Summary of the Conference Call Record Company Overview - The document pertains to **Guoxin Pharmaceutical** (国信医药), specifically regarding its performance forecast for the year 2025. Key Points and Arguments 1. **Projected Financial Performance**: - The company expects to achieve a net profit attributable to shareholders of **CNY 1.04 to 1.27 billion**, representing a growth of **102.50% to 147.29%** compared to the previous year's profit of **CNY 0.51 billion** [1] - The non-recurring net profit is projected to be **CNY 1.06 to 1.29 billion**, reflecting an increase of **84.55% to 124.59%** from last year's **CNY 0.57 billion** [1] 2. **Core Business Growth**: - The **DEL (DNA-Encoded Library)** business is experiencing steady growth with a high gross margin, contributing significantly to profit enhancement [2] - The UK subsidiary **Vernalis** is also seeing stable growth in its **FBDD/SBDD (Fragment-Based Drug Discovery/Structure-Based Drug Discovery)** platform, with milestone revenues achieved from client projects [2] 3. **New Business Segment Development**: - The **OBT (Oligonucleotide-Based Therapeutics)** segment is expanding its traditional business while leveraging delivery molecule-related services to achieve commercial transformation of small nucleic acid projects, showing significant year-on-year revenue growth [2] - The **ChemSer** segment's revenue has also increased year-on-year due to the high operational efficiency of the automated high-throughput chemical synthesis platform [2] 4. **Reduction in Fair Value Change Losses**: - The company anticipates a decrease in fair value change losses for 2025, primarily due to reduced impacts from changes in the fair value of trading financial liabilities [2]