证券代码：603127 证券简称：昭衍新药 公告编号：2025-034 北京昭衍新药研究中心股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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个别及连带责任。 一、计提资产减值准备情况概述 为更真实、准确、客观地反映北京昭衍新药研究中心股份有限公司（以下简 称"公司"）截至 2025 年 6 月 30 日财务状况和 2025 年半年度经营成果，根据《企 业会计准则》及公司会计政策等相关规定，对公司及下属子公司截至 2025 年 6 月 30 日合并报表范围的各类资产进行了减值测试。根据减值测试结果，2025 年 半年度公司相关资产计提资产减值准备具体情况如下： 单位：人民币/万元 | 项目 | 金额 | | --- | --- | | 信用减值损失 | -539.14 | | 资产减值损失 | 6,601.05 | | 合计 | 6,061.91 | 三、计提资产减值准备事项的具体说明 公司本期计提的资产减值损失未经会计师事务所审计确认，将减少公司 2025 年半年度归属于上市公 ...

Group 1 - The core index of the CSI 1000 Healthcare Index closed at 14247.06 points, with a one-month increase of 7.51%, a three-month increase of 25.91%, and a year-to-date increase of 32.65% [1] - The CSI 1000 Index series selects liquid and representative securities from each industry to form ten industry indices, providing diversified investment targets for investors [1] - The top ten holdings in the CSI 1000 Healthcare Index include: Borui Pharmaceutical (3.76%), Tonghua Golden Horse (2.77%), Zai Jian Pharmaceutical (2.39%), Furuide Co. (1.96%), Zhongsheng Pharmaceutical (1.83%), Rongchang Bio (1.69%), Zhaoyan New Drug (1.69%), Zuoli Pharmaceutical (1.62%), Anke Bio (1.61%), and Yipin Hong (1.46%) [1] Group 2 - The market share of the CSI 1000 Healthcare Index holdings is 54.86% from the Shanghai Stock Exchange and 45.14% from the Shenzhen Stock Exchange [1] - The industry composition of the CSI 1000 Healthcare Index includes: Chemical drugs (34.72%), Medical devices (20.46%), Traditional Chinese medicine (16.77%), Biological drugs (14.77%), Medical commerce and services (7.27%), and Pharmaceutical and biotechnology services (6.01%) [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December, and can be adjusted temporarily under special circumstances [2]

资金流向方面，今日主力资金净流入2309.99万元，占比成交额1.93%。其中，超大单净流入866.80万 元、占成交额0.72%，大单净流入1443.19万元、占成交额1.2%，中单净流出流出384.53万元、占成交额 0.32%，小单净流出1925.46万元、占成交额1.61%。 来源：金融界 昭衍新药最新一期业绩显示，截至2025一季报，公司营业总收入2.87亿元、同比减少11.54%，归属净利 润4111.95万元，同比增长115.11%，扣非净利润2566.26万元，同比增长109.14%，流动比率4.613、速动 比率3.221、资产负债率13.96%。 天眼查商业履历信息显示，北京昭衍新药研究中心股份有限公司，成立于1998年，位于北京市，是一家 以从事研究和试验发展为主的企业。企业注册资本53564.4275万人民币，实缴资本4560.33万人民币。公 司法定代表人为冯宇霞。 金融界消息 截至2025年8月25日收盘，昭衍新药（603127）报收于32.88元，上涨5.38%，换手率 5.87%，成交量36.98万手，成交金额11.99亿元。 通过天眼查大数据分析，北京昭衍新药研究中心股份有限 ...

Core Insights - The medical services sector experienced a slight increase of 0.18% on August 22, with a net outflow of 494 million yuan in principal funds [1] - Among the constituent stocks, 21 rose while 22 fell, indicating mixed performance within the sector [1] Fund Flow Analysis - The top net outflow stocks included WuXi AppTec with 193 million yuan, Sanbo Brain Science with 162 million yuan, and Kailaiying with approximately 71.53 million yuan [1] - Other notable outflows were observed in Zhaoyan New Drug (52.94 million yuan) and Innovation Medical (44.23 million yuan) [1] Stock Performance - Haocen Medical saw a significant increase of 9.92% with a net inflow of 116 million yuan, representing 19.82% of its market [1] - Baihua Medicine and Dian Diagnostics also reported gains of 1.51% and 2.41%, with net inflows of 414.83 thousand yuan and 393.43 thousand yuan respectively [1] - Conversely, Chengda Pharmaceutical and Guangzheng Eye Care experienced declines of 3.38% and 2.09% respectively, with net outflows of 2149.15 thousand yuan and 1199.08 thousand yuan [1]

Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. primarily engages in 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 supply of experimental models [1] Financial Performance - For Q1 2025, the company reported revenue of 287 million yuan, a year-on-year decrease of 11.54% [1] - The net profit for the same period was 41.12 million yuan, showing a significant year-on-year increase of 115.11% [1] - The sales gross margin stood at 28.61% [1] Market Position - As of August 20, the company's stock closed at 31.14 yuan, down 3.26%, with a rolling PE ratio of 60.24 times [1] - The total market capitalization is 23.339 billion yuan [1] - In terms of industry comparison, the average PE ratio for the medical services sector is 49.21 times, with a median of 65.65 times, placing Zhaoyan New Drug at the 28th position in the industry [1][2] Institutional Holdings - As of Q1 2025, 17 institutions hold shares in Zhaoyan New Drug, all of which are funds, with a total holding of 10.9687 million shares valued at 231 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Zhaoyan New Drug, which closed at 32.19 yuan with a PE ratio of 62.27 times, indicating a decline of 2.87% [1] - The company operates primarily in the field of non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1] - As of the first quarter of 2025, Zhaoyan New Drug reported a revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.12 million yuan, reflecting a significant increase of 115.11% [1] Group 2 - In terms of industry comparison, the average PE ratio for the medical services sector is 49.81 times, with a median of 65.60 times, positioning Zhaoyan New Drug at the 28th rank within the industry [1][2] - The total market capitalization of Zhaoyan New Drug is 24.126 billion yuan, with 17 institutions holding a total of 10.9687 million shares valued at 231 million yuan [1] - The company's sales gross margin stands at 28.61% as per the latest financial report [1]

Market Overview - The Hong Kong stock market experienced a slight decline on August 19, with the Hang Seng Index falling by 0.21% to 25,122.90, the Hang Seng China Enterprises Index down by 0.30% to 9,006.23, and the Hang Seng Tech Index decreasing by 0.67% to 5,542.03, indicating a relatively stable overall sentiment [1][2]. Sector Performance - Major technology stocks mostly declined, with significant drops in the film and television sector, semiconductor stocks, Chinese brokerage firms, rare earth concept stocks, innovative pharmaceuticals, gold stocks, and brain-computer interface concept stocks. Notably, the live-streaming stock Dongfang Zhenxuan plummeted nearly 21% [2][3]. - The property management sector showed strength throughout the day, while consumer sectors such as restaurants and sports goods performed actively [2][3]. Individual Stock Movements - Major tech stocks like NetEase and Xiaomi fell by 1.2% and 1.23% respectively, while Meituan and JD.com also saw slight declines. Tencent and Kuaishou experienced minor increases [4][5]. - Semiconductor stocks faced significant declines, with SMIC and Hua Hong Semiconductor dropping over 3%. However, a report from Tianfeng Securities suggests a positive outlook for global semiconductor growth driven by AI by 2025 [5][6]. - The pharmaceutical outsourcing sector saw substantial losses, with Tigermed down over 8% and other companies like WuXi AppTec and Zai Lab also declining significantly [7][8]. - Chinese brokerage stocks fell, with Xingsheng International down over 6% and other major firms like China International Capital Corporation and Shenwan Hongyuan also experiencing declines. However, there are indications of improving liquidity in the securities market, which could benefit brokerage firms [8]. Gold and Precious Metals - Gold and precious metals stocks declined, with companies like Chifeng Jilong Gold and Lingbao Gold dropping over 3%. Market sentiment is influenced by expectations surrounding the Federal Reserve's policy direction and geopolitical developments [8][9]. Property Management and Consumer Sectors - The property management sector saw notable gains, with Wanwu Cloud rising over 7% and other firms like Zhengrong Service and Rongchuang Service also increasing by more than 5%. This is supported by government measures to stabilize the real estate market [9][10]. - The restaurant sector experienced significant gains, with Daoxiang Holdings up over 11% and other companies like Xiaocaiyuan and Haidilao also showing positive performance [11]. Capital Inflows - Southbound funds recorded a net inflow of 18.573 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 8.911 billion HKD and the Shenzhen-Hong Kong Stock Connect adding 9.662 billion HKD [14]. Market Sentiment - Huatai Securities noted that the Hong Kong stock index has been fluctuating but is on an upward trend, with increased volatility. The market is currently in a critical phase awaiting verification of significant domestic and international events, suggesting a window for position adjustments [16].

