Core Viewpoint - The company, Zhaoyan New Drug (603127), announced a share reduction plan by its actual controller, Zhou Zhiwen, which involves selling up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] Summary by Relevant Sections - **Share Reduction Plan**: Zhou Zhiwen disclosed a plan to reduce his holdings starting from December 30, 2025, allowing for a period of three months post-announcement to sell shares through the Shanghai Stock Exchange [1] - **Execution of the Plan**: As of January 29, 2026, Zhou Zhiwen successfully reduced his holdings by 14.979 million shares through block trades and competitive bidding, and subsequently decided to terminate the reduction plan ahead of schedule [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。 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。 承董事會命 北京昭衍新藥研究中心股份有限公司 关于股东提前终止减持 A 股股份计划暨减持结果公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 股东持股的基本情况 馮宇霞 董事長 中 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2026-005 北京昭衍新药研究中心股份有限公司 关于股东提前终止减持 A 股股份计划暨减持结果公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 股东持股的基本情况 2025 年 12 月 30 日披露减持计划公告前，北京昭衍新药研究中心股份有限公 司（以下简称"公司"）实际控制人之一周志文持有公司股票 74,725,981 股，占公 司总股本 9.9704%，其持有的股份来源于首发前限售股份及公司资本公积金转增 股份等。 减持计划的实施结果情况 周志文于 2025 年 12 月 30 日披露了减持计划，自减持计划公告之日起 15 个 交易日后的 3 个月内通过上海证券交易所以集中竞价或大宗交易的方式减持不 超过 14,980,000 股,不超过其持有股份的 20.0466%，不超过公司当时总股本的 1.99873%。截至 2026 年 1 月 29 日，周志文以大宗交易及集中竞价交易的方式减 持公司 A 股股份 14,979,000 股，并 ...

Core Viewpoint - The company announced that one of its actual controllers, Zhou Zhiwen, reduced his holdings in the company's A-shares by a total of 14,979,000 shares, which represents approximately 1.99894% of the company's current total share capital. The reduction plan has been terminated ahead of schedule [1]. Summary by Relevant Sections - **Share Reduction Details** - Zhou Zhiwen executed the share reduction from January 22 to January 28, 2026, through centralized bidding and block trading methods [1]. - The total number of shares reduced was 14,979,000 [1]. - **Impact on Company Capital** - The reduction accounts for nearly 2% of the company's total share capital, indicating a significant change in ownership structure [1].

Market Overview - The A-share market exhibited a fluctuating and differentiated pattern last week, with major indices showing mixed performance and active rotation among hot sectors [1][7] - Institutions generally hold an optimistic outlook, believing the market is likely to trend upward [1][7] - As of January 25, over 950 companies have disclosed their 2025 earnings forecasts, with around 40% of these companies showing positive performance [1][7] Semiconductor Industry - The semiconductor industry, particularly companies related to artificial intelligence, data center construction, and domestic substitution, is expected to see strong earnings growth in 2025 [1][8] - Notable companies include: - Zhongwei Semiconductor expects revenue of approximately 1.122 billion yuan, a year-on-year increase of about 23%, and a net profit of 284 million yuan, up approximately 107% [8] - Juchip Technology anticipates revenue of 922 million yuan, a 41.44% increase, and a net profit of 204 million yuan, up 91.40% [2] - Baiwei Storage forecasts revenue between 10 billion to 12 billion yuan, a growth of 49.36% to 79.23%, and a net profit of 850 million to 1 billion yuan, a staggering increase of 427.19% to 520.22% [3][9] Pharmaceutical Industry - The pharmaceutical sector is experiencing a "polarized" performance, with over 60 companies disclosing earnings forecasts, about half of which are positive [1][9] - Key performers include: - Zhaoyan New Drug expects a net profit of approximately 233 million to 349 million yuan, a year-on-year increase of 214% to 371% [10] - Shanghai Yizhong anticipates a net profit of 6 million to 7 million yuan, a growth of 760.18% to 903.54% [10] - However, companies like Zhifei Biological are projected to incur significant losses, with an expected net loss of 10.7 billion to 13.7 billion yuan [10][5] Banking Sector - As of January 25, eight listed banks have released earnings reports, with all showing year-on-year growth in net profit [5][11] - Key statistics include: - China Merchants Bank's total assets surpassing 13 trillion yuan, and Industrial Bank exceeding 11 trillion yuan [11] - The highest net profit growth among these banks is from Hangzhou Bank at 12.05%, followed by Shanghai Pudong Development Bank at 10.52% [11] - The growth drivers for banks include improved cost of liabilities and rapid growth in intermediary business income, with Ningbo Bank's net income from fees and commissions increasing by 30.72% [12]

