CF PHARMTECH (02652) has released its annual results for the period ending December 31, 2025. The Group reported revenue of 433 million yuan (Renminbi), gross profit of 328 million yuan, profit attributable to shareholders of 2.485 million yuan, and an adjusted annual profit of 31.751 million yuan. The year 2025 marked the Group's first full financial year following its listing on the Main Board of The Stock Exchange of Hong Kong Limited. During this period, the Group underwent a critical transitional phase, shifting its focus from being centered on the commercialization of complex inhalation formulations in China towards becoming an inhalation system platform company with global competitive potential. Throughout the reporting period, the Group faced multiple transitional pressures, including updates to the National Volume-Based Procurement (VBP) scheme, delays in the implementation rhythm of VBP renewals, a decline in the prevalence of respiratory infections, and a restructuring of its sales and distribution network. Concurrently, the Group achieved substantial progress in building its product pipeline, expanding its channels, developing its overseas business, and advancing its innovative research and development pipeline. Over a longer timeframe, the Group's operational foundation remains solid. The Group's revenue grew from approximately 349 million yuan in 2022 to about 556 million yuan in 2023, and further increased to approximately 608 million yuan in 2024, representing a compound annual growth rate of approximately 31.9% during this period. Notably, the Group's core product, CF017, contributed approximately 575 million yuan in revenue in 2024, accounting for about 94.5% of total revenue. These results demonstrate that the Group's product commercialization capabilities have been validated by the market, but they also highlight a high reliance on a single product and a single policy cycle, indicating a need to accelerate the diversification of revenue sources. Overall, 2025 was a period of transition and adjustment for the Group. While bearing the short-term costs of transformation, the Group completed phased adjustments to its channel structure, product pipeline, and global strategy. The Group's long-term objective is not to remain a domestic formulation company driven by a single product subject to centralized procurement, but to continuously evolve into a global inhalation system platform company. This evolution is based on capabilities in complex formulations, delivery systems, device engineering, chemistry, manufacturing and controls (CMC) scale-up, global regulatory registration, and commercial implementation. The Group positions itself as an innovator in global inhalation drug delivery technology, committed to building an interdisciplinary bridge connecting complex formulations with unmet clinical needs.