Summary of the Conference Call for Zhaoyan New Drug Industry Overview - The CXO industry is performing well, driven by the concentration of early orders towards leading companies, benefiting firms like Zhaoyan New Drug, Weiya Bio, and WuXi AppTec among others [2][3] - The demand recovery in domestic R&D and growth in clinical outsourcing business are key factors for the positive outlook in the CRO sector [2][5] Company Performance - Zhaoyan New Drug, as a leading safety evaluation CRO in China, is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.7 billion, 2 billion, and 2.23 billion RMB respectively, and net profits of 370 million, 550 million, and 570 million RMB [2][5] - The company experienced rapid revenue growth from 2018 to 2022, but faced a slowdown in 2023 due to a cooling investment environment and increased competition [4][10] - In the first half of 2025, Zhaoyan New Drug signed new orders worth 1.02 billion RMB, a 13% year-on-year increase, with a backlog of 2.3 billion RMB [4][11] Market Dynamics - The experimental monkey market is currently facing a supply-demand imbalance, leading to rising prices. The aging population of existing monkeys and strict import policies exacerbate this issue [6][7] - The demand for experimental monkeys is particularly high for large molecule drug development, which uses monkeys in over 70% of cases, compared to 20%-30% for small molecules [8] Strategic Initiatives - Zhaoyan New Drug has invested in building an experimental animal base since 2018 and acquired monkey breeding facilities to mitigate supply shortages and stabilize operations [9] - The company has successfully expanded its overseas business, leveraging competitive advantages in cost and efficiency, particularly in offshore outsourcing [12] Future Outlook - The company is expected to maintain a strong growth trajectory, with a projected compound annual growth rate of 54% from 2018 to 2022, despite facing challenges in 2023 and 2024 [10][13] - Investors are advised to consider potential risks including market demand fluctuations, increased competition, and changes in import/export policies [13]

Market Performance - The medical services sector increased by 1.24% on September 12, with Zhaoyan New Drug leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Gainers in Medical Services - Zhaoyan New Drug (603127) closed at 37.86, up 9.99% with a trading volume of 554,000 shares [1] - BGI Genomics (300676) closed at 55.81, up 7.58% with a trading volume of 225,300 shares [1] - Haoyuan Pharmaceutical (688131) closed at 74.67, up 6.05% with a trading volume of 69,800 shares [1] Decliners in Medical Services - Yuaner Eye Hospital (300015) closed at 12.97, down 1.14% with a trading volume of 741,800 shares [2] - Nomo Gene (688315) closed at 16.49, down 1.08% with a trading volume of 85,800 shares [2] - Haochen Medical (002622) closed at 3.84, down 1.03% with a trading volume of 200,100 shares [2] Capital Flow Analysis - The medical services sector saw a net inflow of 293 million yuan from institutional investors, while retail investors experienced a net outflow of 207 million yuan [2] - Zhaoyan New Drug had a net inflow of 2.20 billion yuan from institutional investors, but a net outflow of 1.47 billion yuan from retail investors [3] Notable Stocks in Capital Flow - HaiTe Bio (300683) had a net inflow of 112 million yuan from institutional investors, with a net outflow of 1.30 billion yuan from retail investors [3] - Innovation Medical (002173) saw a net inflow of 110 million yuan from institutional investors, while retail investors had a net outflow of 1.12 billion yuan [3]

Group 1 - The core viewpoint of the article highlights a rebound in the innovative drug sector, with notable stock performances from companies like Zhaoyan New Drug, which achieved three consecutive trading limits in six days [1] - The National Medical Products Administration (NMPA) has proposed to further optimize the review and approval process for clinical trials of innovative drugs, aiming to complete the review and approval within 30 working days for eligible applications [1] - This new pathway supports key national research and development projects, encourages early global synchronization of research, and facilitates international multi-center clinical trials to address urgent clinical needs and promote the development of the national pharmaceutical industry [1] Group 2 - Companies such as Yuandong Biological and Saily Medical have seen significant stock price increases, with Yuandong Biological rising over 10% and Saily Medical hitting the daily limit [1] - Other companies in the sector, including Warner Pharmaceuticals, Haoyuan Pharmaceutical, and Huahai Pharmaceutical, also experienced notable gains, indicating a broader positive trend in the innovative drug market [1]

Core Viewpoint - The innovative drug concept stocks are experiencing a rebound, with notable increases in share prices for several companies in the sector [1] Company Summaries - Zhaoyan New Drug reached the daily limit increase in stock price [1] - Yuandong Biological saw a rise of over 10% in its stock price [1] - Guangshengtang, Anglikang, and Saily Medical are among the top gainers in terms of stock price increase [1]

Group 1 - The core viewpoint of the news is that Zhaoyan New Drug has seen a significant increase in its stock price, rising by 5.32% to reach 36.25 yuan per share, with a trading volume of 1.357 billion yuan and a turnover rate of 6.15%, resulting in a total market capitalization of 27.169 billion yuan [1] - Zhaoyan New Drug Research Center Co., Ltd. is primarily engaged in non-clinical safety evaluation services for drugs and the sale of preclinical research services and laboratory animals, established on February 25, 1998, and listed on August 25, 2017 [1] Group 2 - According to data from the top ten heavy stocks of funds, Guojin Fund has a significant holding in Zhaoyan New Drug, with the Guojin Xinyi Medical Consumption A fund holding 256,000 shares, accounting for 4.07% of the fund's net value, ranking as the eighth largest heavy stock [2] - The Guojin Xinyi Medical Consumption A fund, established on June 30, 2020, has a latest scale of 32.205 million yuan, with a year-to-date return of 20.05% and a one-year return of 27.2% [2] - The fund manager, Zhang Wang, has been in position for 5 years and 178 days, with the fund's total asset scale at 360 million yuan, achieving the best return of 47.64% and the worst return of -12.63% during his tenure [2]

