Investment Rating - The investment rating for the company is "Buy" [7][15]. Core Views - The company has shown a continuous increase in the proportion of new products, indicating the emergence of a second growth curve [3][4]. - In 2024, the company achieved a revenue of 278 million yuan, a year-on-year increase of 20.61%, and a net profit attributable to the parent company of 79 million yuan, a year-on-year increase of 92.90% [3][11]. - The company is focusing on expanding its product influence in KA hospitals and aims to enhance its market penetration both domestically and internationally [6][8]. Financial Performance - In Q1 2025, the company reported a revenue of 74 million yuan, a year-on-year increase of 28.84%, and a net profit of 24 million yuan, a year-on-year increase of 61.68% [3][4]. - The sales revenue from the craniofacial repair and fixation system reached approximately 79.9 million yuan in 2024, growing by 31.05% compared to the previous year [4][5]. - The company expects revenues for 2025 to reach 364 million yuan, with a year-on-year growth rate of 30.7%, and net profits to be 115 million yuan, with a growth rate of 46.3% [9][11]. Product Development - The sales revenue from absorbable regenerated oxidized cellulose and dural glue reached approximately 36 million yuan in 2024, marking a growth of 49.89% [5]. - The company has expanded the application range of its hemostatic gauze products and successfully obtained EU registration for its dural glue, which is expected to enhance its revenue share in overseas markets [5][6]. Market Strategy - The company plans to build an academic system around two main themes: standardized management of cerebrospinal fluid leaks and cranial repair practices, to enhance its product solution influence in neurosurgery [8]. - The company aims to optimize costs and improve production efficiency to ensure product quality and maintain market responsiveness [8].