Core Viewpoint - Zhaoyan New Drug (06127) has seen a significant stock price increase of over 9%, currently trading at 24.62 HKD, with a transaction volume of 391 million HKD, indicating positive market sentiment towards the company [1] Group 1: Company Performance and Outlook - Huatai Securities reports that Zhaoyan New Drug experienced high growth from 2018 to 2022, but is facing order volume and price pressures from 2023 to 2025. However, starting in 2026, the company is expected to enter a new growth phase driven by domestic recovery and overseas outsourcing [1] - The report highlights that the price of experimental monkeys, a key indicator of supply and demand in the safety evaluation industry, is currently stable at 80,000 to 100,000 RMB per monkey, with a potential upward trend as supply-demand gaps widen [1] Group 2: Market Concerns and Long-term Perspectives - Contrary to market concerns regarding the impact of FDA new policies and overseas business growth potential, Huatai Securities believes that the new policies are primarily focused on monoclonal antibodies and have not yet been adopted domestically. Animal testing will remain the dominant method in global drug safety evaluation for the next 3-5 years [1] - The long-term application of new methodologies such as AI and organoids is still uncertain, requiring careful consideration of transitional results and technological maturity. The company is expected to enhance its overall capabilities through proactive engagement with new methodologies [1]

天眼查商业履历信息显示，北京昭衍新药研究中心股份有限公司，成立于1998年，位于北京市，是一家 以从事研究和试验发展为主的企业。企业注册资本53564.4275万人民币，实缴资本4560.33万人民币。公 司法定代表人为冯宇霞。 通过天眼查大数据分析，北京昭衍新药研究中心股份有限公司共对外投资了20家企业，参与招投标项目 44次，知识产权方面有商标信息70条，专利信息54条，此外企业还拥有行政许可44个。 来源：金融界 资金流向方面，今日主力资金净流入2.27亿元，占比成交额12.81%。其中，超大单净流入1.99亿元、占 成交额11.25%，大单净流入2752.09万元、占成交额1.55%，中单净流出流出8315.43万元、占成交额 4.7%，小单净流出14356.95万元、占成交额8.11%。 昭衍新药最新一期业绩显示，截至2025一季报，公司营业总收入2.87亿元、同比减少11.54%，归属净利 润4111.95万元，同比增长115.11%，扣非净利润2566.26万元，同比增长109.14%，流动比率4.613、速动 比率3.221、资产负债率13.96%。 金融界消息 截至2025年8月13日收盘， ...

Group 1 - The Hong Kong stock market showed strong performance on August 13, with the Hang Seng Index rising by 1.88% and the Hang Seng Tech Index increasing by 2.35%, particularly driven by the healthcare sector [1] - The Hong Kong Innovative Drug 50 ETF (513780) closed up by 3.38% with a turnover rate exceeding 18% and a transaction volume of over 400 million yuan, indicating strong investor interest [1] - Notably, the Hong Kong Innovative Drug 50 ETF (513780) experienced a net inflow of 1.07 billion yuan over the past 15 trading days, and it has gained over 92% year-to-date as of August 12 [1] Group 2 - The National Healthcare Security Administration announced the preliminary review results for the 2025 medical insurance directory and commercial insurance innovative drug directory, with 534 drugs passing the basic medical insurance directory review and 121 drugs passing the commercial insurance innovative drug directory review [2] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug directory, indicating a push for diversified payment methods for innovative drugs [2] - Analysts suggest that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential single innovative drugs, and leading technology platforms in the sector [2]

Group 1 - The National Medical Insurance Administration has approved 534 drugs for the basic medical insurance drug list, a significant increase compared to 2024, and established a new commercial insurance innovative drug list with 121 drugs [4] - The biopharmaceutical ETF (159839) has seen a strong performance, with a 2.53% increase on August 13, 2025, and a 1-month cumulative increase of 8.26% [1][4] - Leveraged funds are actively investing in the biopharmaceutical sector, with the latest financing buy amount reaching 2.34 million yuan and a financing balance of 12.62 million yuan [4] Group 2 - The biopharmaceutical ETF has experienced a significant increase in shares, with a growth of 6 million shares over the past year, ranking in the top third among comparable funds [3] - The biopharmaceutical sector remains a key focus in the pharmaceutical industry, with ongoing significant business development (BD) transactions that enhance resource integration and project development [5] - Recent global transactions in innovative drugs indicate a vibrant market, with six key transactions reported, reflecting the active collaboration between domestic and international companies [4]

Group 1 - The CRO (Contract Research Organization) sector is experiencing a rebound, with notable stock price increases among key players [1] - Zhaoyan New Drug has reached its daily limit increase, indicating strong market interest and confidence [1] - Other companies in the sector, including Medisi, Kailaiying, Minophagen, Sunshine Nuohe, WuXi AppTec, and Kanglong Huacheng, have also seen significant stock price increases [1]

