Pharmaron Beijing Co., Ltd. (300759)

Equity Research Report | Sector: Pharmaceuticals & Biotech — Healthcare Services — Contract Research Outsourcing (CRO/CDMO) | Report Date: September 13, 2026 | The research notes do not provide a clear cut-off date/time for price data; the market data source dates appearing in the notes are mixed (some link titles contain timestamps such as 2026-09-09), making unified confirmation impossible; therefore, the specific cut-off point for prices and indicators is uncertain

This report is automatically compiled and generated by AI based on public information, for reference only and does not constitute investment advice.

1. Core Summary

Pharmaron achieved operating revenue of RMB 7.595 billion in H1 2026, up 17.92% year-on-year; net profit attributable to shareholders was RMB 750 million, up 6.96% year-on-year; newly signed orders grew over 30% year-on-year, but revenue growth significantly outpaced profit growth. The profit side was affected by operating cost growth exceeding revenue growth, exchange losses driving financial expenses up 74.42% year-on-year to RMB 196 million, and increased income tax, exhibiting a阶段性 "revenue growth without profit growth" characteristic.

The company possesses a full-process integrated platform spanning laboratory services, CMC, clinical research, and biologics & cell and gene therapy. In 2025, laboratory services revenue was RMB 8.159 billion, accounting for 57.9% of total revenue, serving as the core business and customer referral gateway. In H1 2026, CDMO revenue was RMB 1.884 billion, up 32.78% year-on-year, with newly signed orders up over 50% year-on-year and gross margin up 2.57 percentage points year-on-year; laboratory services revenue was RMB 4.634 billion, up 13.72% year-on-year. Revenue from the world's top 20 pharmaceutical companies grew 29.4% year-on-year in 2025, with overall customer and supplier concentration relatively low and good business diversification.

The company's current growth trajectory lies in the scale effects of laboratory services, the upgrading of CMC business from clinical stage to commercial manufacturing, and the expansion into new molecular modalities such as peptides, oligonucleotides, ADC, and CGT. In 2025, CMC gross margin recovered to 34.31%, while biologics and CGT gross margin improved to -40.31% but remains in the investment phase; capacity in Shaoxing, Ningbo, and Beijing continues to be built or ramped up, which helps undertake later-stage projects but also brings pressure from personnel, depreciation, and operating costs.

There is a certain misalignment risk between fundamental improvement and valuation/trading levels: 2025 operating revenue grew 14.82%, but net profit attributable to shareholders declined 7.22%, while non-GAAP net profit attributable to shareholders grew 38.85%, mainly due to the base effect of non-recurring investment gains in the prior year; H1 2026 net profit attributable to shareholders growth remained below revenue growth. On the technical front, existing materials lack a unified latest closing price, moving averages, MACD, RSI, and key support/resistance levels, and capital flows shifted from net buying of RMB 367 million on September 8 to consecutive net selling on September 10 and 11, providing limited basis for short-term trend judgment.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Laboratory Services (including laboratory chemistry + bioscience): medicinal chemistry, synthetic chemistry, bio-organic chemistry, analytical and purification chemistry, CADD; bioscience includes DMPK, in vitro biology, in vivo pharmacology, safety assessment, etc. This is the company's founding business and largest segment, with 2025 revenue of RMB 8.159 billion, accounting for 57.9% of total revenue
• CMC (Small Molecule CDMO) Services: API process development and manufacturing, material science/pre-formulation, formulation development and manufacturing, analytical development, supporting small molecules, oligonucleotides, peptides, linkers, payloads, etc.; has covered all clinical stages through commercial manufacturing; cGMP facilities comply with FDA/NMPA/EMA requirements
• Clinical Research Services: overseas (radiolabeled science, early-stage clinical, including a 96-bed center in Maryland, US) + domestic (clinical trial services, SMO site management), with 2025 revenue of RMB 1.957 billion
• Biologics and Cell & Gene Therapy Services: biologics drug discovery/development/manufacturing CDMO + CGT laboratory and gene therapy drug development and manufacturing CDMO (including the UK Liverpool gene therapy CDMO platform); currently still in the investment phase and loss-making

2.3 Industry Chain Position and Cost-Profit Structure

Pharmaron is a full-process integrated pharmaceutical R&D service platform (CRO+CDMO). The key peculiarity of its industry chain position is: the company is not a "buy raw materials and process" type manufacturing company; its core costs are "labor + fixed asset depreciation + laboratory reagents/consumables/equipment" rather than bulk raw materials. This is the premise for placing it on the smile curve.

