昭衍新药（603127）(06127)涨超5%，截至发稿，涨5.06%，报25.74港元，成交额1.16亿港元。 今年1月，粤开证券资深投资顾问尹红飞在接受媒体采访时指出，一款新药从实验室到临床，平均要消 耗60只(实验猴)，大分子药物用量还要翻倍。此外，他还提到，据近期市场报道和方正证券的测算，核 心品种食蟹猴单只价格一个月内就飙升到12万~13万元，部分紧俏货源已经报至15万元，比两个月前涨 了30%以上。 消息面上，近日，昭衍新药发布年报业绩预告称，预计2025年实现归属于上市公司股东的净利润约2.33 亿元到3.49亿元，同比增长约214.0%到371.0%。对于净利润上涨的原因，昭衍新药在公告中指出，本报 告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公司业 绩做出积极贡献。具体来看，生物资产公允价值变动贡献的净利润约4.52亿元到5亿元。 ...

智通财经APP获悉，昭衍新药(06127)涨超5%，截至发稿，涨5.06%，报25.74港元，成交额1.16亿港元。 消息面上，近日，昭衍新药发布年报业绩预告称，预计2025年实现归属于上市公司股东的净利润约2.33 亿元到3.49亿元，同比增长约214.0%到371.0%。对于净利润上涨的原因，昭衍新药在公告中指出，本报 告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公司业 绩做出积极贡献。具体来看，生物资产公允价值变动贡献的净利润约4.52亿元到5亿元。 今年1月，粤开证券资深投资顾问尹红飞在接受媒体采访时指出，一款新药从实验室到临床，平均要消 耗60只（实验猴），大分子药物用量还要翻倍。此外，他还提到，据近期市场报道和方正证券的测算， 核心品种食蟹猴单只价格一个月内就飙升到12万~13万元，部分紧俏货源已经报至15万元，比两个月前 涨了30%以上。 ...

智通财经APP获悉，根据2026年1月22日披露数据，昊天国际建投（01341）、IFBH LIMITED （06603）、FORTIOR TECHNOLOGY (SHENZHEN) CO., LTD.（01304）港股通持股占比增加值最大， 分别增加1.85%、1.44%、1.07%；钧达股份（02865）、中国中免（01880）、昭衍新药（06127）港股 通持股占比减少值最大，分别减少-2.45%、-1.54%、-0.95%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 昊天国际建投(01341) | +1.85% | 65.37% | | IFBH LIMITED(06603) | +1.44% | 7.29% | | FORTIOR TECHNOLOGY (SHENZHEN) CO., LTD. | +1.07% | 21.10% | | (01304) | | | | 吉宏股份(02603) | +0.96% | 61.07% | | 重塑能源(02570) | ...

公告指出，本期业绩变动的主要原因是生物资产市场价格上涨及自身自然生长增值，推动了公允价值的 正向变动，为公司业绩做出了积极贡献。然而，实验室服务业务的利润贡献下降，受到前期行业竞争激 烈的影响，履约合同的收入和毛利率同比降低。 近日，昭衍新药（603127）发布公告称，预计2025年实现营业收入约15.73亿元到17.38亿元，同比减少 约13.9%到22.1%。同时，预计2025年归母净利润约为2.33亿元到3.49亿元，同比增加约214.0%到 371.0%。此外，预计扣除非经常性损益的净利润约为2.46亿元到3.7亿元，同比增加约945.2%到 1467.7%。 ...

