Core Insights - Company is actively developing and collaborating with major domestic clients, focusing on innovative drug development and has a pipeline of clinically promising products in phases II and III [1] - The global CXO service market is projected to grow from approximately $79.4 billion in 2024 to $161.6 billion by 2031, with a CAGR of 10.9% from 2025 to 2031 [1] - Company has established itself as a significant competitor in the CRDMO sector, providing comprehensive services from drug discovery to commercialization [1] Financial Performance - In the first half of 2025, the company's pharmaceutical business revenue reached 1.018 billion yuan, a year-on-year increase of 42.8%, with a gross margin of 42.75% [2] - The company has successfully completed multiple key validation projects, laying a solid foundation for capacity and technology [2] R&D and Technological Advancements - Company has expanded its R&D capabilities beyond traditional small molecules to include amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides, enhancing its market responsiveness [3] - In 2024, the company developed 12 tubular process projects, with 7 achieving continuous production delivery [2][3] - The CRO segment has built capabilities in various technologies, including PROTAC, linker synthesis, and enzyme catalysis, to meet diverse client needs [2][3] Strategic Partnerships and Market Position - Company has deepened R&D collaborations with two global pharmaceutical leaders and partnered with multiple domestic innovative drug companies [2][4] - As a leading provider in the CDMO market for crop protection, the company has established strategic partnerships with five major original research crop protection companies [4] - The company has identified several products with commercialization potential within 3-5 years, supporting long-term business growth [4] Industry Outlook - The company is well-positioned to capitalize on the ongoing recovery in the pharmaceutical R&D and production industry, aiming to strengthen its position in the CXO value chain [5]