Core Viewpoint - The CSI 1000 Healthcare Index has shown significant growth, with a 4.34% increase over the past month, 12.39% over the last three months, and 16.26% year-to-date [1] Group 1: Index Performance - The CSI 1000 Healthcare Index is currently at 12,486.30 points [1] - The index is based on a sample of liquid and representative securities from each industry, providing diverse investment options [1] Group 2: Index Holdings - The top ten weighted stocks in the CSI 1000 Healthcare Index include: - Zai Lab (3.14%) - Tonghua Golden Horse (3.02%) - Borui Pharmaceutical (2.67%) - Zuoli Pharmaceutical (1.69%) - Rongchang Biologics (1.59%) - Zhaoyan New Drug (1.47%) - Yipinhong (1.44%) - Anke Biologics (1.42%) - Zhongsheng Pharmaceutical (1.42%) - Yifan Pharmaceutical (1.38%) [1] - The index's market distribution shows that the Shanghai Stock Exchange accounts for 55.72%, while the Shenzhen Stock Exchange accounts for 44.28% [1] Group 3: Industry Composition - The industry composition of the CSI 1000 Healthcare Index is as follows: - Chemical drugs: 35.86% - Medical devices: 19.60% - Traditional Chinese medicine: 17.00% - Biological drugs: 14.32% - Medical commerce and services: 7.53% - Pharmaceutical and biotechnology services: 5.69% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Viewpoint - The company is expected to achieve a turnaround in net profit for the first half of 2025, despite a decline in revenue compared to the previous year [2][4]. Financial Performance Summary - The estimated operating revenue for the period from January to June 2025 is approximately RMB 635.15 million to RMB 702.00 million, representing a decrease of about RMB 147.35 million to RMB 214.21 million, or a year-on-year decline of approximately 17.3% to 25.2% [2][4]. - The estimated net profit attributable to shareholders for the same period is expected to be around RMB 50.32 million to RMB 75.49 million, indicating a return to profitability compared to a loss in the previous year [2][4]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be approximately RMB 18.83 million to RMB 28.25 million [2][4]. Previous Year Comparison - In the same period last year, the company reported operating revenue of RMB 849.36 million [10]. - The net profit attributable to shareholders was a loss of RMB 169.74 million, with a net loss of RMB 198.39 million after deducting non-recurring gains and losses [11]. - The previous year's net profit from laboratory services was a loss of RMB 15.24 million, while the loss from changes in the fair value of biological assets was RMB 235.36 million [11]. Performance Drivers - The decline in revenue is attributed to increased competition in the industry, which has compressed profit margins and led to a decrease in net profit from laboratory services [13]. - Positive contributions to performance are expected from the fair value changes of biological assets, which have not experienced significant market fluctuations during the reporting period [13].

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 全部或任何部份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） 2025年半年度業績預告 本公告乃由北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港法例第 571章證券及期貨條例第XIVA部項下內幕消息條文（定 義 見 香 港 聯 合 交 易 所 有 限公司證券上市規則（「《香港上市規則》」）及《香 港 上 市 規 則》第13.09條 而 作 出。 一、 2025年上半年度業績預告情況 （一）業績預告期間 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 – 2 – 3. 預 計2025年1-6月份實現歸屬於上市公司股東的扣除非經常性損 益的淨利潤約人民幣1,883.19萬元到人民幣2,824.79萬 元。其 中： 3.1 實驗室服務業務淨 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company expects a 17.3% to 25.2% year-on-year decrease in H1 2025 operating revenue, but net profit attributable to shareholders will turn profitable, primarily due to fair value changes in biological assets offsetting losses from intensified industry competition in core laboratory services H1 2025 Performance Forecast vs. Prior Period | Metric (CNY) | H1 2025 (Estimated) | H1 2024 (Prior Period) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 635 million - 702 million CNY | 849 million CNY | -25.2% to -17.3% | | **Net Profit Attributable to Shareholders** | 50.32 million - 75.49 million CNY | -169.74 million CNY | Turned Profitable | | **Non-recurring Net Profit Attributable to Shareholders** | 18.83 million - 28.25 million CNY | -198.39 million CNY | Turned Profitable | - The company's core laboratory services business is expected to incur a net loss, with fair value changes in biological assets and financial management income being the primary contributors to profitability this period[4](index=4&type=chunk)[5](index=5&type=chunk) H1 2025 Estimated Non-recurring Net Profit Breakdown | H1 2025 Non-recurring Net Profit Composition (Estimated) | Amount (CNY) | | :--- | :--- | | Net Profit from Laboratory Services | -77.47 million to -116.20 million CNY | | Contribution from Fair Value Changes in Biological Assets | 70.32 million to 105.47 million CNY | | Contribution from Financial Management Income | 25.99 million to 38.98 million CNY | [Prior Period Performance](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) In H1 2024, the company achieved operating revenue of **849.36 million CNY** and reported a net loss attributable to shareholders of **169.74 million CNY**, primarily due to a **235.36 million CNY** loss from fair value changes in biological assets, while core laboratory services incurred a relatively smaller loss H1 2024 Prior Period Performance | Metric (CNY) | H1 2024 | | :--- | :--- | | Operating Revenue | 849.36 million CNY | | Net Profit Attributable to Shareholders | -169.74 million CNY | | Non-recurring Net Profit Attributable to Shareholders | -198.39 million CNY | | Earnings Per Share | -0.23 CNY | - The non-recurring net loss in the prior period was primarily composed of: **net loss from laboratory services of 15.24 million CNY**, **net loss from fair value changes in biological assets of 235.36 million CNY**, and **net profit contribution from financial management income of 52.21 million CNY**[6](index=6&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company attributes the performance change to intensified industry competition reducing main business revenue and gross margin, leading to losses, while stable biological asset prices and natural growth positively impacted fair value changes, reversing prior period losses - Intensified industry competition compressed profit margins on sales orders, leading to a decrease in operating revenue and gross margin, causing the laboratory services business to turn from profit to loss[7](index=7&type=chunk) - Unlike the significant decline in biological asset market prices in the prior year, the market price of the company's biological assets remained stable this reporting period, with fair value changes from natural growth positively impacting performance[7](index=7&type=chunk) [Risk Warning and Other Matters](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company confirms no significant uncertainties affecting the accuracy of this performance forecast but reminds investors that the disclosed data is preliminary, with final financial figures subject to the official H1 2025 report - The company declares no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) - The forecast data represents preliminary calculations, and final financial figures will be based on the company's officially disclosed H1 2025 semi-annual report[9](index=9&type=chunk)

