Okay, hi. Hi, everyone. Welcome to join the Hua Medicine 2025 Results Investor C all. This is Matthew Yan, China Healthcare Analyst at CLSA and CITIC International. Today, we are very honored to have invited the management team from Hua Medicine to join with us. They include Dr. Li Chen, Founder and CEO of Hua Medicine, CFO George Lin, and, well, I think that without further ado, I will hand over the call to Dr. Li Chen. Okay, Dr. Chen. Thank you. Welcome to Hua Medicine 2025 annual results. It's really great pleasure to share with you my joy about the success of Hua Medicine in 2025 in three major areas. I think first of all we have demonstrated Hua Medicine has established the capability of managing the R&D manufacturing and the commercialization, the full pharmaceutical innovation. The production capability has enhanced. Our commercialization has achieved great success by introducing our own sales and marketing team. At the same time we have extended our glucokinase activator program into the glucose homeostasis technology platform. Through the basic research and then clinical research, we have extended the potential impact of glucose homeostasis in diabetes, metabolic diseases, weight loss, neurodegeneration, and other new disease areas. Third, we continue to expand our market access through the second- generation of GKA in U.S. and through registration of dorzagliatin in Hong Kong toward the 100 million diabetes patients in Southeast Asia. Let me share with you our most recent results, which covers the sales for 2025, where we reach the 4 million packs in mainland China compare with 2024, let's say, 91% increase, which give us close to RMB 500 million in sales revenue. In this key milestone, I think it is critical that for Hua Medicine to establish over 180 professional sales teams, including the sales marketing team, medical team, and then commercialization teams. Those teams work together to drive the sales in 10 regions in China. In this whole efforts, we cover over 3,000 hospitals and then reached over 150,000 patients in mainland China. That's a great achievement and then a significant improvement from 2024, where Hua Medicine is relying on our commercialization partner to drive the market access and then commercialization. At the same time, we have received a tremendous support from the central government, who has granted same reimbursement price as 2024 and 2025 for the coming 2026 and then 2027. With increased the capacity in the commercialization team and the manufacturing team, and then we expecting continued growth with this retained NRDL price. The other very important benefit from central government policy is our composition of matter patent get a five-year extension approved by the CNIPA. Which means, for our dorzagliatin, the market exclusivity extended over 2034, together with our formulation patent that cover through 2038. This double security our intellectual property in China will ensure our long-term growth for this important medicine in China. We have received many reports from the individual in China who conduct clinical studies through the investigator-initiated trial, IITs. Although it's very rare to hear IIT in the chronic disease area, Hua Medicine probably is among the first company engage the IIT in the diabetes area. This work was initiated some time ago, including our DREAM study. Now, with more physicians get access to dorzagliatin in the clinic, in China and then outside China, the IITs become a very favorable approach to investigate dorzagliatin and then extend our glucose homeostasis platform. On top of this IITs, Hua Medicine also organized clinical studies in the real-world setting. The 701 is a real-world study consists of 380 type 2 diabetes patients. Unlike in the early studies in a phase III trial, where we focus on early stage diabetes or drug-naive diabetes, here in 701, we're really focusing on the middle or late stage diabetes who are taking more than one or more than two diabetes drugs. 41% of those patients actually using insulin. Now, how dorzagliatin work in those middle or late stage type 2 diabetes patients? Well, the result is very good. Its A1c reduction is very significant, and then also most importantly, it's improved the time in range measurement, which means it's improved the glucose homeostasis parameter from 40%-50% to 70%. 70% TIR is the treatment guideline and the gold standard for the diabetes management. I think this is a great outcome which we published at American Diabetes Association in 2025 last year. This year, at ADA, we're going to present our data on 601, which is a study including over 2,000 type 2 diabetes patients in China. Many of them have one or two anti-diabetic drugs. 20% use insulin with their average disease duration around eight years. 