Our vision Gree's vision is to become the most innovative world-class biomedical company dedicated to solving unmet global medical needs in the field of metabolic diseases. Overview During the reporting period and up to the date of this report, the Group has made significant progress in its metabolic disease pipeline: (i) taking ASC30 oral tablets once a day for the treatment of obesity: shows promise to be the best in class in the treatment of obese patients, with an average reduction of up to 6.3% of body weight compared to baseline after 28 days of treatment; (ii) monthly subcutaneous injections of 30ASC for the treatment of obesity: as a small-molecule GLP-1R biased agonist for proven targets, showing promise in the treatment of obese patients A feature that became the first of its kind. The interim data is expected to be released at the end of March 2025; and (iii) a monthly subcutaneous injection of ASC47 to treat obesity (weight loss without muscle loss): As a fat-targeted small-molecule thyroid hormone receptor beta (THRbeta) agonist targeting a novel target, it shows properties that are expected to be the first of its kind, and can be expected to treat obesity without weight loss without loss of muscle. ASC47 showed a half-life of up to 40 days in obese patients. These achievements demonstrate the Group's strong R&D capabilities and its long-standing determination to discover and develop globally competitive and differentiated pipeline products. To support the metabolic disease pipeline, the Group changed the use of proceeds from the global sale in accordance with a resolution passed by the board of directors on March 26, 2025. For details, please refer to the Company's announcements “Change in Use of Proceeds” and “Reasons and Benefits of Changes in Use of Proceeds Allocated in 2024” dated March 26, 2025. As of December 31, 2014, the Group's cash and cash equivalents, time deposits, transferable deposit certificates, structured deposits, wealth management products and in-transit bank deposits were approximately RMB 1980.8 million (December 31, 2023: approximately RMB 2299.4 million), which is expected to support its R&D activities and operations until 2029. The Group's R&D expenses increased by 39.5% from approximately RMB 216.8 million for the year ended December 31, 2023 to approximately RMB 302.4 million for the year ended December 31, 2024. The Group's loss during the year increased from RMB 144.7 million for the year ended December 31, 2023 to RMB 300.9 million for the year ended December 31, 2014, mainly due to increased R&D expenses for obesity and other metabolic diseases. The Group has sufficient funding to support its innovative research and development for the next five years.