Core Viewpoint - The company, Jibeier, reported a slight revenue growth of 4.14% in 2024, with total revenue of 897 million yuan and net profit of 219 million yuan, indicating a transitional phase after two years of rapid growth due to public health events [1] Financial Performance - In 2024, Jibeier's core product, Likujun tablets, generated 652 million yuan in revenue, remaining stable compared to the previous year, providing strong cash flow support [2] - The company achieved a 41.46% revenue growth for another core product, Nigunluo tablets, reaching 127 million yuan, reflecting successful product diversification efforts [2] - Jibeier plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling 51.85 million yuan for the year, with cumulative cash dividends expected to reach 155 million yuan, representing 70.58% of net profit [3] Research and Development - Jibeier increased its R&D investment by 26.25% in 2024, totaling 70.41 million yuan, demonstrating confidence in future business growth [4] - The company has established a robust R&D platform focusing on innovative drug development, including compound formulations and deuterated drugs [4] Pipeline and Future Prospects - The most notable pipeline product is the antidepressant JJH201501, which is in phase III clinical trials and expected to complete by the end of 2025, showing promising efficacy and safety [5] - Other pipeline products include JJH201601 for anti-tumor treatment, JJH201701 for acid suppression, and JJH201801 for gallbladder-related conditions, with JJH201601 already in phase IIa trials [5] - Jibeier currently has no export business but is positioned to benefit from improving domestic policies for innovative drugs, potentially expanding its market presence [6]