昭衍新药于2026年1月22日至2026年1月23日期间的加权均价为40.896元/股，以此计算，周志文本次合 计减持上市公司股份1,010.37万股，合计减持金额约为41,320.09万元。 据新浪财经，周志文从2020年11月5日起，第一次减持昭衍新药股份，迄今为止，累计减持公司股票 1411.32万股，累计套现约9.15亿元。 中国经济网北京1月26日讯昭衍新药（603127）(603127.SH)近日发布关于持股5%以上股东权益变动触 及1%刻度的提示性公告。 昭衍新药表示，公司于2026年1月23日收到公司实际控制人之一周志文减持公司股份通知，周志文于 2026年1月22日至2026年1月23日期间，通过上海证券交易所分别以集中竞价方式累计减持415.37万股， 占公司当前总股本的0.55%；大宗交易方式累计减持595万股，占公司当前总股本的0.79%。本次权益变 动后，实际控制人周志文及冯宇霞的持股比例由32.27%减少至30.93%，权益变动触及1%刻度。 ...

Investment Rating - The report maintains a positive investment rating for the pharmaceutical sector [5] Core Views - The report emphasizes three main investment themes for 2026: innovation, overseas expansion, and turnaround impulses, with a focus on BD2.0, small nucleic acids, and supply chain (CXO and upstream) [2][3] - The report suggests that the pharmaceutical sector is currently experiencing a rotation in investment focus, particularly in areas such as brain-computer interfaces, AI integration, small nucleic acids, and medical robotics [3] Summary by Sections Public Fund Holdings Update for Q4 2025 - Overall, the market value of public funds holding pharmaceutical stocks has decreased, with a total market value of 217.6 billion yuan, down by 51 billion yuan from the previous quarter [14] - The pharmaceutical sector's allocation in public funds is 7.96%, a decrease of 1.74 percentage points [19] - Chemical preparations remain the most heavily weighted sub-industry, while allocations to medical devices have increased [14][25] Market Review and Analysis - The pharmaceutical and biotechnology index decreased by 0.39% week-on-week, outperforming the CSI 300 index but underperforming the ChiNext index [1] - The total trading volume in the pharmaceutical sector was 554.24 billion yuan, accounting for 4.00% of the total trading volume in the Shanghai and Shenzhen markets [1] Investment Opportunities - The report identifies specific companies for potential investment, including: - CXO and innovative drug companies such as Tigermed, Zhaoyan New Drug, and Hai Si Ke, which have seen significant increases in fund holdings [16][38] - AI innovative drug companies like Jingtai Holdings and small nucleic acid firms such as Frontier Biotech and Yuyuan Pharmaceutical [3][38] - The report also highlights the importance of exploring CROs, essential drugs, and companies showing signs of bottoming out [3]

昭衍新药（603127）(06127)公布，公司于2026年1月23日收到公司实际控制人之一周志文减持公司股份 通知，周志文于2026年1月22日至2026年1月23日期间，通过上海证券交易所分别以集中竞价方式累计减 持415.37万股，占公司当前总股本的0.55%;大宗交易方式累计减持595万股，占公司当前总股本的 0.79%。本次权益变动后，实际控制人周志文及冯宇霞的持股比例由32.27%减少至30.93%，权益变动触 及1%刻度。 ...

Core Viewpoint - The company announced that its actual controller, Zhou Zhiwen, reduced his shareholding in the company, impacting the overall ownership structure [1] Shareholding Changes - Zhou Zhiwen reduced his shareholding by a total of 4.1537 million shares through centralized bidding, representing 0.55% of the company's total share capital [1] - Additionally, he reduced his holdings by 5.95 million shares through block trading, accounting for 0.79% of the total share capital [1] - Following these transactions, the combined shareholding of actual controllers Zhou Zhiwen and Feng Yuxia decreased from 32.27% to 30.93%, marking a change that touches the 1% threshold [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 馮宇霞 董事長 中 國 北 京，2026年1月23日 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资 ...

股东周志文及冯宇霞保证向本公司提供的信息真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 32.27% | | | | 权益变动后合计比例 | 30.93% | | | | 本次变动是否违反已作出的 承诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、信息披露义务人及其一致行动人的基本信息 证券代码：603127 证券简称：昭衍新药 公告编号：2026-004 北京昭衍新药研究中心股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 1、身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅 | | | 适用于无控股股东、实际控制人） | | | □其他_ ...

