CRO Business Sustained Recovery in Growth, AI-Enabled Drug Discovery Technology Maintained Industry-Leading Advantages
Throughout 2025, revenue from the Company's CRO business rose from RMB810.9 million in the same period last year to RMB848.6 million, representing a growth of approximately 4.7%. Corresponding adjusted gross profit increased from RMB357.1 million in the same period last year to RMB383.1 million, an increase of approximately 7.3%. The total number of CRO clients of the Company increased to 1,866, including the World's top Ten pharmaceutical companies, revenue from the top ten clients accounted for 25.7% of our total revenue.
As of December 31, 2025, the Company had delivered more than 98,885 protein structures to clients, among which approximately 16,169 structures were newly delivered in 2025. Research covered more than 2,345 independent drug targets, with 247 new targets delivered. The utilization of synchrotron radiation sources totaled 1,673 hours during 2025. Revenue from novel molecular modalities (including peptides, antibodies, XDCs, PROTAC/molecular glues, etc.) accounted for approximately 15.8% of total CRO revenue, representing a year-on-year increase of nearly 11.0%. It is evident that novel molecular modalities are gradually emerging as a new growth driver for CRO revenue.
The Company has continuously strengthened the deployment of new platforms and raised the technical barriers of core platforms, and secured integrated one-stop service contracts through the synergistic development of biology and chemistry. In addition, for the AI in drug research and development, the combination of dry and wet laboratories has driven continuous growth. As of December 31, 2025, the total number of projects supported by AIDD reached 196, and the number of clients purchasing CADD/AIDD services amounted to 73. Revenue from AI-enabled projects accounted for approximately 12.0% of total CRO revenue. The Company's AI capabilities cover the entire workflow of First-in-Class drug discovery, focusing on new targets, novel mechanisms of action (MOA), and new modality.
Successful Commercial Launch of New CDMO Projects, Sustained Improvement in CMC Business Profitability
The Group is committed to building a global one-stop service platform covering the entire innovative drug value chain from R&D to manufacturing. Through acquisition of the entire equity interests in Zhejiang Langhua Pharmaceutical Co., Ltd. ("Langhua Pharmaceutical"), the Group has further strengthened its manufacturing footprint. During the Reporting Period, two new CDMO commercial projects were successfully launched, one project is approaching commercial production and delivery, while the other has commenced PPQ manufacturing. These two projects are expected to be commercially launched in 2026 and 2027 respectively, and will become new growth drivers for the CDMO business in the future.
Meanwhile, the CMC business has achieved higher project delivery rates through the optimization of customer structure. The continuous introduction of overseas clients and incubation portfolio companies has driven gross margin improvement and successfully reduced losses. CMC has completed or is advancing a total of 295 new drug projects, with a research and development team of 96 professionals. In terms of customer order volume, internal referrals from Viva contributed around 55.0%, and in terms of customer value, internal referrals accounted for 72.0%.
Throughout 2025, Langhua Pharmaceutical recorded total revenue of RMB880.8 million and adjusted gross profit of RMB286.6 million, served a total of 920 clients. Revenue from its Top Ten clients accounted for 68.0% of total revenue, with a 100.0% retention rate for the top ten clients. The total available production capacity is 860 cubic meters, which is sufficient to support the actual production needs over the next two years. In addition, Langhua Pharmaceutical is constructing an additional 400 cubic meters of capacity to support the scaled-up production demand in the future.
Multiple Incubation Portfolio Companies Realized Exit Gains
During the Reporting Period, the Company realized corresponding investment income through exits from multiple incubation portfolio companies, with cumulative repayments of nearly RMB83.6 million. As of December 31, 2025, the Company had invested in and incubated a total of 93 start-ups. 13 of the Company's incubation portfolio companies had completed or were close to completing a new round of financing, with aggregate financing amounting to approximately US$453.3 million. All incubation portfolio companies have made smooth progress in R&D, with a total of nearly 231 pipelines under research, of which 187 pipelines are at the pre-clinical stage and 44 are at the clinical stage. To date, full or partial exits have been achieved for 19 incubated projects.
Staff and Facilities
As at December 31, 2025, the Group had a total of 2,169 employees, of whom the number of CRO R&D personnel reached 1,123, and the headcount of Langhua Pharmaceutical was 787. The Company has well-established office and laboratory facilities in line with its workforce expansion plans, and is expanding production capacity to meet the fast-growing business needs.
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