• Cost structure evidence: R&D/production/clinical service personnel accounted for 91.18% of the entire company in 2025 (22,874/25,088), with labor cost being the largest cost item (Source: 2025 Annual Report)
• The company itself stated that CMC gross margin fluctuations are "mainly due to the combined impact of year-on-year increases in employee numbers and new capacity coming into operation" (2024 Annual Report, cited by 10jqka), indicating that gross margin is driven by "labor + depreciation" rather than raw material prices
• Extremely low procurement concentration: the top five suppliers' total procurement amount in 2025 was RMB 412 million, accounting for only 8.54% of total annual procurement; suppliers are highly diversified (Source: China Securities Intelligent Financial News 2026-03-31 citing annual report, consistent with gubit.cn data)
• Therefore, the company is neutral on "input pricing power" — it does not constitute a price-taker risk, but there is also no commodity arbitrage space
• Highly diversified customers: the top five customers' combined sales in 2025 were RMB 2.262 billion, accounting for 16.05% of total sales (the single largest customer at 7.18%) (Source: China Securities Intelligent Financial News 2026-03-31; gubit.cn); by comparison, the top 20 customers' revenue concentration in 2022 was only 29.64% (Cinda Securities 2023-03-31 research report)
• Customer structure is dominated by global pharmaceutical companies + Biotech, with overseas accounting for absolute dominance: 2025 North America revenue RMB 8.714 billion (61.8%), Europe RMB 2.895 billion (20.5%), Mainland China RMB 2.137 billion (15.2%) (Source: etnet 2025 annual business overview); 2025 overseas subsidiaries' own delivered revenue was RMB 1.749 billion, accounting for 12.41% of operating revenue
• Significant revenue elasticity from global TOP 20 pharmaceutical companies: 2025 revenue from the world's top 20 pharmaceutical companies was RMB 2.83 billion, up 29.4% year-on-year, with its share rising to 20.1% (Source: Guolian Minsheng Securities 2026-04-09, Huaxi Securities 2026-04-02 research reports)
• Industry bargaining dynamics: CRO/CDMO's downstream is pharmaceutical companies' R&D budgets; it is essentially a "contract acceptor," and pricing power depends on scarce capabilities (such as late-stage commercial manufacturing capacity, new molecular modality technology) rather than resource monopoly; domestic clinical research services (clinical CRO/SMO) face intense competition and intensifying service price competition, causing the segment's gross margin to come under periodic pressure (explicitly mentioned in the company's 2024 and 2025 annual reports) — a typical industry characteristic of "downstream price competition transmitting to the contract acceptor's gross margin"
• Accounts receivable concentration is not high and relatively stable: the top five customers' share of accounts receivable and contract asset balances was 18.62% at end-2023 → 19.50% at end-2024 → 17.51% at end-2025 (Source: company's 2024 and 2025 annual reports' "financial instrument risk" notes, Sina Finance announcement full text); customer credit is diversified with no significant single-customer credit risk; accounts receivable turnover was approximately 7.22 times in 2023 (Source: zhiliaocaibao.com, single source, caliber and units not fully confirmed — recommend using the annual report); the asset-liability structure is shifting toward heavy-asset expansion: cash and cash equivalents at end-2025 were only RMB 843 million, bank borrowings RMB 6.538 billion, lease liabilities RMB 502 million, current ratio dropped to 0.9x (1.8x at end-2024), leverage ratio (total liabilities/total assets) 41.9% (Source: etnet 2025 annual business overview); working capital occupation mainly comes from fixed asset capital expenditure rather than accounts receivable financing; 2025 net cash flow from operating activities was RMB 3.221 billion, up 25.0% year-on-year (Source: 2025 annual results announcement, Zhongtai Securities research report).
• Customer concentration (sales basis): the top five customers' combined sales in 2025 were RMB 2.262 billion, accounting for 16.05% of total sales, with the single largest customer at 7.18% (Source: China Securities Intelligent Financial News 2026-03-31; gubit.cn); this data comes from annual report citation — recommend using the latest annual report; supplier concentration: the top five suppliers' total procurement in 2025 was RMB 412 million, accounting for only 8.54% of total annual procurement (Source: China Securities Intelligent Financial News 2026-03-31 citing annual report; consistent with gubit.cn data); accounts receivable concentration: the top five customers accounted for 17.51% of accounts receivable and contract asset balances at end-2025 (Source: company's 2025 annual report "financial instrument risk" notes) — sales basis and accounts receivable basis must not be conflated; quantitative data on industry concentration (CR5, etc.) was not found from reliable sources in this search.

