Summary of Conference Call Records Industry Overview - The life sciences service sector, particularly the CXO segment, continues to experience high growth and is expected to deliver strong performance in 2026, benefiting from the upward cycle in innovative drugs and improved investment conditions [1][2][3] Key Companies and Performance - Notable companies in the life sciences service industry include: - **Hao Yuan Medicine**: Q3 revenue growth close to 30%, with a non-recurring profit growth of 70%. The company has secured orders exceeding 630 million yuan, a 50% year-on-year increase [2][8] - **Bai Ao Sai Tu**: Achieved a revenue growth of 60% in Q3 and recorded its first annual profit, with significant potential in humanized mouse sales and antibody business [2][8] - **WuXi AppTec**: Expected to see over 60% revenue growth in the ADC sector in the first half of 2026, with a strong order backlog [10][19] - **Kailai Ying**: Positioned well in the ADC market, with significant growth potential [10][19] - **Yangguang Nuohe**: Anticipated to achieve a profit of 300 million yuan in 2026, with a promising drug pipeline [20] Financial Performance - In the first three quarters of 2025, 16 representative life sciences service companies reported revenue and profit growth rates of high single digits and double digits, respectively. In Q3 alone, revenue and profit growth rates were double digits and 50%, indicating significant operational improvement [4][6] - The gross profit margin is expected to improve due to a clearer competitive landscape, leading to enhanced industry profitability [4] Market Trends - The overseas market is benefiting from improved investment conditions and the Federal Reserve's interest rate cuts, leading to an increase in the share of overseas business and expanding global market potential [7] - The domestic CRO market is experiencing a price recovery trend after years of intense competition, with expectations for more significant price improvements by 2027 as supply conditions stabilize [11][12] Growth Opportunities - The ADC and small nucleic acid sectors are projected to bring substantial order increases in 2026, with companies like WuXi AppTec and Hao Yuan Medicine expected to lead this growth [10][19] - The CRO sector is seeing a shift towards innovation, with companies like Yangguang Nuohe and Chengdu Xian Dao making progress in developing innovative drugs [13] Investment Recommendations - Recommended companies for investment include: - **WuXi AppTec**: Strong growth in peptide business and expected to achieve significant revenue increases [14][17] - **Kailai Ying**: Leading in peptide capacity expansion [14] - **Tigermed**: Positioned well in the CRO market with growth potential [21] - **Norseg and Prasis**: Expected to benefit from overall industry trends [17] Conclusion - The life sciences service industry is poised for continued growth, driven by innovative drug development, improved investment conditions, and a recovering market landscape. Key players are expected to deliver strong financial performance, making them attractive investment opportunities.

Core Viewpoint - The price of experimental monkeys, particularly for the 3-5 year old crab-eating macaques, has surged to 140,000 yuan each, indicating a supply-demand imbalance in the market. This trend is expected to benefit companies like Zhaoyan New Drug, which possess valuable resources in this area [1] Company Summary - Zhaoyan New Drug's stock has seen an increase of over 4%, currently trading at 24 Hong Kong dollars with a transaction volume of 108 million Hong Kong dollars [1] - The company has access to high-quality and scarce experimental monkey resources, which contribute to a stable profit base through annual sales of a certain number of monkeys for internal use [1] - In the context of tightening supply of experimental monkeys, Zhaoyan New Drug may gain stronger bargaining power, potentially leading to increased order rates and the ability to charge premium service fees [1] Industry Summary - The supply of experimental monkeys is declining while demand is stabilizing and recovering, driven by new technologies such as small nucleic acids and CAR-T, which require the use of experimental monkeys [1] - The gap between supply and demand for experimental monkeys is widening, leading to an upward trend in monkey prices [1]

Group 1 - The core viewpoint of the article highlights the rising price of experimental monkeys, particularly for the species used in research, which has reached 140,000 yuan each, indicating a supply-demand imbalance in the market [1] - Changjiang Securities reports that the supply of experimental monkeys is decreasing while demand is stabilizing and increasing, particularly due to new technologies like small nucleic acids and CAR-T that require these monkeys, leading to a widening supply-demand gap [1] - The company, Zhaoyan New Drug, possesses valuable and scarce resources of experimental monkeys, which not only contributes to a stable profit base through annual sales but also enhances its bargaining power in a tightening supply environment, potentially leading to increased order rates and service fee premiums [1]

昭衍新药（603127）(06127)发布公告，于2026年1月7日，注销有关2021年和2022年A股员工持股计划的 12.91万股库存股份。 ...

智通财经APP讯，昭衍新药(06127)发布公告，于2026年1月7日，注销有关2021年和2022年A股员工持股 计划的12.91万股库存股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北京昭衍新藥研究中心股份有限公司 呈交日期： 2026年1月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 603127 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔 ...

证券之星消息，1月7日医疗服务板块较上一交易日上涨1.7%，益诺思领涨。当日上证指数报收于 4085.77，上涨0.05%。深证成指报收于14030.56，上涨0.06%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688710 | 益诺思 | 55.31 | 20.00% | 5.97万 | | 3.17亿 | | 688222 | 成都先导 | 30.44 | 13.67% | 44.49万 | | 13.43亿 | | 301293 | 三博脑科 | 93.82 | 10.45% | 74.53万 | | 68.62亿 | | 002173 | 创新医疗 | 28.63 | 9.99% | 10.16万 | | 2.91亿 | | 688621 | 阳光诺和 | 72.10 | 7.77% | 6.88万 | | 4.95 乙 | | 603127 | 昭衍新药 | 41.30 | 7.41% | 36.68万 | | 14.97亿 | | ...

Summary of Key Points from the Conference Call Transcript Industry Overview - **Industry Focus**: China Healthcare, specifically Contract Development and Manufacturing Organizations (CDMOs) [2][80] Core Insights and Arguments - **Catalysts for CDMOs**: The first quarter of 2026 is expected to have multiple catalysts impacting valuations, including geopolitical factors, regulatory milestones, and management insights from broker conferences [2][5] - **Company-Specific Events**: - **WuXi AppTec Co Ltd (603259.SS)**: Potential non-inclusion in the US Pentagon's military list on January 30, 2026, is considered a high-importance event with a modest upside surprise [6] - **Genscript Biotech Corporation (1548.HK)**: Expected to turn profitable in Q1 2026, also facing potential non-inclusion in the US Pentagon's military list [6] - **WuXi Biologics Cayman Inc (2269.HK)**: Participation in a broker healthcare conference on January 12, 2026, is deemed very high importance [6] - **Joinn Laboratories China Co Ltd (6127.HK)**: Anticipating a persistent shortage of lab monkeys in Q1 2026, which is a high-importance event [6] Financial Metrics and Valuation Methodology - **Genscript Biotech Corporation**: Valuation based on P/E, P/S, and DCF methodologies with a WACC of 10% and a terminal growth rate of 2% [7] - **WuXi XDC Cayman Inc (2268.HK)**: Valuation derived from DCF methodology, assuming a WACC of 10% and a terminal growth rate of 5% [8] - **WuXi Biologics Cayman Inc (2269.HK)**: Valuation based on DCF with a WACC of 8.4% and a terminal growth rate of 4% [9] Risks Identified - **Upside Risks**: - Better-than-expected growth in the Cell and Gene Therapy (CGT) market and increased outsourcing of CGT R&D [11] - Rapid ramp-up of late-stage projects and successful launches of blockbuster products [12] - **Downside Risks**: - Potential slowdown in biotech funding and pipeline progression [12] - Regulatory pressures and competition leading to margin pressures [16] Additional Important Information - **Market Sentiment**: The overall view of the CDMO industry is attractive, with expectations of growth driven by various catalysts [2] - **Company Ratings**: Companies like WuXi AppTec and Genscript Biotech are highlighted for their potential upside based on upcoming events and market conditions [6][80] This summary encapsulates the key points from the conference call, focusing on the industry dynamics, company-specific events, financial metrics, and identified risks.

Group 1 - The CRO (Contract Research Organization) sector in the Hong Kong stock market has shown strong performance, with notable gains across various companies [1] - Specifically, Kailaiying has increased by over 7%, while Tigermed and Zhaoyan Pharmaceutical have risen by over 5% [1] - Other companies such as WuXi AppTec and Kanglong Chemical have seen increases of over 3%, and WuXi Biologics and Kingsoft have gained over 2% [1]

Group 1 - The A-share market saw a collective rise in innovative drug concept stocks on January 7, with notable gains including a 20% increase for Beibete-U and over 17% for Yinos. [1] - Other significant performers included Chengdu XianDao with a 13% rise, and Panlong Pharmaceutical reaching a 10% increase. [1] - Additional stocks such as Yangguang Nuohuo and Zhaoyan New Drug also experienced gains exceeding 9% and 7% respectively. [1] Group 2 - The table lists various stocks with their respective codes, showing percentage increases, total market capitalization, and year-to-date performance. [2] - Beibete-U (688759) had a market cap of 18.6 billion with a year-to-date increase of 42.46%. [2] - Yinos (688710) reported a market cap of 7.611 billion and a year-to-date increase of 22.29%. [2] - Chengdu XianDao (688222) had a market cap of 12.2 billion and a year-to-date increase of 29.59%. [2] - Other stocks listed include Panlong Pharmaceutical (002864) with a market cap of 3.706 billion and a year-to-date increase of 13.07%, and Yangguang Nuohuo (688621) with a market cap of 8.188 billion and a year-to-date increase of 17.63%. [2]