Core Viewpoint - The pharmaceutical sector in China is experiencing significant growth, driven by favorable government policies and increasing international market share, with a notable rise in innovative drug development and exports [1][2]. Group 1: Market Performance - On May 23, 2025, pharmaceutical stocks collectively surged, with sectors like Helicobacter pylori, AI healthcare concepts, and weight-loss drugs rising over 2% [1]. - Hai Chen Pharmaceutical's stock hit a 20% limit up within three minutes of opening, reaching a new high in two and a half years [1]. - Heng Rui Pharmaceutical officially listed on the Hong Kong stock market, with its stock price increasing by approximately 30% post-opening, raising about 9.9 billion HKD through an IPO of 224.5 million shares, marking the largest IPO in the Hong Kong pharmaceutical sector in five years [1]. Group 2: Export and Innovation - In Q1 2025, China's pharmaceutical and healthcare product exports reached 26.632 billion USD, a year-on-year increase of 4.39%, while imports decreased by 4.42% to 20.456 billion USD, indicating a domestic industry upgrade and import substitution effect [1][2]. - The United States remains the largest single market for Chinese pharmaceutical exports, with exports amounting to 4.639 billion USD, a 9.6% increase, primarily driven by raw materials and disposable medical supplies [2]. - By the end of 2024, the number of active innovative drugs developed by Chinese companies reached 3,575, ranking first globally, with domestic products accounting for 42% of newly approved innovative drugs, up from less than 10% in 2015 [2]. Group 3: Future Outlook - Analysts predict that 2025 will be a pivotal year for the pharmaceutical industry in China, marking the beginning of significant revenue growth, profitability for many companies, and an extended valuation cycle due to improvements in payment systems [2].

Core Viewpoint - The pharmaceutical sector in Hong Kong and A-shares has experienced a significant surge, driven by the upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting where multiple innovative drug companies will showcase their research results. The market is optimistic about the potential of Chinese innovative drugs entering the global market, particularly following the collaboration between 3SBio and Pfizer on a PD-1/VEGF dual antibody [1][3][6]. Group 1: Market Performance - The Hong Kong pharmaceutical sector saw a broad rally, with the Hang Seng Healthcare Index rising over 2%. Notable stock performances included a more than 15% increase for Haijia Medical and over 11% for Green Leaf Pharmaceutical [2]. - In the A-share market, the innovative drug sector also performed strongly, with Haichen Pharmaceutical hitting a 20% limit up and multiple companies like Zhongsheng Pharmaceutical and Huason Pharmaceutical also reaching their limits [3]. Group 2: ASCO Annual Meeting Highlights - Several companies announced their participation in the ASCO annual meeting, including: 1. BeiGene will present 23 abstracts focusing on new data for its product portfolio in hematological and solid tumor treatments [3]. 2. Kelun-Biotech will share results from six clinical studies, including data on its ADC and PD-L1 monoclonal antibody [4]. 3. Ascentage Pharma will present the latest clinical data on APG-2575 and APG-115 [4]. 4. Legend Biotech will disclose updates on its CARVYKTI clinical development project for multiple myeloma [4]. 5. Hengrui Medicine will present updated data on several of its compounds [4]. Group 3: Future Outlook - Analysts predict that 2025 will mark a pivotal year for the pharmaceutical industry, characterized as the "three milestone years": a year of revenue growth post-medical insurance negotiations, a year of profitability for many companies, and a year of valuation uplift due to improved payment conditions [6]. - The Chinese innovative drug sector is transitioning from being followers to becoming significant players in the international market, with a notable increase in the number of innovative drugs developed by Chinese companies, reaching 3,575 by the end of 2024, surpassing the U.S. [6]. Group 4: Investment Recommendations - Analysts recommend focusing on Hong Kong innovative drug stocks due to several factors: 1. The potential for excess returns as companies establish global competitive advantages [7]. 2. The increasing global competitiveness of Chinese innovative drugs, particularly through licensing agreements [7]. 3. Favorable policy and regulatory changes that support the sector [7]. 4. Financial performance indicators show steady revenue growth and relatively safe valuation levels compared to other growth sectors [7].

