Core Insights - Shanghai Haoyuan Pharmaceutical Co., Ltd. reported a revenue of 2.06 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.2%, and a net profit attributable to shareholders of 240 million yuan, up 65.1% year-on-year [2] - The company achieved a comprehensive gross margin of 49.7%, an increase of 2.2 percentage points compared to the previous year [2] - The company’s front-end life science reagent business generated 1.45 billion yuan in revenue, growing over 31.0% year-on-year, accounting for over 70% of the company's main business revenue [2] Business Segments - The front-end life science reagent business is thriving, with over 13,000 global partners and significant revenue growth [2] - The back-end business, focusing on high-difficulty and high-barrier specialty technologies, achieved 600 million yuan in revenue, a year-on-year increase of 16.9% [2] - The back-end small molecule business has an order backlog of 630 million yuan, reflecting a 50% year-on-year increase and consistent quarter-on-quarter growth for four consecutive quarters [2] Technological Advancements - The company has developed an integrated service platform for ADC payload-linker CMC and established a comprehensive service system centered in Shanghai, Ma'anshan, and Chongqing, successfully undertaking over 90 ADC projects in the first three quarters [3] - Haoyuan Pharmaceutical is leveraging its extensive high-value data to integrate AI technology into drug development, creating a one-stop drug screening platform that offers various screening technologies and optimization services [3] Future Outlook - The company anticipates that the innovation wave in the biopharmaceutical industry and global market opportunities will provide significant growth potential [4] - With ongoing synergy across business segments and deep integration of cutting-edge technologies and industry resources, the company aims to expand its competitive edge in innovative drug services [4] - The long-term strategy focuses on globalization and technological iteration to seize industry transformation opportunities and contribute more value to pharmaceutical innovation [4]