#Pharmaceutical Outsourcing

Pharmaron Beijing: Order Momentum Returns, but the Platform Is Still Unfinished

Pharmaron Beijing is an integrated drug R&D outsourcing platform whose laboratory-services engine, RMB 8.16 billion of FY2025 revenue at a 45.1% gross margin, still funds the build-out of CMC, clinical and biologics capacity. FY2025 revenue grew 14.8% to RMB 14.10 billion while attributable profit fell 7.2% to RMB 1.66 billion on a prior-year investment-gain base, and Q1 2026 new orders grew more than 30% with CMC orders up over 50%, yet North America supplies roughly 61.8% of revenue under a sector-wide geopolitical discount. Rating Hold: a good discovery-and-chemistry franchise is funding a real but unfinished move into broader CRDMO, leaving the current CNY 29.11 price short of a margin-of-safety entry below CNY 25.