30% of them has a duration greater than 10 years. In this group of patients, we continue to demonstrate dorzagliatin favorable safety profile, and no new findings or adverse events was discovered in this 2,000 patients and over a year period of treatment and observation. I think many opportunities were explored in this 601 study, including the add-on dorzagliatin to metformin, SGLT2, insulin, GLP-1, and other anti-diabetic medicine. In this whole process, we have found improved efficacy over the existing therapy and then showing synergy with certain therapies in this study. We will report this top-line results in June this year. Also, we have received the report at the last ADA that Dr. Rita Basu has conducted a very critical studies using triple-tracer technique. In her study, the subject was treated with dorzagliatin for six weeks. So those U.S. patients have a long disease history, and they have a very poor function in the liver to store glycogen. Liver glycogen is a very important component that stores the glucose that we uptake from the food. It's important in managing the post-meal glucose excursion and then prevent the hypoglycemia when we exercise. The diabetics lost their hepatic glycogen roughly by 50%-60%. That's where their blood glucose fluctuated very much. No drug, including insulin, can repair this. Dorzagliatin is the first one demonstrated its effect of restore the hepatic glycogen storage, and thus further demonstrate scientifically why dorzagliatin managing glucose homeostasis very well. The other example I'd like to share with you comes from a investigator-initiated trial by the Chinese physician. They published this result recently showing that the superiority of dorzagliatin in combination with GLP-1 agonist semaglutide. As semaglutide become a popular treatment for the diabetics and obesity, we are very interested to see how dorzagliatin combining with semaglutide would bring the benefit to the patients. Now, the two group parallel study, with one group using monotherapy of semaglutide, 60 subjects enrolled in this group, and then the other 60 subjects enrolled in dorzagliatin combination with semaglutide. After a 12-week study, it's showing that the overall response rate is superior in the dorzagliatin combination, which reached 96%, where the monotherapy is 78%. The remarkable response, which means a super response, in the patients in the dorzagliatin combination reached 58% compared with 28% in the monotherapy. This is really encouraging. If we look at the body weight reduction, the two parameters is commonly used. One is the BMI, the combination dorzagliatin with sema gave really reduced the BMI from 30 to 27, right? That's from the obese to the overweight. Right? That's a big progress. The most important part is the change, the waist lengths, right? The waist lengths was initially close to 100 cm, close to a meter, right? Got reduced in the combination therapy to 88 cm. That's a great reduction. That waist lengths reduction is very important factor that related to the pancreatic function and insulin resistance. The team also measure the improvement of the beta cell function in the pancreas, and where I'm very pleased to see the combination offers the HOMA-β improvement almost by 20%, reached to 50% in the HOMA-β. This is again one of the 10 examples in the investigator-initiated clinical study showing dorzagliatin offers benefit not only in the type 2 diabetes, but also in the obesity, potentially in the future will demonstrate their use in the neuroscience and then anti-frailty. Now dorzagliatin was recently registered in Hong Kong. From the novel mechanism, Hong Kong government established this 1+ mechanism, dorzagliatin named MYHOMSIS was approved for Hong Kong market. This is the first chronic disease medicine get approved in those region through this 1+ mechanism. We have also submitted a registration in Macau and in Seoul. We will developing our commercial capability in the Greater Bay Area, where include Hong Kong, Macau and then Canton, so that using this Greater Bay as the base we push forward our dorzagliatin market into Southeast Asia, where so over 100 million diabetes patients would benefit from our innovation. The second- generation again has been moving very smoothly in U.S. The second- generation is really try to position our drug together with insulin, GLP-1, and then their regulator GKA. Right? The second- generation really is a new molecular entity with a new patent covers through to 2042. It is a once a day oral formulation really fit the habits and the compliance interest in the Western medical community. We are expanding the indication from diabetes to obesity, NASH, DKD, and then priority through the future investigation of our second- generation in those regions. The phase Ib trial, which is monocenter multi-dose placebo-controlled study with five cohort using three strength tablets. Now we are starting the Cohort 4, and then we expect we finish the Cohort 5 in May, so that we can report our study results in June timeframe. As I already mentioned, we has advanced the dorzagliatin utilization and application to the glucose homeostasis technology platform. We are