Revenue and Profit Expectations - Expected revenue for the first half of 2024 is between RMB 719.50 million and RMB 973.44 million, a decrease of RMB 38.64 million to RMB 292.58 million compared to the same period last year, representing a decline of 3.8% to 28.9%[7][8] - Revenue for the first half of 2024 is RMB 1,012.08 million[4] - Expected net profit attributable to shareholders for the first half of 2024 is between RMB -184.36 million and RMB -136.26 million, indicating a loss compared to the same period last year[7] - Expected net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2024 is between RMB -220.60 million and RMB -163.05 million[7] - Net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2024 is RMB 76.89 million[4] - Earnings per share for the first half of 2024 is RMB 0.17[11] Business Segment Performance - Laboratory service business net profit for the first half of 2024 is expected to be between RMB -28.29 million and RMB 10.94 million[9] - Net profit from capital management is expected to contribute between RMB 49.60 million and RMB 54.82 million for the first half of 2024[9] Fair Value and Market Factors - Net loss from changes in the fair value of biological assets is expected to be between RMB 223.59 million and RMB 247.13 million for the first half of 2024[3] - The decline in revenue and net profit is attributed to reduced market demand, intensified competition, and a decrease in the fair value of biological assets[12][13]

证券代码：603127 证券简称：昭衍新药 公告编号：2024-033 北京昭衍新药研究中心股份有限公司 关于 2021 年 A 股限制性股票激励计划部分限制性股票 回购注销实施公告 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。 重要内容提示： 回购注销原因： 鉴于目前国内外宏观经济、市场环境持续发生变化，若继续实施 2021 年 A 股 限制性股票激励计划将难以达到预期激励目的和效果。为更好地维护公司、股东 和员工的利益，有效调动核心员工的积极性，经慎重考虑，结合公司实际情况， 根据《上市公司股权激励管理办法》的有关规定，公司决定终止 2021 年 A 股限制 性股票激励计划并回购注销已授予尚未解除限售的限制性股票。综上，公司后续 将按照规定合计办理 41.1365 万股限制性股票的回购注销事宜。 本次注销股份的有关情况： 单位：股 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 411,365 | 411,365 | 202 ...

昭衍新药 2023 年年度股东大会、2024 年第二次 A 股类别股东会 议及 2024 年第二次 H 股类别股东会议会议资料 北京昭衍新药研究中心股份有限公司 2023 年年度股东大会、2024 年第二次 A 股类别股东 会议及 2024 年第二次 H 股类别股东会议 会议资料 2024 年 6 月 20 日 1 昭衍新药 2023 年年度股东大会、2024 年第二次 A 股类别股东会 议及 2024 年第二次 H 股类别股东会议会议资料 北京昭衍新药研究中心股份有限公司 2023 年年度股东大会、2024 年第二次 A 股类别股东会议及 2024 年第二次 H 股类别股东会议议程 一、投票方式：现场投票和网络投票相结合的方式 二、现场会议召开的时间和地点： 时间：2024 年 6 月 20 日 14 点 30 分 地点：北京市经济技术开发区荣华南路 12 号兴基铂尔曼酒店会议室 网络投票起止时间：自 2024 年 6 月 20 日至 2024 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 间为股东大会召开当日的交易时间段，即 9:15-9:25, 9:30-11:30 ...

