Core Insights - The company maintains a "Buy" rating, reporting a revenue of 920 million yuan for H1 2025, representing a 23.48% increase, while net profit attributable to shareholders decreased by 26.54% to 72 million yuan [1] - The company is increasing investment in CMC resources to strengthen core customer relationships and market competitiveness, leading to revised EPS forecasts for 2025-2026 and a new forecast for 2027 [1] Revenue Performance - Revenue from drug research stage products and services was 154 million yuan, down 7.59%, with a gross margin of 57.29%, a decrease of 7.45 percentage points [2] - Revenue from drug development and commercialization stage products and services reached 765 million yuan, up 32.27%, with a gross margin of 25.69%, down 8.30 percentage points [2] Customer Structure and Order Growth - Revenue from Chinese customers was 261 million yuan, up 25.00%, while North American customers contributed 485 million yuan, up 8.65% [3] - The company has over 1,100 projects in early stages and 53 in clinical III and commercialization stages, with significant growth in new chemical entity orders and CDMO business [3] Catalysts - Order growth and capacity ramp-up are exceeding expectations, indicating strong future performance potential [4]