Core Insights - The pharmaceutical industry is experiencing a structural change driven by the growth cycles of major products, with significant opportunities emerging in innovative drugs, medical devices, and consumer healthcare [3][6][31] - The demand for pharmaceuticals is expected to improve in 2026, supported by policies encouraging innovation and a recovery in domestic consumption [3][7] - The supply side of the pharmaceutical industry is characterized by high entry barriers due to patent protections and government regulations, which helps maintain a stable competitive environment [4][5] Group 1: Industry Trends - The aging population, urbanization, and changing disease patterns are making the pharmaceutical industry a perpetual growth sector [3] - The global pharmaceutical market has seen rapid expansion from 2009 to 2019, followed by a surge in demand due to COVID-19, and is now entering a phase of recovery and growth [3][6] - The Chinese pharmaceutical industry is expected to gradually produce world-class companies, with increasing recognition of Chinese innovative drug assets by multinational corporations (MNCs) [4][5] Group 2: Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [6][31] - The demand for innovative drugs is expected to remain strong, with policies improving medical insurance payments and the upcoming launch of commercial insurance drug catalogs [7][31] - The medical device sector is anticipated to recover, with a focus on domestic demand and international expansion, particularly in areas with low domestic production rates [7][8] Group 3: Company Performance - Major pharmaceutical companies like Eli Lilly, AbbVie, and AstraZeneca are experiencing significant growth driven by key products, with Eli Lilly's Tirzepatide generating $24.8 billion in sales [12][15] - The report identifies specific companies such as Hengrui Medicine, Hansoh Pharmaceutical, and BeiGene as outperformers in the market, with strong pipelines and global competitiveness [7][8] - The report emphasizes the importance of mergers and acquisitions (M&A) and business development (BD) strategies for MNCs, with China becoming a significant source of projects for top global pharmaceutical companies [22][24]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京昭衍新藥研究中心股份有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 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 ...

Core Viewpoint - Zhaoyan New Drug (603127) experienced a stock price increase of over 4%, reaching HKD 21.66 with a trading volume of HKD 209 million, following the announcement of its financial results for the first three quarters of 2025 [1] Financial Performance - The company reported a revenue of RMB 985 million for the first three quarters of 2025, representing a year-on-year decrease of 26.23% [1] - The net profit attributable to the parent company was RMB 80.71 million, a significant improvement compared to a loss of RMB 70.31 million in the same period last year [1] Order Status - The total new signed orders amounted to approximately RMB 1.64 billion for the first three quarters [1] - As of the end of the reporting period, the total backlog of orders stood at around RMB 2.5 billion [1]

Core Viewpoint - Zhaoyan New Drug (06127) experienced a stock price increase of over 4%, reaching HKD 21.66 with a trading volume of HKD 209 million [1] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of RMB 985 million, a year-on-year decrease of 26.23% [1] - The net profit attributable to the parent company was RMB 80.71 million, compared to a loss of RMB 70.31 million in the same period last year [1] Order Status - The total new signed orders amounted to approximately RMB 1.64 billion for the first three quarters [1] - As of the end of the reporting period, the total backlog of orders stood at approximately RMB 2.5 billion [1]

Core Insights - Zhaoyan New Drug's stock increased by 5.12% to 37.18 CNY per share, with a trading volume of 999 million CNY and a turnover rate of 4.41%, resulting in a total market capitalization of 27.866 billion CNY [1] Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. was established on February 25, 1998, and listed on August 25, 2017. The company primarily focuses on non-clinical safety evaluation services for drugs and sales of preclinical research services and laboratory animals [1] - The main revenue composition includes: 95.59% from non-clinical research services, 4.34% from clinical services, and 0.07% from laboratory model supply [1] Fund Holdings - According to data, one fund under Rongtong Fund has a significant holding in Zhaoyan New Drug. The Rongtong Healthcare Industry Mixed A/B Fund (161616) reduced its holdings by 318,500 shares in the third quarter, now holding 938,300 shares, which accounts for 3.95% of the fund's net value, ranking as the sixth-largest holding [2] - The Rongtong Healthcare Industry Mixed A/B Fund was established on July 26, 2012, with a latest scale of 708 million CNY. Year-to-date returns are 12.74%, ranking 5494 out of 8154 in its category; the one-year return is 8.38%, ranking 6220 out of 8046; and since inception, the return is 136.09% [2] Fund Manager Information - The fund managers of Rongtong Healthcare Industry Mixed A/B Fund are Wan Minyuan and Liu Xiyang. Wan Minyuan has a tenure of 9 years and 69 days, managing assets totaling 5.957 billion CNY, with the best fund return of 144.04% and the worst return of -20.09% during his tenure [3] - Liu Xiyang has a tenure of 1 year and 231 days, managing assets totaling 839 million CNY, with the best fund return of -1.31% and the worst return of -2.08% during his tenure [3]

