Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Zhaoyan New Drug (6127.HK), which increased nearly 10% to HKD 22.48, marking a two-month high, with a cumulative increase of over 30% in the month, resulting in a total market capitalization of HKD 16.86 billion [1] - The price of experimental monkeys has surged, with the cost for 3-5 year old crab-eating macaques reaching HKD 140,000 each, indicating a supply-demand imbalance this year [1] - The increase in monkey prices is linked to the upward cycle of innovative drugs and the recovery of orders in the CRO industry, with several CRO companies, including Zhaoyan New Drug and Yinos, having substantial resources in experimental monkeys [1] Group 2 - According to Founder Securities, leading CROs with rich strategic resource reserves are expected to benefit from the industry recovery and the fair value gains from monkey prices [1] - For Zhaoyan New Drug, assuming an average price of HKD 84,900 per monkey in 2024 and an increase to HKD 140,000 by Q4 2025, with an estimated output rate of 17% from a known 23,200 monkeys, the projected new fair value in 2025 could be approximately HKD 220 million [1]

Core Viewpoint - The stock of Zhaoyan New Drug (06127) has risen over 8%, currently trading at 22.14 HKD, with a transaction volume of 39.86 million HKD, driven by increasing demand for preclinical safety evaluation assets, specifically macaques [1] Group 1: Market Dynamics - The price of experimental macaques has shown a rapid upward trend, reaching approximately 140,000 RMB per macaque as of December 9, 2025 [1] - The demand for macaques, a critical resource for preclinical safety evaluations, is expected to increase as orders for preclinical CROs recover steadily [1] - Supply-side expansion is challenging in the short term, with some macaque farms indicating that their production capacity is already booked until Q1 2026, suggesting a tight supply-demand balance that may lead to further price increases [1] Group 2: Company Insights - Leading CROs with abundant strategic resource reserves are likely to benefit from the industry's recovery and the fair value gains from macaque prices [1] - For Zhaoyan New Drug, assuming an average price of 84,900 RMB per macaque in 2024 and an increase to 140,000 RMB by Q4 2025, the estimated new fair value addition in 2025 could be around 220 million RMB, based on a known population of 23,200 macaques and a 17% output rate [1]

每经AI快讯，昭衍新药(06127.HK)涨超8%，截至发稿涨8.21%，报22.14港元，成交额3986.2万港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of Zhaoyan New Drug (06127) has risen over 8%, currently trading at HKD 22.14, with a transaction volume of HKD 39.86 million, driven by increasing demand for experimental monkeys used in preclinical safety evaluations [1] Group 1: Market Dynamics - Recent reports indicate a significant increase in the price of experimental monkeys, reaching approximately HKD 140,000 each as of December 9, 2025, due to rising demand and limited supply [1] - According to a report from Founder Securities, the demand for experimental monkeys is expected to rise as preclinical CRO orders recover, while supply-side expansion remains challenging [1] - Some monkey breeding facilities have indicated that their production capacity is already booked until the first quarter of 2026, suggesting a sustained tight supply situation [1] Group 2: Financial Implications - Founder Securities estimates that the fair value of experimental monkeys could increase from an average of HKD 84,900 per monkey in 2024 to HKD 140,000 by Q4 2025, with a projected output rate of 17% from breeding facilities [1] - Based on the known quantity of 23,200 monkeys, the estimated additional fair value for 2025 could reach approximately HKD 220 million, not accounting for new additions or the impact of juvenile and aging monkeys [1]

Core Viewpoint - The stock of Zhaoyan New Drug (603127) has increased by over 8%, reaching HKD 22.14, driven by rising demand for experimental monkeys used in preclinical safety evaluations [1] Group 1: Market Dynamics - The price of experimental monkeys has been on an accelerating upward trend, currently around RMB 140,000 per monkey as of December 9, 2025 [1] - Demand for experimental monkeys is expected to rise due to a steady recovery in preclinical CRO orders, while supply-side expansion faces short-term challenges [1] - Some monkey breeding facilities have reported that their production capacity is already booked until Q1 2026, indicating a tight supply-demand balance that may lead to further price increases in the short term [1] Group 2: Company Insights - Zhaoyan New Drug is positioned to benefit from the industry's recovery and the fair value gains from monkey prices, given its rich strategic resource reserves [1] - Assuming an average price of RMB 84,900 per monkey in 2024 and an increase to RMB 140,000 by Q4 2025, the estimated new fair value for Zhaoyan New Drug in 2025 could reach approximately RMB 220 million, based on a known quantity of 23,200 monkeys [1]

