CHINARES PHARMA (03320) rose nearly 5% again, bringing its cumulative post-earnings surge to over 25%. At the time of writing, the stock was up 4.88% to HK$5.59, with a turnover of HK$248 million. The company released its annual results, reporting group revenue of RMB 269.574 billion, a year-on-year increase of 4.62%. Profit attributable to shareholders was RMB 4.045 billion, up 20.73% year-on-year, with earnings per share of RMB 0.64. A final dividend of RMB 0.122 per share was declared, representing an increase of approximately 1.35 times compared to the previous year. CLSA noted that CHINARES PHARMA's full-year revenue and profit exceeded market expectations. Meanwhile, China Merchants Securities International pointed out that while management did not provide specific numerical guidance for the 2026 fiscal year, they conveyed several qualitative signals during the results briefing. The company aims to achieve high single-digit revenue growth and a good growth rate in net profit for the 2026 fiscal year reporting period. The dividend payout ratio will be maintained at 30%, with considerations to increase the ratio if no major acquisitions occur, potentially referencing the payout ratios of A-share listed companies which are above 30%. Impairment pressure is expected to significantly decrease in 2025. The strategy for blood product mergers and acquisitions will continue, focusing on selecting the right timing, location, and price to complete industry consolidation, as entering the blood products sector is considered highly strategic.