Group 1 - The Hong Kong biotechnology stocks experienced a collective decline, with notable drops in several companies [1] - WuXi AppTec (02126) saw a decrease of 12.95%, closing at 4.840 [2] - BioNTech (06952) fell by 12.53%, with a latest price of 13.750 [2] Group 2 - Other companies such as Valiant (09887) and Beihai Kangcheng (01228) also reported significant declines of 9.93% and 9.75% respectively [2] - The decline extended to companies like Saint Noble (02257) and MIRXES (02629), which dropped by 9.64% and 8.43% [2] - Overall, the biotechnology sector is facing downward pressure, impacting multiple firms [1]

Core Viewpoint - The company is experiencing a phase of performance pressure due to industry cyclicality, but there are signs of order growth and potential improvement in financial results in the future [3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 669 million yuan, a year-on-year decline of 21.29%. The net profit attributable to the parent company was 61 million yuan, marking a return to profitability, while the net profit excluding non-recurring items was 23 million yuan, also indicating a return to profitability [1]. - In Q2 2025, the company reported operating revenue of 381 million yuan, a year-on-year decline of 27.32%. The net profit attributable to the parent company was 20 million yuan, down 80.67%, and the net profit excluding non-recurring items was -2.61 million yuan [1]. - The company's non-clinical drug research services generated revenue of 639 million yuan in H1 2025, down 21.07% year-on-year, while clinical services generated 29 million yuan, down 26.82% [2]. Profitability Analysis - The laboratory services segment faced significant profit pressure, contributing a net loss of approximately 970 million yuan in H1 2025, a decline of 537.54% year-on-year, primarily due to increased competition leading to a drop in gross margin (24.03%, down 6.34 percentage points) [2]. - The company’s financial management income contributed approximately 320 million yuan to net profit, while the fair value changes of biological assets contributed about 880 million yuan, likely due to a slight increase in the price of experimental monkeys [2]. Order Trends - The total order amount on hand for the company in H1 2025 was approximately 2.3 billion yuan, showing a recovery from about 2.2 billion yuan in Q1 2025. New orders signed in H1 2025 amounted to approximately 1.02 billion yuan, a significant increase from about 900 million yuan in H1 2024 [2]. International Strategy - The company is focusing on expanding its overseas market, achieving operating revenue of 252 million yuan from international operations in H1 2025, a year-on-year increase of 7.13%, with overseas revenue accounting for 37.69% of total revenue [4]. - Over the past two and a half years, the company has signed nearly 500 foreign application projects, with over 90% being dual submissions in China and the U.S. The company has obtained various international industry qualifications to support its international business [4]. Profit Forecast - The company forecasts operating revenues of 1.812 billion yuan, 2.087 billion yuan, and 2.406 billion yuan for 2025, 2026, and 2027, respectively. The net profits attributable to the parent company are expected to be 230 million yuan, 296 million yuan, and 367 million yuan for the same years, with corresponding diluted EPS of 0.31 yuan, 0.40 yuan, and 0.49 yuan [5].

8月28日，昭衍新药跌5.53%，截至发稿，报30.21元/股，成交4.08亿元，换手率2.08%，总市值226.42亿 元。 资料显示，北京昭衍新药研究中心股份有限公司位于北京市经济技术开发区荣京东街甲5号,香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1998年2月25日，上市日期2017年8月25日，公司主营业务涉 及以药物非临床安全性评价服务为主的药物临床前研究服务和实验动物及附属产品的销售业务。 从基金十大重仓股角度 融通医疗保健行业混合A/B（161616）基金经理为万民远、刘曦阳。 截至发稿，万民远累计任职时间9年5天，现任基金资产总规模42.23亿元，任职期间最佳基金回报 156.05%， 任职期间最差基金回报-17.58%。 刘曦阳累计任职时间1年167天，现任基金资产总规模8.14亿元，任职期间最佳基金回报1.41%， 任职期 间最差基金回报0.98%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，融通基金 ...

Core Viewpoint - Zhaoyan New Drug (06127) reported a significant decline in revenue and gross profit for the first half of 2025, primarily due to increased competition leading to price reductions, while net profit turned positive due to changes in the fair value of biological assets [1] Financial Performance - Revenue for the first half of 2025 was approximately 669 million yuan, a year-on-year decrease of 21.3% [1] - Gross profit was about 105 million yuan, reflecting a year-on-year decline of 50.3% [1] - Net profit reached 60.93 million yuan, marking a turnaround from a loss in the previous period, with earnings per share at 0.08 yuan [1] Factors Influencing Performance - The decrease in revenue was driven by intensified competition resulting in a decline in project unit prices [1] - The increase in net profit was attributed to a gain of 95 million yuan from changes in the fair value of biological assets [1] - The fair value changes were primarily due to natural growth of biological assets, contrasting with a loss of 254.4 million yuan in the previous period, which was linked to a decrease in unit fair value and market price of experimental models [1]

