Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, but showed signs of recovery in Q2 with significant improvements in both revenue and profit margins [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 390 million, a year-on-year decrease of 1.08%, and a net profit of 54 million, down 1.40% year-on-year [1]. - In Q2 2025, the company recorded revenue of 214 million, representing a year-on-year growth of 1.82% and a quarter-on-quarter increase of 21.06%. The net profit for Q2 was 47 million, showing a year-on-year increase of 45.17% and a remarkable quarter-on-quarter growth of 528.73% [2]. Order and Demand Trends - New orders have shown a strong recovery, with the total new order amount reaching 600 million, a year-on-year increase of 40.12%. The backlog of orders stood at 1.998 billion, up 9.45% year-on-year [2]. - The demand for SMO services is increasing due to the rising need for clinical trials from domestic and international pharmaceutical companies [2]. Service Capability and Workforce - The company is focused on innovative and high-clinical-value new drug SMO projects, currently managing 2,428 ongoing SMO projects and having completed over 4,000 projects [3]. - As of the first half of 2025, the company employed 4,157 staff, with nearly 4,000 in business roles, serving 960 clinical trial institutions across 1,300 locations in 200 cities nationwide [3]. Revenue and Profit Forecast - The company forecasts revenues of 805 million, 882 million, and 1.01 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 0.16%, 9.57%, and 14.46%. The projected net profits are 100 million, 110 million, and 125 million for the same years, corresponding to PE ratios of 29, 26, and 23 [3].