药石科技(300725)：整体稳步恢复 后端增长强劲 一体化优势有望逐步发力

Core Viewpoint - The company reported a revenue of 920 million yuan for the first half of 2025, representing a year-on-year growth of 23.48%, while the net profit attributable to shareholders decreased by 26.54% to 72.5 million yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 465 million yuan, an increase of 26.48%, but the net profit attributable to shareholders fell by 25.40% to 36.71 million yuan [1] - The operating cash flow for the first half of 2025 was 467 million yuan, showing a significant increase of 240.62% [2] - The gross margin for H1 2025 was approximately 31.05%, down by 9.82 percentage points, while the expense ratio was 20.03%, a decrease of 6.61 percentage points [2] Group 2: Business Segments - Revenue from backend drug development and commercialization services reached 765 million yuan, growing by 32.27%, with CDMO services contributing 548 million yuan, a 60.92% increase [3] - The revenue from frontend drug research services was 154 million yuan, a decline of 7.59%, with CRO services experiencing a significant drop of 24.69% [4] Group 3: Strategic Focus and Future Outlook - The company is focusing on revenue scale expansion and nurturing strategic clients, which has led to a higher increase in operating costs compared to revenue growth [2] - The company is expected to gradually recover its CDMO performance as projects continue to progress towards the backend [3] - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 1.982 billion, 2.393 billion, and 3.043 billion yuan, with corresponding net profits of 178 million, 253 million, and 368 million yuan [5]