ThirdQuarterlyResults
2025
Stock code: 300759.SZStock code: 3759.HK
October2025
DisclaimerThedocuments,opinionsandmaterialspresentedinthispresentation(the“Document”)havebeenpreparedbyPharmaronBeijingCo.,Ltd.(康龍化成(北京)新藥技術股份有限公司)(the“Company”)foruseinpresentationsbytheCompanyanddoesnotconstitutearecommendationregardingthesecuritiesoftheCompany.YoufullyunderstandthattheDocumentisbeingmadeavailableonaconfidentialbasisandsubjecttothefollowingprovisions.ThecontentsofthisDocumenthavenotbeenreviewedbyanyregulatoryauthorityinanyjurisdiction.ThedistributionofthisDocumentincertainjurisdictionsmayberestrictedbylaw,andtherecipientsintowhosepossessionthisDocumentcomesshouldinformthemselvesabout,andobservesuchrestrictions.ByaccessingthisDocument,youareagreeing(i)thatyouhavereadandagreetocomplywiththecontentsofthisnoticeanddisclaimerand(ii)tomaintainabsoluteconfidentialityregardingtheinformationdisclosedinthisDocument.ThisDocumenthasnotbeenindependentlyverifiedandisnotintendedtoformthebasisofanyinvestmentdecision.Itdoesnotconstituteanofferorinvitationtosell,oranysolicitationofanyoffertosubscribefororpurchaseanysecuritiesinanyjurisdictioninwhichthemakingofsuchoffer,solicitationorsalewouldbeunlawfulpriortoregistrationorqualificationunderthesecuritieslawsofsuchjurisdictionorwouldnototherwisebeincompliancewiththelawsandregulationsofsuchjurisdiction,andnothingcontainedhereinshallformthebasisofanyinvestmentdecision,contractorcommitmentwhatsoever.ThisDocumentcontainsnoinformationormaterialwhichmayresultinitbeingdeemed(1)tobeanadvertisement,invitationordocumentcontaininganadvertisementorinvitationfallingwithinthemeaningofsection103oftheSecuritiesandFuturesOrdinance(Chapter571oftheLawsofHongKong)(the“SecuritiesandFuturesOrdinance”)or(2)inHongKongtohaveeffectedanoffertothepublicwithoutcompliancewiththelawsofHongKongorbeingabletoinvokeanyexemptionavailableunderthelawsofHongKong,andissubjecttomaterialchangewithoutnotice.ThesecuritiesoftheCompanyhavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActof1933,asamended(the“U.S.SecuritiesAct”),orunderthelawsofanystateoftheUnitedStates.ThisDocumentdoesnotconstituteorformapartofanyofferorsolicitationtopurchaseorsubscribeforsecuritiesintheUnitedStatesandisnotfordistributionandmaynotbedistributed,directlyorindirectly,inorintotheUnitedStates(includingitsterritoriesandpossessions,anystateoftheUnitedStatesandtheDistrictofColumbia).ThesecuritiesoftheCompanywillnotbeofferedorsoldintheUnitedStatesexceptpursuanttoanexemptionfrom,orinatransactionnotsubjecttotheregistrationrequirementsoftheU.S.SecuritiesAct.TherewillbenopublicofferoftheCompany’ssecuritiesintheUnitedStates.ThisDocumentandtheinformationcontainedhereinaswellasinformationpresentedorallyorotherwisearestrictlyconfidentialandmustbetreatedassuch.NeithertheinformationcontainedinthisDocumentnoranycopyhereofmaybe,directlyorindirectly,takenortransmittedintoordistributedintheUnitedStates,Canada,Australia,Japan,PRC,HongKongoranyotherjurisdictionwhichprohibitsthesameexceptincompliancewithapplicablesecuritieslaws.AnyfailuretocomplywiththisrestrictionmayconstituteaviolationofU.S.orotherjurisdiction'ssecuritieslaws.Uponrequest,therecipientwillpromptlyreturnthisDocumentandanyotherwritteninformationmadeavailableinthepresentation,withoutretaininganycopies.ThisDocumentdoesnotpurporttobecomprehensiveortocontainalltheinformationthatarecipientmayneedinordertoevaluatetheGroup.Norepresentation,warrantyorundertaking,expressorimplied,isgivenand,sofarasispermittedbylaw,noresponsibilityorliabilityisacceptedbyanyperson(fortheavoidanceofdoubt,includingbutnotlimitedto,theCompanyanditsaffiliates,controllingpersons,directors,officers,partners,employees,agents,representativesoradvisersofanyoftheforegoing),withrespecttotheaccuracy,reliability,correctness,fairnessorcompletenessofthisDocumentoritscontents.Theinformationcommunicatedinthispresentationcontainscertainstatementsthatareormaybeforwardlooking.Thesestatementstypicallycontainwordssuchas"will","expects",“intends”,“plansto”and"anticipates"andwordsofsimilarimport.Theseforward-lookingstatementsreflectsthecurrentviewoftheCompanywithrespecttofutureeventsarebasedonanumberofassumptionsabouttheCompany’soperationsandfactorsbeyondtheCompany’scontrolandaresubjecttosignificantrisksanduncertainties,and,accordingly,actualresultsmaydiffermateriallyfromtheseforward-lookingstatements.Inparticular,butwithoutlimitation,norepresentationorwarrantyisgivenastotheachievementorreasonablenessof,andnorelianceshouldbeplacedon,anyassumptions,projections,targets,estimates,forecastsoranyforward-lookingstatementscontainedinthisDocument.EachoftheCompanyanditsaffiliates,controllingpersons,directors,officers,partners,employees,agents,representativesoradvisersofanyoftheforegoingassumesnoobligationtoupdateorotherwiserevisetheseforward-lookingstatementsfornewinformation,eventsorcircumstancesthatoccursubsequenttosuchdates.NoneoftheCompanyandanyofitsaffiliates,controllingpersons,directors,officers,partners,employees,agents,representativesoradvisersofanyoftheforegoingshallhaveanyliability(innegligenceorotherwise)inrespectoftheuseof,or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becomeapparent.
3Q2025 Revenue & Profit Achieved Solid Growth QoQ & YoY
Data are rounded to the nearest million. Abovefinancialsare unaudited
RMB mm
3Q20252Q2025QoQ3Q2024YoY
Revenue
3,6453,3429.1%3,21313.4%
Net
Profit44039611.0%30842.5%
Non
-IFRSs Adjusted Net Profit47140615.9%41712.9%
?Revenue and profit achieved solid growth QoQ & YoY
?Non-IFRSs adjusted net profit margin improved QoQ as a result of increased revenue
1-3Q2025 Financials & Full-Year Outlook
Data are rounded to the nearest million. Abovefinancials are unaudited. Guidance does not include the potential contribution from the Biortusacquisition
RMB mm
1-3Q20251-3Q2024YoY
Revenue
10,0868,81714.4%
Net
Profit1,1411,422-19.8%
Non
-IFRSs Adjusted Net Profit1,2271,10710.8%
?New POs: new POs increased by 13%+ YoY. Growth accelerated vs. 1H2025?MNC Customers: revenue from TOP20 Pharmasincreased by 37.9% YoY?Cash Flow: net operating cash flow of RMB2.44 billion & free cash flow of RMB536 million
?Guidance: raise full-year guidance to 12~16% revenue growth
1-3Q2025 Revenue Compositions
China
Entities, 88%
OverseasSubsidiaries,12%
| Biologics & CGT Services, 3% | |
China Entities
Revenue Grew 14.8%Overseas SubsidiariesRevenue Grew 11.6%
China/Overseas Entities
NorthAmerica,64%Europe,
19%
China,15%
ROW, 2%
Global Customers
TOP20 PharmasRevenue Grew 37.9%Other CustomersRevenue Grew 10.3%
Diversified Customer Base
NA Revenue Grew 11.9%EU Revenue Grew 23.2%CN Revenue Grew 16.1%
TOP20Pharmas,
18%
Other RepeatCustomers,79%
New Customers,
3%
Segments
Revenue Composition
Revenue Composition
Revenue Composition
Revenue Composition
Laboratory Services
Data are rounded to the nearest million. Above financials are unaudited
RMB mm3Q2025
3Q2025
2Q2025QoQ
3Q2024
YoY
-
| 3Q2025 | 1 |
-
3Q2024
YoY
Revenue
2,1112,0353.7%1,84714.3%6,0045,219
15.0%
GPM
GPM
45.0%44.9%
0.1pct
45.3%-0.3pct45.1%44.8%
0.3pct
?Lab chemistry services & bioscience services both achieved rapid revenue growth YoY
?NewPOs increased by12%+ YoY. Growth accelerated vs. 1H2025
CMC (Small Molecule CDMO) Services
Data are rounded to the nearest million. Above financials are unaudited
?New POs increased by ~20% YoY
?The segment's revenue &GPM are expected to continue to increase in 4Q2025
RMB mm3Q2025
3Q2025
2Q2025QoQ
3Q2024
YoY
-
| 3Q2025 | 1 |
-
3Q2024
YoY
Revenue
903697
29.6%
80112.7%2,293 1,977
16.0%
GPM
GPM
34.6%30.6%
4.0pct
34.5%0.1pct32.1%30.8%
Clinical Development Services
Data are rounded to the nearest million. Above financials are unaudited
?Clinical development services in CN, as well as radio-labelled science services and early-stage clinical trial services in UK & US, both achieved steady revenue growth YoY