Core Viewpoint - Zhaoyan New Drug has shown significant stock price growth in 2023, with a year-to-date increase of 111.57% and a recent market capitalization of 26.322 billion yuan [1] Group 1: Stock Performance - As of September 12, Zhaoyan New Drug's stock price reached 35.12 yuan per share, with a trading volume of 7.81 billion yuan and a turnover rate of 3.58% [1] - The stock has experienced a 3.26% increase over the last five trading days, a 6.55% increase over the last 20 days, and an 87.91% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on July 29 [1] Group 2: Financial Performance - For the first half of 2025, Zhaoyan New Drug reported a revenue of 669 million yuan, a year-on-year decrease of 21.28%, while the net profit attributable to shareholders increased by 135.90% to 60.9324 million yuan [2] - Since its A-share listing, the company has distributed a total of 703 million yuan in dividends, with 356 million yuan distributed over the past three years [3] Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 25.59% to 61,200 [2] - The top five circulating shareholders include Huabao Zhongzheng Medical ETF, which increased its holdings by 2.2669 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 943,870 shares [3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant disparities in market valuations between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 800.00%, followed by Hongye Futures (03678) at 227.63% and Andeli Juice (02218) at 219.28% [1][2] - Other notable mentions include Fudan Zhangjiang (01349) with a premium of 215.70% and Beijing Mechanical & Electrical (00187) at 214.38% [2] Group 2: Bottom AH Premium Rates - CATL (03750) has the lowest AH premium rate at -10.67%, followed by Hengrui Medicine (01276) at -1.72% and Zijin Mining (02899) at 4.00% [1][2] - Additional companies with low premium rates include China Merchants Bank (03968) at 5.29% and Midea Group (00300) at 6.40% [2] Group 3: Top Deviation Values - Zhaoyan New Drug (06127) shows the highest deviation value at 25.76%, followed by Ganfeng Lithium (01772) at 19.31% and Kaisheng New Energy (01108) at 18.78% [1][2] - Other companies with significant deviation values include Dongjiang Environmental (00895) at 16.43% and Tianqi Lithium (09696) at 16.34% [2] Group 4: Bottom Deviation Values - Fosun Pharma (02196) has the lowest deviation value at -21.97%, followed by Longyuan Power (00916) at -20.23% and Longpan Technology (02465) at -17.81% [1][3] - Additional companies with low deviation values include BYD Company (01211) at -15.75% and Jiangxi Copper (00358) at -15.61% [3]

9月10日早盘，医疗板块低开后快速回暖，CXO概念强劲反弹，昭衍新药涨停，康龙化成涨超5%，巨 头药明康德涨超2%。 消息面上，Grand View Research预测，全球CXO市场规模有望从2024年的1970亿美元增长至2030年的 2980亿美元，期间年复合增速为7%，略高于同期全球制药市场6%的年复合增速。 从估值来看，医疗ETF（512170）标的指数中证医疗最新PE估值约为36倍，仍低于近10年逾60%时间区 间，配置性价比相对突出。 牛市"高切低"，关注医疗估值洼地。配置工具认准A股最大医疗ETF（512170）及其联接基金 （012323）：聚焦"医疗器械（52%）+医疗服务（40%）"，与AI医疗高相关，覆盖6只CXO龙头股。截 至9月8日，医疗ETF（512170）规模275亿元，同类规模最大；年初以来日均成交6.45亿元，流动性优 秀。 风险提示：医疗 ETF 及其联接基金被动跟踪中证医疗指数，该指数基日为 2004.12.31 ，发布于 2014.10.31 。 中 证 医 疗 指 数 2020 年 至 2024 年 的 分 年 度 业 绩 分 别 为 79.67% 、 -14.7 ...

Core Viewpoint - The innovative drug concept stocks are experiencing significant activity, with notable gains in several companies, indicating a positive trend in the pharmaceutical sector [1] Company Summaries - Zhaoyan New Drug has reached its daily limit increase, reflecting strong investor interest and confidence in its growth potential [1] - MediXis, Kanglong Chemical, Haixiang Pharmaceutical, Kailaiying, and Jiuzhou Pharmaceutical have also seen upward movement in their stock prices, suggesting a broader rally in the innovative drug sector [1]

证券之星消息，9月9日医疗服务板块较上一交易日下跌2.94%，昭衍新药领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。医疗服务板块个股涨跌见下表： 从资金流向上来看，当日医疗服务板块主力资金净流出17.25亿元，游资资金净流入4.63亿元，散户资金 净流入12.62亿元。医疗服务板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603127 | 昭衍新药 | 32.22 | -7.01% | 47.36万 | 15.66亿 | | 688222 | 成都先导 | 25.13 | -6.79% | 25.48万 | 6.60亿 | | 835670 | 数字人 | 17.97 | -6.60% | 9.56万 | 1.76亿 | | 002173 | 创新医疗 | 22.49 | -5.74% | ...