此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢證券經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓 名下全部 北京昭衍新藥研究中心股份有限公司 的 股 份，應 立 即 將 本 通 函 連 同 隨 附 之 代 表 委 任 表 格 交 予 買 方 或 承 讓 人，或 送 交 經 手 買 賣 或 轉 讓 的 銀 行、股 票 經 紀 或 其 他代理商，以便轉交買方或承讓人。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 通 函 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 通 函 全 部 或 任 何 部 分 內 容 產 生 或 因 倚賴該等內容而引致的任何損失承擔任何責任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6127） (1)建議修訂組織章程細則 及 建議取消監事會； (2) ...

北京昭衍新药研究中心股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 12 月 5 日 1 昭衍新药 2025 年第二次临时股东大会会议资料 昭衍新药 2025 年第二次临时股东大会会议资料 北京昭衍新药研究中心股份有限公司 2025 年第二次临时股东大会会议议程 地点：北京市经济技术开发区瑞合西一路 7 号院会议室 三、网络投票的系统、起止日期和投票时间： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 12 月 5 日至 2025 年 12 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会 召开当日的交易时间段，即 9:15-9:25, 9:30-11:30, 13:00-15:00；通过互联网投票平台的投 票时间为股东大会召开当日的 9:15-15:00。 四、召集人：公司董事会 五、股权登记日：2025 年 11 月 27 日 六、议程安排： | 序号 | 会议事项 | | --- | --- | | 一 | 宣布会议开始 | | 二 | 汇报股东到会情况 | | 三 | 审议议案 | | 1 | 《关于取消 ...

关于召开2025年第二次临时股东大会的通知 证券代码：603127 证券简称：昭衍新药 公告编号：2025-047 北京昭衍新药研究中心股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 5 日 14 点 30 分 召开地点：北京市经济技术开发区瑞合西一路 7 号院会议室 (五)网络投票的系统、起止日期和投票时间。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 5 日 至2025 年 12 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11 ...

Core Viewpoint - Zhaoyan New Drug achieved a net profit of 0.81 billion yuan in Q1-Q3 2025, marking a turnaround to profitability, with a non-recurring net profit of 0.29 billion yuan, also indicating a return to profit [1] Financial Performance - The financial data continues to show pressure, but new signed orders exhibit a trend of marginal improvement [1] - Cumulative new signed orders for Q1-Q3 2025 amounted to approximately 16.4 billion yuan, representing a year-on-year increase of 17% [1] - New signed orders in Q3 2025 reached 6.2 billion yuan, reflecting a year-on-year growth of 24% and a quarter-on-quarter increase of 5% compared to Q2 2025 [1] Market Outlook - The order side benefits from improved client demand [1] - Considering the continuous introduction of policies encouraging innovation in China, along with the active stock prices of A+H innovative drug companies and a recovering IPO trend, domestic demand is expected to see marginal improvement in the coming years [1] - As a core participant in the domestic preclinical CRO business, the company is positioned to significantly benefit from these trends [1] Investment Rating - Adjustments have been made to previous profit forecasts based on changes in the domestic investment and financing environment and the new signed order trends from 2023 to 2025, while maintaining an "overweight" rating [1]

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.26%, with 240 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,864.84 million shares, accounting for 19.26% of the total share capital of the stocks, with a market value of 64,209.67 billion HKD, representing 14.59% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom (601728) at 72.09%, followed by Green Power (601330) at 69.31% and COSCO Shipping Energy (600026) at 68.55% [1] Group 1: Shareholding Distribution - 240 stocks have a shareholding ratio of over 20%, 130 stocks between 10% and 20%, 96 stocks between 5% and 10%, 82 stocks between 1% and 5%, and 19 stocks below 1% [1] - Among the stocks with over 20% shareholding by southbound funds, 128 are AH concept stocks, making up 53.33% of that group [1] Group 2: Industry Concentration - Stocks with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 35, and 34 stocks respectively [2] - The table lists several stocks with high southbound fund holdings, including China Telecom (72.09%), Green Power (69.31%), and COSCO Shipping Energy (68.55%) [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The financial data continues to show pressure, but new orders are showing a marginal improvement trend. The company reported a revenue of 985 million yuan for the first three quarters of 2025, a year-on-year decrease of 26.23%, but achieved a net profit attributable to shareholders of 81 million yuan, marking a return to profitability [1][2]. Financial Performance Summary - In Q3 2025, the company achieved a revenue of 316 million yuan, a year-on-year decline of 34.87%, with a gross margin of 16.32%. The overall financial data remains under pressure due to a decline in new orders in 2023-2024 [2]. - Cumulative new orders for the first three quarters of 2025 amounted to approximately 1.64 billion yuan, a year-on-year increase of 17%. In Q3 2025, new orders were 620 million yuan, up 24% year-on-year and 5% quarter-on-quarter, benefiting from improved client demand [2]. - The net profit for Q3 2025 was 20 million yuan, with the laboratory business contributing a loss of 60 million yuan, while asset management income contributed 13 million yuan. The fair value change of biological assets was 52 million yuan, indicating a decline in the net profit margin of the core laboratory service business to -18.9% due to intense competition [2]. Earnings Forecast and Investment Recommendations - Adjustments have been made to the earnings forecast for 2025-2027, with revenue estimates revised from 1.651 billion, 1.678 billion, and 1.762 billion yuan to 1.577 billion, 1.604 billion, and 1.684 billion yuan respectively. The EPS estimates were adjusted from 0.21 yuan to 0.14 yuan, 0.21 yuan to 0.15 yuan, and 0.21 yuan to 0.14 yuan for the respective years [3]. - The price-to-earnings ratio (PE) for 2025 is projected to be 230 times, 223 times for 2026, and 236 times for 2027, based on the closing price of 33.07 yuan per share on November 12, 2025 [3].