expanding the opportunity from first in class into the first in disease indication in the diabetes prevention, priority MODY 2. It will benefit the U.S. regulatory policies advance dorzagliatin or GKA into the early Alzheimer's diseases. Those are the new frontier for the novel indication to meet unmet medical needs. You look at our pipeline, many new indications, opportunities will expand from the dorzagliatin through the technology platform. We are received the IND approval for the fixed dose combination of dorzagliatin with metformin. We expect a NDA filing for FDC dorzagliatin metformin in 2027. Now, we are getting to the financial sector. I'll invite George to share the wonderful results. George? Thanks. Thanks, Dr. Chen. As you can tell, Hua Medicine had a milestone year, and this is not something to be just to be glossed over. I mean, we had to establish our own in-house commercialization team for all of China. We had to renew our NRDL price for the next two years, which was successful. We had to compete with a lot of established type 2 diabetes drugs as well as GLP-1. In spite of all those headwinds, we were able to achieve, as you can see, incredible top-line growth, 93% from a revenue perspective. You'll notice that by packs, this is actually a little bit higher. During this period, we were able to reduce our distribution costs by a little bit. Although we grew by packs by 91%, our revenues went up by 93%. You look at our gross profit, with the economies of scale, each tablet price, we drive it down. Here you can see we drove it down by 8.2%. If you look at our interim report, right, we actually increased another 3% from the half-year mark. If you think about the whole year, to get this kind of growth, you know, in profits, that's very, very differentiated, I believe, from a Chapter 18A company to focus on these kind of things. We expect this to continue growing. This will not stop simply at this 56%. It will go up, I would say, you know, 10%-20% more. Selling expenses, we're investing. Having said that, you know, we are actually 33% of sales as opposed to when it was with our partner in 2024, it was almost 60%. Again, this drops right to our bottom line. As a result, let's go to the next slide, Dr. Chen. You know, as a result, you know, we actually are profitable. We'll show that later. In R&D, we're actually controlling our expenses very well. Dr. Chen has lots of things going, a lot of irons in the fire, of things to investigate. A lot of this is from, you know, investigators that are doing it on their own because they're seeing benefits. This is very different from GLP-1, where you see kind of the benefits, but lose their efficacy, because people drop off due to cost or because of side effects. Here we're seeing increasing benefits, right? Real-world evidence, we're seeing increasing benefits in terms of potential signals for benefits in neurological, potential benefits in cardiovascular. We're exploring all these, and we're going to be exploring that also in new first-in-disease indications like prediabetes, remission and prevention. I mean, it's kind of strange that over the last 100 years of diabetes, nobody has focused on these, but our drug, because it addresses the root cause, we're gonna be doing that. Having said that, our R&D expenses actually held down in absolute value. We are spending very little money to explore for these and collecting real-world evidence. Administrative costs, despite the fact that our company has almost doubled in size, our administrative costs on an absolute perspective has remained pretty much the same. A $2 million net savings in renminbi, but you can see as a percentage of sales it has dropped significantly. We mentioned this earlier, but from a profitability perspective for the commercialization operations, even though we've increased ranks by 180 people in our salespeople, from zero as of January 1, 2025, you can see we've actually become profitable. This business model is very sustainable. As you can see on a pro forma basis, our losses has actually decreased significantly, almost half. We do have that one-time extraordinary improvement, right, in profit. You saw this RMB 1 billion, and Dr. Chen has already kind of spoken about this, but this is due principally to our increase in sales and also to the release of contract liabilities that was capitalized as a result of the termination of the contract with our former partner. The last slide in terms of financials, you can see actually we've been very prudent and we're the type of company as you probably have known now that we've been public for almost eight years, is that you know we continue with our mission, which is glucose homeostasis and the benefits of that. It's fairly de-risked. We keep a very strong capital position. In fact, our capital position is very similar to the time that we did our last raise during the IPO in September 2018. As of the end of the year, we still have RMB 1 billion of gross cash that's