Summary of the Conference Call for Zhaoyan New Drug (March 31, 2023) Company Overview - **Company**: Zhaoyan New Drug - **Industry**: Biopharmaceuticals and Laboratory Services Key Financial Highlights - **Net Profit**: 2025 net profit attributable to shareholders is projected at 298 million yuan (+302.08%), primarily due to the increase in experimental monkey prices contributing 476 million yuan in fair value changes [2][4] - **Revenue**: Total revenue for 2025 is 1.658 billion yuan, with domestic customers contributing 1.204 billion yuan (72.65%) and international customers 453 million yuan (27.35%) [4] - **Gross Profit**: Gross profit for 2025 is 343 million yuan, with a gross margin of 20.71%, impacted by intensified market competition leading to price declines [4][5] - **Operating Cash Flow**: Operating cash flow for 2025 is 445 million yuan, up 31.17% year-on-year, providing a solid financial foundation for innovation and expansion [5] Order and Market Dynamics - **New Orders**: New signed orders for 2025 reached 2.6 billion yuan (+41.3%), with Q4 alone contributing 960 million yuan (+118.18%) [2][5] - **Order Backlog**: As of the end of 2025, the order backlog totals 2.6 billion yuan, reflecting an 18.18% year-on-year increase [5] - **Price Recovery**: By Q4 2025, over 50% of new orders' growth was attributed to price increases, with expectations for significant gross margin improvement starting Q4 2026 [2][6] Supply Chain and Capacity - **Experimental Monkey Supply**: The supply of experimental monkeys remains tight, with prices expected to rise further in Q1 2026. The company is ensuring supply through its own monkey farms and cautious evaluation of imports [2][8] - **Capacity Expansion**: The company has expanded its capacity with a new 20,000 square meter facility in Suzhou and plans for a large facility in Guangzhou expected to be operational by 2027 [3][7] Technological Advancements - **Technological Focus**: The company has been developing organoid technology for 5-6 years, focusing on liver and heart applications. AI is being utilized in pathology to enhance efficiency [3][18] - **Clinical Services**: Although currently a small revenue contributor, the clinical services segment has gained experience in gene therapy and traditional therapies, with plans to secure more orders in 2026 [16] Market Outlook - **2026 Projections**: The company anticipates continued strong order growth in 2026, with a high double-digit increase expected. However, revenue and profit improvements may lag due to the timing of order confirmations [2][13] - **Price Trends**: The pricing for large animal experiments has returned to pre-adjustment levels, while small animal and canine experiment prices are still recovering [6][11] Challenges and Risks - **Import Challenges**: The import of experimental monkeys faces challenges, including finding reliable suppliers and limited quarantine facilities in China [12][17] - **Market Volatility**: The company is cautious about the potential risks associated with imported monkeys and is focused on maintaining quality standards [10] Conclusion Zhaoyan New Drug is positioned for growth with strong order momentum and a focus on technological advancements. However, challenges in supply and market conditions may impact short-term financial performance. The company is strategically planning for capacity expansion and technological integration to enhance its competitive edge in the biopharmaceutical industry.

Macro Insights - The Middle East conflict has raised global inflation expectations, with March PMI indicators for the US, Europe, and Japan showing weakness due to energy supply shocks and high oil prices impacting the real economy [2][3] - The US stock indices fell throughout the month, while oil prices surged significantly, leading to increased volatility in equity and commodity markets [2] - Domestic manufacturing capacity adjustments are nearing completion, and raw material prices have risen sharply due to oil supply shocks, potentially squeezing profits for mid- and downstream enterprises [3] Company-Specific Insights - Guizhou Moutai (600519 CH) is undergoing a critical year of market-oriented governance transformation, with short-term price stability for its flagship product and long-term growth potential [7] - China Duty Free Group (601888 CH) reported a revenue of 53.694 billion yuan, down 4.92% year-on-year, but showed signs of recovery in Q4 with a revenue increase of 2.81% [8] - RuiPu Bio (300119 CH) achieved a revenue of 3.398 billion yuan in 2025, reflecting a 10.7% year-on-year growth, with a focus on the development of its microbial protein project [10] - MingNing (1768 HK) reported a revenue increase of 68.2% to 66.17 billion yuan, driven by higher store openings and improved profitability [11] - Torch Electronics (603678 CH) achieved a revenue of 4.121 billion yuan, up 47.09% year-on-year, with a focus on diversifying its business to enhance competitiveness [13] - China Overseas Development (688 HK) reported a revenue of 168.1 billion yuan, down 9% year-on-year, but maintains a strong competitive advantage in the industry [14] - Poly Property (6049 HK) achieved a revenue of 17.13 billion yuan, up 5% year-on-year, with expectations for continued stable growth in 2026 [24] - Times Electric (688187 CH) reported a revenue of 28.703 billion yuan, up 15.23% year-on-year, with strong performance in its non-rail business segments [25]