证券代码：603127 证券简称：昭衍新药 公告编号：2026-004 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 股东周志文及冯宇霞保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 32.27% | | | | 权益变动后合计比例 | 30.93% | | | | 本次变动是否违反已作出的 承诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 | | | 用于无控股股东、实际控制人） | | | □其他______________（请注明 ...

Core Viewpoint - The report highlights the significant growth and development of China's Contract Research Organization (CRO) industry, driven by a comprehensive policy framework and regulatory reforms that enhance innovation and operational efficiency in the pharmaceutical sector [1][3][9]. Group 1: Industry Overview - The main listed companies in China's CRO industry include WuXi AppTec (603259.SH), Kanglong Chemical (300759.SZ), Tigermed (300347.SZ), Kelaiying (002821.SZ), Zhaoyan New Drug (603127.SH), Jiuzhou Pharmaceutical (603456.SH), Haoyuan Pharmaceutical (688131.SH), Boteng Co., Ltd. (300363.SZ), Chengdu XianDao (688222.SH), and Yaoshi Technology (300725.SZ) [1]. - The CRO industry is recognized as a strategic emerging industry that supports pharmaceutical innovation, transitioning China from a major pharmaceutical market to a strong one [1]. Group 2: Policy Framework - The policy framework for the CRO industry is centered around the National Medical Products Administration (NMPA) and includes collaboration with other regulatory bodies such as the National Health Commission (NHC) and the Drug Administration (CDR) [3]. - Key regulatory measures include the Marketing Authorization Holder (MAH) system, implicit licensing for clinical trials, Good Laboratory Practice (GLP) and Good Clinical Practice (GCP) certifications, and priority review and approval processes [3]. Group 3: Industry Support Policies - National policies provide financial support through initiatives like the "Major New Drug Creation" program, tax reductions for high-tech enterprises, and increased deductions for R&D expenses, which lower operational costs for the industry [6]. - Local governments implement differentiated policies that align with regional industrial characteristics, including subsidies for innovative drug development and funding for CRO platform construction [6]. Group 4: Drug Review Reforms - Recent reforms in drug review processes have significantly improved approval efficiency, reducing the average clinical trial review time from 420 days to 30 days in pilot areas, and addressing a backlog of 22,000 cases [9][12]. - The definition of new drugs has shifted from "China New" to "Global New," aligning with international standards and enhancing the quality of innovation [12]. Group 5: Future Trends - The future of the CRO industry in China is expected to be driven by a robust policy framework, with trends including deeper collaboration in service models, increased application of AI and digital platforms, and a focus on specialized market segments [13]. - The competitive landscape is anticipated to evolve with the rise of domestic leaders and accelerated internationalization, benefiting from improved mechanisms for mutual recognition of clinical trial data [13].

Core Viewpoint - Zhaoyan New Drug (603127) has seen its stock price increase by over 5%, currently trading at 25.74 HKD, with a transaction volume of 116 million HKD. The company has announced an annual performance forecast indicating a projected net profit attributable to shareholders of approximately 233 million to 349 million CNY for 2025, representing a year-on-year growth of about 214.0% to 371.0% [1] Group 1 - The increase in net profit is attributed to the rise in market prices of biological assets and the natural growth appreciation of the company's assets, which positively contributed to the fair value changes [1] - The contribution of fair value changes of biological assets to net profit is estimated to be around 452 million to 500 million CNY [1] Group 2 - Recent market reports indicate that the price of key species, such as the crab-eating macaque, has surged to 120,000 to 130,000 CNY within a month, with some scarce sources reported at 150,000 CNY, reflecting an increase of over 30% compared to two months ago [1]

Core Viewpoint - Zhaoyan New Drug (06127) has seen a stock price increase of over 5%, currently trading at 25.74 HKD, with a transaction volume of 116 million HKD, following the announcement of its annual performance forecast, which indicates a significant expected increase in net profit for 2025 [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 233 million to 349 million RMB for 2025, representing a year-on-year growth of about 214.0% to 371.0% [1] - The increase in net profit is attributed to the rise in market prices of biological assets and the natural growth appreciation of its own assets, contributing positively to the company's performance [1] - The fair value change of biological assets is expected to contribute approximately 452 million to 500 million RMB to net profit [1] Group 2: Market Insights - A senior investment advisor from Yuekai Securities noted that the average consumption of monkeys for a new drug from laboratory to clinical stage is 60, with the dosage for macromolecular drugs potentially doubling [1] - Recent market reports indicate that the price of the core species, the crab-eating macaque, has surged to 120,000 to 130,000 RMB within a month, with some scarce sources reported at 150,000 RMB, reflecting a price increase of over 30% compared to two months ago [1]