9月以来，多家证券期货经营机构合规管理亮"红灯"。同花顺iFinD统计显示，截至10月13日，9月 以来，28张罚单指向证券经营机构，14张罚单指向期货经营机构。 多家证券经营机构被责令改正 9月，多家证券经营机构被监管点名，涉及的问题包括员工管理不到位、内部控制不完善等，涉事 证券经营机构被采取责令改正、出具警示函等举措。例如，9月30日，深圳、广东、大连、安徽等地证 监局披露多张罚单，涉及英大证券、广发证券、中金财富、恒泰长财证券等。 新湖期货被多次点名。9月16日，上海证监局披露对新湖期货采取出具警示函措施的决定。上海证 监局称，新湖期货存在两方面问题：一是未能健全并持续完善覆盖子公司及其业务的合规管理、风险管 理和内部控制体系，未能有效贯彻落实相关合规、风险管理、内控要求，未能及时发现子公司相关业务 风险隐患；二是对公司员工行为管理不到位。 10月10日，重庆证监局官网披露了对新湖期货重庆营业部采取出具警示函监管措施的决定。重庆证 监局称，该营业部对居间业务合规管控不足，个别居间人交易客户端信息与其名下部分客户交易客户端 信息存在重合的情况下，回访工作不充分，核查工作不到位，未有效排查风险。上述行为反 ...

Core Viewpoint - Zhaoyan New Drug's stock price has shown significant volatility, with a year-to-date increase of 100.36% but a recent decline in the last five trading days by 5.81% [1] Group 1: Stock Performance - As of October 14, Zhaoyan New Drug's stock price was 33.26 CNY per share, with a market capitalization of 24.928 billion CNY [1] - The stock has experienced a 27.38% increase over the past 60 days, while it has decreased by 4.01% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on September 15 [1] Group 2: Financial Performance - For the first half of 2025, Zhaoyan New Drug reported a revenue of 669 million CNY, a year-on-year decrease of 21.28%, while the net profit attributable to shareholders was 60.932 million CNY, reflecting a year-on-year increase of 135.90% [2] - Cumulative cash dividends since the company's A-share listing amount to 703 million CNY, with 356 million CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 61,200, a rise of 25.59% compared to the previous period [2] - The top circulating shareholder, Huabao Zhongzheng Medical ETF, holds 14.6531 million shares, an increase of 2.2669 million shares from the previous period [3] - Hong Kong Central Clearing Limited, ranked as the eighth largest circulating shareholder, reduced its holdings by 9.4387 million shares to 8.2811 million shares [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京昭衍新藥研究中心股份有限公司 呈交日期: 2025年10月8日 第 1 頁 共 11 頁 v 1.1.1 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06127 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,206 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 118,995,206 | RMB | | 1 | RMB ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京昭衍新藥研究中心股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06127 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,206 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,206 | | 2. 股份分類 ...

目錄 | 釋義 | 2 | | --- | --- | | 技術詞彙 | 5 | | 公司資料 | 6 | | 財務概要 | 8 | | 主席報告 | 9 | | 管理層討論及分析 | 10 | | 企業管治及其他資料 | 29 | | 未經審核綜合損益及其他全面收益表 | 40 | | 未經審核綜合財務狀況表 | 42 | | 未經審核綜合權益變動表 | 44 | | 未經審核綜合現金流量表 | 46 | | 未經審核中期財務報告附註 | 47 | 釋義 於本報告內，除文義另有所指外，下列詞彙具有以下涵義。該等詞彙及其定義未必與任何業內標準定義相符，亦未必 可直接與其他在本公司相同行業內經營的公司所採用的同類詞彙比較。 | 「2022年H股激勵計劃」 | 指 | 本公司於2022年6月24日採納及批准的H股獎勵計劃，其主要條款載於日期 | | --- | --- | --- | | | | 為2022年5月26日的通函 | | 「A股」 | 指 | 本公司已發行每股面值人民幣1.00元的普通股，將以人民幣認購或入賬列為 | | | | 已繳，並於上海證券交易所上市買賣 | | 「聯繫人」 | 指 | 具有上 ...

JOINN Laboratories (China) Co., Ltd. 北京昭衍新藥研究中心股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code 股份代號：6127） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholders, JOINN Laboratories (China) Co., Ltd. (the "Company") – Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's websit ...

If you have difficulty in receiving email notification or gaining access to the Website Version of the Corporate Communications and would like to receive the Current Corporate Communication and all future Corporate Communications in printed form, please complete, sign the enclosed Reply Form and return it to the Company's H share registrar in Hong Kong, Tricor Investor Services Limited ("H Share Registrar") at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong by post using the provided prepaid mail ...

目錄 | 釋義 | 2 | | --- | --- | | 技術詞彙 | 5 | | 公司資料 | 6 | | 財務概要 | 8 | | 主席報告 | 9 | | 管理層討論及分析 | 10 | | 企業管治及其他資料 | 29 | | 未經審核綜合損益及其他全面收益表 | 40 | | 未經審核綜合財務狀況表 | 42 | | 未經審核綜合權益變動表 | 44 | | 未經審核綜合現金流量表 | 46 | | 未經審核中期財務報告附註 | 47 | 釋義 於本報告內，除文義另有所指外，下列詞彙具有以下涵義。該等詞彙及其定義未必與任何業內標準定義相符，亦未必 可直接與其他在本公司相同行業內經營的公司所採用的同類詞彙比較。 | 「2022年H股激勵計劃」 | 指 | 本公司於2022年6月24日採納及批准的H股獎勵計劃，其主要條款載於日期 | | --- | --- | --- | | | | 為2022年5月26日的通函 | | 「A股」 | 指 | 本公司已發行每股面值人民幣1.00元的普通股，將以人民幣認購或入賬列為 | | | | 已繳，並於上海證券交易所上市買賣 | | 「聯繫人」 | 指 | 具有上 ...

