Core Viewpoint - The company experienced significant declines in both revenue and profit during the 2025 fiscal year, primarily due to intensified industry procurement and increased expenditure [1][3]. Financial Overview - The company reported total revenue of 333 million yuan, a year-on-year decrease of 23.75% - The net profit attributable to shareholders was 44 million yuan, down 65.05% year-on-year - The net profit after deducting non-recurring gains and losses was 28 million yuan, a decline of 72.06% year-on-year - Operating profit decreased by 62.65%, while total profit fell by 63.45% - Basic earnings per share were 0.11 yuan, down 65.63% year-on-year - The weighted average return on equity dropped to 3.14%, a decrease of 6.04 percentage points from the previous year [3][5]. Business Analysis - The decline in performance was influenced by three main factors: 1. The nationwide implementation of centralized procurement in in vitro diagnostics, leading to sustained price pressure on core products, directly affecting main business revenue 2. Increased investment in innovation, with R&D expenses remaining high, further compressing profit margins amid declining revenue 3. A year-on-year reduction in government subsidies and other non-recurring gains, which added additional pressure on net profit [6][7]. Financial Structure - As of the end of 2025, total assets amounted to 1.76 billion yuan, a year-on-year decrease of 3.85% - Shareholders' equity attributable to the parent company was 1.41 billion yuan, down 0.35% year-on-year - The overall asset scale slightly contracted, but shareholder equity remained stable, with net assets per share at 3.52 yuan, a minor decrease of 0.28% [8]. Development Outlook - In response to changes in the industry environment, the company will continue to adhere to an innovation-driven development strategy, leveraging its proprietary LiCA® technology platform to advance a dual approach of "import substitution + clinical innovation" [9][10].