HuaFu Securities research report points out that NKF achieved a net profit attributable to the parent company of 826 million yuan in 2024, an increase of 536.09% year-on-year; in Q1 2025, it achieved a net profit attributable to the parent company of 85 million yuan, a decrease of 52.19% year-on-year. The performance in 2024 meets expectations, and the short-term fluctuations in Q1 2025 do not change the long-term growth nature. In recent years, the company has actively sought external cooperation, successively reaching strategic partnerships with Hainan Shuangcheng and Tonghua Dongbao, obtaining exclusive commercialization rights for three products: albumin paclitaxel, glargine, and aspart and lispro insulins in the U.S. market. In the future, as biosimilars are approved in the U.S. market, it is expected to help the overseas formulation business grow rapidly. Considering the company as a rapidly transforming heparin raw material enterprise, the rapid growth of overseas injectable formulations and the potential contribution of biosimilars going abroad are expected to significantly increase performance in 2025-2026, maintaining a "buy" rating