Core Viewpoint - Zhaoyan New Drug (06127) reported a significant decrease in revenue for the first three quarters of 2025, while achieving a positive net profit compared to a loss in the same period last year [1] Financial Performance - The company achieved an operating revenue of 985 million yuan, representing a year-on-year decrease of 26.23% [1] - The net profit attributable to the parent company was 80.7061 million yuan, a turnaround from a loss of 70.3071 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.11 yuan [1]

Core Viewpoint - Zhaoyan New Drug (06127.HK) reported its Q3 2025 financial results, showing a revenue of 316 million yuan and a net profit of 19.77 million yuan, with basic earnings per share of 0.03 yuan [1] Financial Performance - For the first three quarters, the company achieved a total revenue of 985 million yuan and a net profit of 80.71 million yuan [1]

北京昭衍新藥研究中心股份有限公司 董事會戰略委員會工作細則 第一章 總 則 第一條 為 適 應 公 司 戰 略 發 展 需 要，增 強 公 司 核 心 競 爭 力，確 定 公 司 發 展 規 劃，健 全 投 資 決 策 程 序，加 強 決 策 民 主 性 和 科 學 性，提 高 重 大 投 資 決 策 的 效 益 和 決 策 的 質 量，完 善 公 司 治 理 結 構，根 據《中 華 人 民 共 和 國 公 司 法》、《上 海 證 券 交 易 所 股 票 上 市 規 則》（以 下 簡 稱「《上 交 所 上 市 規 則》」）、《上 海 證 券 交 易 所 上 市公司自律監管指引第1號－規 範 運 作》（以 下 簡 稱「《規 範 運 作 指 引》」）、《香 港 聯 合 交 易 所 有 限 公 司 上 市 規 則》（以 下 簡 稱「《香 港 上 市 規 則》」）、《香 港 上 市 規 則》附 錄十四的《企 業 管 治 守 則》、《北 京 昭 衍 新 藥 研 究 中 心 股 份 有 限 公 司 章 程》（以 下 簡 稱「《公 司 章 程》」）及 其 他 有 關 規 定，公 司 設 立 董 事 會 戰 略 委 員 會， ...

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公告的內容概不 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 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 北京昭衍新藥研究中心股份有限公司 （1）第四屆董事會第十六次會議決議公告 （2）2025年第三季度報告 （3）關於取消監事會並修訂《公 司 章 程》的公告 （4）2025年三季度計提資產減值損失公告 （5）2025年第三季度業績說明會 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） 海外監管公告 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 附件為本公司於上海證券交易所網站刊登之 （17）防止控股股東及關聯方佔用公司資金管理制度 （18）募集資金管理制度 （19）董事會薪酬與考核委員會工作細則 （20） ...

北京昭衍新藥研究中心股份有限公司 董事會提名委員會工作細則 第一章 總 則 第一條 為 規 範 公 司 高 級 管 理 人 員 的 產 生，優 化 董 事 會 組 成，完 善 公 司 治 理 結 構，根 據《中 華 人 民 共 和 國 公 司 法》、《上 海 證 券 交 易 所 股 票 上 市 規 則》（以 下 簡 稱「《上 交 所 上 市 規 則》」）、《上 海 證 券 交 易 所 上 市 公 司 自 律 監 管 指 引 第1號－ 規 範 運 作》（以 下 簡 稱「《規 範 運 作 指 引》」）、《香 港 聯 合 交 易 所 有 限 公 司 上 市 規 則》 （以 下 簡 稱「《香 港 上 市 規 則》」）、《香 港 上 市 規 則》附 錄C1的《企 業 管 治 守 則》、《北 京 昭 衍 新 藥 研 究 中 心 股 份 有 限 公 司 章 程》（以 下 簡 稱「《公 司 章 程》」）及其他有關 規 定，公 司 設 立 董 事 會 提 名 委 員 會，並 制 定 本 工 作 細 則。 第二條 董 事 會 提 名 委 員 會 是 董 事 會 下 設 的 專 門 工 作 機 構，主 要 負 責 對 公 司 董 ...