Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company plans to raise up to 185 million yuan through a simplified procedure for issuing A-shares, with funds allocated for acquiring a 22.2324% stake in Nanda Pharmaceutical and for supplementing working capital [6] - The acquisition will increase the company's direct stake in Nanda Pharmaceutical to 73.358%, which is expected to enhance the company's performance as Nanda reported a net profit of 55.81 million yuan from January to October 2025 [6] - The company is advancing its human-derived protein product pipeline, including new drugs AD010, AD108, and ADB116, with AD108 receiving clinical approval in 2025 for treating acute ischemic stroke [6] - The company showcased its third-generation integrase product ACC017 at the J.P. Morgan conference, indicating its commitment to becoming a leading brand in HIV innovation while expanding into international markets [6] Financial Summary - Projected total revenue for 2025 is 806 million yuan, with a year-on-year growth rate of 92.8% [5] - Expected net profit for 2025 is 7 million yuan, with a significant increase projected to 89 million yuan in 2026 and 166 million yuan in 2027 [5] - The gross margin is expected to improve from 63.2% in 2025 to 75.2% in 2027 [5]