Summary of the Earnings Call Transcript Company Overview - The company discussed is **Zhaoyan New Drug**, focusing on its financial performance and projections for 2025. Key Financial Projections - **2025 Revenue Forecast**: Expected to be between **1.573 billion to 1.738 billion CNY**, representing a year-over-year decline of **13.9% to 22.1%** [1] - **Net Profit Forecast**: Projected net profit attributable to shareholders is between **233 million to 349 million CNY**, showing a significant increase of **214.0% to 317.0%** year-over-year [1] - **Non-GAAP Net Profit**: Expected to be between **246 million to 370 million CNY**, indicating a substantial growth of **945.2% to 1467.7%** year-over-year [1] Q4 2025 Specifics - **Q4 Revenue Forecast**: Anticipated revenue for Q4 is between **588 million to 753 million CNY**, with a year-over-year decline of **14.0%** but a quarter-over-quarter increase of **10.2%** [2] - **Q4 Net Profit**: Projected net profit for Q4 is between **152 million to 268 million CNY**, with a year-over-year growth of **5.2% to 85.8%** [2] - **Non-GAAP Net Profit for Q4**: Expected to be between **217 million to 341 million CNY**, reflecting a year-over-year increase of **58.6% to 148.5%** [2] Profit Margin Insights - **Profit Margin Trends**: The profit margins for laboratory services and other businesses are narrowing, with reported losses in Q1 to Q4 of **-0.25 billion, -0.40 billion, -0.46 billion, and -0.57 billion CNY** respectively [2] - **Profit Margin Rates**: The profit margin rates for these services were reported at **-9%, -11%, -15%, and -8%** for the respective quarters [2] Biological Asset Valuation - **Significant Increase in Biological Assets**: In Q4, the fair value of biological assets is expected to show a positive change of **312 million to 359 million CNY**, which is significantly higher than the average of **47 million CNY** in the previous three quarters [2] - **Market Price and Natural Growth Factors**: The increase is attributed to both rising market prices and natural growth of the biological assets [2] - **Asset Valuation of Monkeys**: The valuation for 3-5 year old monkeys is projected to increase by **20,000 to 40,000 CNY**, with the end-of-year valuation for these assets expected to reach **100,000 to 120,000 CNY** [2]

【天风医药】昭衍新药2025业绩预告点评：需求复苏，生物资产助力利润大幅增长 2026年1月20日，昭衍新药发布2025年业绩预告，公司预期2025年实现营业收入约15.73亿元到17.38亿元，同比减 少约 13.9%到 22.1%。 归母净利润2.33亿元到3.49亿元，同比增加约214.0%到371.0%。 扣非净利润约2.46亿-3.70亿元，同比增加约945.2% 事件： 归母净利润2.33亿元到3.49亿元，同比增加约214.0%到371.0%。 扣非净利润约2.46亿-3.70亿元，同比增加约945.2%到1，467.7%。 生物资产贡献业绩，实验室服务短期承压 2025年生物资产公允价值变动贡献的净利润约4.52元到4.99亿元，同比大幅扭亏。 生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公司业绩做出积极贡献。 实验室服务及其他业务净利润约-2.06到-1.30亿元，同比转负，主要受前期行业竞争剧烈的滞后影响。 昭衍新药作为国内安评龙头，得益于存量订单消化、新增研发需求向临床CRO传导及公司稀缺的实验猴一体化资 源，公司业绩有望迎来进一步释放。 【天风医药】昭衍 ...