证券研究报告 昭衍新药 (603127 CH/6127 HK) 港股通 4Q25 新签订单金额显著提速 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年实现收入/归母净利 16.58/2.98 亿元（yoy-17.9%/+302.1%），符 合业绩预告预期；历史期国内行业竞争阶段性加剧的滞后影响下，公司 25 年收入有所下滑，但期内生物资产公允价值变动及资金管理收益助力公司利 润端明显改善。公司 4Q25 收入 6.73 亿元（yoy-1.5%），历史期低质订单 对于公司收入端的负面影响已边际明显减轻。公司 25 年整体在手订单金额 约 26 亿元（yoy+18.2%），新签订单金额约 26 亿元（yoy+41.3%），其 中 4Q25 新签订单金额 9.6 亿元（yoy+118.2%），国内行业下游需求持续 复苏背景下，公司新签订单金额边际显著提速。考虑国内行业需求积极回暖， 叠加公司海外业务持续拓展，看好公司业务中长期成长空间。公司 A、H 股 均维持"买入"评级。 毛利率短期下滑，现金流水平显著向好 盈利预测与估值 综合考虑公司在手订单、费用投入及生物资产 ...

公告显示，净利润的增长主要源于生物资产公允价值变动带来的收益。期内，生物资产公允价值变动带 来净收益4.76亿元。据悉，昭衍新药的生物资产主要是用于非临床项目评价的非人灵长类实验模型，也 就是所谓的"实验猴"。 消息面上，昭衍新药发布年度业绩，2025年，公司实现营业收入16.58亿元，同比下降17.87%；归属于 上市公司股东的净利润2.98亿元，同比增长302.08%。另外，公司整体在手订单金额约为26亿元，新签 订单金额约为26亿元，同比均有所增长。 昭衍新药 昭衍新药 分时图 日K线 周K线 月K线 34.20 2.10 6.54% 10.00% 6.67% 3.33% 0.00% 3.33% 6.67% 10.00% 28.89 29.96 31.03 32.10 33.17 34.24 35.31 09:30 10:30 11:30/13:00 14:00 15:00 0 90万 179万 269万 昭衍新药（603127）(06127)早盘涨超14%，截至发稿，涨14.54%，报22.3港元，成交额7651.06万港 元。 ...

Core Viewpoint - The stock of Zhaoyan New Drug (603127) experienced an abnormal trading fluctuation, with a cumulative price increase exceeding 20% over three consecutive trading days [1] Group 1: Stock Performance - The stock price increased significantly on March 27, March 30, and March 31, leading to a cumulative price deviation of over 20% [1] - The abnormal trading situation is in accordance with the regulations of the Shanghai Stock Exchange [1] Group 2: Company Response - Zhaoyan New Drug conducted a self-examination and consulted with its controlling shareholder and actual controller, confirming that there are no undisclosed significant information as of the announcement date [1] - The company advises investors to be cautious of market trading risks and to make rational investment decisions [1]

