Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Insights - The company is set to officially launch the Phase IIc clinical trial for its self-developed recombinant human thymosin β4 (NL005) for the treatment of acute myocardial infarction (AMI) following successful communication with the CDE [4][5] - The company anticipates revenue growth from 0.89 billion yuan in 2025 to 6.11 billion yuan in 2027, with net profits projected to shift from a loss of 440 million yuan in 2025 to a profit of 730 million yuan in 2027 [4][7] - The company has established a significant partnership with a well-known domestic ophthalmology company to promote the localization of its balanced salt solution, enhancing its market presence in the ophthalmic medical sector [5] Financial Summary - Revenue projections for 2025-2027 are 0.89 billion yuan, 2.71 billion yuan, and 6.11 billion yuan respectively, with corresponding net profits of -440 million yuan, -20 million yuan, and 730 million yuan [4][7] - The company’s gross margin is expected to improve from 55.8% in 2025 to 71.5% in 2027, while the net margin is projected to turn positive by 2027 [7][10] - The price-to-sales (P/S) ratio is forecasted to decrease from 78.8 in 2025 to 11.5 in 2027, indicating a potential increase in valuation as revenues grow [4][7]