?GPM declined due to revenue mix of different projects & competitions in China market
RMB mm3Q2025
3Q2025
2Q2025QoQ
3Q2024
YoY
-
| 3Q2025 | 1 |
-
3Q2024
YoY
Revenue
5014921.7%4638.2%1,4401,306
10.3%
GPM
GPM
10.8%12.8%
-2.0pct
14.4%-3.6pct11.8%13.2%
Biologics & CGT Services
Data are rounded to the nearest million. Above financials are unaudited
?In 3Q2025, biologics CDMO services in CN and CGT CDMO services in UK & US bothachieved rapid revenue growth YoY
?The segment is in early-stage development. The launch of the biologics CDMO facility inNingbo in 2Q2024 resulted in increased operating costs and depreciation in 1-3Q2025
RMB mm3Q2025
| 3Q2025 | 2Q2025 |
QoQ
3Q2024
YoY
-
| 3Q2025 | 1 |
-
3Q2024
YoY
Revenue
12511310.6%10025.1%336 3118.1%
GPM
-39.7%-42.3%
2.6pct
-67.1%
27.4pct
-49.1%-42.8%
R&D Costs as % of Total Revenue
2.9%
3.9%
3.8%3.8%
3.9%
2022202320241-3Q20241-3Q2025
1-3Q2025 Expenses for the Period
Selling and Distribution Expenses as % of Total RevenueAdministrative Expenses as % of Total Revenue
(1)
13.4%
12.7%
12.8%
13.2%
12.9%
2022202320241-3Q20241-3Q2025
2.2%2.2%
2.1%2.1%
2.2%
2022202320241-3Q20241-3Q2025
2.2%2.2%
2.1%2.1%
2.2%
2022202320241-3Q20241-3Q2025
0.1%0.1%
0.9%0.9%
0.8%
2022202320241-3Q20241-3Q2025
Net Finance Costs as % of Total Revenue
(2)
1.Excluding share-based compensation expenses recognized in administrative expenses
2.Net finance costs including interest expenses on bank borrowings and lease liabilities, interest income and bank wealth management products related gains or losses
Expect to Continue to Achieve Positive Free Cash Flow in 2025
2,143
2,754
2,577
1,771
2,4362,950
2,865
2,041
1,499
1,901
2022202320241-3Q20241-3Q2025
Net Operating Cash FlowCAPEX
RMB mm
1-3Q2025 Non-IFRSs Adjusted Net Profit
Data are rounded to the nearest million
RMB mm1-3Q20251-3Q2024
Net Profit
1,1411,422
Add:
Share-based Compensation Expenses5284
Convertible Bonds Related Gains-(6)Foreign Exchange Related Losses3132Amortization of Intangible Assets from Acquisitions2-
Realized and Unrealized Gains From Equity Investments
0(468)One-off Loss Made by Pharmaron Shanghai Co.,Ltd. due to the Business Close
-44
Non
-IFRSs Net Profit1,2271,107
BiortusprovideskeystructuralbiologydatatosupportSBDDforglobalcustomers.Itscorecompetitivenessisbuiltonhighlyefficientcomplextargetproteinproduction,wide-coverageX-raycrystallography,andstate-of-the-artcryo-EMstructurecapabilities
ProteinProduction
AITechnology
?Biortus has a strongcustomer base and ispoised to reach moreglobal customersthrough Pharmaron'sintegrated platform
?Synergies between
Biortus’sstructuralbiology services &Pharmaron’sbioscience services
?Further strengthening
Pharmaron’sproteinproduction & analysiscapabilities
?Leveraging
Pharmaron’sAItechnology platformto improve dataanalysis capabilities
Acquisition of Biortus to Enhance Our SBDD & Protein Science Service Capabilities
GlobalCustomers
BioscienceServices
2025 Outlook
The evolving healthcare demands and technological innovations will sustain thedevelopment of our industry. Global customer demand continued to demonstrateresilience, while demand from China customers is expected to recover gradually
Continue to develop our end-to-end, fully integrated and multiple modalities-capableservices platform with global footprints to further support our customers in improvingthe efficiency and flexibility of their pharmaceutical R&D and manufacturing needs
Expect to deliver 12~16% revenue growth in 2025
Guidance does not include the potential contribution from the BiortusacquisitionDisclaimer: These forward-looking statements reflects the current view of the Company with respect to future events are based on a number ofassumptions aboutthe Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and, accordingly, actual results may differmaterially from these forward-looking statements
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