available here. Then the last slide, I'll just kind of sum it up and then we can go to Q&A. You can see that, you know, our momentum is growing. Again, this is very different from all the other drugs that you're actually exposed to. You know, in GLP-1, there's 40-80 other GLP-1 candidates that are actually going to enter the market. And what kind of havoc that will do, including the fact that, you know, GLP-1 semaglutide has gone generic in India and China, for example, as of last week, right? For us, we don't face any of those headwinds. Our snowball, if you will keep on continuing to increase, right? As more people take the drug, they like it. There's very little side effects. Some people are actually noticing on their own all these different benefits, and they're using it in combination, as Dr. Chen showed, with GLP-1, with sema, the most popular one, right? As a result, all of these new GLP-1s that are coming in, these people will see that by adding us, they can be differentiated. You can get almost 100% response rate. You can see this first line here. This is very important. This is not a forecast. This is not a guide of what we expect our revenues is. This is actually specifically from our board and our employees have all signed up to it, this is the revenue targets for us to actually vest for our stock options. In some extent, it's better than the guideline in my perspective, but effectively you're showing that for our options to vest, we need to hit 2026, RMB 900 million, in 2027, RMB 1.35 billion, et cetera. This is very exciting. We're launching in Hong Kong. This is fantastic as a new international, a new position, but very importantly, a language. It's actually gonna be available with an English label. Once we go into Macau, you'll have Portuguese. That's very interesting and can be used by other international expats, for example. We filed our IND for dorzagliatin and metformin FDC. This will be very exciting. This extends the patent life out as well. In terms of our clinical pipeline, Dr. Chen has explained this very clearly, but we're moving with a second- gen for the Western obese population. This is a once daily. Patents go out to the mid-2040s. This will be very exciting to see how much additional efficacy we can get while maintaining that, you know, very good, solid, benign safety profile. We expect that data to come out mid-2026. We're gonna continue posting a lot of real-world evidence. Dr. Zhang, our CMO, she's got a lot of real-world evidence that we are collecting. Remember, there's over 500,000+ patients that have been prescribed this drug. A lot of them have stories to tell. We're gonna actually go for a first-in-disease indication filing in China with MODY 2. That will be spearheaded by our KOLs, both in China and in Hong Kong. That's very exciting. We're gonna focus also on these other first-in-disease indications that other people have not been able to really advance in frailty and early stage Alzheimer's or mild cognitive impairment. While we're doing all this, we're gonna continue focusing strategically and opportunistically to look for good opportunities to partner to take our drug internationally with our second- generation and also potentially some in-licensing and combination, especially with the combo with GLP-1. That's quite exciting. There's so many different GLP-1s oral that are being, you know, that are being explored in China, for example. They'll need a sales force. When they see us, we're actually the perfect, you know, complement for them. Because if you're obese, you know, you're not gonna really look at our dorzagliatin. They don't have to fear we're an ideal candidate for those kind of people that are still coming to us right now. Very excited. 2026 is just the beginning. I guess I'll pause there. Li Chen, if you have any more, you know, feel free to end it or we can, you know, just go straight to Q&A with Matthew as well. Yeah, let's go to Q&A to Matthew. All right? Thanks, George. Thanks, Li Chen and George. For investors online, let me remind you if you have any questions, please feel free to press the Raise Hand button, and then I will unmute you to ask the questions. Before that, first, Li Chen, I've got some questions from my side on, first, congratulations on the results and the sales growth is truly amazing. To remind us, regarding your sales target within two years' time, previously you mentioned RMB 1 billion sales by 2027. Are you still feeling very confident on achieving that? Also, maybe some more color beyond the 2027, maybe, for example, your peak sales, and how would you be able to achieve that? Yes, and that's the first question. Yeah, I will ask the second question also at one time. Second is regarding on the pipeline front. You know that you're expecting some top-line data result for the second- generation, right, GKA, right? And then, how we understand your progress after that, if you see some promising data and will be so how will you interact with the