Group 1 - The Hong Kong stock market's innovative drug sector continues to strengthen, with Rongchang Biologics rising over 7% [1] - Junshi Biosciences increased by more than 4% [1] - Tigermed (300347) and Zhaoyan New Drug (603127) both saw gains of over 3% [1] Group 2 - Innovent Biologics and Kanglong Chemical (300759) experienced increases of over 2% [1]

截至7月7日收盘，CRO概念下跌1.07%，位居概念板块跌幅榜前列，板块内，汇宇制药、*ST双成、睿 智医药等跌幅居前，股价上涨的有15只，涨幅居前的有诺思格、昭衍新药、翰宇药业等，分别上涨 3.03%、2.24%、2.11%。 | 002675 | 东诚药业 | -3.15 | 2.11 | -1460.10 | | --- | --- | --- | --- | --- | | 002821 | 凯莱英 | -2.94 | 1.10 | -1440.10 | | 688117 | 圣诺生物 | -0.77 | 7.83 | -1379.21 | | 603229 | 奥翔药业 | -2.05 | 1.37 | -1331.54 | | 300261 | 雅本化学 | -0.14 | 1.47 | -1240.44 | | 300363 | 博腾股份 | -1.98 | 1.86 | -1086.79 | | 301277 | 新天地 | -0.62 | 7.98 | -1072.75 | | 301509 | 金凯生科 | -0.61 | 7.64 | -985.87 | | 603538 | 美诺华 | ...

Group 1 - The Hong Kong CXO concept stocks experienced a decline, with WuXi Biologics falling over 5% [1] - Kingsoft Biotech dropped more than 3% [1] - Other companies such as Kelaiying (002821), WuXi AppTec (603259), Tigermed (300347), and Zhaoyan New Drug (603127) saw declines of over 2% [1]

Group 1 - The stock price of Zhaoyan New Drug (603127) increased by 16.95% this week, closing at 22.36 yuan, with a weekly high of 22.76 yuan and a low of 18.92 yuan [1] - Zhaoyan New Drug's current total market capitalization is 16.758 billion yuan, ranking 9th in the medical services sector and 950th among all A-shares [1] Group 2 - Zhaoyan New Drug announced its plan to invest up to 20 million yuan in the Huaxia Zhiyuan Venture Capital Fund, which has a target fundraising scale of 35 million yuan [2][4] - The fund will focus on equity investments in unlisted companies related to molecular diagnostics and targeted therapy, with a management fee of 1% per year based on the total capital contributions [2] - As of June 30, 2025, the legal registered capital of Zhaoyan New Drug's H-shares and A-shares remains unchanged at 118,995,206 shares and 630,482,128 shares, respectively [3][4]

| FF301 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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6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7月4日 | | | | | | | | | | I. 法定/註冊股本變動 | | | | | | | | | | (如上市) 06127 證券代號 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 | | | | | | | ...

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6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7月4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 ...

Group 1 - The stock price of Zhaoyan New Drug (603127) reached a new high of 19.49 HKD, surpassing the previous high in March and marking the highest price since September 2023 [1] - The stock experienced significant volatility, with a nearly 30% drop in April due to market turbulence and regulatory changes, followed by a recovery of over 40% in May [1][4] - After peaking on June 17, the stock faced a three-day decline, dropping to a low of 13.89 HKD, a decrease of 28.73% from the peak [1] Group 2 - The Hang Seng Healthcare Index also rebounded after a five-day decline, indicating continued upward momentum in the Hong Kong pharmaceutical sector [2] - Investors are closely watching whether Zhaoyan New Drug can achieve new highs amid ongoing market fluctuations [2] Group 3 - Since the beginning of the year, southbound funds have accumulated a net purchase of nearly 700 billion HKD in Hong Kong stocks, with the healthcare sector showing significant gains [4] - The holding ratio of southbound funds in Zhaoyan New Drug increased from 37.58% to 40.64% in 2025, indicating a trend of increased investment [4][6] - The investment behavior of northbound funds shifted from "buying on dips" to "buying on rises" and back to "buying on dips" again, reflecting changing market dynamics [6] Group 4 - The recent surge in the Hong Kong innovative drug sector is driven by improved performance, policy optimization, and low valuations [4] - The financing environment for the domestic biopharmaceutical sector has improved, with a notable increase in investment cases and amounts in Q1 2025 [7] - The number of clinical approvals for new drugs in China has significantly increased, with 186 first-class new drugs receiving clinical approval in Q1 2025 [8][10] Group 5 - Zhaoyan New Drug reported a 115.11% year-on-year increase in net profit for Q1 2025, indicating strong financial performance despite market fluctuations [10] - The National Medical Products Administration's recent announcement aims to optimize the clinical trial review process, potentially accelerating the approval timeline for innovative drugs [10][12] - The average duration for new drug IND tasks in China is currently 71 days, with plans to reduce this to 30 working days, which could stimulate demand for Zhaoyan New Drug's services [12]