Pharmaron is positioned at the mid-to-upper-left of the smile curve as a "R&D service contract acceptor" — not a resource-monopoly upstream (no raw material pricing power), nor a brand-premium downstream (it is a contract acceptor facing pharmaceutical customers), but rather a technology-intensive service capability formed by "labor scale + integrated platform + global compliant capacity" to earn R&D outsourcing profits. The core drivers for further profit improvement are: ① CMC upgrading from clinical stage to commercial manufacturing (GLP-1 large orders, process validation projects increasing from 19 in 2024 to 34 in 2025); ② increasing share of new molecular modalities (peptides, oligonucleotides, ADC) in laboratory services and expanding bioscience share; ③ narrowing losses in biologics/CGT segment (2025 gross margin +9.7pp year-on-year to -40.31%); ④ ramp-up of new capacity utilization at Shaoxing Phase II, Beijing Third Campus, etc., diluting depreciation. Conversely, domestic price competition in the clinical research services segment is a persistent drag.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The above is on an A-share basis (China Accounting Standards, CAS), which differs from the Hong Kong IFRS basis and must not be conflated. 2026 Interim Report: non-GAAP net profit attributable to shareholders RMB 693 million (+8.87%), adjusted Non-IFRS net profit attributable to shareholders RMB 909 million (+20.29%), basic EPS RMB 0.4138 (YoY +3.87%), weighted ROE 4.61% (YoY -0.36pct), net cash flow from operating activities RMB 1.085 billion (-22.98%), consolidated gross margin 32.71% (YoY -1.26pct), asset-liability ratio 41.10%. 2025 Annual Report: non-GAAP net profit attributable to shareholders RMB 1.538 billion (+38.85%), adjusted Non-IFRS net profit attributable to shareholders RMB 1.816 billion (+13.0%), total net profit RMB 1.555 billion (YoY -9.27%), basic EPS RMB 0.9443, weighted ROE 11.60%, net operating cash flow RMB 3.221 billion (+25.01%), proposed dividend of RMB 2 per 10 shares. Sources: China Securities Network/East Money, Securities Star financial report express, Shanghai Securities News, Beijing Business Today, AAStocks, etc., multi-source consistent.

H1 2026 operating revenue was RMB 7.595 billion, +17.92% year-on-year; net profit attributable to shareholders was RMB 750 million, +6.96% year-on-year, exhibiting revenue growth without profit growth, mainly due to: exchange losses driving financial expenses +74.42% to RMB 196 million, operating cost growth (20.17%) exceeding revenue, and income tax +33.94% to RMB 214 million. By segment (H1): laboratory services RMB 4.634 billion (+13.72%, gross margin 40.89%); CDMO RMB 1.884 billion (+32.78%, gross margin 25.72%, +2.57pct year-on-year); clinical research RMB 1.069 billion (+13.75%, gross margin 9.77%). Newly signed orders +30% or more year-on-year (CDMO new signings +50% or more, laboratory +20% or more). The 2025 decline in net profit attributable to shareholders was a base effect rather than operational deterioration: mainly because the disposal of PROTEOLOGIX, INC. equity in the same period of 2024 generated large investment gains that elevated the base; on a non-GAAP basis (+38.85%) and adjusted basis (+13.0%), it was actually growth. Management guidance: full-year 2026 revenue guidance +15%~20% (originally +12%~18%, raised after H1). The next reporting period is the 2026 Q3 report (expected disclosure in October 2026).

3.2 Earnings Forecast

Full 2027/2028 forecasts in this search only obtained a complete three-year series from Guotai Haitong (EPS RMB 1.12/1.37/1.66); most other brokers provided only 2026 single-year forecasts, representing a single-broker basis and requiring caution when citing. 2026 single-year forecasts (net profit attributable to shareholders): Guotou Securities RMB 2.007 billion (2026-08-21), CICC RMB 2.075 billion (2026-08-21), China Merchants Securities RMB 2.025 billion (2026-08-21), Northeast Securities RMB 2.082 billion (2026-08-04), China Post Securities RMB 1.946 billion (2026-08-05), Industrial Securities RMB 1.977 billion (2026-07-26), Zheshang Securities RMB 2.051 billion (2026-06-30), Huafu Securities RMB 2.067 billion (2026-06-09), Orient Securities RMB 2.015 billion (2026-05-15), Huatai Securities RMB 1.933 billion (2026-05-07), Kaiyuan Securities RMB 2.213 billion (2026-04-01, highest in range). CMBI and Huachuang Securities use adjusted/non-IFRS basis, different from the net profit attributable to shareholders basis.

3.3 Valuation Levels and Institutional Ratings

Confirmable valuation anchors (all with dates): CMBI on 2026-01-23 gave non-IFRS PE 2025E/26E/27E=30.8x/27.0x/22.8x (closing price on that day RMB 31.11); Guotai Haitong on 2026-04-13 gave target price RMB 40.32 based on 36x 2026 net profit attributable to shareholders; Huachuang Securities on 2025-09-26 gave PE 2025E/26E/27E=36x/31x/27x (adjusted basis). A-share year-to-date performance (as of 2026-08-21 16:08, AAStocks/CLSA report): cumulative +69.47%, past 1 month +40.56%, indicating the stock price has risen substantially after H1. Important limitation: this search was unable to obtain the latest A-share closing price, total market cap, PE(TTM), PB as of early September 2026 (search steps exhausted, and most market data pages are JS-rendered and difficult to scrape); therefore the above valuations can only approximate using PE anchors from broker research report dates (2026-01-23 to 2026-08-21) and cannot represent real-time valuation at the time of report writing; recommend subsequently supplementing latest closing price/market cap/PE(TTM)/PB using stcn.com/quotes/index/sz300759.html or yyqyx.com/s/300759.SZ. Share capital reference (not real-time): total share capital approximately 1.778 billion shares, floating A-shares approximately 1.419 billion shares (Compass market data network, as of 2025-09-30); another source (etnet) lists issued shares of 1,830,020,328 (A-shares approximately 1.477 billion + H-shares 353 million), slightly different from the above caliber — use with caution. There are two versions of consensus target price average (RMB 43.13 vs RMB 48.64); recommend expressing as range RMB 37.40~65.00 and average approximately RMB 43~49, and do not take a single figure.

