Ziyi Chen
Goldman Sachs Group, Inc., Research Division
Great. Good morning, and good evening, our global investors. Thank you for joining InnoCare 2025 Annual Results Earnings Call. This is Ziyi Chen, China Healthcare analyst at Goldman Sachs.
Before we kick off the session, I would like to highlight that this call strictly for clients at Goldman Sachs and InnoCare only. And this conversation is not intended for the media and is off the record.
Participants will be removed from the call if they cannot be properly identified. And this call webcast is not for the purpose sharing or receiving nonpublic otherwise confidential information. Attendees are public and market participants who may not receive and should not request nonpublic or otherwise confidential information about issuers or securities about the markets for securities.
Today, we’re very honored to have the full team join the call to discuss the 2025 results and of course, the outlook for 2026. So joining us, including the Chairperson and CEO, Dr. Jasmine Cui; the CFO, Mr. Xin Fu; CTO, Dr. Xiangyang Chen; and also SVP of Clinical Development, Dr. Renbin Zhao; VP of Medical Research, Dr. Carrie Zhou; and Head of Pharmacology and Translational Medicine, Dr. Jason Zhang; and our Director, Ms. Bonnie Yuan.
So management is going to give us a prepared remarks. And after that, I’m going to convert it into a
