Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Views - The company's 1H25 revenue and net profit attributable to shareholders were CNY 66.9 million and CNY 6.1 million respectively, showing a year-on-year decline of 21.3% in revenue but a significant increase of 135.9% in net profit, aligning with performance forecasts [1]. - The overall order backlog stands at approximately CNY 2.3 billion, with new orders amounting to CNY 1.02 billion, reflecting a year-on-year increase of 13.3%, and a notable recovery in new orders in 2Q25 with an 18.0% year-on-year growth [1][4]. - The company is expected to benefit from a continued recovery in industry demand and a well-structured overseas business expansion, indicating strong long-term growth potential [1][4]. Financial Performance - The gross margin for 1H25 was 24.0%, down 6.3 percentage points year-on-year, primarily due to pressure on domestic order volume and the completion of high-margin long-term projects by the end of 2024 [2]. - Operating cash flow for 1H25 was CNY 163 million, representing a year-on-year increase of 3.2%, indicating stable cash flow performance [2]. Business Segments - Non-clinical drug research services generated revenue of CNY 639 million, down 21.1% year-on-year, attributed to short-term pressures in domestic business, while overseas revenue in this segment grew by 7.1% [3]. - Clinical services and others reported revenue of CNY 29.02 million, down 26.8% year-on-year, with several service varieties progressing through NMPA inspections [3]. - The experimental model supply segment generated revenue of CNY 480,000, with ongoing development in non-human primate models and small animal models [3]. Geographic Revenue Breakdown - Overseas revenue reached CNY 252 million, up 7.1% year-on-year, accounting for 37.7% of total revenue, with expectations for continued growth in this area [4]. - Domestic revenue was CNY 417 million, down 32.2% year-on-year, primarily due to historical pressures on order volume and pricing, but there are expectations for marginal improvement in domestic business [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits attributable to shareholders of CNY 292 million, CNY 360 million, and CNY 445 million for 2025-2027 [5]. - The company is positioned as a leader in the domestic non-clinical safety evaluation industry, with a solid technical foundation and active overseas expansion, leading to a target price of CNY 37.02 and HKD 27.34 for A and H shares respectively [5].

Core Viewpoint - Zhaoyan New Drug (SH603127) reported a significant decline in revenue for the first half of 2025, but successfully turned around its net profit from a loss in the previous year to a profit this year [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 669 million yuan, a decrease of 21.3% compared to the same period last year [1][2]. - The net profit attributable to shareholders was 60.93 million yuan, recovering from a loss of 169.74 million yuan in the previous year [1][2]. - The net profit excluding non-recurring items was 23.05 million yuan, compared to a loss of 198.39 million yuan in the same period last year [1][2]. - The net cash flow from operating activities was 163 million yuan, an increase of 3.2% year-on-year [1][2]. Asset and Equity Position - As of the end of the reporting period, the net assets attributable to shareholders were approximately 8.10 billion yuan, reflecting a slight increase of 0.32% from the end of the previous year [2]. - The total assets amounted to approximately 9.47 billion yuan, showing a growth of 0.82% compared to the previous year [2]. Leadership Profile - Feng Yuxia, the chairman of Zhaoyan New Drug, is 61 years old and holds a permanent residency in the United States, with a master's degree in pharmacology [3]. - Feng has been with the company since its founding in 1995 and has held various leadership roles, including general manager and chairman [3]. Compensation Comparison - Feng Yuxia's compensation from 2020 to 2024 varied, with the highest being 323.7 thousand yuan in 2022, while the industry average compensation was significantly lower [4].

Core Viewpoint - The company, Zhaoyan New Drug (603127), has approved an investment of up to 8 million RMB in a private equity fund focused on brain science and related medical technologies [1] Investment Details - The investment will be made through the company's wholly-owned subsidiary, Beijing Zhaoyan Management Technology Co., Ltd., in collaboration with Beijing Chongde Yingsheng Investment Management Co., Ltd. and other partners [1] - The fund will primarily invest in new-generation medical devices, consumables, and drugs for the diagnosis and treatment of brain diseases [1] - The fund aims to prioritize investments in early-stage small and medium-sized enterprises located in the Changping area, with at least 50% of the total investment amount allocated to these enterprises [1]

Core Viewpoint - The company, Zhaoyan New Drug (06127), has approved an investment of up to 8 million RMB in a private equity fund focused on brain science and related medical technologies [1] Investment Details - The investment will be made through the company's wholly-owned subsidiary, Beijing Zhaoyan Management Technology Co., Ltd., in collaboration with Beijing Chongde Yingsheng Investment Management Co., Ltd. and other partners [1] - The fund will primarily invest in new-generation medical devices, consumables, and drugs for the diagnosis and treatment of brain diseases [1] - The fund aims to prioritize investments in early-stage small and medium-sized enterprises located in the Changping area, with at least 50% of the total investment amount allocated to these enterprises [1]