4. Recent News and Announcements

4.1 Company Identity Confirmation

The research subject is Pharmaron Beijing Co., Ltd., stock code 300759.SZ, listed on ChiNext.

4.2 H1 2026 Results

Pharmaron's H1 2026 revenue grew 17.92% year-on-year, with newly signed order growth exceeding 30%; net profit attributable to shareholders was approximately RMB 750 million, up 6.96% year-on-year. Financial report commentary noted that the company experienced revenue growth without profit growth in H1, with financial expenses surging 74%, dragged by exchange losses.

4.3 2026 First Extraordinary General Meeting, A-Share Class Meeting, and H-Share Class Meeting Resolutions

Pharmaron held its 2026 First Extraordinary General Meeting, 2026 First A-Share Class Meeting, and 2026 First H-Share Class Meeting on September 10, 2026, approving 6 resolutions including the H-share award trust plan, amendment of the Articles of Association, and authorization to repurchase H-shares — all resolutions were passed. Beijing Zhonglun Law Firm issued a legal opinion.

4.4 H-Share Repurchase Authorization

Pharmaron's shareholders' meeting approved authorization to repurchase H-shares, proposing to repurchase no more than 10% of issued H-shares.

4.5 Issuance of USD-Settled Zero-Coupon Convertible Bonds

Pharmaron completed the issuance of RMB 2,180 million USD-settled zero-coupon convertible bonds due 2027 (issued under general mandate).

4.6 H-Share Announcements and Monthly Share Movement Reports

Pharmaron published multiple H-share announcements, including Next Day Disclosure Returns; the company updated its April 2026 monthly share movement report, with share capital remaining stable.

4.7 Dividend Arrangement

Pharmaron proposed a final dividend for the fiscal year ended December 31, 2025, payable by end-August 2026 (announcement disclosed in French).

4.8 Capital Flows

On September 11, 2026, Pharmaron's main capital recorded net selling of RMB 75.6516 million.

4.9 Historical Listing Information

Pharmaron listed on the Shenzhen Stock Exchange on January 28, 2019, with an issue price of RMB 7.66.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

The research notes cover Pharmaron's market data sources, capital flow data, and shareholder/financial information leads, but lack unified price and core technical indicator values with clearly indicated cut-off dates. On the capital side, the notes show large net buying of main capital on September 8 (RMB 367 million), while main capital turned to net selling on September 10 and September 11 (approximately RMB 87.8581 million and RMB 75.6516 million respectively); another source shows main capital net outflow of RMB 5.949 million with trading volume of RMB 172 million; the above data source dates are not fully consistent and contain contradictions, requiring verification with official market data. On the financial side, the notes mention 2026 Q1 net profit of RMB 335 million and 2026 interim net profit of RMB 750 million, which are fundamental rather than technical data. Because key technical indicator values such as price, moving averages, Bollinger Bands, and 52-week high/low are missing from the notes, this section cannot provide complete quantitative technical analysis, and can only provide limited explanation regarding capital flows and shareholder structure leads.

5.3 Short-Term Outlook (Next Week, Scenario Projection, For Reference Only)

⚠️ Risk Warning: The following content is only observational thinking and subjective scenario projection based on existing data in the research notes, and does not constitute any investment advice; price and technical indicator data in the notes are missing and inconsistent, and the information basis for scenario projection is limited — please refer to official latest market data.

① Key Technical Levels

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Consolidation (subjective judgment: research notes do not provide sufficient price and volume data to give a weight range): if the stock price fluctuates narrowly around the RMB 40 area mentioned in the notes (e.g., around RMB 40.28), and trading volume remains near the approximately RMB 172 million level mentioned in the notes, a consolidation pattern may persist; specific trigger and verification conditions cannot be refined due to lack of daily-level data.
• Weaker Downside (subjective judgment: weight cannot be assessed): if main capital continues the net outflow trend of September 10 and September 11 (approximately RMB 75.65~87.86 million level), and the price breaks below the lower bound of the price range mentioned in the notes, a weaker downside may occur; downside support levels cannot be quantified because the notes do not provide 52-week low and Bollinger lower band values.
• Rebound Strengthening (subjective judgment: weight cannot be assessed): if main capital replicates the September 8 net buying level of RMB 367 million with significantly enlarged trading volume, a rebound may occur; upside resistance levels can only be calculated after supplementing Bollinger upper band and prior high data.

