Core Insights - The company reported a revenue of 380 million yuan for the first half of 2025, showing a year-on-year growth of 0.18%, while the net profit attributable to the parent company was 61 million yuan, reflecting a growth of 4.45% [1][2] Financial Performance - Revenue remained stable with a slight increase in profit; Q2 2025 revenue was 207 million yuan, up 2.56% year-on-year, but net profit decreased by 1.18% to 35 million yuan [2] - Gross margin slightly declined to 37.33%, down 2.75 percentage points year-on-year, while net margin increased to 16.21%, up 0.48 percentage points [2] - Management and sales expense ratios improved, with management expenses at 11.04% (down 4.02 percentage points) and sales expenses at 1.66% (down 0.26 percentage points); R&D expenses increased to 8.08% (up 0.63 percentage points) [2] Business Segment Performance - Clinical Operations (CO) revenue decreased by 7.60% to 149 million yuan, with a gross margin of 28.78% (down 4.98 percentage points) [3] - Site Management Organization (SMO) revenue grew by 31.23% to 129 million yuan, with a gross margin of 33.67% (up 0.08 percentage points) [3] - Data Management and Statistical Analysis Services revenue was 50 million yuan, down 1.71%, with a gross margin of 48.15% (down 2 percentage points) [3] Future Outlook - Revenue projections for 2025-2027 are 776 million, 852 million, and 969 million yuan, with year-on-year growth rates of 4.33%, 9.75%, and 13.79% respectively; net profit forecasts are 150 million, 163 million, and 181 million yuan, with growth rates of 6.85%, 8.83%, and 11.26% respectively [3]