昭衍新药(06127)一度涨超4%，本月股价已累涨超三成。截至发稿，涨4.04%，报22.14港元，成交额 2.08亿港元。 智通财经APP获悉，昭衍新药(06127)一度涨超4%，本月股价已累涨超三成。截至发稿，涨4.04%，报 22.14港元，成交额2.08亿港元。 消息面上，根据北京商报，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。 据方正证券测算，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（不考虑新补进猴子及未成 年&老龄猴的影响）2025年新增公允价值约2.2亿。 ...

Group 1 - The core viewpoint of the article highlights that Zhaoyan New Drug (06127) has seen its stock price increase by over 30% this month, with a current price of 22.14 HKD, reflecting a 4.04% rise at the time of reporting [1] - The price of experimental monkeys has been rising rapidly, currently at approximately 140,000 RMB per monkey, driven by increased demand from preclinical CRO orders and limited supply capacity [1] - According to estimates from Founder Securities, Zhaoyan New Drug could see an increase in fair value of approximately 220 million RMB in 2025, based on projected price increases for experimental monkeys and existing inventory [1]

Group 1 - The core viewpoint of the article highlights that Zhaoyan New Drug (603127) has seen its stock price increase by over 30% this month, with a current price of 22.14 HKD, reflecting a 4.04% rise at the time of reporting [1] - The price of experimental monkeys has been rising rapidly, currently around 140,000 RMB each, driven by increased demand from preclinical CRO orders and limited supply capacity [1] - According to estimates from Founder Securities, the fair value of experimental monkeys for Zhaoyan New Drug is projected to be 84,900 RMB each in 2024, increasing to 140,000 RMB by Q4 2025, with an estimated additional fair value of approximately 220 million RMB in 2025 based on current monkey inventory [1]

Core Viewpoint - Zhaoyan New Drug (06127) has seen its stock price increase by over 30% this month, with a current price of 22.14 HKD and a trading volume of 208 million HKD, driven by rising demand for experimental monkeys used in preclinical evaluations [1] Company Summary - Zhaoyan New Drug's stock price rose by 4.04% to 22.14 HKD, with a cumulative increase of over 30% this month [1] - The company is expected to benefit from the rising prices of experimental monkeys, which are projected to reach 140,000 RMB per monkey by December 9 [1] Industry Summary - The price of experimental monkeys is on an upward trend, with a current price of approximately 140,000 RMB each, driven by increased demand from preclinical CRO orders [1] - Supply constraints are expected to persist, as some monkey farms have reported that their production capacity is booked until Q1 2026, leading to a tight supply-demand situation [1] - According to estimates, if the average price of experimental monkeys reaches 84,900 RMB in 2024 and 140,000 RMB by Q4 2025, Zhaoyan New Drug could see an increase in fair value of approximately 220 million RMB in 2025, based on a known quantity of 23,200 monkeys [1]

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

Core Viewpoint - The stock price of Zhaoyan New Drug has rebounded significantly, reaching a peak of 21.54 HKD after a prolonged decline, driven by market interest and the recent surge in monkey prices [1][2][3]. Stock Performance - After a four-month decline, Zhaoyan New Drug's stock price surged by 21.22% in a single day, marking its return to the 20 HKD level [1][2]. - The stock had previously peaked at 28.70 HKD in July 2023 but faced a significant drop to 13.89 HKD by June 20, 2023, representing a decline of 28.73% [3]. - The stock's price fluctuated around the 60-day moving average until October 4, 2023, when it broke below this level, indicating a downward trend [5]. Market Dynamics - The recent rebound in stock price is attributed to the influx of funds from the Hong Kong Stock Connect, with significant buying from mainland retail investors [6][8]. - The average cost of shares held by investors has decreased from 23.30 HKD in early October to 19.44 HKD by December 11, 2023, with a notable increase in profit margins following the recent price surge [8]. Financial Performance - Zhaoyan New Drug reported a revenue of 985 million CNY for the first three quarters of 2023, a decline of 26.23% year-on-year, with Q3 revenue dropping by 34.87% [12][13]. - The company has faced challenges due to a significant loss in biological asset valuation, amounting to 267 million CNY, impacting its profitability [13]. Industry Outlook - The CRO industry is expected to show resilience in 2024, driven by increased R&D budgets from multinational corporations and favorable domestic policies promoting innovation [11]. - The demand for experimental monkeys, crucial for drug development, is anticipated to rise due to a supply-demand gap, potentially boosting Zhaoyan New Drug's performance in 2025 and beyond [14].

