证券简称：昭衍新药 证券代码：603127 公告编号：2025-037 北京昭衍新药研究中心股份有限公司 关于与专业投资机构合作参与投资设立基金的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、与专业投资机构合作参与投资设立产业基金情况概述 北京昭衍新药研究中心股份有限公司（以下简称"昭衍新药"、"公司"）于 2024 年 12 月 20 日召开第四届董事会第十一次会议，审议通过了《关于公司与专业投 资机构合作参与投资设立基金的议案》，同意公司或指定子公司以不超过 2,000 万人民币投资参与华夏致远创业投资基金（北京）合伙企业（有限合伙）（以下 简称"本基金"、"合伙企业"）的发起设立。华夏股权投资基金管理（北京） 有限公司为本基金的普通合伙人、执行事务合伙人，并担任本基金的基金管理人。 具体内容详见公司于2024年12月21日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体《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》（公告编号：2024-060）。 2 ...

智通财经记者 | 黄华 智通财经编辑 | 谢欣 创新药风向标之一的医药研发服务外包企业（CXO）板块正在密集地产出中报。 8月27日，昭衍新药公告称，2025年上半年，公司实现营业收入约6.69亿元，同比减少21.28%，但归母净利润、扣非净 利润分别达到6093万元、2305万元，均实现扭亏。 对于昭衍新药上半年的业绩情况，智通财经记者于8月27日上午向企业的信披邮箱发送了采访提纲，截至发稿时，没有 收获回复。同日上午，智通财经记者也致电该公司信披电话，接线人员表示，会查看相关邮件。 8月28日，昭衍新药A股、H股开盘后均一度跌超9%。截至A股收盘，昭衍新药报30.81元/股，跌3.66%，最新市值230.91 亿元。 昭衍新药今年中报能扭亏并不意外。在2024年一季度，该公司出现了超2亿元的亏损，随后带崩中报。但若是从营利状 况看，在2024年上半年陷入低谷后，昭衍新药在当年第三、第四季度经营状况有所改善。 从昭衍新药的主营业务可看出，企业对于实验动物的需求不小。而在近些年，囤猴也是昭衍新药的一个话题。 不过，即使扭亏，昭衍新药今年上半年的成绩也难言乐观。 对于今年上半年的经营成绩，昭衍新药在财报中表示， ...

事件：2025年8 月26 日，公司发布《2025年半年度报告》。2025H1 公司实现营业收入6.69 亿元，同比 下滑21.29%；实现归母净利润0.61 亿元，同比扭亏为盈；实现扣非净利润0.23 亿元，同比扭亏为盈。 单季度来看，2025Q2 公司实现营业收入3.81 亿元，同比下滑27.32%；实现归母净利润0.20 亿元，同比 下滑80.67%；实现扣非净利润-261 万元。 盈利预测：我们预计公司2025-2027 年营业收入分别为18.12 亿元、20.87 亿元、24.06 亿元，归母净利 润分别为2.30 亿元、2.96 亿元、3.67 亿元，EPS（摊薄）分别为0.31 元、0.40 元、0.49 元，对应PE估值 分别为104.16 倍、80.94 倍、65.37 倍。 从订单端来看：在手订单方面，2025H1 公司整体在手订单金额约为23亿元，环比2025Q1 在手订单金额 约22 亿元开始触底回升；新签订单方面，2025H1 公司新签订单金额约为10.2 亿元，同比2024H1 同期 新签订单金额约9 亿元开始显著增长。 总结：昭衍新药是行业领先的临床前CRO 龙头，受行业周期影响 ...

Group 1 - The A-share market's innovative drug concept stocks have experienced a collective decline for the third consecutive day, with notable drops including Nanjing New Pharmaceutical falling over 11% and Yuandong Bio down over 9% [2] - Other companies such as Borui Pharmaceutical, Zhaoyan New Drug, and Kangyuan Pharmaceutical also saw declines exceeding 6%, while Shutaishen, Hite Bio, Shouyao Holdings, and Wanbangde dropped over 5% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

8月28日，昭衍新药跌5.53%，截至发稿，报30.21元/股，成交4.08亿元，换手率2.08%，总市值226.42亿 元。 资料显示，北京昭衍新药研究中心股份有限公司位于北京市经济技术开发区荣京东街甲5号,香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1998年2月25日，上市日期2017年8月25日，公司主营业务涉 及以药物非临床安全性评价服务为主的药物临床前研究服务和实验动物及附属产品的销售业务。 从基金十大重仓股角度 融通医疗保健行业混合A/B（161616）基金经理为万民远、刘曦阳。 截至发稿，万民远累计任职时间9年5天，现任基金资产总规模42.23亿元，任职期间最佳基金回报 156.05%， 任职期间最差基金回报-17.58%。 刘曦阳累计任职时间1年167天，现任基金资产总规模8.14亿元，任职期间最佳基金回报1.41%， 任职期 间最差基金回报0.98%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，融通基金 ...