北京昭衍新药研究中心股份有限公司 关于召开 2023 年年度股东大会、2024 年第二次 A 股类别股 证券代码：603127 证券简称：昭衍新药 公告编号：2024-027 2023 年年度股东大会、2024 年第二次 A 股类别股东会议及 2024 年第二次 H 股类别股东会议 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 6 月 20 日 14 点 30 分 召开地点：北京市经济技术开发区荣华南路 12 号兴基铂尔曼酒店会议室 股东大会召开日期：2024年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五) 网络投票的系统、起止日期和投票时间 东会议及 2024 年第二次 H 股类别股东会议的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 网络投票系统：上海证券交易所股东大会 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2024-028 北京昭衍新药研究中心股份有限公司 北京昭衍新药研究中心股份有限公司（以下简称"公司"或"昭衍新药"）于近 日收到上海证券交易所下发的《关于北京昭衍新药研究中心股份有限公司 2023 年年度报告的信息披露监管工作函》（上证公函【2024】0375 号）（以下简称 "《监管工作函》"），经公司及年审会计师核查，现对《监管工作函》内容回复 如下： 1.关于业务及业绩表现。公司 2023 年实现营业收入 23.76 亿元，同比增长 4.78%，归母净利润 3.97 亿元，同比下滑 63.04%，扣非净利润 3.38 亿元，同比 下滑 66.9%，主营业务毛利率 42.62%，同比减少 5.28 个百分点。细分业务中， 药物非临床研究服务实现营收 23.09 亿元，毛利率 43.22%，同比减少 5.09 个百 分点；临床服务及其他实现营收 6,342 万元，毛利率 21.18%，同比减少 10.52 个 百分点；实验模型供应实现营收 406 万元，毛利率 36.06%，同比增加 10.39 个百 分点。年报及相关公告披露公司业绩下滑的主要原因为， ...

M N 2 May 2024 CMB International Global Markets | Equity Research | Company Update Joinn Laboratories (6127 HK) Waiting longer for recovery to materialize Target Price HK$10.36 Joinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked (Previous TP HK$14.41) attributable net loss of RMB272mn, a significant downturn from an attributable Up/Downside 24.6% net profit of RMB188mn in 1Q23. The 1Q24 revenue accounted for 13.4% of Current Price HK$8.31 our full-year estimate, in line with its historical a ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 324,809,103.67, representing a decrease of 12.07% compared to the same period last year[3]. - The net profit attributable to shareholders of the listed company was a loss of RMB 272,222,474.99, a decline of 244.98% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 280,666,741.34, down 251.92% year-on-year[3]. - The total revenue for Q1 2024 was CNY 324,809,103.67, a decrease of 12.0% compared to CNY 369,386,010.95 in Q1 2023[21]. - Net profit for Q1 2024 was a loss of CNY 273,363,603.07, compared to a profit of CNY 187,710,078.62 in Q1 2023[22]. - The total comprehensive income for Q1 2024 was a loss of CNY 272,499,809.53, compared to a profit of CNY 183,307,433.87 in Q1 2023[24]. - Basic earnings per share decreased by 244.00%[10]. - Diluted earnings per share also decreased by 244.00%[10]. - Basic earnings per share for Q1 2024 was CNY -0.36, compared to CNY 0.25 in Q1 2023[24]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 9,733,254,487.30, a decrease of 2.93% from the end of the previous year[4]. - The equity attributable to shareholders of the listed company was RMB 7,993,144,600.58, down 3.46% from the end of the previous year[4]. - The company's total liabilities as of March 31, 2024, were RMB 1.74 billion, compared to RMB 1.75 billion at the end of the previous period, indicating a decrease of about 0.3%[19]. - The company's total equity attributable to shareholders decreased to CNY 7,993,144,600.58 from CNY 8,279,315,724.35 as of December 31, 2023[20]. - The company's total assets decreased from RMB 10.03 billion to RMB 9.73 billion, a decline of about 3%[18]. Cash Flow - The net cash flow from operating activities was RMB 119,953,519.31, not applicable for year-on-year comparison[3]. - The company reported a decrease in cash flow from operating activities due to reduced payments for experimental models[10]. - In Q1 2024, the cash inflow from operating activities was 492,589,961.10, a decrease of 22.4% compared to 635,825,537.05 in Q1 2023[27]. - The net cash flow from operating activities in Q1 2024 was 119,953,519.31, a significant improvement from a negative cash flow of –13,668,184.06 in Q1 2023[28]. - The cash inflow from investment activities in Q1 2024 was 111,453,520.72, down 50.0% from 222,354,944.59 in Q1 2023[29]. - The net cash flow from investment activities in Q1 2024 was –67,562,298.65, compared to a positive cash flow of 106,476,212.61 in Q1 2023[29]. - The cash outflow from financing activities in Q1 2024 was 37,928,364.49, an increase from 24,852,351.87 in Q1 2023[30]. - The net cash flow from financing activities in Q1 2024 was –37,928,364.49, worsening from –24,852,351.87 in Q1 2023[30]. - The cash and cash equivalents at the end of Q1 2024 amounted to 2,865,314,156.35, a decrease from 2,961,151,889.94 at the end of