Investment Rating - The report upgrades the revenue growth guidance for the year from 12%-15% to 14%-16% based on the strong performance in the first half of 2025 [5] Core Insights - The company achieved a revenue of 9.953 billion yuan in H1 2025, representing a year-on-year growth of 16.1%. The gross profit reached 4.253 billion yuan, with a gross margin of 42.7%, up by 3.6 percentage points year-on-year [1] - The growth was primarily driven by overseas markets, with North American revenue increasing by 20.1% to 6.018 billion yuan, while revenue from European clients grew by 5.7% to 1.969 billion yuan. However, revenue from Chinese clients declined by 8.5% to 1.297 billion yuan [2][3] - The company signed a record 86 new projects in H1 2025, including 9 "winning molecule" projects, indicating a robust project and order reserve [4][5] Financial Performance Summary - For H1 2025, the company reported a net profit attributable to shareholders of 2.339 billion yuan, a significant increase of 56.0% year-on-year. The adjusted net profit was 2.840 billion yuan, up by 11.6% [1] - The company expects to complete 25 PPQ projects in 2025, contributing to a strong growth foundation [4][5] - The financial projections for 2025-2027 indicate revenues of 21.503 billion yuan, 24.572 billion yuan, and 27.580 billion yuan, respectively, with net profits of 4.405 billion yuan, 5.082 billion yuan, and 5.756 billion yuan [6][7]
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