Gelonghui, April 26丨Baili Tianheng (688506.SH) released its 2023 annual report. During the reporting period, the company achieved operating revenue of 562 million yuan, a decrease of 20.11% over the same period last year. Net profit attributable to listed companies - $780 million, a decrease of 176.40% compared with the same period last year. The main reason was that phase III clinical trials continued to be invested in pre-clinical research and clinical trial research during the reporting period. As R&D progress continued to advance, R&D investment increased, leading to a continuous increase in the company's R&D expenses.