According to a research report published by UBS, Yao Ming Kangde's revenue for the third quarter of 2026 was 16.6 billion yuan, up 38% year on year and 1.1% month on month, higher than the bank and market expectations; recurring revenue increased 43.5% year on year. Net profit attributable to shareholders was 8 billion yuan, up 128.6% year-on-year and 23.6% month-on-month, roughly in line with the bank's expectations of 8.5 billion yuan and higher than market expectations of 7.2 billion yuan. By the end of the third quarter, ongoing business orders were 76.7 billion yuan, up 36.4% year on year. The growth rate was further accelerated from 25.2% at the end of the second quarter, providing good visibility for revenue growth in 2027. Small molecule CDMO and TIDES revenues remain the main drivers of growth. The company further raised its overall revenue guidance for 2026 to $61 billion to $61.9 billion, raised the year-on-year growth guide for revenue from continuing operations to 40% to 42%, and maintained the adjusted non-IFRS net margin resilient guideline. The bank raised its target price from HK$243.9 to HK$255.9, reaffirmed its “buy” rating and maintained it as the first choice for the CRO sector.

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