Core Insights - The company maintains a "buy" rating with an upward revision of the annual performance guidance based on strong revenue growth and new order trends [1][3] Financial Performance - For Q1-Q3 2025, the company reported revenue of 10.086 billion yuan, a year-on-year increase of 14.38%, and an adjusted net profit of 1.227 billion yuan, up 10.76% year-on-year [1] - The gross margin stood at 34.22%, reflecting a slight increase of 0.35 percentage points year-on-year, while the adjusted net profit margin was 12.16%, down 0.40 percentage points year-on-year [1] - In Q3 alone, revenue reached 3.645 billion yuan, a 13.44% increase year-on-year, with an adjusted net profit of 471 million yuan, up 12.88% year-on-year [1] Segment Performance - Laboratory services generated revenue of 6.004 billion yuan in Q1-Q3 2025, a 15.04% increase year-on-year, with a gross margin of 45.13% [2] - The small molecule CDMO segment reported revenue of 2.293 billion yuan, up 15.99% year-on-year, with a gross margin of 32.10% [2] - Clinical research revenue was 1.440 billion yuan, a 10.26% increase year-on-year, but with a lower gross margin of 11.79% [2] - The large molecule and cell & gene therapy segment saw revenue of 336 million yuan, an 8.13% increase year-on-year, but with a negative gross margin of -49.15% [2] Order Trends - New orders for Q1-Q3 2025 increased by over 13% year-on-year, with laboratory services and CMC new orders growing by over 12% and approximately 20%, respectively [3] - The company has revised its full-year revenue guidance upward to a growth range of 12%-16% based on the new order trends [3] Catalysts - Improved investment and financing conditions, along with better-than-expected development in backend operations and enhanced operational efficiency, are seen as key catalysts for future growth [4]

CoreWeave上调了全年营收指引，预计为51.5亿至53.5亿美元，较此前指引提高了约4.9%—5.1%。第三 季度调整后营业利润指引为1.60亿至1.90亿美元，低于分析师预期的1.92亿美元。 第二季度稀释后每股收益为-0.6美元，亏损超出分析师预期的-0.52美元，公司预计第三季度营收将达到 12.6亿至13亿美元，高于分析师预期的12.5亿美元。 CoreWeave第二季度营收为12.13亿美元，同比增长206.7%，超出分析师预期的10.8亿美元，但增速较一 季度的420%有所放缓。 ...