③ Capital and Liquidity Background

The research notes provide partial capital flow data: September 8 main capital net buying RMB 367 million, September 10 main capital net selling RMB 87.8581 million, September 11 main capital net selling RMB 75.6516 million; another source shows main capital net outflow of RMB 5.949 million with trading volume of RMB 172 million. The above data source dates are not fully unified and require verification with official data. Regarding shareholder structure, the notes mention "Shenzhen Xinzhong Longcheng Investment Partnership (other institution) holding 28.4985 million shares, accounting for 2.01%, A-shares, unchanged," and "Healthcare Exchange-Traded Open-End Index Securities Investment Fund" and other shareholder leads, all from third-party shareholder information pages; neither the notes nor the links indicate the corresponding reporting period year, and shareholder structure typically has disclosure lag and may have changed since that reporting period. The notes do not provide complete data on turnover rate, average daily trading volume range, top ten shareholder concentration, or public fund/social security/QFII institutional holdings; therefore the basis for judging liquidity and chip structure is insufficient, and it is temporarily impossible to provide data-supported quantitative explanations for common small-cap characteristics such as thin order books and large slippage.

Volume confirmation signal: the research notes only recorded one trading volume data point of approximately RMB 172 million, with insufficient sample and no date indicated; it is temporarily impossible to set a volume confirmation threshold matching the stock's normal trading range; this can only be calibrated after supplementing the past 20-day trading volume range.

④ Points of Attention (Observational Thinking Only, Not Operational Instructions)

• Monitor whether main capital flow can continue or reverse the directional difference between September 8 net buying of RMB 367 million and consecutive net selling on September 10 and September 11 (observational thinking, not operational instruction)
• Monitor whether the price reference ranges of RMB 40.28 and RMB 41.69 mentioned in the notes can subsequently form effective support or resistance (observational thinking, not operational instruction)
• Monitor whether trading volume can significantly expand from the approximately RMB 172 million level mentioned in the notes, as a reference signal for capital entry (observational thinking, not operational instruction)
• Monitor the issue of missing disclosure years for shareholder structure (such as Xinzhong Longcheng 2.01% holding, healthcare ETF, etc.) in the notes, requiring verification with the latest periodic reports (observational thinking, not operational instruction)

The above scenario projection is compiled based on data listed in the research notes and historical price and technical indicator leads; due to inconsistent cut-off dates for prices and core indicators in the notes and missing key data, the relevant conclusions carry significant uncertainty; short-term stock prices are also affected by multiple factors including news, capital flows, and overall market environment; technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, and do not constitute buy or sell recommendations; please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The CRO/CDMO (pharmaceutical R&D outsourcing) industry value chain from top to bottom is divided into: preclinical research (drug discovery, safety assessment) → clinical research (CRO/SMO) → commercial manufacturing (CDMO). Industry characteristics are: labor-intensive, strong customer stickiness (high switching costs for integrated platforms), and high dependence on global pharmaceutical R&D investment and biomedical primary market financing sentiment. This search did not obtain reliable quantitative data on industry concentration (CR5, etc.) — please note. Structural variables: ① The Fed rate cut cycle and Biotech financing recovery directly affect orders (Cinda Securities noted the company's customers are mainly Biotech and sensitive to financing); ② geopolitical/biosecurity act-type policy risks; ③ domestic clinical CRO/SMO price wars; ④ new molecular modalities such as GLP-1, ADC, peptides, and oligonucleotides bringing incremental demand.

6.2 Competitive Landscape

• CRO/CDMO industry value chain: preclinical research (drug discovery, safety assessment) → clinical research (CRO/SMO) → commercial manufacturing (CDMO)
• Industry characteristics: labor-intensive, strong customer stickiness (high switching costs for integrated platforms), and high dependence on global pharmaceutical R&D investment and biomedical primary market financing sentiment
• This search did not obtain reliable quantitative data on industry concentration (CR5, etc.)
• Structural variables: Fed rate cut cycle and Biotech financing recovery affect orders; geopolitical/biosecurity act-type policy risks; domestic clinical CRO/SMO price wars; new molecular modalities such as GLP-1, ADC, peptides, and oligonucleotides bringing incremental demand
• Pharmaron's differentiated positioning: smaller in scale compared to WuXi AppTec but with a similar "laboratory chemistry origin → integrated referral to CMC" funnel model; distinctive in radiolabeled science and overseas early-stage clinical trials (96-bed center in Maryland, US); compared with Asymchem/Jiuzhou/Porton, Pharmaron's laboratory services volume is the largest (2025: RMB 8.159 billion, 57.9% of revenue), with the early discovery-end traffic gateway as a unique advantage, and approximately 81% of CMC segment revenue coming from drug discovery service customers (2024 Annual Report); compared with Tigermed, the clinical segment is smaller (2025: RMB 1.957 billion) with gross margin under pressure; new molecular modality layout (peptides, oligonucleotides, ADC conjugation, CGT) is key to opening a second growth curve, but the biologics/CGT segment remains loss-making
• Capacity milestones: Ningbo and Shaoxing API workshops passed FDA Pre-Approval Inspections (PAI, Ningbo received EIR in April 2025); Beijing Second Campus formulation commercial manufacturing workshop completed, with a commercial manufacturing agreement signed with a large international pharmaceutical company in Q1 2026 for an oral small molecule GLP-1 receptor agonist (Huachuang Securities research report named Eli Lilly's Orforglipron; company announcement describes it as "large international pharmaceutical company" — refer to the announcement); Shaoxing Phase II partial workshops successively coming into operation; newly added peptide API solid-phase synthesis workshop expected to be completed in 2026

