Core Viewpoint - The company is actively involved in the development of innovative drugs and has a significant partnership in the DNA immunotherapy field, specifically targeting HPV-related precancerous lesions [1] Group 1: Company Collaboration and Projects - The VGX-3100 project is a key collaboration between the company's subsidiary, Dongfang Lue, and Inovio, focusing on DNA immunotherapy for treating precancerous lesions caused by HPV [1] - Dongfang Lue holds exclusive rights for the development, production, and commercialization of the product in Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan [1] Group 2: Company Holdings and Market Position - The company does not hold any shares in Inovio and has no mutual shareholding plans with them [1] - Currently, the company positions itself as a generic drug company but is actively pushing forward with the research and development of innovative drugs such as WYY and ZT [1]

Group 1: Research and Development - The company has 4 specialized pharmaceutical research institutions and 1 postdoctoral workstation, with a research team of approximately 200 people, accounting for about 20% of total employees. In 2024, R&D investment is expected to be 16.76% of sales revenue [1] - The WYY project is a novel compound with over 20 intellectual property applications globally, demonstrating superior efficacy and safety compared to competitors in animal studies. It is currently in the preclinical research stage, with an IND application planned for submission within the year [2] Group 2: Project Updates - The Wuhan Psychological Rehabilitation Hospital project received its medical institution practice license by the end of December 2024, aiming to operate as a tertiary specialized hospital [4] - The company is advancing the production line for recombinant collagen, with stable production processes meeting industry standards, and is preparing for large-scale production [6] Group 3: Market and Financial Insights - The gross profit margin for the company's main product, "A Le," has remained around 60% despite the impact of centralized procurement policies [8] - The company is considering external licensing for the WYY project based on clinical trial progress and commercialization conditions [3] Group 4: Future Developments - The company is focusing on developing CBD for treating pulmonary arterial hypertension, with a significant unmet market demand, as there are approximately 12 million patients in China [7][8] - VGX-3100, a key project of a major associate company, is undergoing phase III clinical trials for HPV-related cervical lesions, with plans to complete participant enrollment by 2025 [8]