消息面上，8月26日，昭衍新药公布2025年中期业绩，收益约6.69亿元，同比减少21.3%；毛利约1.05亿 元，同比减少50.3%；净利6093.2万元，同比扭亏为盈；每股盈利0.08元。 公告称，收益减少主要是由于竞争加剧导致项目单位价格下滑所驱动。净利润增加主要是由于生物资产 公平值变动。期内确认生物资产公平值变动产生的收益9500万元，截至2024年6月30日止六个月则为亏 损2.544亿元。截至2025年6月30日止六个月产生的收益主要是由于生物资产自然生长带来的，而截至 2024年6月30日止六个月的亏损主要是由于生物资产的单位公平值减少，与实验模型的市价下降相符。 智通财经APP获悉，昭衍新药(06127)跌超3%，截至发稿，跌3.32%，报20.98港元，成交额3077.31万港 元。 ...

公告称，收益减少主要是由于竞争加剧导致项目单位价格下滑所驱动。净利润增加主要是由于生物资产 公平值变动。期内确认生物资产公平值变动产生的收益9500万元，截至2024年6月30日止六个月则为亏 损2.544亿元。截至2025年6月30日止六个月产生的收益主要是由于生物资产自然生长带来的，而截至 2024年6月30日止六个月的亏损主要是由于生物资产的单位公平值减少，与实验模型的市价下降相符。 昭衍新药（603127）(06127)跌超3%，截至发稿，跌3.32%，报20.98港元，成交额3077.31万港元。 消息面上，8月26日，昭衍新药公布2025年中期业绩，收益约6.69亿元，同比减少21.3%；毛利约1.05亿 元，同比减少50.3%；净利6093.2万元，同比扭亏为盈；每股盈利0.08元。 ...