6.3 Major Competitors

Pharmaron is smaller in scale compared to WuXi AppTec, but has a similar "laboratory chemistry origin → integrated referral to CMC" funnel model; Pharmaron is distinctive in radiolabeled science and overseas early-stage clinical trials (96-bed center in Maryland, US); compared with Asymchem/Jiuzhou/Porton, Pharmaron's laboratory services volume is the largest (2025: RMB 8.159 billion, 57.9% of total revenue), with the early discovery-end traffic gateway as its unique advantage, and approximately 81% of CMC segment revenue coming from drug discovery service customers (2024 Annual Report), demonstrating strong integrated referral capability; compared with Tigermed, Tigermed is deeply rooted in clinical CRO, while Pharmaron's clinical segment is smaller (2025: RMB 1.957 billion) with gross margin under pressure; new molecular modality layout (peptides, oligonucleotides, ADC conjugation, CGT) is key to Pharmaron's attempt to open a second growth curve, but the biologics/CGT segment remains loss-making and cannot yet contribute profit. Note: the above competitor list and positioning are based on public industry knowledge, not verified one by one in this search; their latest financial data is not included in these notes and should be independently verified before citing.

7. Risk Warnings

• Clinical research services gross margin continues under pressure: 2025 clinical research services revenue was RMB 1.957 billion, with gross margin dropping to 11.41%; H1 2026 gross margin was further 9.77%; domestic clinical CRO/SMO price competition may continue to erode overall profitability.
• Biologics & CGT business still in investment phase: this segment's 2025 gross margin was -40.31%; although improved from 2024, it remains loss-making; if new capacity utilization improvement falls short of expectations, depreciation, personnel, and operating costs may continue to drag on profits.
• Capacity expansion brings capital expenditure, leverage, and liquidity pressure: cash and cash equivalents at end-2025 were RMB 843 million, bank borrowings RMB 6.538 billion, lease liabilities RMB 502 million, current ratio dropped to 0.9x; continued construction or ramp-up of capacity in Shaoxing, Beijing, etc., may increase capital occupation and depreciation pressure.
• Profit growth may continue to lag revenue growth: H1 2026 revenue grew 17.92% year-on-year, but net profit attributable to shareholders grew only 6.96%; operating cost growth reached 20.17%, financial expenses affected by exchange increased 74.42% year-on-year; exchange rate and cost changes may weaken operating leverage.
• CMC business growth depends on order conversion and capacity ramp-up: H1 2026 CDMO revenue grew 32.78% year-on-year, with newly signed orders growing over 50% year-on-year; however, whether orders can be converted to revenue and profit on schedule still depends on project progress, customer R&D stage, and new capacity utilization.
• High overseas business and customer regional concentration: 2025 North America revenue was RMB 8.714 billion, accounting for 61.8% of total revenue, with Europe accounting for 20.5%; changes in overseas customer and global pharmaceutical R&D budgets, geopolitics, and biosecurity-related policies may affect order delivery and business development.
• Although customer structure is relatively diversified, large customer dependence still exists: 2025 top five customers' sales accounted for 16.05% of total sales, with the world's top 20 pharmaceutical companies' revenue accounting for 20.1%; if key customers' R&D budgets, project progress, or cooperative relationships change, relevant business growth may be affected.
• Short-term market and technical judgment have data gaps: representative prices in existing materials include RMB 40.28 and RMB 41.69, but lack unified dates; moving averages, MACD, RSI, Bollinger Bands, and key support/resistance data are missing, and capital flows turned from net buying on September 8 to consecutive net selling on September 10 and 11; short-term volatility direction is difficult to confirm based on this.

8. Conclusion and Outlook

Pharmaron's medium-term growth logic is relatively clear: using laboratory services as the early discovery-end gateway, referring business to CMC and clinical services through an integrated platform, and leveraging global delivery and compliant capacity to undertake later-stage, higher-value projects. H1 2026 order growth, CDMO revenue acceleration, and gross margin improvement indicate that small molecule CDMO may become a阶段性 incremental source; management also raised full-year 2026 revenue growth guidance to 15% to 20%.