本报讯 （记者李乔宇）8月27日，北京昭衍新药研究中心股份有限公司（以下简称"昭衍新药"）披露 2025年半年度报告。公告显示，今年上半年，昭衍新药实现营业收入6.69亿元，同比减少21.28%；实现 归属于上市公司股东的净利润6093.24万元，扭亏为盈。 2025年上半年，昭衍新药一如既往稳抓业务质量，强化业务操作规范性，保证数据真实性、准确性。同 时，昭衍新药持续开展人员的专业培训与能力提升工作，严格把关从方案设计、实验过程到报告交付的 质量，充分保证各项目的科学性和统一性。此外，昭衍新药进一步优化项目管理流程和质量管理体系， 从管理和技术创新等多个方面入手，合理有序地开展业务，提升客户满意度，为业务进一步增长提供有 力支撑。 （编辑 丛可心 张昕） 2025年上半年，昭衍新药始终坚持强化技术和业务创新，持续深耕。上半年，昭衍新药整体在手订单金 额约为23亿元，签署订单金额约为10.2亿元。 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2025-031 北京昭衍新药研究中心股份有限公司 第四届董事会第十五次会议决议公告 表决结果：董事会以 9 票赞成、0 票反对、0 票弃权的表决结果通过该议案。 上述议案已经公司董事会审计委员会审议通过，同意相关内容并同意提交公 司董事会审议。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）及公司 指定信息披露媒体《上海证券报》披露的《北京昭衍新药研究中心股份有限公司 公司董事会同意公司或其指定子公司与专业投资机构合作参与投资设立基 金，公司或其指定子公司作为有限合伙人认缴出资不超过 1,000 万元人民币。 表决结果：董事会以 9 票赞成、0 票反对、0 票弃权的表决结果通过该议案。 上述议案已经公司董事会战略委员会审议通过，同意相关内容并同意提交公 司董事会审议。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）及公司 指定信息披露媒体《上海证券报》披露的《昭衍新药关于与专业投资机构合作参 与投资设立基金的公告》。 特此公告。 北京昭衍新药研究中心股份有限公司董事会 本公司董事会及全体董事保证本公 ...

Investment Overview - The company plans to invest up to 10 million RMB as a limited partner in the Shenzhen Yifeng Guangming Science City Seed Fund (tentative name) [1][2] - The fund aims to focus on strategic emerging industries, future industries, and key industries supported by the Shenzhen government, particularly in the biopharmaceutical and high-end medical device sectors [2][6] - The investment was approved by the company's board on August 26, 2025, and does not require shareholder approval [2] Partner Information - The general partner and fund manager is Shenzhen Yifeng Investment Management Enterprise (Limited Partnership), established in March 2012 with a registered capital of 100 million RMB [2][3] - Another partner, Shenzhen Yifeng Mingyuan Technology Co., Ltd., was established in September 2024 with a registered capital of 555,556 RMB [4] Fund Details - The fund is structured as a limited partnership with a target fundraising scale of 127.5 million RMB and a lifespan of ten years [5] - The management of the fund will be executed by Yifeng Capital, and the minimum contribution for limited partners is set at 1 million RMB [5] Impact on the Company - This investment aligns with the company's long-term development strategy and is expected to broaden investment channels, supporting sustainable and high-quality growth [6] - The collaboration with experienced partners is anticipated to enhance risk management and project quality, benefiting the company and its shareholders [6]

Group 1 - The company will hold a half-year performance briefing on September 5, 2025, from 16:00 to 17:00 [1][2] - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1][2] - Investors can submit questions from August 29, 2025, to September 4, 2025, before 16:00, either through the Roadshow Center website or via the company's email [1][2] Group 2 - Key personnel attending the meeting include the General Manager, Secretary of the Board, and the Chief Financial Officer [2] - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [2]

Group 1 - The company has received a total of government subsidies amounting to RMB 28.85 million, which includes RMB 14.48 million related to income and RMB 14.37 million related to assets [1] - The income-related subsidies represent 19.55% of the company's audited net profit attributable to shareholders for the most recent fiscal year, while the asset-related subsidies account for 0.18% of the audited net assets [1] - The income-related government subsidies will be recognized as other income, with an expected impact of RMB 12.43 million on the 2025 profit and loss statement [1] Group 2 - The asset-related government subsidies will be recognized as deferred income, which will be amortized into the profit and loss statement over the estimated useful life of the related assets [1] - The specific accounting treatment and its impact on the company's annual profit will be confirmed after the annual audit by the accountant [1]

Summary of Key Points Core Viewpoint - The company has announced the provision for asset impairment for the first half of 2025, reflecting a need to accurately represent its financial status and operational results as of June 30, 2025 [1][2]. Group 1: Asset Impairment Provision Overview - The company conducted impairment testing on various assets as of June 30, 2025, resulting in a total asset impairment provision of 60.6191 million RMB [1]. - The breakdown of the impairment losses includes a credit impairment loss of 5.3914 million RMB and an asset impairment loss of 66.0105 million RMB [1]. Group 2: Specifics of the Impairment Provision - The company recognized impairment losses based on expected credit losses for accounts receivable, contract assets, and other receivables, leading to a total provision for bad debt [1]. - The impairment loss for long-term deferred expenses amounted to 10.4693 million RMB, indicating signs of impairment as of the balance sheet date [1]. - The provision will reduce the equity attributable to shareholders by 54.1420 million RMB as of June 30, 2025, and is in compliance with relevant accounting standards and company policies [2].