Company and Industry Summary Company: Zhaoyan New Drug (昭衍新药) Key Financial Projections - **2025 Annual Revenue**: Expected to be between 1.573 billion to 1.738 billion CNY, representing a year-over-year decline of 13.9% to 22.1% [1] - **Net Profit**: Projected to be between 233 million to 349 million CNY, indicating a significant year-over-year increase of 214.0% to 317.0% [1] - **Net Profit Excluding Non-recurring Items**: Expected to be between 246 million to 370 million CNY, showing a substantial year-over-year growth of 945.2% to 1467.7% [1] Q4 2025 Financial Expectations - **Q4 Revenue**: Anticipated to be between 588 million to 753 million CNY, with a year-over-year decline of 14.0% but a quarter-over-quarter increase of 10.2% [1] - **Q4 Net Profit**: Expected to range from 152 million to 268 million CNY, reflecting a year-over-year growth of 5.2% to 85.8% [1] - **Q4 Net Profit Excluding Non-recurring Items**: Projected to be between 217 million to 341 million CNY, indicating a year-over-year increase of 58.6% to 148.5% [1] Profit Margin Insights - **Q4 Laboratory Services and Other Business Profit Margin**: Noted to have narrowed [2] - **Quarterly Laboratory Services and Other Business Profits**: Reported as -25 million, -40 million, -46 million, and -57 million CNY for Q1 to Q4 respectively, with profit margins of -9%, -11%, -15%, and -8% [2] Biological Assets Valuation - **Q4 Biological Assets Fair Value Change**: Significant increase expected, with a fair value change of 312 million to 359 million CNY, which is substantially higher than the average of 47 million CNY in previous quarters [2] - **Market Price Increase for Biological Assets**: The valuation of 3-5 year old monkeys is projected to rise by 20,000 to 40,000 CNY, with the end-of-year valuation for these assets expected to reach 100,000 to 120,000 CNY [2] Additional Insights - **Overall Performance**: Q4 revenue exceeded expectations, indicating a positive outlook despite the anticipated decline in annual revenue [1][2] - **Market Dynamics**: The increase in biological asset values is attributed to both market price increases and natural growth factors [2]

每经AI快讯，昭衍新药(06127.HK)高开逾4%，截至发稿涨4.42%，报26港元，成交额140.92万港元。 ...

Core Viewpoint - Zhaoyan New Drug (06127) is expected to experience a decline in revenue for 2025, while net profit is projected to increase significantly, driven by changes in the fair value of biological assets and challenges in laboratory services [1][2]. Group 1: Revenue and Profit Projections - The company anticipates revenue for 2025 to be approximately RMB 1.573 billion to RMB 1.738 billion, representing a decrease of about RMB 280 million to RMB 446 million compared to the previous year, which is a year-on-year decline of approximately 13.9% to 22.1% [1]. - Net profit attributable to shareholders is expected to be around RMB 233 million to RMB 349 million for 2025, an increase of approximately RMB 159 million to RMB 275 million compared to the previous year, reflecting a year-on-year increase of about 214.0% to 371.0% [1]. - The net profit excluding non-recurring gains and losses is projected to be approximately RMB 246 million to RMB 370 million, which is an increase of about RMB 223 million to RMB 346 million year-on-year, indicating a substantial increase of approximately 945.2% to 1,467.7% [1]. Group 2: Contributions and Challenges - The positive change in the fair value of biological assets is expected to contribute approximately RMB 452 million to RMB 500 million to net profit [1]. - The laboratory services and other business segments are projected to incur a net loss of approximately RMB 2.06 billion to RMB 1.3 billion, indicating challenges in this area [1]. - The increase in the fair value of biological assets is driven by rising market prices and natural growth, positively impacting the company's performance [2]. - Despite stable operations in the laboratory, revenue and gross margin from contractual obligations have decreased year-on-year due to intense prior industry competition, leading to a decline in profit contribution from laboratory services [2].

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院医药研发外包(CRO)研究小组发布的《中国医药研发外包（CRO）行 业市场前瞻与投资战略规划分析报告》。 行业主要上市公司：目前国内CRO行业主要的上市公司有药明康德(603259.SH)、康龙化成(300759.SZ)、泰 格医药(300347.SZ)、凯莱英(002821.SZ)、昭衍新药(603127.SH)、九洲药业(603456.SH)、皓元医药 (688131.SH)、博腾股份(300363.SZ)、成都先导(688222.SH)、药石科技(300725.SZ)等。 本文核心数据：CRO产业市场规模 行业概况 2、CRO行业产业链剖析 中国 CRO 产业链贯穿药品全生命周期，可以分为三个阶段。研发阶段CRO，含临床前药物发现、化合物合 成等基础研发与临床阶段试验等;生产阶段CMO/CDMO，覆盖化学原料药、生物药、化学药制剂等不同类型 药物的生产环节;销售阶段CSO，以渠道管理为核心，配套推广营销与市场监测，服务企业、科研机构、医 1、CRO的定义 合同研究组织 (Contract Research Organization, CRO) 是指 ...

