25 August 2025 | 1:27AM HKT Centre Testing Intl Group (300012.SZ): 2Q25 inline with accelerating M&A and overseas expansion; Maintain Buy n Life science (which includes food and environment sub-segments): Revenue 1H25 +1% yoy/-3% yoy in 2Q25, normalizing from a high 1H24 base driven by the non-recurring 3rd National Soil Census. Soil-census revenue fell sharply in 1H25 (c.Rmb20mn vs Rmb230–250mn in 1H24), but underlying food and environment (excluding soil-census) continued to grow excluding this impact. Wi ...

Q2 2025 Financial Highlights - Revenue grew by 6.3%, with organic revenue growth of 5.5%[9] - Adjusted Net Income increased by 17.0%[9] - Adjusted EBITDA increased by 13.9%, leading to a 170 bps increase in Adjusted EBITDA margin[9] - Free Cash Flow generated was $364 million for the last twelve months ended June 30, 2025[9] Q2 2025 Revenue Breakdown - Industrial revenue increased by 7.6% (7.0% organic), reaching $338 million[21, 22] - Consumer revenue increased by 5.6% (4.7% organic), reaching $340 million[24, 25] - Software and Advisory revenue increased by 4.3% (3.2% organic), reaching $98 million[27, 28] Q2 2025 Profitability - Industrial Adjusted EBITDA increased by $20 million, with Adjusted EBITDA margin increasing by 370 bps to 34.6%[22, 21] - Consumer Adjusted EBITDA increased by $4 million, with Adjusted EBITDA margin increasing by 20 bps to 19.1%[25, 24] - Software and Advisory Adjusted EBITDA remained flat, with Adjusted EBITDA margin decreasing by 70 bps to 15.3%[28, 27] Full-Year 2025 Outlook - The company affirms its 2025 outlook, expecting mid-single-digit constant currency organic revenue growth[34, 36] - Adjusted EBITDA margin organic improvement is expected to be approximately 24%[36] - Capital expenditures are expected to be 7% to 8% of revenue[36]