调研速递|普蕊斯接受易方达基金等46家机构调研，2025上半年营收3.9亿元

Core Viewpoint - The company, Pursuit (Shanghai) Pharmaceutical Technology Development Co., Ltd., has shown a recovery in performance in the first half of 2025, driven by increased client demand and effective operational management measures, despite initial challenges in the first quarter [2][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 390.10 million yuan and a net profit attributable to shareholders of 54.16 million yuan. The net profit after deducting non-recurring gains and losses was 38.54 million yuan [2]. - The second quarter saw a year-on-year revenue growth of 1.82% and a quarter-on-quarter growth of 21.06%. Net profit increased by 45.17% year-on-year and 528.73% quarter-on-quarter [2]. Order Growth and Strategy - The company signed new contracts worth 600 million yuan in the first half of 2025, a year-on-year increase of 40.12%, driven by the rising demand for SMO services from domestic and international pharmaceutical companies [3]. - The strategy focuses on maintaining a stable core customer base while enhancing engagement with smaller clients to ensure sustainable growth [3]. Industry Demand and Opportunities - The Chinese innovative drug industry is entering a new phase of high-quality development, with 72 overseas transactions amounting to 60 billion USD in the first half of 2025, benefiting the company through increased project and contract growth [4]. - The company is responding to industry changes by developing digital technologies and enhancing clinical trial management platforms, which improves execution efficiency and service quality [4]. Market Dynamics - The SMO industry in China is becoming more concentrated, with smaller firms gradually exiting the market. The company reported a 29.88% year-on-year increase in net cash flow from operating activities [5]. - The company has a high credit quality among clients, with a low proportion of bad debts, indicating improved collection status through better accounts receivable management [5].