Group 1: Delisting Risks - *ST Xin Yan: The Shenzhen Stock Exchange has approved the company's application to revoke the delisting risk warning due to restructuring [1] - *ST Zhong Zhuang (Rights Protection): The delisting risk warning has been revoked, but other risk warnings will continue, and the stock will be suspended for one day starting tomorrow [2] - ST Sai Wei: Expected to incur a loss of 720 million to 1.02 billion yuan in 2025, with a possibility of being subject to delisting risk warnings [3] Group 2: Earnings Forecasts - Hikvision: Expected net profit attributable to shareholders to grow by 18.46% year-on-year in 2025 [28] - Langzi Co.: Expected net profit to increase by 245.25% to 302.8% year-on-year in 2025 [4][30] - Zhaoyan New Drug: Expected net profit to increase by 214% to 371% year-on-year in 2025 [5][30] - Huachen Equipment: Expected net profit to increase by 193.64% to 242.04% year-on-year in 2025 [6][30] - Qianyuan Power: Expected net profit to increase by 160% to 190% year-on-year in 2025 [7][30] - Jin Fang Energy: Expected net profit to increase by 123.97% to 193.7% year-on-year in 2025 [8][31] - Zhongfu Industrial: Expected net profit to increase by 120.27% to 141.59% year-on-year in 2025 [9][32] - Batian Co.: Expected net profit to increase by 117.53% to 139.53% year-on-year in 2025 [10][32] - Zhongrong Electric: Expected net profit to increase by 104.89% to 131.10% year-on-year in 2025 [11][32] - Kaisheng New Materials: Expected net profit to increase by 96.47% to 150.06% year-on-year in 2025 [12][32] - Putailai: Expected net profit to increase by 93.18% to 101.58% year-on-year in 2025 [13][32] - Dongfang Iron Tower: Expected net profit to increase by 91.4% to 125.07% year-on-year in 2025 [14][32] - Pulaike: Expected net profit to increase by 89.64% to 110.11% year-on-year in 2025 [15][32] - Huabang Health: Expected profit of 660 million to 730 million yuan in 2025, turning from loss to profit [16][32] - Hongyuan Green Energy: Expected net profit of 180 million to 250 million yuan in 2025, turning from loss to profit [17][32] - Kangda New Materials: Expected profit of 125 million to 135 million yuan in 2025, turning from loss to profit [18][32] - Langxin Technology: Expected profit of 100 million to 150 million yuan in 2025, turning from loss to profit [19][32] - Hualv Biological: Expected profit of 100 million to 130 million yuan in 2025, turning from loss to profit [20][32] Group 3: Mergers and Acquisitions - Kangxin New Materials: Plans to acquire 51% of Yubang Semiconductor for 392 million yuan [21][32] - Aibo Medical: Plans to gain control of Demei Medical [22][32] Group 4: Share Buybacks and Reductions - Hengtong Co.: Plans to repurchase company shares worth 80 million to 100 million yuan [24][32] - Haier Smart Home: Plans to repurchase D shares up to 200,000 euros [29][32] - Blue Universe Co.: Shareholders plan to reduce their holdings by no more than 3.02% [29][32] - Hesheng Silicon Industry: Controlling shareholder plans to reduce holdings by no more than 3% [29][32] - Aolian Electronics (Rights Protection): Shareholder Liu Junsheng plans to reduce holdings by no more than 3% [29][32] - Bluefeng Biochemical: Hainan Wenqin plans to reduce holdings by no more than 3% [29][32] - Zhixin Precision: Shareholders plan to reduce holdings by no more than 3% [29][32] - Peking University Medical: Peking University Health plans to reduce holdings by no more than 3% [29][32] Group 5: Other Updates - Liou Co.: Self-inspection work has been completed, and the stock will resume trading on January 21 [29][32] - Yongxing Materials: The lithium mica green intelligent and efficient lithium extraction project has reached production capacity [29][32] - Debang Co.: Plans to voluntarily withdraw A shares from trading on the Shanghai Stock Exchange [29][32]