Core Viewpoint - The article highlights the contrasting performance and strategies of two A-share pharmaceutical companies, Shuyou Shen (舒泰神) and Zhaoyan New Drug (昭衍新药), both controlled by the same entrepreneurial couple, Feng Yuxia and Zhou Zhiwen. While Shuyou Shen focuses on innovative drug development, Zhaoyan New Drug operates as a contract research organization (CRO), providing more stable revenue streams. The article discusses their stock performance, financial results, and the implications of their business models on future growth [1][3][4]. Stock Performance - Shuyou Shen's stock price reached 33.87 CNY per share with a year-to-date increase of 357.09%, resulting in a total market capitalization of 16.18 billion CNY [2][4]. - Zhaoyan New Drug's stock price was 36.93 CNY per share, reflecting a year-to-date increase of 115.7%, with a total market capitalization of 27.68 billion CNY [2][4]. Financial Performance - Shuyou Shen reported a revenue of approximately 126 million CNY for the first half of the year, a decline of 31.14% year-on-year, and a net loss of 25 million CNY, a decrease of 619.7% year-on-year [6]. - Zhaoyan New Drug achieved a revenue of about 669 million CNY, down 21.28% year-on-year, but turned a profit with a net income of 61 million CNY, marking a turnaround from previous losses [6][7]. Business Models - Shuyou Shen is focused on developing innovative drugs, particularly a new treatment for hemophilia, which has the potential for significant market impact if successfully commercialized [8][9]. - Zhaoyan New Drug's business is closely tied to the market for laboratory monkeys, which are essential for drug research. The company's financial performance is influenced by the pricing and availability of these animals [7][10]. Management and Ownership - Feng Yuxia primarily oversees Zhaoyan New Drug, holding 22.3% of its shares, while Zhou Zhiwen is the chairman of Shuyou Shen, with the couple collectively holding over 31% of Shuyou Shen's shares through a holding company [4][11]. Regulatory and Market Challenges - Shuyou Shen has faced regulatory scrutiny due to related party transactions with Zhaoyan New Drug, which raised concerns about compliance with listing commitments [11][12]. - Both companies may face long-term challenges, including the potential impact of technological advancements that could reduce reliance on animal testing in drug development [9][10].

Core Viewpoint - The article highlights the contrasting performance and business strategies of two A-share pharmaceutical companies, Shuyou Shen (舒泰神) and Zhaoyan New Drug (昭衍新药), both led by the same entrepreneurial couple, Feng Yuxia and Zhou Zhiwen. While Shuyou Shen focuses on innovative drug development and is currently facing losses, Zhaoyan New Drug, which provides CRO services, has shown consistent profitability but is experiencing market fluctuations related to its key resource, experimental monkeys [1][2][3]. Company Performance - Shuyou Shen's stock price surged over 700% from May to August, making it a standout in the pharmaceutical sector, while Zhaoyan New Drug's stock price doubled within the same timeframe [2]. - As of September 26, Shuyou Shen's stock was priced at 33.87 CNY, reflecting a year-to-date increase of 357.09%, while Zhaoyan New Drug's stock was at 36.93 CNY, with a 115.7% increase [3]. - Both companies have seen a decline in stock prices from their peak, with Shuyou Shen experiencing a 39.03% drop from August 19 to September 26, and Zhaoyan New Drug seeing a 12.49% decrease from September 17 to 26 [4]. Financial Results - Shuyou Shen reported a revenue of approximately 126 million CNY for the first half of the year, a 31.14% decrease year-on-year, and a net loss of 25 million CNY, down 619.7% [6]. - In contrast, Zhaoyan New Drug achieved a revenue of about 669 million CNY, a 21.28% decline, but turned a profit with a net income of 61 million CNY, marking a recovery from previous losses [7]. Market Dynamics - Zhaoyan New Drug's performance is closely tied to the market price of experimental monkeys, which are essential for drug research. The company benefits from stable supply and demand, which helps maintain monkey prices [8]. - The company has indicated that new orders are increasing, providing a positive outlook for future revenue and profit recovery, despite current challenges [7]. Future Outlook - Shuyou Shen's future growth hinges on the successful commercialization of its innovative drug STSP-0601 for hemophilia, which has been prioritized for review, creating significant market expectations [9]. - Zhaoyan New Drug faces long-term challenges from potential technological advancements that could reduce reliance on live animals for research, although it is currently investing in alternative research methods [10]. Related Transactions - There are ongoing collaborations between Shuyou Shen and Zhaoyan New Drug, with projected service fees of approximately 45.29 million CNY for 2025, reflecting a significant increase from 26.19 million CNY in 2024 [11]. - However, past transactions have raised regulatory concerns due to breaches of commitments regarding related party transactions, leading to administrative measures against Shuyou Shen and its chairman [12].