Shares of JOINN (06127) climbed more than 4% in Hong Kong trading, last up 4.15% at HK$27.62 with turnover reaching HK$181 million. The gains come after the company released its interim results, revealing that as of the first half of 2026, total orders on hand amounted to approximately RMB 3.7 billion, representing a year-on-year increase of 60.9%. New orders signed during the period reached roughly RMB 2.02 billion, up 98.0% from a year earlier, with Q2 2026 alone contributing RMB 1.11 billion in new signings—a year-on-year surge of 88.14% and a sequential rise of 21.98%.

Western Securities noted that the company's capacity expansion is progressing steadily. In H1 2026, the Beijing experimental facility completed a 5,000-square-meter expansion, which is expected to further enhance the company's overall business carrying capacity and operational throughput. Meanwhile, the Guangzhou base project successfully passed joint inspections by government functional departments during the same period, with multiple internal departmental checks across various specialties also concluded.

Citic Construction Investment highlighted that new orders in the first half achieved growth in both volume and price, with price changes contributing more significantly. The gross margin for projects tied to newly signed orders has already recovered to the 30%-35% range. The brokerage believes that the growing number of innovative drug project signings, coupled with an increase in long-cycle specialty projects, is likely to optimize the order mix and enhance revenue visibility. As new orders from H1 2026 gradually translate into revenue and profit over 2027-2028, the company's revenue growth and gross margin levels over the next two years are expected to improve markedly. The substantial order backlog at period-end is also poised to support subsequent revenue growth and the recovery of laboratory services profitability.