Competition And PricingThe revenue decline was due to persistently soft R&D activities in China’s pharmaceutical industry, which has led to increased competition and price erosion.
New OrdersNew orders signed by Joinn decreased by ~40% YoY to RMB2.3bn due to weak client demand.
Revenue DeclineJoinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked attributable net loss of RMB272mn, a significant downturn from an attributable net profit of RMB188mn in 1Q23.