According to the CITIC Construction Investment Research Report, after experiencing an adjustment period of 22-24 years, the domestic CXO industry took the lead in recovering from overseas investment and financing. Overseas orders from leading domestic CXO companies showed a recovery trend. As domestic innovative drug assets achieved large-scale external licensing in 25 years, driving the continuous recovery of domestic investment and financing 25H2, domestic demand also rebounded steadily. Since '26, the long-term structural opportunities of the domestic innovative pharmaceutical industry have continued to be realized, domestic investment and financing have continued to improve, and the new drug form circuit continues to heat up and expand. CITIC Construction Investment believes that new orders and performance of the domestic CRO/CDMO industry will accelerate in '26, driving the CXO industry chain into a new stage of development.

According to the CITIC Construction Investment Research Report, after experiencing an adjustment period of 22-24 years, the domestic CXO industry took the lead in recovering from overseas investment and financing. Overseas orders from leading domestic CXO companies showed a recovery trend. As domestic innovative drug assets achieved large-scale external licensing in 25 years, driving the continuous recovery of domestic investment and financing 25H2, domestic demand also rebounded steadily. Since '26, the long-term structural opportunities of the domestic innovative pharmaceutical industry have continued to be realized, domestic investment and financing have continued to improve, and the new drug form circuit continues to heat up and expand. CITIC Construction Investment believes that new orders and performance of the domestic CRO/CDMO industry will accelerate in '26, driving the CXO industry chain into a new stage of development.