Summary of the Earnings Call Transcript Company Overview - The company discussed is **Zhaoyan New Drug**, focusing on its financial performance and projections for 2025. Key Financial Projections - **2025 Revenue Forecast**: Expected to be between **1.573 billion to 1.738 billion CNY**, representing a year-over-year decline of **13.9% to 22.1%** [1] - **Net Profit Forecast**: Projected net profit attributable to shareholders is between **233 million to 349 million CNY**, showing a significant increase of **214.0% to 317.0%** year-over-year [1] - **Non-GAAP Net Profit**: Expected to be between **246 million to 370 million CNY**, indicating a substantial growth of **945.2% to 1467.7%** year-over-year [1] Q4 2025 Specifics - **Q4 Revenue Forecast**: Anticipated revenue for Q4 is between **588 million to 753 million CNY**, with a year-over-year decline of **14.0%** but a quarter-over-quarter increase of **10.2%** [2] - **Q4 Net Profit**: Projected net profit for Q4 is between **152 million to 268 million CNY**, with a year-over-year growth of **5.2% to 85.8%** [2] - **Non-GAAP Net Profit for Q4**: Expected to be between **217 million to 341 million CNY**, reflecting a year-over-year increase of **58.6% to 148.5%** [2] Profit Margin Insights - **Profit Margin Trends**: The profit margins for laboratory services and other businesses are narrowing, with reported losses in Q1 to Q4 of **-0.25 billion, -0.40 billion, -0.46 billion, and -0.57 billion CNY** respectively [2] - **Profit Margin Rates**: The profit margin rates for these services were reported at **-9%, -11%, -15%, and -8%** for the respective quarters [2] Biological Asset Valuation - **Significant Increase in Biological Assets**: In Q4, the fair value of biological assets is expected to show a positive change of **312 million to 359 million CNY**, which is significantly higher than the average of **47 million CNY** in the previous three quarters [2] - **Market Price and Natural Growth Factors**: The increase is attributed to both rising market prices and natural growth of the biological assets [2] - **Asset Valuation of Monkeys**: The valuation for 3-5 year old monkeys is projected to increase by **20,000 to 40,000 CNY**, with the end-of-year valuation for these assets expected to reach **100,000 to 120,000 CNY** [2]

【天风医药】昭衍新药2025业绩预告点评：需求复苏，生物资产助力利润大幅增长 2026年1月20日，昭衍新药发布2025年业绩预告，公司预期2025年实现营业收入约15.73亿元到17.38亿元，同比减 少约 13.9%到 22.1%。 归母净利润2.33亿元到3.49亿元，同比增加约214.0%到371.0%。 扣非净利润约2.46亿-3.70亿元，同比增加约945.2% 事件： 归母净利润2.33亿元到3.49亿元，同比增加约214.0%到371.0%。 扣非净利润约2.46亿-3.70亿元，同比增加约945.2%到1，467.7%。 生物资产贡献业绩，实验室服务短期承压 2025年生物资产公允价值变动贡献的净利润约4.52元到4.99亿元，同比大幅扭亏。 生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公司业绩做出积极贡献。 实验室服务及其他业务净利润约-2.06到-1.30亿元，同比转负，主要受前期行业竞争剧烈的滞后影响。 昭衍新药作为国内安评龙头，得益于存量订单消化、新增研发需求向临床CRO传导及公司稀缺的实验猴一体化资 源，公司业绩有望迎来进一步释放。 【天风医药】昭衍 ...

Company and Industry Summary Company: Zhaoyan New Drug (昭衍新药) Key Financial Projections - **2025 Annual Revenue**: Expected to be between 1.573 billion to 1.738 billion CNY, representing a year-over-year decline of 13.9% to 22.1% [1] - **Net Profit**: Projected to be between 233 million to 349 million CNY, indicating a significant year-over-year increase of 214.0% to 317.0% [1] - **Net Profit Excluding Non-recurring Items**: Expected to be between 246 million to 370 million CNY, showing a substantial year-over-year growth of 945.2% to 1467.7% [1] Q4 2025 Financial Expectations - **Q4 Revenue**: Anticipated to be between 588 million to 753 million CNY, with a year-over-year decline of 14.0% but a quarter-over-quarter increase of 10.2% [1] - **Q4 Net Profit**: Expected to range from 152 million to 268 million CNY, reflecting a year-over-year growth of 5.2% to 85.8% [1] - **Q4 Net Profit Excluding Non-recurring Items**: Projected to be between 217 million to 341 million CNY, indicating a year-over-year increase of 58.6% to 148.5% [1] Profit Margin Insights - **Q4 Laboratory Services and Other Business Profit Margin**: Noted to have narrowed [2] - **Quarterly Laboratory Services and Other Business Profits**: Reported as -25 million, -40 million, -46 million, and -57 million CNY for Q1 to Q4 respectively, with profit margins of -9%, -11%, -15%, and -8% [2] Biological Assets Valuation - **Q4 Biological Assets Fair Value Change**: Significant increase expected, with a fair value change of 312 million to 359 million CNY, which is substantially higher than the average of 47 million CNY in previous quarters [2] - **Market Price Increase for Biological Assets**: The valuation of 3-5 year old monkeys is projected to rise by 20,000 to 40,000 CNY, with the end-of-year valuation for these assets expected to reach 100,000 to 120,000 CNY [2] Additional Insights - **Overall Performance**: Q4 revenue exceeded expectations, indicating a positive outlook despite the anticipated decline in annual revenue [1][2] - **Market Dynamics**: The increase in biological asset values is attributed to both market price increases and natural growth factors [2]

