PHARMARON (03759) has projected its first-half 2025 financial performance, anticipating revenue between 6.333 billion and 6.501 billion yuan – marking a robust 13% to 16% year-on-year expansion. However, the pharmaceutical research giant flagged a sharp decline in shareholder returns, with net profit attributable to owners expected to plummet 36%-39% to approximately 679 million-713 million yuan.

Contrasting this downturn, the company's non-recurring net profit (excluding extraordinary items) demonstrated remarkable resilience, soaring 34%-39% to reach 624 million-648 million yuan. Meanwhile, adjusted non-IFRS net profit attributable to shareholders climbed moderately by 6%-11%.

Midpoint analysis of the forecast reveals stronger second-quarter momentum: Q2 revenue growth accelerated to 13.11% YoY. Crucially, non-recurring net profit surged 23.33% during the quarter, while adjusted non-IFRS net profit attributable to shareholders jumped 13.67%.

Management attributed the shareholder profit contraction primarily to diminished non-recurring gains, emphasizing that core operations maintained healthy progress throughout the period. This divergence highlights how transient financial impacts overshadowed otherwise solid underlying business performance.