Summary of Key Points from Conference Call Records Company: Horizon Robotics - **Revenue Performance**: In H1 2025, Horizon Robotics reported revenue of 1.57 billion yuan, a year-on-year increase of 68%, exceeding the expected 1.43 billion yuan. Gross profit was 1.02 billion yuan, a 39% increase year-on-year, but slightly below the expected 1.04 billion yuan [1] - **Business Segmentation**: Revenue from automotive products and solutions reached 780 million yuan, up 250% year-on-year, with shipments of 1.98 million units, a 115% increase. Revenue from automotive licensing and services was 740 million yuan, a 6.9% increase year-on-year [1] - **Market Position**: Horizon Robotics is the first domestic company to achieve a shipment volume of over 10 million units in intelligent driving technology, holding market shares of 32.4% in autonomous driving computing solutions and 45.8% in ADAS front-view integrated machines, both ranking first in the market [1] - **Core Partner**: Zhongke Chuangda, which has a joint venture with Horizon Robotics, reported a non-net profit of 49 million yuan in Q2 2025, a 16-fold increase year-on-year, driven by a 136% increase in revenue from AloT business [1] Industry: Satellite Communication - **Government Initiatives**: On August 27, 2025, the Ministry of Industry and Information Technology released guidelines to promote the development of the satellite communication industry, aiming for over 10 million users of direct satellite connections by 2030 [2] - **Market Developments**: Domestic progress includes China Telecom's plan to promote over 30 direct connection models by May 2025, with annual sales expected to exceed 16 million units [2] - **Key Technologies**: Phased array and beamforming technologies are critical for the implementation of direct satellite communication [3] Industry: Medical and Pharmaceutical - **Policy Framework**: The Ministry of Commerce and Jiangsu Provincial Government issued a development plan for the biopharmaceutical industry on August 27, 2025, focusing on innovation in drugs and high-end medical devices [5] - **Market Size**: In 2024, Jiangsu is expected to approve 352 new drugs, including 13 innovative drugs, leading the nation. The biopharmaceutical cluster in Jiangsu is projected to generate revenue of 454.39 billion yuan in 2024, accounting for 15.3% of the national total [5] - **Core Companies**: Weisi Medical, specializing in non-invasive brain-machine interfaces, and Zhaoyan New Drug, which provides non-clinical research services, are highlighted as key players in the sector [5] Company: Dongtian Microelectronics - **Financial Performance**: In H1 2025, Dongtian Microelectronics reported revenue of 376 million yuan, a 42.29% increase year-on-year, with a non-net profit of approximately 49.78 million yuan, up 109.47% [6] - **Product Expansion**: The company is expanding its product offerings in optical communication and consumer electronics, including camera optical components supplied to Huawei [6] Company: Haosi Automotive Electronics - **Strategic Partnership**: Haosi Automotive Electronics has become a key partner of NVIDIA Jetson Thor, focusing on developing control systems for robotics [7] - **Market Trends**: The value of single-vehicle perception systems is increasing, with prices rising from below 1,000 yuan to 3,000-4,000 yuan per unit due to the proliferation of intelligent driving technologies [7] Company: Yunnan Energy Investment - **Renewable Energy Development**: Yunnan Rongyao New Energy is undergoing compliance checks for its integration into Yunnan Energy Investment, which will increase its renewable energy capacity by nearly 50% [8] - **Financial Projections**: Assuming an annual power generation of 1.2 billion kWh and an electricity price of 0.35 yuan per kWh, the projected annual revenue could reach approximately 420 million yuan, with net profits estimated between 150 million to 200 million yuan [8] Company: Zhongxin Group - **Revenue Growth**: In Q2 2025, Zhongxin Group reported revenue of 1.246 billion yuan, a 161% increase year-on-year, driven by land development and industrial investment [9] - **Operational Metrics**: The company has developed a total area of 3 million square meters in industrial parks, with an occupancy rate of 81% [9] Company: Broadcom Integration - **AI Chip Demand**: Broadcom Integration is benefiting from the growing demand for AI chips in smart terminals, with a focus on Wi-Fi MCU and various AI-integrated chips for applications in AI glasses and toys [10]

Investment Rating - The report assigns a "Hold" rating for the stock, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [13]. Core Views - The report highlights that the company's performance is under pressure due to industry cyclicality, but there is a marginal acceleration in order growth, suggesting potential improvement in future financial results [2][3]. - The company is focusing on expanding its overseas market presence, with international revenue showing a year-on-year increase of 7.13% in the first half of 2025, accounting for 37.69% of total revenue [4][5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 669 million yuan, a year-on-year decline of 21.29%. The net profit attributable to the parent company was 61 million yuan, marking a return to profitability [1][2]. - The laboratory services segment experienced a significant decline in profit, with a net loss of approximately 97 million yuan, primarily due to increased competition leading to a drop in gross margin [2]. - The company had an order backlog of approximately 2.3 billion yuan as of the first half of 2025, indicating a recovery from the previous quarter [2]. Market Expansion - The company has signed nearly 500 projects for international submissions over the past two and a half years, with over 90% of these projects being dual submissions in China and the United States [4]. - The internationalization strategy is supported by comprehensive industry qualifications, enabling smooth operations in global markets [4]. Earnings Forecast - The company is projected to achieve revenues of 1.812 billion yuan, 2.087 billion yuan, and 2.406 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 230 million yuan, 296 million yuan, and 367 million yuan for the same years [7].

据证券之星公开数据整理，近期昭衍新药（603127）发布2025年中报。截至本报告期末，公司营业总收 入6.69亿元，同比下降21.28%，归母净利润6093.24万元，同比上升135.9%。按单季度数据看，第二季 度营业总收入3.81亿元，同比下降27.32%，第二季度归母净利润1981.29万元，同比下降80.67%。本报 告期昭衍新药三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达30.88%。 本次财报公布的各项数据指标表现一般。其中，毛利率24.03%，同比减20.88%，净利率9.11%，同比增 144.94%，销售费用、管理费用、财务费用总计1.12亿元，三费占营收比16.71%，同比增30.88%，每股 净资产10.81元，同比增2.44%，每股经营性现金流0.22元，同比增3.26%，每股收益0.08元，同比增 134.78% 财报体检工具显示： 建议关注公司应收账款状况（应收账款/利润已达214.86%） | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.49 Z | 6 ...