Financial Performance - In 2025, the company achieved a revenue of CNY 14.095 billion, representing a year-on-year growth of 14.8% [2] - Adjusted net profit attributable to shareholders was CNY 1.816 billion, up 13.0% year-on-year [2] - The net profit attributable to shareholders decreased by 7.2% to CNY 1.664 billion, primarily due to significant investment gains from the disposal of PROTEOLOGIX shares in 2024 [2] Business Segments - Laboratory services generated revenue of CNY 8.159 billion, with a gross margin of 44.7%, an increase of 0.3 percentage points year-on-year [3] - Small molecule CDMO services reported revenue of CNY 3.483 billion, growing by 16.5%, with a gross margin of 33.8%, up 0.7 percentage points [3] - Clinical research services earned CNY 1.957 billion, reflecting a growth of 7.1% [3] - Large molecule and CGT services achieved revenue of CNY 475 million, also growing by 16.5% [3] Client and Project Growth - The company added over 950 new clients in 2025, bringing the total active clients to over 3,300 [3] - The company participated in 887 global new drug discovery projects, an increase from 2024 [3] - In CMC services, the company was involved in 1,102 projects, including 34 commercial and validation projects, 47 Phase III projects, 271 Phase I/II projects, and 750 preclinical projects [3] Strategic Developments - A strategic cooperation agreement was signed in Q1 2026 with a major international pharmaceutical company for commercial production services of an oral small molecule GLP-1 receptor agonist [3] - The company has established 28 R&D centers and production bases globally, enhancing its integrated R&D and production capabilities [3] Future Outlook - The company expects steady growth in 2026, with new order momentum continuing [4] - Revenue growth in small molecule CDMO services is anticipated to outpace overall company revenue growth, with improved gross margins expected [4] - Clinical research services are projected to maintain growth in 2026 [4]