Core Viewpoint - The company reported a strong financial performance for the first half of 2025, with significant growth in revenue and profit driven by improvements in its CRO and CMC business segments [1][2][7]. Financial Performance - Revenue reached RMB 831.9 million, with a gross profit of RMB 339.4 million and a gross margin of 40.8%, up 6.3 percentage points year-on-year [1]. - Net profit was RMB 148.6 million, a 3.1% increase from RMB 144.2 million in the same period last year [1]. - Adjusted non-IFRS net profit grew nearly 9.1% to RMB 183.5 million from RMB 168.2 million year-on-year [1]. CRO Business Growth - CRO revenue increased from RMB 385.9 million to RMB 422.8 million, representing a growth of approximately 9.6% [2]. - Adjusted gross profit for the CRO segment rose from RMB 167.2 million to RMB 194.6 million, marking a 16.4% increase [2]. - The number of CRO clients increased to 1,669, with major clients contributing 25.9% of revenue [3]. Domestic and International Market Dynamics - Domestic revenue from CRO services surged by 46.6%, driven by a booming market for innovative drug BD transactions [3]. - International revenue accounted for approximately 85.0% of CRO income, with a year-on-year growth of about 4.9% [3]. Technological Advancements - The company has delivered over 90,739 protein structures, with 8,023 delivered in the first half of 2025 [4]. - The new molecular modalities contributed around 15.0% to CRO revenue, showing a growth of nearly 19.0% [4]. - The AI-driven drug discovery platform has been developed to enhance the drug discovery process, integrating various advanced technologies [6]. CMC Business Developments - The acquisition of Zhejiang Langhua Pharmaceutical has strengthened the company's production capabilities [6]. - Langhua's revenue for the first half of 2025 was RMB 409.0 million, with an adjusted gross margin of 37.9%, up 7.9 percentage points year-on-year [7]. - The company is preparing for new commercial projects in the CDMO sector, with significant improvements in CMC profitability [7][9]. Investment and Incubation Activities - The company has successfully exited several incubation projects, realizing approximately RMB 76.5 million in returns [10]. - A total of 93 biotech startups have been incubated, with 67.7% located in North America [10]. - The company has established a RMB fund to invest in promising biotech businesses, aiming to foster strategic partnerships [11]. Workforce and Infrastructure - As of June 30, 2025, the company employed 2,085 staff, with 1,098 in CRO R&D [12]. - The company has expanded its facilities, including a new headquarters in Shanghai and multiple research centers across China [13][14][15].