Subsequent performance delivery depends on CDMO order conversion, utilization improvement of new capacity in Shaoxing Phase II and Beijing, commercial project ramp-up, and continued narrowing of biologics and CGT losses. Institutional consensus for 2026 net profit attributable to shareholders is approximately RMB 1.933 billion to RMB 2.213 billion, but different forecasts use different bases (attributable to shareholders or adjusted), and full 2027-2028 forecasts mainly come from a single broker; verification with subsequent financial reports is needed.

The company needs to balance expansion and profit quality. Domestic clinical research services remain suppressed by price competition, biologics and CGT are not yet profitable, and exchange rate fluctuations and relatively high capital expenditure may continue to affect profit and cash flow; meanwhile, the stock price has already risen substantially, and existing materials cannot confirm the latest valuation and technical position; therefore, focus should be on observing whether revenue growth can translate into synchronous improvement in profit, cash flow, and capacity returns.

Data Sources

• Pharmaron Listed Company Information
• Pharmaron (300759)_Stock Overview_Stock Price_Real-time Quotes_Charts_News_Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Pharmaron (300759) September 11 Main Capital Net Selling RMB 75.6516 Million - Securities Star
• Pharmaron (300759.SZ) Stock Price, News, Quotes and Records - Yahoo Finance
• Pharmaron: 2026 First Extraordinary General Meeting, 2026 First A-Share Class Meeting and 2026 First H-Share Class Meeting Resolution Announcement - Securities Star
• Pharmaron: 2026 First Extraordinary General Meeting, 2026 First A-Share Class Meeting and 2026 First H-Share Class Meeting Resolution Announcement _ Pharmaron (300759) _ Announcement Text
• 300749 Dinggu Jichuang
• Pharmaron (300759) Main Business _ Securities Star
• Pharmaron to List on SZSE
• Pharmaron Beijing (SZSE:300759) - Stock Analysis - Simply Wall St - NOT FOR DISTRIBUTION
• 300759 Pharmaron - Main Business Scope
• Pharmaron Beijing Co., Ltd. 2024 Annual Report Summary - Sina Finance
• Pharmaron Beijing Co., Ltd. 2024 Annual Report Summary
• Pharmaron (300759): Full-Year Revenue Steady Growth, Quarterly Revenue Growth Accelerating Quarter by Quarter, 24Q4 Adjusted Profit Resumed Growth
• Pharmaron (300759): Results in Line with Expectations, Newly Signed Orders Continue to Grow
• Pharmaron (300759) - Pharmaron (300759)
• 03759 Pharmaron PHARMARON - Free Real-Time Stock Quotes - Company Business
• Pharmaron Releases 2024 Annual Results, Net Profit Attributable to Shareholders RMB 1.793 Billion, Up 12.01% YoY
• Domestic CXO Leader Announces Annual Report
• Pharmaron (300759): Results Recovering Quarter by Quarter, Multiple Businesses Steadily Improving
• Pharmaron (300759): CDMO Business Gaining Momentum, Company Operations Becoming More Robust
• RMB 3.5 Billion Goodwill "Hanging High," High-Premium Acquisition Without Performance Commitment, Pharmaron's Expansion "Gamble" - RMB 3.5 Billion Goodwill "Hanging High," High-Premium Acquisition Without Performance Commitment, Pharmaron's Expansion "Gamble"
• RMB 3.5 Billion Goodwill "Hanging High," High-Premium Acquisition Without Performance Commitment, Pharmaron's Expansion "Gamble" - RMB 3.5 Billion Goodwill "Hanging High," High-Premium Acquisition Without Performance Commitment, Pharmaron's Expansion "Gamble"
• Pharmaron (300759) 2025 Annual Report Review: Steady Performance Growth, CMC Commercialization Reaches Milestone Breakthrough
• 2025 Annual Report Review: Laboratory Services Steady Growth, CDMO Opens Second Growth Curve
• Pharmaron (300759) 2025 Annual Report Review: Results in Line with Expectations, 2026 Revenue Guidance of 12%~18% Growth
• Pharmaron (300759): Overall Business Steadily Recovering, Newly Signed Orders Continue Rapid Growth_Jiufang Zhitou
• 03759 Pharmaron PHARMARON - Free Real-Time Stock Quotes - Company Business
• RMB 3.5 Billion Goodwill "Hanging High," High-Premium Acquisition Without Performance Commitment, Pharmaron's Expansion "Gamble"_Pharmaron (300759) Stock Forum_East Money Stock Forum - Source: Huaxia Times
• Pharmaron (03759.HK): Annual Results Announcement Summary for the Year Ended December 31, 2025 - Securities Star
• China Stock Research Activity Schedule - Pharmaron Beijing Co., Ltd. - March 31, 2026 - Tonghuashun
• Pharmaron (300759) In-Depth Research Report: Ten Years of Sharpening a Sword, Pharmaron's CDMO Development Expected to Reach a Qualitative Turning Point
