康龙化成：2026年03月31日投资者关系活动记录表附件之演示文稿(英文版)
AnnualResults2025
Stock code: 300759.SZStock code: 3759.HK
March2026
Disclaimer
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PerformanceOverview
SegmentHighlights
FinancialHighlights
FutureOutlook
Contents
PerformanceOverview
SegmentHighlights
FinancialHighlights
FutureOutlook
CONTENT
1234
2025 Highlights
Solid Growth & Breakthroughs inCommercial Manufacturing
Global Platform & Customers
950+new customers, 3,300+activecustomers, incl. all of the TOP 20 MNCs28 R&D & Mfg. facilities across China, UK,US & Singapore, providing fully-
integrated services for SM, LM & CGTContinued to enhance integrated servicecapabilities for new modalities, drivingrapid growth25,088emps., incl. 1,700+overseas emps.22,874scientists & technicians,representing 91%+of total emps.
Rich Pipeline to Fuel Future Growth
Discovery projects: 887drug discoveryprojectsSM CDMO projects: 34in validation &commercial, 47in PhIII, 271in PhI/II, 750in preclinicalClinical projects: 1,397CRO projects, incl.125in PhIII. 1,900+SMO projects, CRC
team covered ~700hospitals & clinicaltrial centers in 150+citiesCGT projects: 25release testing projects,incl. 2commercial projects. 19genetherapy CDMO projects, incl. 1in PhIII, 9in PhI/II, 9in preclinical
RMB14,095 mmin revenue, YoY growth of
14.8%
RMB1,816 mmin non-IFRSs net profit, YoYgrowth of 13.0%RMB1,664 mmin net profit, YoY decline of
7.2%
Revenue from TOP 20 MNCs grew by 29.4%New POs grew by 14%+ YoYAPI facilities in Ningbo & Shaoxing passedFDAinspections; in 4Q2025, the 1
stinnovative API project was approved in theU.S.; in 1Q2026, signed a commercialmanufacturing agreement with an MNC foran oral GLP-1 DP
1.due to the impact of investment income generated from the disposal of equity interests in PROTEOLOGIX in 2024Financials are prepared in accordance with IFRS. Data are rounded tothe nearest million
2025 Sustained QoQ Growth with Non-IFRSs Net Margin Expansion
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
RMB mm1Q2025
| 1Q2025 | 2Q2025 | 3Q2025 | 4Q2025 |
Revenue
Revenue
3,099 3,342 3,645 4,009
QoQ
7.9%9.1%10.0%
YoY
16.0%13.9%13.4%15.9%
Non
-IFRSs Net Profit349 406 471 590
QoQ
16.3%15.9%25.2%
YoY
3.1%15.6%12.9%18.0%
3,099
3,342
3,645
4,009
11.3%
12.2%
12.9%
14.7%
9%10%11%12%13%14%15%16%
(300.00) 200.00 700.00 1,200.00 1,700.00 2,200.00 2,700.00 3,200.00 3,700.00 4,200.00
1Q20252Q20253Q20254Q2025
RevenueNon-IFRSs Net ProfitNon-IFRSs Net Margin
RMB mm
Revenue & Non-IFRSs Net Margin Improved QoQ
2025 Revenue Compositions
China Entities,
88%
OverseasSubsidiaries,12%
LaboratoryServices, 58%Small MoleculeCDMO Services,
25%
Clinical DevelopmentServices, 14%
Biologics & CGT
Services, 3%China Entities
Revenue Grew 15.0%
Overseas SubsidiariesRevenue Grew 13.8%
China/Overseas Entities
NorthAmerica,62%Europe,21%
China,15%
ROW, 2%
Global Customers
TOP 20 MNCsRevenue Grew29.4%Other Customers
Revenue Grew 11.7%
Diversified Customer Base
NA Revenue Grew 11.0%EU Revenue Grew 27.4%CN Revenue Grew 15.7%
TOP 20 MNCs,
20%
Other Repeat
Customers, 76%
New Customers,
4%
Segments
Revenue Composition
Revenue Composition
Revenue Composition
Revenue Composition
ESG Updates
ESG RatingsISO Cert. & UNGCSustainable Development
?Included in S&P GlobalSustainability Yearbook?Awarded the title of “IndustryMover” by S&P Global
2025 Low Risk Company; 2026
Industry ESG Leader, Regional ESG
Leader, Global ESG Leader
SUSTAINALYTICS
2025 MSCI ESG Rating
AA
Joined in the United Nations
Global Compact (UNGC)
?Obtained expanded certifications forthe ISO 27001, ISO 14001, ISO45001 & ISO 22301
2025 EcoVadis
Silver Prize
PerformanceOverview
SegmentHighlights
FinancialHighlights
FutureOutlook
CONTENT
1234
Laboratory Services
?Expanded strategic customer base while achieving breakthroughs in large-scalecollaborations & new modalities projects?Robust growth of bioscience & lab chemistry services, with bioscience services contributing56%+ of segment revenue?New POs grew by ~12% YoY?Participated in 887 drug discovery projects?Strengthen service capabilities: (1) promoted cross-platform collaborations & providecustomers with multi-dimensional data to evaluate the efficacy and safety of drug candidates.
