PHARMARON (03759) saw its shares rise more than 7%. At the time of writing, the stock was up 7.12%, trading at HK$20.16 with a turnover of HK$94.78 million. The company's 2025 performance showed revenue of RMB 14.095 billion, a year-on-year increase of 14.8%. Profit attributable to owners of the parent company was RMB 1.664 billion, down 7.2% compared to the previous year. Looking specifically at the fourth quarter of 2025, the company's single-quarter revenue reached RMB 4.009 billion, up 15.93% year-on-year, while net profit attributable to the parent company's owners was RMB 523 million, a significant increase of 40.76%. During the reporting period, revenue from the company's laboratory services amounted to RMB 8.1589 billion, growing 15.8% year-on-year. The gross profit margin for the full year 2025 was 44.7%. Huatai Securities expressed the view that the company's overall performance is accelerating positively. Customer inquiry volume continues to be strong, with the value of new orders signed in 2025 increasing by over 14% year-on-year, further accelerating from the growth rate of over 13% in the first three quarters of 2025. Based on new order trends and business momentum, the company forecasts revenue growth of 12% to 18% for 2026. Considering the ongoing recovery in downstream industry demand, coupled with the company's robust core capabilities in laboratory services and the increasing maturity of other business segments, there is optimism for the company's positive development in 2026.