Core Viewpoint - JOINN Laboratories (China) Co., Ltd. has announced the further subscription of structured deposit products from Jiangsu Bank, totaling RMB 440 million, which is expected to yield reasonable interest without adversely affecting the company's financial situation [1][5]. Summary by Sections Subscription of Financial Products - The company has subscribed to four structured deposit products from Jiangsu Bank, with the total investment amounting to RMB 440 million [1][4]. - The first product has an investment of RMB 150 million with an expected annual return rate of 0.1%–2.45%, maturing on May 22, 2025 [4]. - The second product involves an investment of RMB 60 million with an expected annual return rate of 1.60%–2.50%, maturing on December 27, 2025 [4]. - The third product has an investment of RMB 200 million with an expected annual return rate of 1.00%–2.56%, maturing on August 26, 2025 [4]. - The fourth product involves an investment of RMB 30 million with an expected annual return rate of 1.50% or 2.45%, maturing on November 23, 2025 [4]. Current Status - As of the announcement date, the company confirmed that all previously subscribed financial products have been redeemed according to their terms, except for the structured deposit products from Jiangsu Bank [5]. - The company believes that the structured deposit products will yield reasonable interest and will not negatively impact its financial condition [5]. Reasoning and Benefits for Subscription - The company aims to utilize excess cash in its capital account without affecting operational liquidity by subscribing to these structured deposit products, which offer higher interest rates compared to regular bank deposits [5]. - The structured deposit products are considered low-risk and are expected to provide better returns than typical commercial bank deposits in China [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 須予披露交易 進一步認購金融產品 進一步認購金融產品 董 事 會 謹 此 公 佈，於2025年5月22日（交 易 時 間 後），本 集 團 成 員 公 司 剛 認 購 且 於本公告日期仍未到期的該等江蘇銀行人民幣結構性存款產品合計投資總 額分別為人民幣440,000,000元。 在 認 購 第 四 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 之 前，由 於 根 據 上 市 規 則 第 14.07條 就 首 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品、第 二 項 江 蘇 銀 行 人 民 幣 結 構性存款產 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 須予披露交易 進一步認購金融產品 然 而，在 認 購 第 四 項 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 之 後，由 於 根 據 上 市 規 則 第14.07條就認購該等江蘇銀行人民幣結構性存款產品而按合併基準計算 的最高適用百分比率高於5%但低於25%，根 據 上 市 規 則 第14章，認 購 該 等 江 蘇 銀 行 人 民 幣 結 構 性 存 款 產 品 將 構 成 本 公 司 的 一 項 須 予 披 露 交 易，因 此 須 遵守上市規則第14.34條 所 載 的 通 知 及 公 告 規 定。 進一步認購金融產品 ...

昭衍新药于2025年5月13日发布公告，披露关于回购注销部分限制性股票并通知债权人相关事宜。 因激励对象变动触发回购注销 公司于2023年3月30日召开的第四届董事会第二次会议，审议通过了《关于回购注销2019年股票期权与 限制性股票激励计划部分限制性股票的议案》《关于回购注销2021年A股限制性股票激励计划部分限制 性股票的议案》；2023年4月27日召开的第四届董事会第三次会议，再次审议通过《关于回购注销2021 年A股限制性股票激励计划部分限制性股票的议案》。 根据公司《2019年股票期权与限制性股票激励计划（草案）》和《股权激励计划实施考核管理办法》， 1名激励对象因个人原因离职，不符合股权激励计划规定，董事会决定回购注销其持有的限制性股票 0.3293万股。 依据《2021年A股限制性股票激励计划（草案）》和相关考核管理办法，21名激励对象因个人原因离职 或个人业绩考核结果不达标，不符合激励对象规定，董事会决定回购注销其持有的限制性股票3.1108万 股。 2025年1月23日，公司召开2025年第一次临时股东大会，审议通过《关于公司变更注册资本的议案》。 上述回购注销完成后，公司总股本将由535, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 大 鵬 先 生、孫雲霞女士、羅樨女士及顧靜良先生，及獨立非執行董事張帆先生、楊福全 先 生、陽 昌 雲 先 生 及 應 放 天 先 生。 证券代码：603127 证券简称：昭衍新药 ...