(2) Advanced the integration of AI & automation to improve the success rate of chemistrysynthesis & accelerate drug DMTA cycle. (3) Strengthened NAM capabilities to optimizepreclinical to clinical translations. (4) Acquired Biortusto enhance structural biology platform
RMB mm
1Q20252Q20253Q20254Q20252025
Revenue
1,857 2,035 2,111 2,1558,159
QoQ
9.6%3.7%2.1%
YoY
15.7%15.2%14.3%17.9%15.8%
GPM
45.6%44.3%44.6%44.3%44.7%
QoQ
-1.3pct0.3pct-0.3%
YoY
2.0pct0.0pct-0.3pct-0.4pct0.3pct
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
Small Molecule CDMO Services
?84%+of segment revenue came from the existing customers of lab services?New POs grew by ~13% YoY. Large-scale production orders signed in 1Q2026?Commercial manufacturing: (1) API facilities in Ningbo & Shaoxing passed FDA inspections. (2)In 4Q2025, the 1
stinnovative API project was approved in the U.S. (3) In 1Q2026, signed acommercial manufacturing agreement with an MNC for an oral GLP-1 DP?Strengthen capabilities for new modalities: (1) Building upon our expertise in linkers & payloadsproduction, we further strengthened ADC CDMO capabilities. The GMP bioconjugation facilityfor early-stage clinical trial material production began operation, while expanding bioconjugationcapacities for mid-to-late-stage clinical trial material and commercial production & ADCformulation. (2) In addition to the existing peptide GMP pilot plant, a new, larger-scale solid-
phase synthesis facility for peptide APIs is expected to be completed in 2026
RMB mm
1Q20252Q20253Q20254Q20252025
Revenue
693 697 903 1,1903,483
QoQ
0.5%29.6%31.8%
YoY
19.1%17.4%12.7%17.6%16.5%
GPM
30.5%29.9%34.2%37.8%33.8%
QoQ
-0.6pct4.3pct3.6pct
YoY
3.2pct1.6pct0.1pct-0.6pct0.7pct
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
Small Molecule CDMO Projects Continued to Advance to Late Stage
750 Preclinical
271 Phase I/II
47 Phase III
34 PPQ&Commercial
Total +36
-32
+29
+24
+15
Clinical Development Services
RMB mm
1Q20252Q20253Q20254Q20252025
Revenue
447 492 501 5171,957
QoQ
10.0%1.7%3.2%
YoY
14.2%8.9%8.2%-0.7%7.1%
GPM
11.8%12.8%10.8%10.3%11.4%
QoQ
1.0pct-2.0pct-0.5pct
YoY
2.5pct-2.6pct-3.6pct-1.6pct-1.4pct?Amid the bottoming-out and consolidation of China’s clinical CRO industry, Pharmaron Clinicalachieved countercyclical growth in service projects & revenue, driven by stronger brandinfluence and customer recognition?1,397 clinical CRO projects, incl. 125 PhIIIclinical trials, 539 PhI/II clinical trials, and 733 otherclinical trials. 1,900+ SMO projects. CRC team covered ~700 hospitals & clinical trial centers in150+ cities
?Committed to building a digital & intelligent clinical R&D service platform, Pharmaron Clinicalhas promoted the application of digital technologies & AI tools across multiple BUs?Acquired Aistarfish, leveraging its proprietary RWD to empower customers in improving theefficiency of clinical development & post-marketing studies
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
Biologics & CGT Services
?CGT testing: 25 CGT analytical release testing projects, incl. 2 commercial projects & 14clinical projects. 17 tox/tox support studies for CGT products either completed or are inprogress
