中国 CRO 板块_2025 年第三季度综述_CDMO 海外表现依旧强劲，国内出现积极信号-China CRO Sector _Q325 wrap_ CDMO overseas performance remains strong, positive signals in China

Q325 results indicate that the performance of China CROs and CDMOs continues to diverge, with CDMOs outperforming CROs, driven by overseas demand, in our view. Q325 revenue growth remained strong for Wuxi Apptec 15.3% YoY (beat) and Pharmaron +13.5% YoY (in line). In contrast, Tigermed delivered 3.9% YoY revenue growth (in line) and Joinn was a miss (-34.9% YoY) with both GMs under pressure as competition led to low order prices. Although we see positive signals of a China CRO demand recovery, we continue t ...