每经AI快讯，昭衍新药(06127.HK)回落逾5%，月内累计涨幅仍超24%。截至发稿，昭衍新药跌5.53%， 报20.5港元，成交额1.51亿港元。 ...

昭衍新药（603127）(06127)回落逾5%，月内累计涨幅仍超24%。截至发稿，跌5.53%，报20.5港元，成 交额1.51亿港元。 消息面上，根据北京商报，2025年12月9日实验猴价格呈加速上涨趋势，大约14万元/只。方正证券指 出，实验猴作为临床前安评的刚性资源，随着临床前CRO订单稳步回暖，需求提升；且供给侧短期扩 产难度较大，部分猴场表示产能已预定至2026年一季度，预计供需偏紧状态或将维持，短期价格有望进 一步上行。 该行指出，以昭衍新药为例，假设按照2024年实验猴均价计入公允价值8.49万/只，2025Q4价格提升至 14万/只，假设猴场出栏率为17%，按照已知23200只猴测算，毛估计(考虑新补进猴子及未成年&老龄猴 的影响)025年新增公允价值约2.2亿。 ...

智通财经APP获悉，昭衍新药(06127)回落逾5%，月内累计涨幅仍超24%。截至发稿，跌5.53%，报20.5 港元，成交额1.51亿港元。 消息面上，根据北京商报，2025年12月9日实验猴价格呈加速上涨趋势，大约14万元/只。方正证券指 出，实验猴作为临床前安评的刚性资源，随着临床前CRO订单稳步回暖，需求提升；且供给侧短期扩 产难度较大，部分猴场表示产能已预定至2026年一季度，预计供需偏紧状态或将维持，短期价格有望进 一步上行。 该行指出，以昭衍新药为例，假设按照2024年实验猴均价计入公允价值8.49万/只，2025Q4价格提升至 14万/只，假设猴场出栏率为17%，按照已知23200只猴测算，毛估计(考虑新补进猴子及未成年&老龄猴 的影响)025年新增公允价值约2.2亿。 ...

（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。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 北京昭衍新藥研究中心股份有限公司 馮宇霞 董事長 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。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 经全体合伙人协商一致，同意对有限合伙的基金存续期限即投资期进行调 整，其他条款继续有效。全体合伙人共同签署《<北脑一期（北京）股权投资 中心（有限合伙）合伙协议>之补充协议》。调整内容如下所示： 中 國 北 京，2025年12月15 ...

证券简称：昭衍新药 证券代码：603127 公告编号：2025-056 北京昭衍新药研究中心股份有限公司 关于与专业投资机构合作参与投资基金的进展公告 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。 一、与专业投资机构合作参与投资基金情况概述 北京昭衍新药研究中心股份有限公司（以下简称"昭衍新药"、"公司"） 于 2024 年 12 月 20 日召开第四届董事会第十一次会议，审议通过了《关于公司 与专业投资机构合作参与投资基金的议案》，同意公司或其指定子公司以不超过 800 万元人民币投资参与投资北脑一期（北京）股权投资中心（有限合伙）（以 下简称"本基金"、"有限合伙"）。北京崇德英盛投资管理有限公司为本基金 的普通合伙人、执行事务合伙人，并担任本基金的基金管理人。具体内容详见公 司于 2024 年 12 月 21 日在上海证券交易所网站（www.sse.com.cn）及指定信息 披露媒体《上海证券报》披露的《昭衍新药关于与专业投资机构合作参与投资基 金的公告》（公告编号：2024-059）。 2025 年 8 月，公司全资 ...