Q1 2023[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,233[11]. - The top ten shareholders held a total of 22.29% of shares, with the largest shareholder holding 167,160,633 shares[11]. Business Operations - The laboratory services business contributed a net profit of RMB -21,043,700, a decline of 130.01% year-on-year[5]. - The company signed new contracts worth RMB 400 million during the reporting period, with the number of new projects increasing by approximately 20% year-on-year, resulting in a total backlog of RMB 3.38 billion[15]. - The company emphasized the importance of monitoring investment risks due to various factors affecting order execution[15]. Non-Recurring Items - The company reported non-recurring gains and losses of RMB 8,444,300 for the reporting period[6]. - Non-recurring gains and losses amounted to a total of -82,637.33 and -558,720.76 respectively, with a tax impact of 1,422,161.37[8]. - The company has not identified any significant non-recurring gains or losses beyond those listed in the regulatory announcement[8]. Research and Development - The company reported a significant increase in research and development expenses, totaling CNY 22,967,298.39 in Q1 2024, down from CNY 27,611,585.58 in Q1 2023[21]. Fair Value Changes - The fair value change of biological assets resulted in a net loss of RMB 284,048,900[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 251.92%, primarily due to reduced net profit from laboratory services and losses from changes in the fair value of biological assets[10]. Other Comprehensive Income - Other comprehensive income for Q1 2024 showed a net amount of CNY 863,793.54, compared to a loss of CNY -4,402,644.75 in Q1 2023[23]. - Investment income for Q1 2024 was CNY 6,972,038.25, a significant increase from CNY 514,120.05 in Q1 2023[22].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 324,809,103.67, representing a decrease of 12.07% compared to the same period last year[5]. - The net profit attributable to shareholders of the listed company was a loss of RMB 272,222,474.99, a decline of 244.98% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 280,666,741.34, down 251.92% year-on-year[5]. - The weighted average return on net assets was -3.35%, a decrease of 5.62 percentage points compared to the previous year[5]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -251.92 million RMB, primarily due to a decrease in net profit from laboratory services and losses from changes in the fair value of biological assets[31]. - Basic and diluted earnings per share were both -244.00 RMB[31]. - Total revenue for Q1 2024 was RMB 324,809,103.67, a decrease of 12.06% compared to RMB 369,386,010.95 in Q1 2023[44]. - Operating profit for Q1 2024 was RMB -293,008,274.73, compared to RMB 214,369,686.98 in Q1 2023, indicating a significant decline[48]. - Net profit for Q1 2024 was RMB -273,363,603.07, a decrease from a net profit of RMB 187,710,078.62 in Q1 2023[48]. - The total comprehensive income for Q1 2024 was -$272.50 million, compared to $183.31 million in Q1 2023, reflecting a substantial decrease in overall performance[50]. - The basic and diluted earnings per share for Q1 2024 were both -$0.36, down from $0.25 in Q1 2023, highlighting a negative shift in profitability[50]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 9,733,254,487.30, a decrease of 2.93% from the end of the previous year[8]. - The equity attributable to shareholders of the listed company was RMB 7,993,144,600.58, down 3.46% from the end of the previous year[8]. - Non-current assets totaled RMB 2,762,090,308.72, down from RMB 2,905,192,290.36 in the previous period[44]. - Total assets decreased to RMB 9,733,254,487.30 from RMB 10,027,159,630.47[44]. - Total liabilities amounted to RMB 1,739,526,324.07, slightly down from RMB 1,746,119,215.39[44]. - Deferred income tax liabilities were RMB 129,567,321.33, down from RMB 162,342,125.15[44]. Cash Flow - The net cash flow from operating activities was RMB 119,953,519.31, with no applicable year-on-year comparison[5]. - Cash inflows from operating activities in Q1 2024 totaled $492.59 million, a decrease of 22.4% from $635.83 million in Q1 2023[52]. - The net cash flow from operating activities for Q1 2024 was $119.95 million, a significant improvement compared to a net outflow of -$13.67 