Group 1 - The majority of Hong Kong biotech stocks experienced declines, with notable drops in several companies [1] - Specifically, Gilead Sciences fell by 15.06%, while Yunkang Group and Pigeon BioPharma dropped over 14% and 9% respectively [2] - Other companies such as China Antibody and Jiahua Bio also saw declines exceeding 7% [1][2] Group 2 - The latest market prices and total market capitalizations for the affected companies include: - Gilead Sciences at 15.510 with a market cap of 14.946 billion - Yunkang Group at 2.300 with a market cap of 1.429 billion - Pigeon BioPharma at 31.760 with a market cap of 12.258 billion - Tengsheng BioPharma at 2.210 with a market cap of 1.590 billion - China Antibody at 3.210 with a market cap of 4.371 billion - Jiahua Bio at 4.460 with a market cap of 2.347 billion [2]

Summary of Key Points Core Viewpoint - The Hong Kong biotechnology sector experienced a significant decline, with most stocks falling sharply, indicating a bearish trend in the market [1]. Company Performance - **Gilead Sciences (歌礼制药-B)**: Decreased by 15.06%, latest price at 15.510, market cap at 14.946 billion [2]. - **Yunkang Group (云康集团)**: Fell by 14.18%, latest price at 2.300, market cap at 1.429 billion [2]. - **PAG Pharmaceuticals (派格生物医药-B)**: Dropped by 9.15%, latest price at 31.760, market cap at 12.258 billion [2]. - **Tengsheng Boao (腾盛博药-B)**: Declined by 8.30%, latest price at 2.210, market cap at 1.590 billion [2]. - **China Antibody (中国抗体-B)**: Decreased by 7.49%, latest price at 3.210, market cap at 4.371 billion [2]. - **Jiahua Biotech (嘉和生物-B)**: Fell by 7.08%, latest price at 4.460, market cap at 2.347 billion [2]. - **Sillod Pharmaceuticals (思路迪医药股份)**: Dropped by 6.06%, latest price at 7.910, market cap at 2.042 billion [2]. - **Tiger Med (泰格医药)**: Decreased by 5.73%, latest price at 54.250, market cap at 46.711 billion [2]. - **Kangji Medical (加科思-B)**: Fell by 5.69%, latest price at 8.120, market cap at 6.404 billion [2]. - **WuXi AppTec (药明巨诺-B)**: Dropped by 5.14%, latest price at 5.720, market cap at 2.382 billion [2]. - **Three Leaf Clover Biotech (三叶草生物-B)**: Decreased by 5.13%, latest price at 0.740, market cap at 0.960 billion [2]. - **Yiming Oncology (宜明昂科-B)**: Fell by 4.76%, latest price at 12.810, market cap at 5.218 billion [2]. - **Junshi Biosciences (君实生物)**: Decreased by 4.69%, latest price at 34.540, market cap at 35.462 billion [2]. - **Zhonghui Biotech (中慧生物-B)**: Fell by 4.39%, latest price at 51.150, market cap at 20.125 billion [2]. - **Zhaoyan New Drug (昭衍新药)**: Decreased by 4.38%, latest price at 23.140, market cap at 17.343 billion [2].

Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. primarily engages in 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 supply of experimental models [1] Financial Performance - For Q1 2025, the company reported revenue of 287 million yuan, a year-on-year decrease of 11.54% [1] - The net profit for the same period was 41.12 million yuan, showing a significant year-on-year increase of 115.11% [1] - The gross profit margin was recorded at 28.61% [1] Market Position - As of August 15, the company's stock closed at 32.96 yuan, reflecting a 2.33% increase, with a rolling PE ratio of 63.76 times [1] - The total market capitalization of the company is 24.703 billion yuan [1] - In terms of industry comparison, the average PE ratio for the medical services sector is 49.76 times, with a median of 64.18 times, placing Zhaoyan New Drug at the 28th position in the industry [1][2] Institutional Holdings - As of Q1 2025, 17 institutions hold shares in Zhaoyan New Drug, all of which are funds, with a total holding of 10.9687 million shares valued at 231 million yuan [1]