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the cxo (pharmaceutical r&d and production outsourcing) industry is regarded as one of the indicators of the prosperity of the biopharmaceutical market. over the past year, with the decrease in revenue from covid-19 projects and the slowdown in biopharmaceutical investment and financing, the industry's growth has slowed down. as the semi-annual reports of various companies have been disclosed, how are the industry's fundamentals performing?

taking the 29 cxo companies listed on the a-share market before june this year as the statistical objects, the net profit attributable to the parent company's shareholders declined in 20 companies, accounting for nearly 70%. among them, zhaoyan pharmaceutical (603127.sh), nanmo biopharma (688265.sh), ruizhi pharmaceutical (300149.sz), heyuan biopharma (688238.sh), medicilon (688202.sh), and boten pharmaceutical (300363.sz) declined by more than 100%.

in the first half of this year, eight companies suffered losses in net profit attributable to parent company shareholders, which is also the record with the largest number of companies suffering losses in the interim performance reports of the a-share cxo industry.

among them, boten pharmaceuticals, zhaoyan pharmaceuticals, and heyuan biopharma were the top losers, with losses of 170 million yuan, 170 million yuan, and 113 million yuan respectively. in addition, medicilon also suffered a loss of 70.23 million yuan.

from 2020 to 2022, due to the emergence of the covid-19 pandemic, a large number of covid-19 vaccines, neutralizing antibodies, and therapeutic drugs were invested in research and development, which once gave rise to the rapid development of the industry. now, with the disappearance of the covid-19 pandemic, there is no longer any revenue from covid-19 project orders for cxo companies. the decline in performance of most companies is related to the reduction in revenue from covid-19 projects and the high base of revenue from previous covid-19 projects. at the same time, companies also need to digest the pressure of asset impairment of covid-19 projects.