Pharmaron 3759.HK 3759 HK EQUITY: HEALTH CARE & PHARMACEUTICALS 4Q25 in line; 12-18% y-y top-line growth guided Lab services stable while CMC accelerates; maintain Buy 4Q25 results in line: top/bottom line rose 16%/41% y-y According to management at the earnings call, it expects FY26E revenue to grow 12-18% y-y (equivalent to CNY15.8bn-16.6bn, the mid-point of which is in line with the Bloomberg consensus but ahead of our estimate). This guidance factors in FX impact; otherwise, growth would be 3pp higher, ...