Summary of Conference Call Records Industry Overview - The global pharmaceutical industry is facing a significant patent cliff, with approximately $180 billion in annual revenue drugs set to lose patent protection between 2027 and 2028, representing nearly 12% of the global market share [3][4][10] - The domestic innovation industry chain is experiencing an increase in orders, particularly among upstream companies such as Baipusais, Bidai Pharmaceutical, and Bai'ao Pharmaceutical [1][5] - The CRO (Contract Research Organization) sector is seeing growth in companies like Zhaoyan New Drug, Yinuosi, and Tigermed, while the CDMO (Contract Development and Manufacturing Organization) sector is highlighted by strong performances from WuXi AppTec, Boteng Co., Tianyu Co., and Pro Pharma [1][5] Key Insights and Arguments - The recovery in the CXO (Contract Research Organization and Contract Development and Manufacturing Organization) sector is driven by increased domestic demand and a resurgence in orders, which is expected to translate into clinical research opportunities within 6 to 12 months [11][12] - The trend of innovation drug out-licensing (BD) is becoming more pronounced, as large pharmaceutical companies seek to diversify their pipelines and manage costs amid pressures from legislation such as the IRA (Inflation Reduction Act) [4][7] - Domestic listed companies have shown an increasing trend in R&D expenses as a percentage of revenue since the second half of last year, indicating a more proactive approach to R&D investment in response to market changes [8][10] Financial Performance and Trends - In the CDMO sector, WuXi AppTec reported a 47% year-on-year increase in orders by the end of last year, while Boteng Co. saw a 30% increase [11][13] - For the first half of 2025, WuXi AppTec's revenue is expected to grow by 21%, with a 44% increase in NON-IFRS net profit, while Boteng Co. is projected to achieve profitability after a turnaround [13] - The structure of R&D expenses in Biotech companies has shifted, with a notable increase in clinical trial costs, reflecting a conservative investment strategy amid market uncertainties [9] Potential Investment Opportunities - Recommended companies in the domestic innovation industry include Yinuosi, Zhaoyan New Drug, and Tigermed, as well as leading CDMO firms like WuXi AppTec and Pro Pharma [16] - The recovery in the domestic innovation industry is expected to create further investment opportunities, particularly as IPOs are being opened up and more companies are preparing to list [14] Additional Considerations - The overall recovery of the innovation industry chain is segmented into phases, with the current transition from phase 1.0 to 2.0 indicating a shift towards increased early-stage project investments by financially robust companies [10] - The competitive landscape of the domestic innovation industry chain should be assessed comprehensively, including comparisons with Indian and other overseas companies to better understand competitive advantages [17]

港股医药股走强，药明康德涨9.52%、药明合联涨7.19%、昭衍新药涨6.78%、基石药业-B涨5.81%。 ...

Group 1 - The CRO sector experienced a slight increase of 0.66% with a total capital inflow of 84.32 million [1] - A total of 27 stocks within the sector saw gains, while 11 stocks experienced declines [1] - The top declining stocks included Yaokang Bio (-3.64%), Zhaoyan New Drug (-2.68%), and Meidi West (-2.04%) [1] Group 2 - Notable stocks with significant capital inflow included Baicheng Pharmaceutical with a price of 48.06 and a rise of 6.05% [1] - Other stocks with positive performance included Heyuan Bio (+4.39%) and Jinkai Biotechnology (+2.76%) [1] - The stock with the highest capital outflow was Yao Stone Technology, which saw a decrease of 8.88% [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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 北京昭衍新藥研究中心股份有限公司 | | 股份代號 | 06127 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之末期現金股息 | | 公告日期 | 2025年3月28日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新派息金額及公司預設派發貨幣 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.03 RMB | | 股東批准日期 | 2025年6月18日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0 ...

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） 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。 有關分配現金股息之 澄清公告 茲提述北京昭衍新藥研究中心股份有限公司（「本公司」）截 至2024年12月31日 止 年度之年報（「年 報」）、日 期 為2025年5月27日 之2024年股東週年大會之通函（「通 函」）及日期為2025年6 ...

Group 1 - The A-share pharmaceutical sector experienced a strong upward trend in early trading, with significant gains in concepts such as CRO, recombinant proteins, and innovative drugs [1] - Companies like Medisi saw an increase of over 16%, while Bid Pharma rose more than 7%, with other stocks like Zhaoyan New Drug, Sunshine Nuohuo, and Nossger also following suit [1] - The National Development and Reform Commission announced that since the 14th Five-Year Plan, 402 new drugs have been added to the national medical insurance drug list [1]