Core Viewpoint - The stock price of Zhaoyan New Drug has rebounded significantly, reaching a peak of 21.54 HKD after a prolonged decline, indicating renewed market interest in the company and its leading position in the CRO industry [1][2]. Group 1: Stock Performance - After a four-month decline, Zhaoyan New Drug's stock price surged by 21.22% in a single day, marking its return above the 20 HKD threshold [1][2]. - The stock had previously reached a high of 28.70 HKD in July 2023 but faced a significant drop to 13.89 HKD by June 20, representing a decline of 28.73% from its peak [3]. - Following a period of volatility, the stock began to recover, with a notable rebound in the Hang Seng Healthcare Index, which increased by 9.45% since June 20 [3]. Group 2: Market Dynamics - The recent stock price increase is attributed to the influx of funds from the Hong Kong Stock Connect, with significant buying from mainland retail investors [6]. - The average holding cost for Zhaoyan New Drug shares has decreased from 23.30 HKD in early October to 19.44 HKD by December 11, with a notable increase in profit margins following the recent price surge [7]. Group 3: Financial Performance - Zhaoyan New Drug reported a revenue decline of 26.23% year-on-year for the first three quarters of 2023, with Q3 revenue dropping by 34.87% [10][11]. - The company has faced challenges due to a significant loss in fair value of biological assets, amounting to 267 million HKD, impacting profitability despite revenue growth in new orders [11]. - New signed orders for the first three quarters of 2025 reached 1.64 billion HKD, reflecting a year-on-year growth of 17.1%, indicating potential recovery in demand [11]. Group 4: Industry Outlook - The CRO industry is expected to show resilience in 2024, driven by increased R&D budgets from multinational corporations and improved regulatory conditions in China [10]. - The demand for experimental monkeys, a key asset for Zhaoyan New Drug, is projected to rise due to a supply-demand gap, which could positively impact the company's performance in 2025 and beyond [12].

Core Viewpoint - The stock of Zhaoyan New Drug (昭衍新药) has seen a significant increase, with a rise of 11.42% to HKD 19.8, driven by a supply shortage of experimental monkeys and positive market outlooks from securities firms [2]. Group 1: Company Performance - Zhaoyan New Drug is recognized as a leader in the non-clinical safety evaluation sector in China, enhancing its influence in both domestic and international markets through strong service capabilities [2]. - The company experienced high growth in performance from 2018 to 2022, but faced order volume and price pressure in 2023-2025, with expectations of a recovery starting in 2026 [2]. Group 2: Market Dynamics - The price of experimental monkeys, specifically the crab-eating macaque, has surpassed HKD 100,000, with reports indicating prices have reached HKD 120,000 to HKD 130,000 due to supply shortages [2]. - A report from Huatai Securities suggests that the increasing supply-demand gap may lead to a new price increase cycle for monkeys, which previously peaked at HKD 150,000 to HKD 200,000 in 2022 [2]. Group 3: Future Outlook - The company is expected to enter a new growth phase driven by domestic recovery and overseas outsourcing, with potential catalysts including rising monkey prices and improved order signing [2]. - According to Founder Securities, there is a recommendation to focus on companies with stabilizing performance and improving orders, indicating a potential turning point for the sector next year [2].

12月12日，港股市场生物科技股走强，其中，昭衍新药涨超17%，加科思-B涨超8%，轩竹生物-B涨超7%，康方生 物、圣诺医药-B涨超6%，基石药业-B涨超5%，同源康医药-B、云康集团、云顶新耀、映恩生物-B涨超4%。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 06127 | 昭衍新药 | C | 17.39% | 20.860 | 156.34 Z | 123.89% | | 01167 | 加科思-B | | 8.19% | 9.120 | 71.78亿 | 618.11% | | 02575 | 轩竹生物-B | | 7.88% | 83.500 | 432.49 Z | 619.83% | | 09926 | 康方生物 | | 6.81% | 125.400 | 1155.11亿 | 106.59% | | 02257 | 圣诺医药-B | | 6.14% | 8.810 | 9.45 Z | 154.62 ...

格隆汇12月12日｜港股市场生物科技股走强，其中，昭衍新药涨超17%，加科思-B涨超8%，轩竹生物- B涨超7%，康方生物、圣诺医药-B涨超6%，基石药业-B涨超5%，同源康医药-B、云康集团、云顶新 耀、映恩生物-B涨超4%。 ...