诺思格（301333）：2025Q2收入、利润均环比明显改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in both revenue and profit for Q2 2025, with H1 revenue at 380 million yuan, a year-on-year increase of 0.18%, and a net profit attributable to shareholders of 61 million yuan, up 4.45% year-on-year [2][6]. - The company has optimized its expense structure, with sales expenses decreasing by 13.39% year-on-year and management expenses down by 26.56% in H1 2025 [11]. - The SMO business has shown significant growth, although clinical trial operation services and data management services faced slight pressure [11]. - The company is positioned to benefit from a new cycle of investment in innovative drug research and development in China, as it provides comprehensive services in the clinical CRO segment [11]. - Revenue projections for 2025-2027 are 775 million, 858 million, and 976 million yuan, respectively, with corresponding net profits of 121 million, 144 million, and 182 million yuan [11]. Financial Summary - For H1 2025, the company reported a revenue of 380 million yuan and a net profit of 61 million yuan, with a non-recurring net profit of 51 million yuan [2][6]. - In Q2 2025, revenue reached 207 million yuan, a year-on-year increase of 2.56% and a quarter-on-quarter increase of 19.66% [11]. - The company expects a revenue growth of 4.1%, 10.8%, and 13.8% for the years 2025, 2026, and 2027, respectively [11].