Company Overview - The company announced a 100% acquisition of Hejia Bio for a consideration of 1.2 billion yuan, which is adjustable [1] - The payment structure includes a mix of cash and equity, with 50% cash payment to founding shareholders on the closing date and the remaining 50% to be unlocked over 24 to 36 months [1] Industry Insights - Hejia Bio specializes in siRNA innovative drugs, focusing on three major chronic disease areas: weight management, cardiovascular, and neurological systems [1] - The core platform, MVIP, is the world's first clinically validated liver-targeted delivery platform capable of achieving long-lasting effects with annual injections [1] - The dual delivery technology addresses the industry challenge of achieving combined efficacy, while the neural targeting delivery platform aims for effective central and peripheral nervous system treatments [1] Strategic Implications - The acquisition is expected to enhance the company's capabilities in chronic disease management, addressing existing limitations in efficacy, safety, and patient compliance in current therapies [2] - The collaboration is anticipated to accelerate the clinical development and commercialization of Hejia Bio's products, leveraging the company's established R&D and sales channels [2] Financial Projections - The adjusted net profit forecasts for 2025 and 2026 remain at 4.47 billion yuan and 4.92 billion yuan, respectively, with an introduction of a 2027 adjusted net profit of 5.42 billion yuan [2] - The current stock price corresponds to adjusted P/E ratios of 23.8 and 21.0 for 2026 and 2027, respectively, with a target price of 8.90 HKD, indicating a potential upside of 28.8% [2]