?GT CDMO: 19 gene therapy CDMO projects, incl. 1 in PhIII, 9 in PhI/II & 9 in preclinical?Enhancing biologics CDMO pipeline: deepening collaboration with a repeat batch productionfor an MNC customer while initiating several DNA-to-IND antibody projects. Acquired Biortusto expand expertise in complex target protein production & analysis
?Diversifying service offerings in U.K. & U.S.: providing testing services for CAR-T cell
therapies (incl. in vivo CAR-T & allogeneic CAR-T) and therapies delivered via LNPs. Won the
st
GMP manufacturing order for a monoclonal antibody
RMB mm
1Q20252Q20253Q20254Q20252025
Revenue
99113125138
QoQ
14.3%10.6%10.9%
YoY
7.9%-5.8%25.1%43.4%16.5%
GPM
-68.9%-42.4%-39.8%-18.9%-40.4%
QoQ
26.5pct2.6pct20.9pct
YoY
-30.3pct-16.5pct27.4pct54.6pct9.7pct
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
PerformanceOverview
SegmentHighlights
FinancialHighlights
FutureOutlookCONTENT
1234
R&D Costs as % of Total Revenue
2.9%
3.9%
3.8%
4.1%
2022202320242025
2025 Expenses for the Period
Selling and Distribution Expenses as % of Total Revenue
2.2%2.2%
2.1%
2.2%
2022202320242025
1.Excluding share-based compensation expenses recognized in administrative expenses
2.Net finance costs including interest expenses on bank borrowings and lease liabilities, interest income and bank wealth management products related gains or losses
0.1%0.1%
0.9%0.9%
2022202320242025
Net Finance Costs as % of Total Revenue
(2)
Administrative Expenses as % of Total Revenue
(1)
Free Cash Flow of RMB552 Million in 2025
2,143
2,754
2,577
3,2212,950
2,865
2,041
2,669
2022202320242025
Net Operating Cash FlowCAPEX
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
RMB mm
2025 Non-IFRSs Adjusted Net Profit
Financials are prepared in accordance with IFRS. Data are rounded to the nearest million
RMB
mm
20252024
Net Profit
1,6641,793
Add:
Share-based Compensation Expenses7183Convertible Bonds Related Gains-(6)Foreign Exchange Related (Gains) / Losses (10)34Realized and Unrealized Losses /(Gains) From EquityInvestments
86(407)
Amortization of Intangible Assets from Acquisitions5-Non-Financial Assets Impairment-65One-off Loss Made by Pharmaron Shanghai Co., Ltd.due to the Business Close
-44
Non
-IFRSs Net Profit1,8161,607
PerformanceOverview
SegmentHighlights
FinancialHighlights
FutureOutlookCONTENT
2026 Outlook
The evolving healthcare demands and technological innovations will sustain thedevelopment of our industry. Global customer demand continued to demonstrateresilience, while demand from China customers is showing signs of recovery
Continue to develop our end-to-end, fully integrated and multiple modalities-capableservices platform, further advance ourCDMO business model, and deepen theintegration of AI and automation across operations to drive sustained growth
Expect to deliver 12~18% YoY revenue growth in 2026
Disclaimer: These forward-looking statements reflects the current view of the Company with respect to future events are based on a number ofassumptions aboutthe Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and, accordingly, actual results may differmaterially from these forward-looking statements
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