Core Viewpoint - The company, Zhaoyan New Drug, has experienced a decline in stock price and revenue, while showing significant growth in net profit, indicating mixed performance in the current market environment [1]. Company Summary - Zhaoyan New Drug's closing stock price on July 2 was 21.95 yuan, down 1.57%, with a rolling PE ratio of 42.46 times and a total market capitalization of 16.451 billion yuan [1]. - The company operates primarily in non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1]. - For the first quarter of 2025, Zhaoyan New Drug reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.1195 million yuan, reflecting a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1]. Industry Summary - The average PE ratio for the medical services industry is 41.66 times, with a median of 43.69 times, placing Zhaoyan New Drug at the 29th position within the industry [1]. - As of the first quarter of 2025, 22 institutions held shares in Zhaoyan New Drug, including 20 funds, with a total holding of 72.9482 million shares valued at 1.484 billion yuan [1]. - The industry comparison shows that Zhaoyan New Drug's PE ratio is higher than the industry average but lower than the median, indicating a competitive yet challenging market position [2].

Core Insights - The main contract for caustic soda (2509) closed at a price increase of 3.19% as of July 2, with a trading volume of 610,800 contracts and a net short position of 12,406 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all caustic soda contracts reached 728,800 contracts, an increase of 33,700 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 159,400 contracts, a decrease of 1,223 contracts, while short positions totaled 171,300 contracts, a decrease of 4,793 contracts [1][4]. Major Players - The top three long positions were held by Guotai Junan (21,925 contracts), Dongzheng Futures (13,301 contracts), and CITIC Futures (12,318 contracts) [1][4]. - The top three short positions were also held by Guotai Junan (24,831 contracts), Dongzheng Futures (15,984 contracts), and Huatai Futures (11,711 contracts) [1][4]. Changes in Positions - The top three increases in long positions were from CITIC Futures (9,862 contracts, an increase of 2,105), Fangzheng Futures (6,164 contracts, an increase of 1,321), and Guotai Junan (12,113 contracts, an increase of 1,311) [1]. - The top three decreases in long positions were from Huatai Futures (3,793 contracts, a decrease of 3,836), Galaxy Futures (6,399 contracts, a decrease of 722), and Yong'an Futures (4,129 contracts, a decrease of 717) [1]. Summary of Changes - The top three increases in short positions were from Dongfang Caifu (3,619 contracts, an increase of 1,135), Zhongtai Futures (3,685 contracts, an increase of 996), and CITIC Futures (7,465 contracts, an increase of 950) [1]. - The top three decreases in short positions were from Zheshang Futures (3,481 contracts, a decrease of 3,495), Guotai Junan (18,115 contracts, a decrease of 3,050), and Yong'an Futures (2,391 contracts, a decrease of 1,030) [1].

Overview of Investment Fund Collaboration - The company, Beijing Zhaoyan New Drug Research Center Co., Ltd., has approved an investment of up to 20 million RMB to participate in the establishment of the Huaxia Zhiyuan Venture Capital Fund [2][3] - The fund aims to engage in investment activities primarily in unlisted companies within the full industry chain of molecular diagnostics and targeted therapies [4][5] Partnership Agreement Details - A partnership agreement has been signed with Huaxia Equity Investment Fund Management (Beijing) Co., Ltd., which will act as the general partner and fund manager [2][4] - The partnership has a term of 20 years, with an investment operation period of 7 years, extendable by up to 2 years under certain conditions [3][4] Fund Structure and Financials - The target total subscription amount for the fund is 35 million RMB, with a minimum contribution of 10 million RMB for each limited partner [3][5] - The management fee is set at 1% per year of the total paid-in capital, calculated daily [5] Investment Focus - The fund will focus on investments in the full industry chain of biomedicine for molecular diagnostics and targeted therapies, particularly in the development of Alpha-targeted therapies [4][5]