Group 1 - The core viewpoint of the news highlights the stock performance and financial metrics of Zhaoyan New Drug, indicating a 99.22% increase in stock price year-to-date, with a recent slight decline in the last five and twenty trading days [1][2] - As of September 30, 2025, Zhaoyan New Drug reported a revenue of 985 million yuan, a year-on-year decrease of 26.23%, while the net profit attributable to shareholders increased by 214.79% to 80.71 million yuan [2] - The company has a market capitalization of 24.785 billion yuan and has seen significant trading activity, with a net inflow of 1.4684 million yuan from major funds [1] Group 2 - Zhaoyan New Drug's main business involves non-clinical safety evaluation services for drugs, accounting for 95.59% of its revenue, with clinical services and experimental model supply making up the remainder [1] - The company has distributed a total of 703 million yuan in dividends since its A-share listing, with 356 million yuan distributed in the last three years [3] - The number of shareholders increased by 57.61% to 96,500 as of September 30, 2025, indicating growing interest in the stock [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 39.59 CNY [5][10]. Core Insights - The company's performance is under short-term pressure, but new orders are improving, indicating potential for recovery in profitability [2][10]. - The overall order backlog as of Q1-Q3 2025 is 2.5 billion CNY, with new orders amounting to 1.64 billion CNY, reflecting a year-on-year increase of 17.1% [10]. - The company is focusing on expanding its client base, particularly large clients, with significant increases in project signings in various therapeutic areas [10]. Financial Summary - Total revenue for 2023 is projected at 2,376 million CNY, with a decline to 1,525 million CNY in 2025, representing a 24.4% decrease [3][11]. - Net profit attributable to shareholders is expected to drop significantly from 397 million CNY in 2023 to 121 million CNY in 2025, a decrease of 63.0% [3][11]. - Earnings per share (EPS) is forecasted to be 0.16 CNY in 2025, down from 0.53 CNY in 2023 [3][11]. Order Trends - The company has seen a positive trend in new orders, with Q3 2025 alone contributing approximately 620 million CNY in new contracts, a 24.0% increase year-on-year [10]. - The signing of antibody projects has increased by 20%, and projects in small nucleic acids and ADCs have seen over a 50% increase in signings [10]. Capacity and Quality Improvements - The company is steadily advancing its capacity, with new facilities in Suzhou and Guangzhou nearing completion [10]. - The company has successfully passed FDA GLP inspections, enhancing its competitive position in the industry [10].

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2] Group 1: Significant Increases in Holdings - Qingdao Bank (03866) saw the largest increase in holdings, up by 2.24% to a total of 14.87% [1] - Qin Port Co. (03369) and Guotai Junan International (01788) also experienced significant increases of 0.84% and 0.78%, bringing their holdings to 44.42% and 14.70% respectively [1] - Over the last five trading days, Qingdao Bank (03866) had the highest increase at 7.31%, followed by Hang Seng China Enterprises (02828) at 6.53% and Anjuke Food (02648) at 3.86% [1] Group 2: Significant Decreases in Holdings - Shandong Molong (00568) experienced the largest decrease in holdings, down by 0.87% to 58.74% [1] - Other notable decreases include China Merchants Energy (01138) and Lens Technology (06613), which saw reductions of 0.84% and 0.80%, resulting in holdings of 69.25% and 15.88% respectively [1] - Over the last five trading days, the largest decrease was recorded by Changfei Optical Fiber (06869) at -4.32%, followed by Delin Holdings (01709) at -3.75% and ZTE Corporation (00763) at -2.86% [1] Group 3: Long-term Trends in Holdings - Over the past 20 days, GX Hang Seng Technology (02837) had the highest increase in holdings at 19.01%, followed by Ying'en Bio-B (09606) at 16.05% [2] - Qingdao Bank (03866) also showed a significant increase of 7.76% over the same period, indicating a positive trend in investor interest [2] - Conversely, Changfei Optical Fiber (06869) recorded the largest decrease in holdings over 20 days at -10.14%, indicating potential concerns among investors [2]

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06127 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,206 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,206 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603127 | 說明 | | ...