Core Viewpoint - The company, Zhaoyan New Drug, has experienced a stock price increase of 2.89% to 16.35 yuan, with a rolling PE ratio of 31.63, marking a new low in 16 days, and a total market capitalization of 12.254 billion yuan [1] Company Summary - Zhaoyan New Drug focuses on non-clinical safety evaluation services for drugs, preclinical research services, and sales of laboratory animals and related products [1] - The main products include non-clinical research services, clinical services, and experimental model supply [1] - As of the first quarter of 2025, the company reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, and a net profit of 41.1195 million yuan, a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1] Industry Summary - The average PE ratio for the medical services industry is 38.86, with a median of 38.36, placing Zhaoyan New Drug at the 24th position within the industry [1] - As of the first quarter of 2025, 22 institutions hold shares in Zhaoyan New Drug, including 20 funds, with a total holding of 72.9482 million shares valued at 1.484 billion yuan [1]

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].

Summary of the Conference Call for Zhaoyan New Drug Company Overview - **Company**: Zhaoyan New Drug - **Industry**: Pharmaceutical and Laboratory Services Key Financial Performance - **Q1 Revenue**: 411 million CNY, a year-on-year increase of 115.11% [2][3] - **Net Profit**: 41.12 million CNY, with a non-recurring net profit of 25.66 million CNY [2][3] - **Laboratory Segment Loss**: 41.34 million CNY, attributed to quarterly factors and industry pressures [2][3] - **Biological Asset Value Change**: Gain of 53 million CNY [2] - **Funds Management Contribution**: 16.62 million CNY [2] Order and Client Status - **New Orders**: Approximately 430 million CNY in new orders, a year-on-year increase [2][3] - **Backlog**: 2.2 billion CNY in backlog, stable compared to the previous quarter [2][3] - **Order Cancellations**: Decreased significantly, indicating a return to normal client status [2][14] Industry Dynamics - **Domestic IND Growth**: Slowed to 2.54%, but remains at a high level with stable order prices [2][5] - **FDA Policy on Animal Testing**: Proposed to use AI and organoids as alternatives, with limited short-term impact; ongoing monitoring of policy developments is necessary [2][5] - **Monkey Prices**: Stable due to supply-demand balance; domestic supply remains tight [2][7][8] Capacity and Expansion - **Non-Clinical Business Utilization**: High capacity utilization; new facility in Guangzhou nearing completion [2][9] - **M&A Activity**: Focused on enhancing laboratory service capabilities, with ongoing domestic and international acquisitions [2][10] Financial Management - **Accounts Receivable**: Good condition with high client creditworthiness; collection pressure is low [4][19] - **Cost Control**: Emphasis on managing costs and improving operational efficiency [15] Market Outlook - **Profitability Pressure**: No specific guidance on gross margin and net profit due to market demand and pricing uncertainties [4][12] - **Competition**: Industry competition remains stable, with some small companies exiting the market [19] Additional Insights - **Order Execution Cycle**: Typically ranges from 6 to 12 months, with no significant backlog currently [15] - **Emerging Fields**: New segments are growing faster than traditional ones, indicating a shift in market dynamics [22] This summary encapsulates the key points from the conference call, highlighting the financial performance, order status, industry dynamics, capacity expansion, financial management, market outlook, and additional insights relevant to Zhaoyan New Drug.