The Zheshang Securities Research Report pointed out that Yao Ming Kangde's Q2 revenue and profit accelerated again, and adjusted net interest rates reached a record high. 2026H1: The company achieved revenue of 28.90 billion yuan, a year-on-year increase of 38.9%, and revenue from continuing operations increased 48.0% year-on-year. The company achieved adjusted non-IFRS net profit of 11.57 billion yuan, an increase of 83.2% over the previous year, and the adjusted net interest rate reached 40.0%, an increase of 9.7 pcts over the previous year. As of the end of June 2026, the company's ongoing business orders amounted to RMB 66.43 billion, an increase of 25.2% year-on-year, and an acceleration of 23.6% year-on-year increase in 26Q1. Q2 achieved revenue of 16.46 billion yuan, an increase of 47.7% year on year, and revenue from continuing operations increased 55.2% year over year. The company expects overall revenue to increase from 513-53 billion yuan to 585-60.5 billion yuan in 2026, and the year-on-year growth rate of continuing business revenue will increase from 18-22% to 35-39%. I am optimistic about the sustainability of the company's performance growth, driven by the company's leading and unique CRDMO business model, and maintain a “buy” rating.

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