Group 1 - The core viewpoint of the news highlights a recent pullback in the biopharmaceutical sector, with the Huatai-PineBridge Biopharmaceutical ETF (159839) declining by 2.08% while maintaining high trading volume, with nearly 600 million yuan in transactions for the day [1][4] - The ETF has seen continuous inflows, with a net subscription of over 54 million shares today and a total of over 73 million yuan in the last 10 days [1] - The ETF tracks the Guozheng Biopharmaceutical Index, which includes sectors such as CXO, vaccines, chemical drugs, blood products, and medical aesthetics, with the vaccine sector currently accounting for 15.1% of the index [6] Group 2 - A significant research breakthrough was reported by the Wuhan Institute of Virology, confirming that the oral nucleoside drug VV116 shows significant antiviral activity against the Nipah virus, providing new hope for the prevention and treatment of this high-mortality emerging infectious disease [3] - The biopharmaceutical ETF's major component stocks mostly experienced declines, with Watson Bio and Zhi Fei Bio dropping over 6%, while Sanofi Biopharma saw an increase of over 10% [4][5] - The latest performance forecast from Sanofi Biopharma indicates an expected net profit of approximately 2.9 billion yuan for 2025, representing a year-on-year growth of 311.35% [4] Group 3 - Data from Guoxin Securities indicates a decrease in pharmaceutical holdings among funds, with the overall pharmaceutical holding ratio at 7.97%, down by 1.71 percentage points from the previous quarter [7] - The largest sub-sector in pharmaceutical holdings is chemical preparations and other biological products, while the internet pharmacy and other biological products saw the most significant decline in holdings [9] - The JPM 2026 conference highlighted the acceleration of internationalization among Chinese pharmaceutical companies, with significant technological breakthroughs in areas such as ADC and GLP-1, leading to increased global competitiveness [10][11]

证券之星消息，1月27日医疗服务板块较上一交易日下跌1.13%，昭衍新药领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 002524 | 光正眼科 | 5.56 | 10.10% | 117.70万 | | 6.09亿 | | 600568 | ST中珠 | 2.79 | 3.72% | 43.82万 | | 1.22亿 | | 688796 | 百奧賽图 | 70.86 | 3.14% | 2.81万 | | 1.96 (Z | | 920670 | 数字人 | 19.44 | 3.02% | 5.51万 | | 1.06亿 | | 002173 | 创新医疗 | 28.82 | 2.27% | 56.09万 | | 15.69 Z | | 301201 | 诚达药业 | 41.58 | 2.16% | 5.43万 | | 2.26亿 | | 6 ...