regulatory agency in the U.S. regarding further step to launch this product? Yeah, those are my two questions. Yeah, thanks. I think I will give my two cents on this, and then I'll let George to expand it. I think 2027. Last year when we started the initiation of a commercialization-driven operation, we did the math and then we understand that for dorzagliatin to be continually successful. In next five years, starting from 2025, we'll have the continuous growth given three important factors. First of all, you know, our competition and then the patent protection should be further extended beyond 2029. We got that. The second is the price. The drug price for the innovation drug was in question in the earlier days. I think last year, the central government has realized that new drug industry will become a important pillar for China economic growth, and then the policy to support the medical insurance and then come up with new strategy in the payers' approach. I think overall showing the support in the price and on the new product. Dorzagliatin also benefit of keeping our price the same as 2025. We have a wonderful product, and it will need this two very important insurance. That is the patent life, the market exclusivity, and then the price. The third thing, of course, is the promotion. Hua Med actually engaged the all-in strategy at the beginning of 2025 and then got all the employees educated, trained as representatives of our product. This is the exercise, not just starting from 2025. We actually start this exercise every year, starting 2022. With this, every employee understands what is homeostasis and why dorzagliatin offers the clinical benefit, right? We quickly accelerated enrollment of our sales team. We hire 100 people in the first three months of 2025, right? This year, in the first three months of 2026, we hire 120 people with experience in oral antidiabetic sales. Where do those people come from? They actually come from the multinational pharmaceutical companies when their major patents in SGLT2, DPP4 inhibitor went off patent and their product get into VBP. Those product representative with 5-10 years experience in the endocrinology and the diabetes fields joined Hua. They brought a tremendous productivity, right? It's, I think, on average, when I do the market productivity analysis in the diabetes field, the industry standard is RMB 1.5 million per person. We are reaching RMB 3.3 million productivity per person, right? We have 120 people. We sold 4 million packs, right? We will have RMB 500 million revenue. You can see the significant investment into the right people, bring the right team on the bus is very important. The last one I think is important is your bus. How solid is your bus, right? We implemented the digital platform managing the commercialization, starting the days we collaborating with our partner Bayer. The system allow us to track the material flow, the meeting, and also the marketing and sales activities. The whole network allow us to empower our first-line sales representative to access our data material from our digital platforms. Our AI, our agents was able to provide online support on the product information, the disease education, and the drug labels, the content-related questions. All this is a formulation, a formula of a future success in our 2027 goals, right? I will let George, you know, elaborate a little bit on this, and then we can talk about the pipelines. George, you wanna add? Yeah. You know, I think you said it very well, Dr. Chen. You can clearly sense the confidence that Dr. Chen as our captain in leading this bus of, you know, these targets that we're gonna hit. Of course, we, you know, Dr. Chen, myself and Dr. Jiang as executive directors, had to propose to the board as to these incentive-linked revenue targets. If we were not that confident of hitting it, I think we would have resisted. As you can see, these were announced around the November, late November, December timeframe. We got a pretty good sense that the two most important things for certainty of hitting these sort of revenues, you know, we had in hand. Number one, as Dr. Chen mentioned, was the patent exclusivity now out to 2034. That means that our salespeople are very incentivized to continue going on and selling the drug. As Dr. Chen mentioned, a lot of the MNCs lost a lot of salespeople when they went to VBP, right? When acarbose, when VBP, right, you saw a huge increase in actually Januvia and SGLT2, right? Now we're gonna see that benefit when GLP-1 and when Januvia and these other drugs go generic. Actually, it'll be a lot easier for our salespeople to have those, schedule those calls with the doctors, et cetera. That, that's very important. The second most important thing, it's probably the most important thing is affordability. The NRDL has already agreed to extend our same exact price, no price cut out to 2027. That's wonderful news. When you look at this pie, you know, the Chinese government wants