Summary of YD Pharma Conference Call Company Overview - YD Pharma's total assets reached HKD 24.9 billion in 2024, with revenue of HKD 11.64 billion and net profit attributable to shareholders of HKD 2.47 billion, marking a 17.7% year-on-year growth in the pharmaceutical segment [2][5] - The company operates in three main areas: nuclear medicine for oncology, cardiovascular intervention technology, and formulation technology [2][6] Financial Performance - In 2024, YD Pharma's revenue grew by 12.8% year-on-year in RMB terms, with a net profit increase of 34% [4] - The company declared a dividend of HKD 910 million, with a net profit of HKD 1.76 billion excluding fair value changes [5] - The nuclear medicine and cardiovascular intervention segments saw a revenue increase of 148.3% [2][6] Business Segments Nuclear Medicine - The nuclear medicine segment has established a global integrated production and research layout, with significant revenue from the Hepatocyte Injection reaching nearly HKD 500 million [2][7] - The Chengdu production base was completed, enhancing production capabilities for all research pipeline products [7][30] Cardiovascular Intervention - The company focuses on both acute rescue and chronic disease management, with products like Coenzyme Q10 and a second-generation aldosterone receptor antagonist contributing to growth [12] Respiratory and Critical Care - The core product, Ceno, continues to lead the oral market, with plans for various inhalation formulations [9] - A new nasal spray for allergic rhinitis, Raltex, is set to launch in 2025 [9] Research and Development - YD Pharma has 15 innovative products in the registration phase, covering five collaborative projects and seven cancer types [8] - Three products are in Phase III clinical trials, with one international multi-center trial already submitted for approval [8] Sepsis Treatment - Sepsis is a major focus, with YD Pharma's product SC3,141 targeting the overactive immune response associated with the condition [10][11] - The company plans to advance research in this area, addressing a significant public health issue [10] Market Potential - The FDA approved a new indication for the 190 microsphere product for primary liver cancer, expected to significantly boost global sales, particularly in China [16][19] - The domestic sales peak for this product is projected to reach at least RMB 5 billion due to the high incidence of liver cancer in China [19][34] Future Outlook - YD Pharma anticipates a challenging year in 2025 due to the impact of the tenth batch of centralized procurement, but aims for positive revenue growth [39] - The company expects to achieve higher growth rates in 2026, potentially reaching double-digit growth [39] Additional Insights - The Chengdu production base is designed to meet high safety standards and will support the nuclear medicine segment's growth [30] - YD Pharma is exploring partnerships for global sales of its nuclear medicine products, aiming to compete with larger pharmaceutical companies [36][37]