公告称，收益减少主要是由于竞争加剧导致项目单位价格下滑所驱动。净利润增加主要是由于生物资产 公平值变动。期内确认生物资产公平值变动产生的收益9500万元，截至2024年6月30日止六个月则为亏 损2.544亿元。截至2025年6月30日止六个月产生的收益主要是由于生物资产自然生长带来的，而截至 2024年6月30日止六个月的亏损主要是由于生物资产的单位公平值减少，与实验模型的市价下降相符。 昭衍新药（603127）(06127)跌超3%，截至发稿，跌3.32%，报20.98港元，成交额3077.31万港元。 消息面上，8月26日，昭衍新药公布2025年中期业绩，收益约6.69亿元，同比减少21.3%；毛利约1.05亿 元，同比减少50.3%；净利6093.2万元，同比扭亏为盈；每股盈利0.08元。 ...

Investment Rating - The report assigns a "Hold" rating for the stock, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [13]. Core Views - The report highlights that the company's performance is under pressure due to industry cyclicality, but there is a marginal acceleration in order growth, suggesting potential improvement in future financial results [2][3]. - The company is focusing on expanding its overseas market presence, with international revenue showing a year-on-year increase of 7.13% in the first half of 2025, accounting for 37.69% of total revenue [4][5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 669 million yuan, a year-on-year decline of 21.29%. The net profit attributable to the parent company was 61 million yuan, marking a return to profitability [1][2]. - The laboratory services segment experienced a significant decline in profit, with a net loss of approximately 97 million yuan, primarily due to increased competition leading to a drop in gross margin [2]. - The company had an order backlog of approximately 2.3 billion yuan as of the first half of 2025, indicating a recovery from the previous quarter [2]. Market Expansion - The company has signed nearly 500 projects for international submissions over the past two and a half years, with over 90% of these projects being dual submissions in China and the United States [4]. - The internationalization strategy is supported by comprehensive industry qualifications, enabling smooth operations in global markets [4]. Earnings Forecast - The company is projected to achieve revenues of 1.812 billion yuan, 2.087 billion yuan, and 2.406 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 230 million yuan, 296 million yuan, and 367 million yuan for the same years [7].

据证券之星公开数据整理，近期昭衍新药（603127）发布2025年中报。截至本报告期末，公司营业总收 入6.69亿元，同比下降21.28%，归母净利润6093.24万元，同比上升135.9%。按单季度数据看，第二季 度营业总收入3.81亿元，同比下降27.32%，第二季度归母净利润1981.29万元，同比下降80.67%。本报 告期昭衍新药三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达30.88%。 本次财报公布的各项数据指标表现一般。其中，毛利率24.03%，同比减20.88%，净利率9.11%，同比增 144.94%，销售费用、管理费用、财务费用总计1.12亿元，三费占营收比16.71%，同比增30.88%，每股 净资产10.81元，同比增2.44%，每股经营性现金流0.22元，同比增3.26%，每股收益0.08元，同比增 134.78% 财报体检工具显示： 建议关注公司应收账款状况（应收账款/利润已达214.86%） | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.49 Z | 6 ...

Summary of the Conference Call for Zhaoyan New Drug (2025) Company Overview - **Company**: Zhaoyan New Drug - **Industry**: Pharmaceutical and CRO (Contract Research Organization) Key Financial Performance - **New Orders**: In the first half of 2025, new orders amounted to 1.02 billion yuan, a year-on-year increase of 13.33%. The second quarter saw a single-quarter increase of 18% with new orders of 590 million yuan [2][5] - **Revenue**: Total revenue for the first half was 669 million yuan, with domestic clients contributing 417 million yuan (62.31%) and international clients contributing 252 million yuan (37.69%) [3] - **Net Profit**: The net profit attributable to shareholders was 60.93 million yuan, marking a turnaround from losses in the same period of 2024 [2][3] - **Gross Margin**: The gross margin was reported at 24.03%, down from previous levels due to a decrease in revenue and fewer high-margin long-cycle orders [3][4] Business Developments - **Technological Investments**: The company is investing in drug evaluation technologies, organoids, organ-on-chip technologies, and has seen a significant increase in antibody, small nucleic acid, and ADC project numbers [2][6] - **CMA Certification**: The Suzhou facility has passed CMA certification, allowing it to conduct medical device testing and non-clinical research [2][6] - **Innovation in Domestic Market**: The booming domestic innovative drug business is enhancing international recognition of Chinese innovations, leading to increased R&D investments [2][7] Market Dynamics - **Experimental Monkey Pricing**: Prices for experimental monkeys are stable, with quarterly fair value changes expected to be around 50 million yuan due to natural growth impacts [2][8] - **Offshore Outsourcing**: The company is focusing on expanding its offshore outsourcing business, with a double-digit growth in order numbers, although the total order value remains stable [2][9] Challenges and Risks - **Aging Monkey Population**: The aging population of experimental monkeys in China poses a long-term capacity risk. The company is implementing measures to ensure stable supply and quality [2][10] - **Cost Pressures**: Rising costs due to overseas inflation have led to a decrease in gross margin for international business, which fell to 26% in the first half of 2025 [3][35] Future Outlook - **Capital Expenditure**: The company plans to invest 200 to 300 million yuan in capital expenditures for facility expansions and new laboratory constructions [3][26] - **Order Trends**: The company anticipates a slight decline in overseas orders but aims to maintain overall order levels [3][13] - **Market Positioning**: The company is optimistic about the future of the innovative drug sector in China and plans to continue developing its capabilities in organoid and AI technologies [2][38] Additional Insights - **Client Composition**: In the second quarter, new orders were primarily from biotech companies, which accounted for over 50% of the total, while traditional pharmaceutical companies contributed less than 50% [3][27] - **Impact of FDA Regulations**: The company is monitoring potential impacts from FDA regulations that may reduce animal testing requirements and is prepared to adjust its R&D strategies accordingly [3][17] This summary encapsulates the key points from the conference call, highlighting the financial performance, business developments, market dynamics, challenges, and future outlook for Zhaoyan New Drug.