to grow the economy. They're not gonna wanna cut so fiercely that basically nobody wants to innovate and the economy goes down. If they're going to cut, they'll probably cut in the more expensive areas like in oncology and all these other areas that have multiple in class. Again, we're only in class. The benefits that we see as long as the drug remains very, you know, effective and the lasting effects is very long. We're seeing amazing remission, right? People are studying prevention. This is like first time people have seen in type 2 diabetes. On top of that, it's very safe, so people will not wanna switch. Now people wanna add on to very popular drugs that they're taking, like insulin and GLP-1, and we've seen amazing results. Again, these are very, very good tailwind that make us very confident of achieving these so that our options will be able to vest. I think from that perspective, this is probably as good as it gets in terms of de-risked for us. Now, Dr. Chen just needs to go and continue investing in the salespeople. One thing we didn't mention is like we haven't covered all of China yet. I mean, when we look at our monthly and quarterly reviews of the salespeople, there are whole provinces and cities where we're not making much sales and we're already growing like this. Of course, we would love to cover them all, but it takes time also for these doctors who are fairly conservative in nature to hear that word of mouth from their colleagues that, "Oh, this drug is working very well." You know, because at the beginning there were doubts. As I mentioned, the snowball effect of familiarity, real-world evidence, excitement of IIT, these are great signals that the doctors, the diabetic doctors in China are really getting on our bus and really trying to see what else they can do with it. Yeah, great. Thanks, George. You know, I think the confidence from us internal team and also the confidence from our physicians, right? They are doing investigation. They are initiating investigation by themselves, applying for the government fund, right? I think that's where a novel drug, when they get on the market and also in the national reimbursement list and many patients and physician can access it and use it. They create a lot of good ideas for me, right? That's where I think for the second- generation, we're not only positioned in the diabetes, I think in the obesity, right, in the frailty, in the memory loss, they all have an issue of insulin resistance. Dorzagliatin has a good solution to it, right? Dulaglutide regulate insulin, regulate the GLP-1, regulate glucagon, right? Those are three major hormones that controls our body for the glucose and the lipid metabolism. That's where second- generation study we are incorporating the CGM as a new technology into the clinical study. The once a day tablets will show how it is regulate a whole day blood glucose. At the same time, we extended a seven-day study into 15 days so that we'll be able to move into looking to the biomarkers that will be better support future research program. I think we're doing well with the first three dose group, and then we are initiating the fourth, number four cohort as I speak, right? We'll finish up the last cohort in May, so that we'll start to share that with our potential partners. By the way, this study design has been discussed with our potential partners. We have got their input and also we share the common vision and the value of how glucokinase play the central role together with the existing therapy like insulin, GLP-1 and others. I think you will see more data and reports in this area soon. Thanks. Okay, thanks, Dr. Chen and George. Yeah, let's see if you've got any questions online. Please press the Raise Hand button. Oh, okay. I have one more question from my side. Yeah, we have a very kind of this plan, this revenue ramp up trajectory is truly yeah amazing, I would say. Could you give some color regarding the OpEx in the next couple of years and for example, selling expense, also the R&D expense? Yeah, because I saw the yeah, kind of how's your expense planning related to your further samples, selling activities, and also the research. One more slide, Dr. Chen. One more before. Yeah. Let me take a crack at this, Matthew. Of course, we don't wanna give too concrete guidance. You've talked about the top line, and so you can kind of get a sense of where we're going with that. I would say it's very. Dr. Chen, please opine as well. I would say, because we are working with WuXi STA, we don't have our own manufacturing capabilities, right? So we are working with Desano on fill and finish, et cetera. You can see that gross profit margin getting up to that 70%, 75% over the next couple years. That's gonna be huge amount of bottom line profit alone with the increase in the size of sales, right? Percentage-wise, you know, you're gonna be looking at that 70%-75% in the next year or two. Selling expenses, we actually wanna invest. I think around the