Core Viewpoint - The company reported a revenue increase of 4.98% year-on-year for Q1 2025, driven by growth in its core cell culture products and CDMO services, while also addressing asset impairment provisions and ongoing major asset restructuring plans [5][6][22][31]. Financial Performance - The company achieved operating revenue of 83.68 million yuan in Q1 2025, a 4.98% increase compared to the same period last year [5]. - Main business revenue reached 83.56 million yuan, reflecting a growth of 4.99% year-on-year [5]. - The CDMO service revenue grew significantly by 27.11% compared to the previous year [6]. Business Segments - The cell culture products segment saw a steady revenue increase of 2.50% year-on-year, remaining a key revenue driver for the company [5]. - The company has 258 confirmed drug development pipelines utilizing its cell culture products, with a notable increase in clinical trial stages [6]. Cash Flow and Efficiency - Customer payment amounts increased by 47.73% year-on-year, indicating improved cash flow and operational efficiency [7]. - The company implemented measures to enhance credit policies and collection mechanisms, resulting in faster fund turnover [7]. Quality Management - The company successfully passed the ISO 9001:2015 quality management system audit with zero non-conformities, demonstrating its commitment to high-quality standards [8]. - The company is also undergoing a Qualified Person (QP) audit to ensure compliance with EU GMP regulations, with expectations to receive the QP compliance statement in Q2 2025 [8]. Asset Impairment - The company plans to recognize a total asset impairment provision of 4.2174 million yuan for Q1 2025, including credit impairment losses of 3.0401 million yuan and inventory impairment losses of 1.1773 million yuan [22][24][26][27]. Major Asset Restructuring - The company is planning a major asset restructuring by acquiring 100% equity of Pengli Biopharmaceutical Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment [31]. - The restructuring is expected to meet the criteria for significant asset restructuring as per regulatory standards, with no change in the controlling shareholder or actual controller [31].