Group 1 - Xiaomi reported two incidents of vehicle fires, emphasizing that the battery status was normal during both events [3][5] - In the first incident on January 19, a vehicle in Haikou experienced a fire shortly after being parked, but no injuries were reported [3] - The second incident involved a collision on a highway in Henan, where the vehicle caught fire after the accident, with no casualties [5] Group 2 - Gree Electric plans to mass-produce silicon carbide chips for automotive use, with expectations that half of the chips used by GAC Group will come from Gree [4] - The company is expanding its production capabilities to include chips for photovoltaic storage and logistics vehicles [4] Group 3 - OpenAI's CFO announced that the company's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024 [16] - The growth is attributed to the expansion of computing capabilities and the introduction of advertising in ChatGPT [16] Group 4 - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing an 18.46% year-on-year increase [22] - The company's total revenue reached 92.518 billion yuan, with a slight growth of 0.02% [22] Group 5 - Zhaoyan New Drug expects a significant increase in net profit for 2025, projecting a rise of approximately 214% to 371% [23] - The company anticipates a decrease in revenue, estimating between 1.573 billion to 1.738 billion yuan, a decline of about 13.90% to 22.10% [23] Group 6 - Hongyuan Green Energy forecasts a turnaround in net profit for 2025, estimating between 180 million to 250 million yuan [24] - The improvement is attributed to a vertically integrated supply chain and the sale of equity in a subsidiary, contributing approximately 291 million yuan to profits [24] Group 7 - Bright Dairy expects a net loss of 120 million to 180 million yuan for 2025, a significant decline from a profit of 722 million yuan in the previous year [25] - The loss is primarily due to production issues at its overseas subsidiary, leading to increased costs and inventory write-offs [25]

Group 1 - Xiaomi reported two incidents of car fires involving its vehicles, with no injuries reported. The first incident occurred in Haikou, where a vehicle caught fire shortly after being parked, and the second incident involved a collision in Henan, which also resulted in a fire after the vehicle was safely pulled over [1][2][3] - Gree Electric plans to mass-produce silicon carbide chips for automotive applications, with the CEO stating that half of the chips used by GAC Group in the future will be supplied by Gree [5][6] - The Renminbi cash payment regulations will take effect on February 1, 2026, prohibiting the refusal of cash payments and allowing the public to report discriminatory practices against cash [8][9] Group 2 - The personal consumption loan subsidy policy has been extended until the end of 2026, with credit card installment payments now included in the subsidy program [2][3] - The charity organization, Yanyuan Foundation, has raised over 23 million yuan for medical assistance to patients, with funds being allocated based on donor specifications [2] - HSBC's market value is approaching 300 billion pounds, with expectations of significant stock price increases [11]

六部门延续养老托育家政等税费优惠 1月20日，财政部等六部门发布公告，宣布延续实施养老、托育、家政等社区家庭服务业税费优惠政策 至2027年12月31日，继续支持养老、托育、家政等社区家庭服务业发展。 2019年6月，财政部等六部门出台养老、托育、家政等社区家庭服务业税费优惠政策，自实施以来被社 区托育、家政服务业等视作鼓励行业发展、推动"放水养鱼"的减税降费"大礼包"。本次六部门发文后， 政策期限将进一步延续至2027年底。 "特朗普计划4月访华"，中方回应 中方如何评价特朗普执政一年来对外政策及其对国际局势的影响？外交部回应 20日，外交部发言人郭嘉昆主持例行记者会。日本广播协会（NHK）记者提问称，美国总统特朗普就 任已满一年，这期间他的对外政策动向备受国际社会关注，包括在委内瑞拉问题上的强硬举措，以及近 期威胁"吞并"格陵兰岛的相关表态。中方如何评价特朗普执政一年来的对外政策及其对国际局势的影 响？此外关于特朗普计划于今年4月访华一事，中方能否提供更多细节？郭嘉昆对此表示，过去一年中 美关系历经起伏波折，实现总体动态稳定，这符合中美两国人民的共同利益，也符合国际社会的共同期 待。 【头条要闻】 国家发 ...