Pharmaron (03759) announced projected revenue between RMB6.333 billion and RMB6.501 billion for the first half of 2025, reflecting a 13%-16% year-on-year increase. However, net profit attributable to shareholders is expected to decline significantly to approximately RMB679 million-RMB713 million, marking a 36%-39% decrease compared to the same period last year.
The company reported contrasting performance across profit metrics. Net profit excluding non-recurring items demonstrated robust growth, climbing 34%-39% year-on-year to RMB624 million-RMB648 million. Meanwhile, adjusted non-IFRS net profit attributable to shareholders rose moderately by 6%-11%.
Midpoint projections for Q2 2025 reveal revenue growth accelerating to 13.11% year-on-year. Core profitability indicators strengthened notably during the quarter, with non-recurring net profit surging 23.33% and adjusted non-IFRS net profit increasing 13.67%.
Management attributed the overall net profit decline primarily to reduced non-recurring gains, despite sustained improvement in core business operations. The divergence between declining headline profits and growing operational profitability underscores temporary non-core impacts rather than fundamental weakness.
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