Core Viewpoint - The company held an online performance briefing for 2024 and Q1 2025, addressing concerns about declining revenue and net profit due to increased competition and price drops in the market for lipoic acid products [1][2]. Revenue and Profit Decline - The company reported a revenue of 429.468 million yuan for 2024, a decrease of 12.23% year-on-year, and a net profit attributable to shareholders of 16.4061 million yuan, down 85.38% year-on-year [3]. Product Performance - The company noted a stable market demand for lipoic acid series products in 2024, with a 21.35% year-on-year increase in the shipment volume of granular lipoic acid, despite prices not showing significant recovery [3]. New Product Development and Business Expansion - The company has received approval for the active pharmaceutical ingredient (API) of Apatinib and plans to focus on specialty APIs, CMO/CDMO expansion, and new product development [4]. - The company is investing in R&D for specialty APIs and has initiated five API projects in 2024, with some projects already completing initial testing [4]. Other Key Points - The construction of the Shandong branch is expected to take 30 months, with completion aimed for June 2026, and will include multiple production lines for specialty APIs and intermediates [5]. - Approximately 9% of the company's revenue in 2024 is expected to come from direct exports to the U.S., with close monitoring of tariff policy changes [5].