Zheng Li is an entrepreneur I greatly admire. He is able to focus all his energy on scientific research and then find someone he completely trusts to help him manage the company.

This is extremely rare. At Zheng Li's age, he is able to restrain his desires, to be free from the lust for power and pleasure, and to live the life of an ascetic despite being worth hundreds of billions.

I used to doubt whether Zheng Li was faking it, but after I returned to China, I talked to Lei Jun and other executives of Kechuang Biotechnology a few times and learned that Zheng Li really was as rumored.

I am optimistic about the business model of Kechuang Biotechnology. If China wants to achieve industrial upgrading, it must have companies like Kechuang Biotechnology.

Kechuang Bio will play a very crucial role in China's industrial upgrading, and I also admire Kechuang Bio's founder, so I will continue to hold its shares.

Unless Kechuang Bio's business model changes, or Zheng Li leaves Kechuang Bio.

Not only Duan Yongping has been increasing his holdings in Kechuang Bio, but foreign institutions have also been increasing their holdings.

On the contrary, it was domestic Chinese funds and securities firms that reduced their holdings.

"Science and Technology Innovation Co., Ltd. will achieve a total revenue of over 500 billion RMB in 2025, with a net profit attributable to the parent company of 210.28 billion RMB."

Kechuang Bio's net profit for the whole of 2025 can be said to have slightly exceeded expectations.

Three years ago, a research report written by a securities firm estimated that Kechuang Bio's net profit attributable to the parent company in 2025 would be 208.52 billion yuan.

Before the financial reports were released this year, major investment institutions and investors estimated that the company's revenue was around 200 billion RMB.

"The annual financial report of Kechuang Biotechnology has finally been released. As the most watched company on the entire Science and Technology Innovation Board, Kechuang Biotechnology's financial report can be said to have reassured the entire market."

With the older brother alright, the younger brothers can continue dancing and having fun with the music.

The financial report has many highlights, but some hidden concerns are also emerging.

Firstly, Kechuang Bio's revenue and profit both exceeded expectations.

However, the smartphone market as a whole is shrinking, and Neuralink has squeezed out a portion of the brain-computer interface (BCI) phone market. Revenue in this area has declined significantly, exceeding 10%.

Revenue from brain-computer interface VR, endorphin production, sales and patent licensing, and lithium battery business all met or exceeded expectations.

What I'm most interested in is the mention that brain-computer interface VR will undergo another update this year, and that Kechuang Future may be listed separately to raise funds.

According to its financial report, Kechuang Bio plans to raise funds through an independent listing in order to enhance its core competitiveness. The funds raised are expected to be invested in the development and design of VR chips.

The reasons are compelling, and regulators and the market should accept them; this is highly probable.

In addition, the technological iteration of brain-computer interface VR has exceeded expectations. I originally thought that the second generation would come out at the end of last year, and the next technological iteration should not come until next year.

If so, the market growth of brain-computer interface VR could fill the gap left by brain-computer interface mobile phones.

Then there's the development of innovative drugs. This year, two drugs will enter the clinical trial stage and are expected to be approved for market launch between the end of this year and the first half of next year.

The names of these two drugs are too technical; I need to wait for a professional to explain their market size and profit situation.

But at least this is a good sign; Kechuang Bio's more than five years of investment in innovative drugs is finally about to bear fruit.

Instead of relying solely on one type of endorphin to dominate the market.

Meanwhile, the application of brain-computer interface technology in medical devices, along with innovative drugs, can form two pillars for Kechuang Bio in the field of biomedicine.

The breakthroughs that Sci-Tech Biotech has made in innovative drugs are also what I am most concerned about.

Another downside is that after carefully reviewing the annual report, I discovered that if it weren't for the fact that America and the Europa Union had jointly imposed an antitrust fine of over two billion euros on Kechuang Bio last year,

Kechuang Bio's net profit attributable to the parent company this year should increase by more than 20 billion RMB.

This is an uncontrollable risk for Kechuang Bio. Given the nature of European and American countries, their anti-monopoly fines are something that once they start, they can't stop.

Google pays fines almost every year, which is a kind of indirect tax.

Kechuang Biotechnology is very likely to face a similar situation, which is a potential future risk.

Overall, this financial report exceeded expectations, which makes me even more hopeful for the future of Kechuang Biotechnology.

After the release of Kechuang Bio's 2025 annual report, various interpretations emerged in the market.

The market sentiment was largely optimistic, and the surge in Kechuang Bio's stock price on the first trading day after the annual report was released also reflected this optimism.

---Aside---

I updated a total of 6,000 words today, which is an extra 2,000 words. If you have any monthly tickets, please give me one!