每经AI快讯，昭衍新药(06127.HK)高开逾4%，截至发稿涨4.42%，报26港元，成交额140.92万港元。 ...

Core Viewpoint - Zhaoyan New Drug (06127) is expected to experience a decline in revenue for 2025, while net profit is projected to increase significantly, driven by changes in the fair value of biological assets and challenges in laboratory services [1][2]. Group 1: Revenue and Profit Projections - The company anticipates revenue for 2025 to be approximately RMB 1.573 billion to RMB 1.738 billion, representing a decrease of about RMB 280 million to RMB 446 million compared to the previous year, which is a year-on-year decline of approximately 13.9% to 22.1% [1]. - Net profit attributable to shareholders is expected to be around RMB 233 million to RMB 349 million for 2025, an increase of approximately RMB 159 million to RMB 275 million compared to the previous year, reflecting a year-on-year increase of about 214.0% to 371.0% [1]. - The net profit excluding non-recurring gains and losses is projected to be approximately RMB 246 million to RMB 370 million, which is an increase of about RMB 223 million to RMB 346 million year-on-year, indicating a substantial increase of approximately 945.2% to 1,467.7% [1]. Group 2: Contributions and Challenges - The positive change in the fair value of biological assets is expected to contribute approximately RMB 452 million to RMB 500 million to net profit [1]. - The laboratory services and other business segments are projected to incur a net loss of approximately RMB 2.06 billion to RMB 1.3 billion, indicating challenges in this area [1]. - The increase in the fair value of biological assets is driven by rising market prices and natural growth, positively impacting the company's performance [2]. - Despite stable operations in the laboratory, revenue and gross margin from contractual obligations have decreased year-on-year due to intense prior industry competition, leading to a decline in profit contribution from laboratory services [2].

Group 1 - Xiaomi reported two incidents of vehicle fires, emphasizing that the battery status was normal during both events [3][5] - In the first incident on January 19, a vehicle in Haikou experienced a fire shortly after being parked, but no injuries were reported [3] - The second incident involved a collision on a highway in Henan, where the vehicle caught fire after the accident, with no casualties [5] Group 2 - Gree Electric plans to mass-produce silicon carbide chips for automotive use, with expectations that half of the chips used by GAC Group will come from Gree [4] - The company is expanding its production capabilities to include chips for photovoltaic storage and logistics vehicles [4] Group 3 - OpenAI's CFO announced that the company's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024 [16] - The growth is attributed to the expansion of computing capabilities and the introduction of advertising in ChatGPT [16] Group 4 - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing an 18.46% year-on-year increase [22] - The company's total revenue reached 92.518 billion yuan, with a slight growth of 0.02% [22] Group 5 - Zhaoyan New Drug expects a significant increase in net profit for 2025, projecting a rise of approximately 214% to 371% [23] - The company anticipates a decrease in revenue, estimating between 1.573 billion to 1.738 billion yuan, a decline of about 13.90% to 22.10% [23] Group 6 - Hongyuan Green Energy forecasts a turnaround in net profit for 2025, estimating between 180 million to 250 million yuan [24] - The improvement is attributed to a vertically integrated supply chain and the sale of equity in a subsidiary, contributing approximately 291 million yuan to profits [24] Group 7 - Bright Dairy expects a net loss of 120 million to 180 million yuan for 2025, a significant decline from a profit of 722 million yuan in the previous year [25] - The loss is primarily due to production issues at its overseas subsidiary, leading to increased costs and inventory write-offs [25]