Joint Pharmaceutical: It is expected that the net profit will decrease by 110.21% to 171.83% in 2025 compared to the previous year.

Joint Pharmaceutical Industry Announcement: It is expected that the net profit for the fiscal year 2025 will be between -75 million yuan to -58 million yuan, a decrease of 110.21% to 171.83% compared to the previous year. After deducting non-recurring gains and losses, the net profit is expected to be between -76 million yuan to -59 million yuan, a decrease of 109.10% to 169.34% compared to the previous year. It is projected that the loss for this reporting period will be between 58 million yuan to 75 million yuan, with a decrease in gross profit margin compared to the same period last year. The main reasons are the slight decrease in market prices for some products, the incomplete release of production capacity due to the annual fixed asset conversion of new projects resulting in higher unit product costs, and the increased launch of new products in 2025 with higher initial production unit costs. The company always adheres to the strategic orientation of "driving development with innovation," continuously increases investment in new product research and development, enhances research and development management systems, deepens industry-academia-research cooperation, and leads to an increase in research and development expenses.