million in Q1 2023[52]. - Cash outflows for investing activities in Q1 2024 amounted to $179.02 million, compared to $115.88 million in Q1 2023, indicating increased investment expenditures[58]. - The net cash flow from investing activities for Q1 2024 was -$67.56 million, contrasting with a positive cash flow of $106.48 million in Q1 2023[58]. - The cash and cash equivalents at the end of Q1 2024 were $2.87 billion, a slight decrease from $2.96 billion at the end of Q1 2023[58]. - The company reported cash inflows from other operating activities of $18.49 million in Q1 2024, down from $21.31 million in Q1 2023[52]. - The company experienced a foreign exchange loss of $2.80 million on cash and cash equivalents in Q1 2024, compared to a loss of $6.27 million in Q1 2023[58]. Operational Highlights - New orders signed during the reporting period were approximately 400 million RMB, with a year-on-year increase of about 20%, resulting in a total backlog of approximately 3.38 billion RMB[34]. - The laboratory service business contributed a net loss of RMB 21,043,700.00, a decline of 130.01% year-on-year[24]. - Research and development expenses for Q1 2024 were RMB 22,967,298.39, a decrease from RMB 27,611,585.58 in Q1 2023[48]. - The company has ongoing research and development efforts, although specific new products or technologies were not detailed in the report[34]. Shareholder Information - The top ten shareholders held a combined 74.29% of the shares, with the largest shareholder owning 22.29%[32].

Financial Performance - JOINN Laboratories reported a revenue increase of 25% year-over-year, reaching RMB 1.5 billion in the latest fiscal year[36]. - The company's revenue for the year ended December 31, 2023, was RMB 2,376,487 thousand, representing an increase from RMB 2,267,971 thousand in 2022, which is a growth of approximately 4.8%[43]. - The total revenue for the year ended December 31, 2023, was RMB 2,376.5 million, representing a 4.8% increase from RMB 2,268.0 million for the year ended December 31, 2022[59]. - The company achieved a revenue of RMB 2.376 billion in 2023, with a net profit from laboratory services of RMB 473 million[45]. - The company's net profit for the year decreased by 63.5% to RMB 391.6 million from RMB 1,073.2 million in the previous year, with a net profit margin dropping from 47.3% to 16.5%[65]. - Earnings per share (EPS) for 2023 was RMB 0.53, down from RMB 1.44 in 2022, indicating a decline in profitability per share[43]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[36]. - The company plans to enter two new international markets by the end of 2024, targeting a 15% market share in each[36]. - The company is focusing on market expansion strategies, particularly in the biopharmaceutical sector, to enhance its competitive position[43]. - The company is actively seeking strategic investment opportunities to enhance product development, portfolio, channel expansion, or cost control[75]. - The company plans to enhance its pharmacology and toxicology research capabilities, improve project management efficiency, and ensure compliance with GLP standards[77]. Research and Development - JOINN is investing RMB 200 million in R&D for new technologies aimed at enhancing drug testing capabilities[36]. - The company is investing in research and development to innovate new therapies and improve existing product lines, which is critical for long-term sustainability[43]. - Research and development expenses increased by 24.2% to RMB 96.9 million, driven by continuous investment in R&D projects[64]. - The company has developed and optimized 11 new ophthalmic disease models to enhance drug evaluation capabilities[50]. - The company has developed an AI-based automated behavioral assessment system for CNS diseases, achieving 100% accuracy in drug delivery techniques using MRI-guided stereotactic injection[52]. Operational Efficiency - The company aims to increase operational efficiency by 10% through the implementation of advanced data analytics tools[36]. - The company aims to improve operational efficiency to counteract the declining gross profit margin observed in recent years[43]. - The company has set a goal to reduce operational costs by 5% through strategic partnerships and supply chain optimization[36]. Sustainability Initiatives - JOINN's