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Views - The company's 1H25 revenue and net profit attributable to shareholders were CNY 66.9 million and CNY 6.1 million respectively, showing a year-on-year decline of 21.3% in revenue but a significant increase of 135.9% in net profit, aligning with performance forecasts [1]. - The overall order backlog stands at approximately CNY 2.3 billion, with new orders amounting to CNY 1.02 billion, reflecting a year-on-year increase of 13.3%, and a notable recovery in new orders in 2Q25 with an 18.0% year-on-year growth [1][4]. - The company is expected to benefit from a continued recovery in industry demand and a well-structured overseas business expansion, indicating strong long-term growth potential [1][4]. Financial Performance - The gross margin for 1H25 was 24.0%, down 6.3 percentage points year-on-year, primarily due to pressure on domestic order volume and the completion of high-margin long-term projects by the end of 2024 [2]. - Operating cash flow for 1H25 was CNY 163 million, representing a year-on-year increase of 3.2%, indicating stable cash flow performance [2]. Business Segments - Non-clinical drug research services generated revenue of CNY 639 million, down 21.1% year-on-year, attributed to short-term pressures in domestic business, while overseas revenue in this segment grew by 7.1% [3]. - Clinical services and others reported revenue of CNY 29.02 million, down 26.8% year-on-year, with several service varieties progressing through NMPA inspections [3]. - The experimental model supply segment generated revenue of CNY 480,000, with ongoing development in non-human primate models and small animal models [3]. Geographic Revenue Breakdown - Overseas revenue reached CNY 252 million, up 7.1% year-on-year, accounting for 37.7% of total revenue, with expectations for continued growth in this area [4]. - Domestic revenue was CNY 417 million, down 32.2% year-on-year, primarily due to historical pressures on order volume and pricing, but there are expectations for marginal improvement in domestic business [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits attributable to shareholders of CNY 292 million, CNY 360 million, and CNY 445 million for 2025-2027 [5]. - The company is positioned as a leader in the domestic non-clinical safety evaluation industry, with a solid technical foundation and active overseas expansion, leading to a target price of CNY 37.02 and HKD 27.34 for A and H shares respectively [5].

Core Viewpoint - Zhaoyan New Drug (SH603127) reported a significant decline in revenue for the first half of 2025, but successfully turned around its net profit from a loss in the previous year to a profit this year [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 669 million yuan, a decrease of 21.3% compared to the same period last year [1][2]. - The net profit attributable to shareholders was 60.93 million yuan, recovering from a loss of 169.74 million yuan in the previous year [1][2]. - The net profit excluding non-recurring items was 23.05 million yuan, compared to a loss of 198.39 million yuan in the same period last year [1][2]. - The net cash flow from operating activities was 163 million yuan, an increase of 3.2% year-on-year [1][2]. Asset and Equity Position - As of the end of the reporting period, the net assets attributable to shareholders were approximately 8.10 billion yuan, reflecting a slight increase of 0.32% from the end of the previous year [2]. - The total assets amounted to approximately 9.47 billion yuan, showing a growth of 0.82% compared to the previous year [2]. Leadership Profile - Feng Yuxia, the chairman of Zhaoyan New Drug, is 61 years old and holds a permanent residency in the United States, with a master's degree in pharmacology [3]. - Feng has been with the company since its founding in 1995 and has held various leadership roles, including general manager and chairman [3]. Compensation Comparison - Feng Yuxia's compensation from 2020 to 2024 varied, with the highest being 323.7 thousand yuan in 2022, while the industry average compensation was significantly lower [4].