Core Viewpoint - The pharmaceutical sector is experiencing significant capital inflow, driven by the emergence of Nipah virus cases in India, which has heightened interest in vaccines and innovative drugs, alongside the continuous expansion of Chinese pharmaceutical companies in overseas markets [1] Group 1: Market Dynamics - On January 26, the pharmaceutical sector saw a notable increase in capital inflow, with market sentiment becoming more active due to multiple factors, including marginal improvements in industry fundamentals and supportive policies [1] - The emergence of overseas pandemic events, such as Nipah virus infections, has reignited market focus on vaccines, antiviral drugs, and public health defense systems, reinforcing long-term investment confidence in the pharmaceutical sector, particularly in innovative drugs, vaccines, and diagnostics [1] Group 2: Structural Opportunities - Recent institutional insights indicate that structural opportunities within the pharmaceutical sector are becoming clearer, with the strong momentum of innovative drugs continuing to be a core driver of the sector [1] - By January 2026, several companies, including Yilian Biotech and Rongchang Biotech, have achieved licensing agreements, validating the global competitiveness of Chinese innovative drugs, especially in cutting-edge technology areas like ADC, bispecific antibodies, and small nucleic acids [1] Group 3: Sector Developments - Progress in specific subfields is enhancing confidence in the sector, with small nucleic acid drugs showing positive clinical data in chronic hepatitis B and metabolic diseases, attracting accelerated investments from leading domestic and international companies [2] - Breakthroughs in oral immunomodulatory drugs targeting new pathways provide new treatment options for difficult diseases such as psoriasis and ulcerative colitis, warranting ongoing monitoring of related domestic companies' clinical advancements [2] - The GLP-1 class products maintain high demand in the weight loss and diabetes markets, with a gradually forming domestic pricing system and rapid overseas market expansion opening up further growth opportunities [2] Group 4: Investment Strategies - Institutions suggest investors focus on the following main lines for pharmaceutical sector investments: - Concentrate on cutting-edge areas of innovative drugs, particularly in the accelerating overseas expansion of bispecific antibodies, ADC, and small nucleic acids, such as YK Pharma and Sunlight Novo [3] - Capitalize on innovative breakthroughs in tumor therapeutic vaccines [3] - Invest in the CXO and research service industry chain that supports innovative research and development, such as Yinos and Zhaoyan New Drug [3] - Pay attention to traditional Chinese medicine and pharmacy sectors with overseas potential or high dividend defensive attributes, such as Zoli Pharmaceutical, Dong'e Ejiao, and Yifeng Pharmacy [3]

1月21日，昭衍新药（603127）发布了2025年度业绩预告。公司预计实现营业收入约15.73亿元到17.38亿 元，较2024年减少约13.9%到22.1%；实现净利润约2.33亿元到3.49亿元，较2024年增加约214%到 371%；实现扣非净利润2.46亿元到3.70亿元，较2024年增加约945.2%到1467.7%。 全文请见：实验猴涨价推动昭衍新药业绩反转！去年股价飙升110.9%，实控人两天套现超3.7亿元 昭衍新药的生物资产主要包括哪些呢？价格上涨了多少呢？对此，每经资本眼专栏记者致电昭衍新药证 券部，接电话的相关人士表示，主要是试验用的猴子，价格上涨主要发生在2025年下半年，目前无法告 知具体涨幅数据。 公告显示，由于价格上涨叠加自身自然生长增值，2025年昭衍新药所持的生物资产的市场公允价值出现 正向变动，为公司贡献的净利润约4.52亿元到4.99亿元。而公司实验室服务及其他业务则出现亏损，亏 损金额约1.30亿元至2.06亿元。 ...

Core Viewpoint - Zhaoyan New Drug has announced a significant increase in its 2025 annual performance forecast, with a minimum increase of 945% in net profit excluding non-recurring items, despite a projected decrease in revenue [1][2]. Group 1: Financial Performance - The company expects to achieve an operating income of approximately 1.573 billion to 1.738 billion yuan in 2025, representing a decrease of about 13.9% to 22.1% compared to 2024 [2]. - The projected net profit for 2025 is estimated to be between 233 million to 349 million yuan, an increase of approximately 214% to 371% year-on-year [2]. - The net profit excluding non-recurring items is expected to be between 246 million to 370 million yuan, reflecting an increase of approximately 945.2% to 1467.7% compared to 2024 [2]. Group 2: Asset Valuation and Pricing - The increase in net profit is attributed to the positive change in the fair market value of biological assets, contributing approximately 452 million to 499 million yuan to net profit [2]. - The biological assets primarily consist of experimental models used for non-clinical research, with a significant price increase expected in the second half of 2025 [3]. - The average procurement price for non-human primate experimental animals reached a high of 150,000 to 200,000 yuan per unit in the second half of 2022, but declined to 70,000 to 100,000 yuan per unit by the second half of 2024 [3]. Group 3: Shareholder Actions - Following the strong performance of the stock, the actual controller of Zhaoyan New Drug, Zhou Zhiwen, has initiated a share reduction plan, having already sold over 10 million shares for more than 370 million yuan [1][4]. - As of January 26, 2026, the closing price of Zhaoyan New Drug was 41.39 yuan, with a market capitalization of approximately 31.02 billion yuan [4]. - Zhou Zhiwen plans to reduce his holdings by up to 14.98 million shares, which is about 1.99873% of the total share capital [4].