commitment to sustainability includes a target to reduce carbon emissions by 20% over the next three years[36]. - The management team emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[101]. Client and Supplier Relationships - The company served approximately 850 clients, including major pharmaceutical and biotechnology companies, as of December 31, 2023[169]. - The company maintains stable relationships with major suppliers, primarily located in China, and has not faced any significant procurement difficulties for general laboratory consumables or equipment during the reporting period[172]. - The company has established long-term procurement contracts with suppliers of non-human primate experimental models, ensuring sufficient supply at reasonable prices without any adverse operational impacts reported[173]. Employee and Management - JOINN's employee stock ownership plan has seen participation rise to 75% among eligible employees, fostering greater alignment with company performance[36]. - The company has a professional service team of 2,510 members as of December 31, 2023[46]. - The company has established long-term incentive mechanisms to attract and retain talent, promoting sustainable and healthy development[126]. Corporate Governance - The board consists of 9 members, including 5 executive directors and 4 independent non-executive directors[198]. - The company has adopted the corporate governance code as per Appendix C1 of the listing rules[194]. - The board is responsible for ensuring that the company operates in the best interests of its shareholders[198]. Financial Position - The total assets decreased to RMB 10,027,159 thousand in 2023 from RMB 10,364,216 thousand in 2022, representing a decline of approximately 3.2%[44]. - Total liabilities decreased to RMB 1,746,118 thousand in 2023 from RMB 2,173,350 thousand in 2022, a reduction of about 19.6%[44]. - The company's net assets increased to RMB 8,281,041 thousand in 2023, up from RMB 8,190,866 thousand in 2022, reflecting a growth of approximately 1.1%[44]. Challenges and Risks - The company faces risks from fluctuating international economic conditions and potential impacts on international business revenue due to geopolitical instability[84]. - Intense market competition in the non-clinical CRO industry requires the company to maintain its core competitive advantages and complete fundraising projects promptly to avoid profitability challenges[87]. - The company must keep pace with technological innovations in the pharmaceutical research sector to maintain its industry leadership; failure to adapt could reduce client demand for services[89].

Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 8.48 [3][5][12] Core Views - The company faced significant challenges in 2023, with revenue growth slowing to 4.8% year-on-year, totaling RMB 2.38 billion. Gross profit declined by 9.4% to RMB 980 million, and net profit dropped by 63.0% to RMB 400 million. Core business profit, excluding biological asset fair value losses, decreased by 7.3% to approximately RMB 690 million [2][3] - The company is expected to continue facing challenges in 2024, leading to a downward revision of revenue and profit forecasts for 2024-2025 by 10.4% and 16.7%, respectively. This is attributed to a significant reduction in new orders, which fell from RMB 3.8 billion in the previous year to RMB 2.3 billion [2][3][8] - The management indicated that while the market price of experimental monkeys is expected to stabilize in 2024, a substantial recovery in terminal demand is unlikely in the short term, impacting gross margins [3][4] Financial Summary - Total revenue for 2022 was RMB 2.27 billion, with a projected revenue of RMB 2.36 billion for 2023, and expected revenues of RMB 2.36 billion and RMB 2.57 billion for 2024 and 2025, respectively [4][10] - The net profit for 2022 was RMB 1.07 billion, with a significant decline to RMB 400 million in 2023. Projections for 2024 and 2025 are RMB 531 million and RMB 600 million, respectively [4][10] - The earnings per share (EPS) for 2023 is projected at RMB 0.53, with expectations of RMB 0.71 and RMB 0.80 for 2024 and 2025 [4][10] - The company’s price-to-earnings ratio (PER) is adjusted to 11.0 times for 2024, down from 12.0 times, reflecting the downward revision in profit forecasts [3][5]