steady state, we're gonna keep it here, because what we wanna do is increase that size to get to that big peak sales, we wanna invest. We wanna get into all those territories. From an investor perspective, you wouldn't necessarily want to see us, you know, really kind of try to save money on the selling expense, but I don't think it would go much higher than the current rate. In terms of commercialization for our China operation and includes some of Hong Kong, there will be some costs associated with Hong Kong that will be different from this, which we wanna invest. That's what you're gonna see on the commercialization. On the R&D, we're gonna continue doing a lot of these phase I, phase IIa, but for the big, big studies, right? International, et cetera, we're gonna want a partner to help shoulder those expenses. We're not gonna try to do that with our current capital position. Based on our conversations with partners, we're pretty confident that we'll be able to find some to shoulder those, and they would be able to get exclusive rights to the various regions. Dr. Chen, any other i nput you think? I think that's pretty much in the ballpark. I think if I look at you know other biotech companies and when they move into these product launch and then commercialization I think the initial sales expense was really high and then stabilize at least the product stay starting mature at a range of 30%-35%. We are in the right range roughly around the 35%-ish. I think that's important. For the China-based biotech company who want to make a profit like Hua, where we can bring the benefit to our investors, is we need to maintain our R&D in around the 30%-ish for our investment, and then around the 20%, 20%-25%-ish in the administration, the fixed cost, right? The company is in the right shape, as I say. As we grow the market, I think the increase of the share of this commercialization from the current 33%-35%-ish is a reasonable expectation. Overall, the company will become profitable during 2027 from the company perspective. Okay, that's great. Yeah, maybe one final question from me is that those are you not regarding the whole pipeline portfolio we are. Now focusing on the commercial side. Regarding the early stage assets, as George mentioned, there will be some slight spending, but bigger part, the late stage part will be partnering with others. For early stage research, is there any kind of area we are interested in? Also, are we going to do it in-house or maybe considering some in-licensing? Very good questions. Yes. I think like I mentioned that, Hua Medicine is very fortunate to advance our research from dorzagliatin as a product. During the product development in the last 10 years, we have achieved a much better understanding about glucose homeostasis and how the glucose homeostasis is impact on our immunology in human and the neural homeostasis where there's neural function and then the astrocyte function. Through this, there are studies in the preclinical and clinical start to build the connections between blood glucose fluctuation that is impaired glucose homeostasis linked to Alzheimer's linked to autoimmune diseases linked to cancer all in aid of energy deficiency related to the ATP production become obvious. That connection allow us to look into the synergy pathways and the mechanism in the regulation of insulin receptor and regulation of TRH hormone regulation in FGF class of molecule, and how those will be able to cluster together with glucose homeostasis and then return our patients from a disease state to the healthy state, right? That's a reverse of the disease progress. In that line, we are looking for external opportunities through the academics and then a potential biotech company in China. The combination with GLP-1 is obvious, and there's so many GLP-1s in China market that we can either become a commercialization partner with them, and we can doing a co-development with our combinations in those area. I think it's certainly open up a new world and then Hua Medicine is entering into a new era of innovation, and extending the glucose homeostasis into the neural and then immuno homeostatic control to have a better life and in health. Okay, thanks, Dr. Chen. Here is, it's been already an hour for this call. Let's see if we've got any further questions online. Okay. If no, and then, Dr. Chen, we will conclude this call today. Do you have any like final remarks and then we can conclude? I thank everyone to join Hua Medicine 20 25 annual reports. We will reach out in the future and talk to you more about our adventure and then the future success in the drug discovery and in the commercialization. Thanks. Okay, thanks. Thanks, Dr. Chen. Thanks, George. And investors, if you got further questions, please feel free to reach out to Hua Medicine or IR team. Also, you can reach out to us. Okay. Thank you again, and let's see you in the future. Next time. All right. Next time. Thank you, Matthew. See you soon. Bye-bye.