Core Viewpoint - The company, Zhaoyan New Drug, has shown a significant increase in net profit despite a decline in revenue, indicating potential resilience in its business model within the pharmaceutical services industry [1][2]. Company Summary - Zhaoyan New Drug's closing price on August 11 was 31.22 yuan, reflecting a 3.38% increase, with a rolling PE ratio of 60.40 times and a total market capitalization of 23.399 billion yuan [1]. - The company operates primarily in non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1]. - For the first quarter of 2025, Zhaoyan New Drug reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.1195 million yuan, a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1]. Industry Summary - The average PE ratio for the medical services industry is 48.03 times, with a median of 60.62 times, positioning Zhaoyan New Drug at the 29th rank within the industry [1][2]. - The company is among 17 institutions holding shares, with a total of 10.9687 million shares valued at 231 million yuan [1].

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 其中，年薪排行前三的董秘分别为康龙化成的Gilbert Shing Chung Li（李承宗）、昭衍新药的高大鹏、 凯莱英的徐向科，三人年薪分别为198.55万元、173.84万元、161.14万元。 从薪酬变动幅度看，海特生物的杨坤2024年薪酬降幅最大，同比降幅达78.96%；何氏眼科的周晋峰薪 酬增幅最大，同比涨幅达142.8%。 责任编辑：公司观察 从董秘的年龄分布来看，40岁及以下的董秘是市场的中坚力量，占比共计达到43%；50岁以上的董秘占 比为22%；40岁-50岁的董秘群体占比为35%。其中，目前仍任职的最年轻的男上市公司董秘年龄32岁， 为盈康生命的刘泽霖；最年轻的女董秘年龄为32岁，为创新医疗的郭立丹。 从董秘的学历分布看，拥有本科、硕士、博士学历的董秘占比分别为34%、52%、14%，其中，获得博 士学历的董秘共7人，分别为新里程的徐旭、药石科技的余善宝、华厦眼科的曹乃恩、爱尔眼科的吴士 君、国际医学的丁震、和元生物的徐鲁媛、诺思格的李树奇。其中，华厦眼科的曹乃恩为行业唯一一个 拥有博士学历的专职董秘。 从 ...

前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 18.860 | 49.1 | 211.82% | 29.36% | | 金力永磁(06680) | 19.600 | 29.14 | 78.06% | 18.33% | | 昭衍新药(06127) | 22.400 | 31.11 | 66.34% | 14.37% | | 农业银行(01288) | 5.390 | 6.71 | 49.17% | 12.67% | | 浙江世宝(01057) | 5.170 | 12.56 | 190.91% | 11.48% | | 北京北辰实业股份(00588) | 0.880 | 1.77 | 140.91% | 7.75% | | 山东墨龙(00568) | 4.650 | 6.71 | 72.90% | 7.59% | | 东江环保(00895) | 2.670 | 4.7 | 110.86% | 6.15% | | 海天味业(03288) | 33.300 | 38.3 ...

Group 1 - The pharmaceutical sector is experiencing a general decline, with CRO and innovative drug concepts leading the losses. Notable declines include: Innovent Biologics (09969) down 7.68% to HKD 17.54, WuXi AppTec (06127) down 5.88% to HKD 23.06, Tigermed (03347) down 5.6% to HKD 53.1, and Kintor Pharmaceutical (02171) down 5.4% to HKD 19.96 [1] - U.S. President Trump announced plans to introduce new tariffs on pharmaceuticals, with initial "small tariffs" on imported drugs expected to be revealed next week. The tariffs are projected to increase to 150% within a year and potentially reach 250% thereafter, aimed at boosting domestic drug production [1] - Tianfeng Securities expressed confidence in the long-term competitive advantages of the pharmaceutical industry, noting that the innovative drugs and related supply chains are still viewed positively despite potential challenges. The relative certainty of domestic consumption is also seen as improving [1]

Group 1 - Pharmaceutical stocks generally declined, with CRO and innovative drug concepts experiencing the largest drops [1] - Notable declines included: Innovent Biologics (09969) down 7.68% to HKD 17.54, Zai Lab (603127) down 5.88% to HKD 23.06, Tigermed (300347) down 5.6% to HKD 53.1, and Kintor Pharmaceutical (02171) down 5.4% to HKD 19.96 [1] - The market is reacting to President Trump's announcement of new tariffs on pharmaceuticals, which will start with a "small tariff" and potentially increase to 150% within a year, and up to 250% thereafter [1] Group 2 - Tianfeng Securities noted that the market remains confident in the long-term competitive advantages of the pharmaceutical industry, despite potential challenges [1] - The innovative drugs and related industry chain are still viewed as promising directions, with increasing certainty in domestic consumption [1]