• [[HK]Pharmaron (03759): 2025 Interim Report - As of June 30, 2025, the company's laboratory services employee count was 10,706, of which the company now has over 6,700 laboratory chemistry researchers, the world's leading laboratory chemistry service team in both scale and experience](https://wt.cfi.cn/p20250926000849.html#2)
• Research Express | Pharmaron Receives Research from Morgan Stanley and Over 200 Other Institutions, H1 Revenue RMB 6.441 Billion - Sina Finance
• Pharmaron Beijing Co., Ltd. - Company Established on July 1, 2004
• Pharmaron Beijing Co., Ltd. - Listed Company Mainly Engaged in Drug R&D and Production
• Pharmaron Beijing Co., Ltd. - Search Entry
• Pharmaron - Revenue from the world's top 20 pharmaceutical company customers was RMB 2,831,261,000, up 29.37% YoY, accounting for 20.09% of operating revenue; revenue from other customers was RMB 11,263,817,700, up 11.66% YoY, accounting for 79.91% of the company's operating revenue
• Pharmaron: 2025 Interim Report - The company continues to implement a customer-centric philosophy, relying on a full-process integrated service platform, following the highest-level international quality regulatory standards, fully leveraging the close collaborative service capabilities across China, UK, and US, to meet global customers' various needs at different R&D stages
• Pharmaron (300759): H-Share Announcement - To continuously improve and consolidate the company's business competitive advantages and meet medium-to-long-term development needs, the company continues to introduce high-level talent from home and abroad and further improve global service capability building
• Pharmaron (300759)_Company Announcements_Pharmaron: 2024 Annual Report Sina Finance_Sina - The Group faces various financial instrument risks in its daily activities, mainly including credit risk, liquidity risk, and market risk
• Pharmaron - The Group faces various financial instrument risks in its daily activities, mainly including credit risk, liquidity risk, and market risk
• Company Announcements_Pharmaron: 2024 Interim Report Sina Finance_Sina - The Group's risk management objective is to achieve an appropriate balance between risk and return, minimize the negative impact of risks on the Group's operating performance, and maximize the interests of shareholders and other equity investors
• Pharnexcloud Consulting Research Report Preview and Report Download_Page 76-Pharnexcloud Consulting - - Home
• "Cinda Pharma" Pharmaron (300759) Results Review Report: Laboratory Services and CMC Continue Strong Growth
• Pharmaron H1 Revenue Up 17.92% YoY, Newly Signed Orders Growth Over 30% - Pharmaron H1 Revenue Up 17.92% YoY, Newly Signed Orders Growth Over 30%
• [[Financial Report]: Pharmaron: 2025 Q3 Report - Discovery Report - Pharmaron: 2025 Q3 Report](https://www.fxbaogao.com/detail/5113477#1)
• Pharmaron: 2025 Net Profit Down 7.22% YoY, Proposed RMB 2 per 10 Shares - Pharmaron: 2025 Net Profit Down 7.22% YoY, Proposed RMB 2 per 10 Shares
• Pharmaron (300759) Main Business Operating Analysis Query | Chagu.com - gubit.cn - Gubite.China
• - Pharmaron (300759) - Operating Analysis - - Pharmaron (300759) - Operating Analysis
• Pharmaron (300759) Operating Analysis_Stock Quotes_Tonghuashun Finance
• Pharmaron: 2025 Annual Report Summary_Jiufang Zhitou - Global Index
• Pharmaron (300759) - Compass Market Data Network
• 300759 Pharmaron
• Pharmaron (300759): Full-Process, Integrated, Internationalized, Multi-Modality Global Drug R&D Leader Sets Sail
• Pharmaron PHARMARON
• Pharmaron (300759) - F10 Materials - Compass Market Data Network - Shanghai Composite | 3864.37 | +1.79% | RMB 1,396.518 Billion | Shenzhen Component | 14264.29 | +4.81% | RMB 1,560.575 Billion | CSI 300 | 4739.23 | +3.06% | RMB 1,016.727 Billion
• 300759 Pharmaron - (1) Main Business Overview: The company is a leading full-process integrated pharmaceutical R&D service platform with global operations, committed to helping customers accelerate drug innovation, with 28 R&D centers and production bases in China, UK, US, and Singapore, providing full-process integrated pharmaceutical research, development, and production services from drug discovery to drug development
• 03759 Pharmaron PHARMARON - Free Real-Time Stock Quotes - Company Business
• Pharmaron: 2025 Net Profit Down 7.22% YoY, Proposed RMB 2 per 10 Shares
• Pharmaron (300759.SZ): 2025 Net Profit RMB 1.664 Billion, Down 7.22% YoY - Pharmaron (300759.SZ): 2025 Net Profit RMB 1.664 Billion, Down 7.22% YoY
• Pharmaron (300759.SZ): 2025 Net Profit RMB 1.664 Billion, Down 7.22% YoY - US Stocks
• Eagle Eye Warning: Pharmaron Operating Revenue and Net Profit Divergence - Sina Finance
• [Pharmaron (300759): Ten Years of Development, Integrated Advantages Realized, Small Molecule CD