证券研究报告 昭衍新药 (603127 CH/6127 HK) 港股通 4Q25 新签订单金额显著提速 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 医疗服务 公司 25 年实现收入/归母净利 16.58/2.98 亿元（yoy-17.9%/+302.1%），符 合业绩预告预期；历史期国内行业竞争阶段性加剧的滞后影响下，公司 25 年收入有所下滑，但期内生物资产公允价值变动及资金管理收益助力公司利 润端明显改善。公司 4Q25 收入 6.73 亿元（yoy-1.5%），历史期低质订单 对于公司收入端的负面影响已边际明显减轻。公司 25 年整体在手订单金额 约 26 亿元（yoy+18.2%），新签订单金额约 26 亿元（yoy+41.3%），其 中 4Q25 新签订单金额 9.6 亿元（yoy+118.2%），国内行业下游需求持续 复苏背景下，公司新签订单金额边际显著提速。考虑国内行业需求积极回暖， 叠加公司海外业务持续拓展，看好公司业务中长期成长空间。公司 A、H 股 均维持"买入"评级。 毛利率短期下滑，现金流水平显著向好 公司 25 年毛利率为 20.7%（yoy-7.7pct ...

北京昭衍新药研究中心股份有限公司 股票交易异常波动公告 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。 重要内容提示： 证券代码：603127 证券简称：昭衍新药 公告编号：2026-016 的重大信息，包括但不限于重大资产重组、股份发行、收购、债务重组、业务重 组、资产剥离、资产注入、股份回购、破产重整、引进战略投资者等重大事项。 （三）媒体报道、市场传闻、热点概念情况 一、股票交易异常波动的具体情况 公司股票于 2026 年 3 月 27 日、3 月 30 日和 3 月 31 日连续 3 个交易日内收 盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，现将有关情况说 明如下： （一）生产经营情况 经自查，公司目前生产经营活动正常，内、外部经营环境未发生重大变化， 不存在影响公司股票交易价格异常波动的应披露而未披露的重大信息。 （二）重大事项情况 经公司自查，并书面征询控股股东及实际 ...

Core Viewpoint - The stock of Zhaoyan New Drug Research Center Co., Ltd. (06127.HK) experienced a significant price fluctuation, with a cumulative increase of over 20% over three consecutive trading days [1] Group 1: Stock Performance - The stock price increased significantly on March 27, March 30, and March 31, 2026, leading to a cumulative price deviation exceeding 20% [1] - This price movement is classified as an abnormal fluctuation according to the trading rules of the Shanghai Stock Exchange [1] Group 2: Company Disclosure - The company conducted a self-examination and consulted with its controlling shareholder and actual controller, confirming that there are no undisclosed significant information as of the date of the announcement [1] - Investors are advised to be cautious regarding secondary market trading risks and to make rational investment decisions [1]

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。 （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。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 中 國 北 京，2026年3月31日 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。 承董事會命 北京昭衍新藥研究中心股份有限公司 馮宇霞 董事長 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、顧 靜 良 先 生 及 羅 樨 女 士，獨 立 ...

Core Viewpoint - Zhaoyan New Drug reported a decline in revenue for 2025, with total operating income at 1.66 billion yuan, a year-on-year decrease of 17.9%, while net profit attributable to shareholders increased significantly by 302.1% to 298 million yuan [1] Financial Performance - Operating income for the year was 1.66 billion yuan, down 17.9% year-on-year [1] - Net profit attributable to shareholders reached 298 million yuan, up 302.1% year-on-year [1] - Non-recurring net profit attributable to shareholders was 311 million yuan, showing a substantial increase of 1221.3% year-on-year [1] - Net cash flow from operating activities was 445 million yuan, reflecting a growth of 31.2% year-on-year [1] - Earnings per share (EPS) on a fully diluted basis was 0.3974 yuan [1] Business Segments - The main business areas include non-clinical drug services, clinical drug services, and experimental model research [1] - Non-clinical drug services remained the primary revenue source, but net profit from this segment declined due to intensified industry competition [1] - Laboratory services and other business segments reported a net profit contribution of -164 million yuan, a significant decline of 219.61% year-on-year, primarily due to the lagging effects of prior competition, leading to decreased revenue and gross margins [1] Strategic Developments - In clinical drug services, the company expanded its service offerings to include early clinical trials and real-world clinical research, enhancing collaboration with clients to advance related projects [1] - The experimental model research business is continuously being optimized to meet market demands for high-quality experimental models [1] - Despite facing challenges, the company is committed to ongoing innovation in technical capabilities and service models to maintain its competitive edge in the industry [1]