Core Viewpoint - The company is experiencing a decline in net profit and gross margin due to macroeconomic changes and intensified industry competition, but it is focusing on expanding its domestic and international business to drive high-quality growth in core operations. Company Performance - The company's main business includes early-stage drug evaluation, non-clinical research, and clinical testing and translational research [9] - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses decreased compared to the same period last year [9] - In 2025, the company signed new orders worth RMB 1.135 billion, a year-on-year increase of 38.62%, with overseas orders amounting to RMB 74.772 million [9] - By the end of 2025, the company's backlog of orders reached RMB 1.248 billion, an increase of 28.23% from the end of 2024 [9] Industry Context - The CRO industry is facing downward pressure on sales order prices due to changes in the macro environment and increased competition [9] - The overall sales performance in the industry is being impacted, leading to a decline in gross margins for companies within the sector [9]

Core Viewpoint - Yinosh successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first central enterprise CRO in China, highlighting its leadership in the non-clinical research service sector and its significant market share in non-clinical safety evaluation [1][2]. Company Performance - In 2024, Yinosh achieved a revenue of 1.142 billion yuan, a year-on-year growth of 9.94%, with non-clinical CRO business revenue exceeding 1 billion yuan [2]. - The company reported a net profit of 148 million yuan, with a non-recurring net profit of 125 million yuan [2]. - The non-clinical CRO business generated 1.089 billion yuan in revenue, growing by 8.99%, while the clinical CRO business saw a revenue increase of 27.17%, reaching 46.9385 million yuan [2]. Strategic Focus - Yinosh emphasizes a customer-centric approach and focuses on core business areas, enhancing its competitive edge through innovation and reform [1][3]. - The company is expanding its laboratory scale and introducing advanced equipment, supported by the broadened financing channels post-listing [2]. R&D Investment - Yinosh has consistently increased its R&D investment, reaching 60.5325 million yuan in 2024, reflecting its commitment to scientific leadership [3][4]. Market Positioning - The company is positioned as a leader in non-clinical safety evaluation, providing solutions for emerging drug development directions, including multi-specific antibodies and gene therapies [4][5]. - Yinosh has established a differentiated competitive advantage through unique service platforms and customized solutions tailored to specific drug characteristics [5]. Global Strategy - Yinosh is actively pursuing a global strategy, with a focus on international collaboration and market expansion, aiming to enhance its service capabilities and contribute to global health [6]. - The company anticipates a significant increase in the number of innovative drug candidates sourced from China, projecting that this could exceed 50% in the near future [6].