Group 1: Company Overview - Proris is a data-driven clinical research service provider focused on patient-centered approaches, creating a comprehensive project management system for clinical trials [1] - The company specializes in Site Management Organization (SMO) services to enhance the quality and efficiency of clinical trials in China [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 390.10 million and a net profit of CNY 54.16 million, with a net profit excluding non-recurring items of CNY 38.54 million [2] - The second quarter of 2025 saw a year-on-year revenue growth of 1.82% and a quarter-on-quarter growth of 21.06% [2] - The net profit for the second quarter increased by 45.17% year-on-year and 528.73% quarter-on-quarter [2] Group 3: Market Demand and Contracts - The company signed new contracts worth CNY 600 million in the first half of 2025, representing a year-on-year growth of 40.12% [2] - By the end of June 2025, the company had a backlog of contracts amounting to CNY 1.99 billion, a year-on-year increase of 9.45% [2] Group 4: Project Execution and Quality Control - The company has managed over 4,000 SMO projects, with 2,428 currently active [2] - Quality control is emphasized through the establishment of over 280 standard operating procedures and continuous training for employees [5] Group 5: Industry Trends and Opportunities - The Chinese innovative drug industry is entering a new phase of high-quality development, driven by policy support and active overseas business development (BD) transactions [2] - In the first half of 2025, the number of BD transactions in China's innovative drug sector reached 72, with a total transaction value of USD 60 billion [3]

Group 1: Company Overview and Financial Performance - Proprius achieved a revenue of CNY 390.10 million in the first half of 2025, with a net profit attributable to shareholders of CNY 54.16 million and a net profit of CNY 38.54 million after deducting non-recurring gains and losses [2] - In Q2 2025, the company experienced a year-on-year revenue growth of 1.82% and a quarter-on-quarter growth of 21.06% [2] - The net profit attributable to shareholders in Q2 2025 increased by 45.17% year-on-year and 528.73% quarter-on-quarter [2] Group 2: Market Demand and Order Growth - In the first half of 2025, the Chinese innovative drug industry entered a new stage of high-quality development, with a 40.12% year-on-year increase in new contracts signed [3] - The total amount of existing contracts as of June 2025 reached CNY 1.998 billion, reflecting a year-on-year growth of 9.45% [3] - The number of drug clinical trials registered in China reached 4,900 in 2024, a 13.9% increase year-on-year, with 2,539 new drug clinical trials, up 9.3% [7] Group 3: Strategic Initiatives and Industry Trends - The company focuses on maintaining stability with core clients while enhancing the engagement of small and medium-sized clients to ensure sustainable business growth [3] - The Chinese innovative drug industry is becoming the second-largest market globally, with 72 overseas transactions in the first half of 2025, totaling USD 60 billion [4] - The company is actively integrating AI and digital technologies to enhance service efficiency and quality in clinical trials [6] Group 4: Quality Control and Regulatory Compliance - As of June 2025, the company has undergone 281 inspections by the National Medical Products Administration, 14 by the FDA, and 5 by the EMA, with no major findings [2] - The company emphasizes high-quality service delivery and has established a robust quality management system to ensure compliance and efficiency [6] Group 5: Financial Health and Cash Flow - The net cash flow from operating activities increased by 29.88% year-on-year in the first half of 2025, indicating an improving cash flow situation [8] - The company has a low proportion of bad debts due to high credit quality among clients, which supports better cash collection [8]

Financial Performance - In 2024, the company achieved operating revenue of 803.73 million yuan, a year-on-year increase of 5.75% [2] - The net profit attributable to shareholders was 106.43 million yuan, a decrease of 21.01% year-on-year [2] - The net profit excluding non-recurring gains and losses was 83.47 million yuan, down 26.88% year-on-year, primarily due to increased operating costs from hiring new staff [2] - In Q1 2025, operating revenue was 176.47 million yuan, a decline of 4.37% year-on-year [2] - The net profit attributable to shareholders in Q1 2025 was 7.43 million yuan, a decrease of 67.32% year-on-year [2] Contractual and Project Management - The company signed new contracts worth 1 billion yuan, with a total outstanding contract amount of 1.889 billion yuan by the end of 2024, reflecting a year-on-year growth of 0.38% [2] - As of March 31, 2025, the company had undertaken over 3,800 international and domestic SMO projects, with 2,250 projects currently in execution [2] - The company has a total workforce of 4,277 employees and serves over 960 clinical trial institutions across more than 200 cities in China [2] Shareholder Value and Dividends - The total cash dividend for the first half and full year of 2024 was 19.88 million yuan, accounting for 18.68% of the net profit for 2024 [2] - Cumulatively, from 2022 to 2024, the company distributed a total of 40.77 million yuan in cash dividends [2] Industry Insights and Future Outlook - The SMO industry is entering a new development phase, with leading companies expanding client resources and institutional coverage, while smaller firms are gradually exiting the market [3] - In 2024, Chinese pharmaceutical companies achieved a historic breakthrough in licensing-out transactions, totaling 51.9 billion USD, with 4.1 billion USD in upfront payments [3] - The company plans to continue innovating in organizational management and explore the application of AI and new technologies in clinical trial execution [3] Competitive Advantages - The company has strong competitive advantages in various disease areas, including hematological tumors, solid tumors, and rare diseases, having facilitated the launch of 82 new oncology drugs and 14 biosimilars by the end of 2024 [4] - As of December 2024, the company participated in 10 projects related to therapeutic nuclear drugs, 87 TCR projects, 67 ADC projects, and 24 CGT projects [4] - Notable products launched include the world's first approved CLDN18.2 targeted therapy and the first approved oral GLP-1 drug in China [4]