Summary of the Conference Call for Zhaoyan New Drug (2025) Company Overview - **Company**: Zhaoyan New Drug - **Industry**: Pharmaceutical and CRO (Contract Research Organization) Key Financial Performance - **New Orders**: In the first half of 2025, new orders amounted to 1.02 billion yuan, a year-on-year increase of 13.33%. The second quarter saw a single-quarter increase of 18% with new orders of 590 million yuan [2][5] - **Revenue**: Total revenue for the first half was 669 million yuan, with domestic clients contributing 417 million yuan (62.31%) and international clients contributing 252 million yuan (37.69%) [3] - **Net Profit**: The net profit attributable to shareholders was 60.93 million yuan, marking a turnaround from losses in the same period of 2024 [2][3] - **Gross Margin**: The gross margin was reported at 24.03%, down from previous levels due to a decrease in revenue and fewer high-margin long-cycle orders [3][4] Business Developments - **Technological Investments**: The company is investing in drug evaluation technologies, organoids, organ-on-chip technologies, and has seen a significant increase in antibody, small nucleic acid, and ADC project numbers [2][6] - **CMA Certification**: The Suzhou facility has passed CMA certification, allowing it to conduct medical device testing and non-clinical research [2][6] - **Innovation in Domestic Market**: The booming domestic innovative drug business is enhancing international recognition of Chinese innovations, leading to increased R&D investments [2][7] Market Dynamics - **Experimental Monkey Pricing**: Prices for experimental monkeys are stable, with quarterly fair value changes expected to be around 50 million yuan due to natural growth impacts [2][8] - **Offshore Outsourcing**: The company is focusing on expanding its offshore outsourcing business, with a double-digit growth in order numbers, although the total order value remains stable [2][9] Challenges and Risks - **Aging Monkey Population**: The aging population of experimental monkeys in China poses a long-term capacity risk. The company is implementing measures to ensure stable supply and quality [2][10] - **Cost Pressures**: Rising costs due to overseas inflation have led to a decrease in gross margin for international business, which fell to 26% in the first half of 2025 [3][35] Future Outlook - **Capital Expenditure**: The company plans to invest 200 to 300 million yuan in capital expenditures for facility expansions and new laboratory constructions [3][26] - **Order Trends**: The company anticipates a slight decline in overseas orders but aims to maintain overall order levels [3][13] - **Market Positioning**: The company is optimistic about the future of the innovative drug sector in China and plans to continue developing its capabilities in organoid and AI technologies [2][38] Additional Insights - **Client Composition**: In the second quarter, new orders were primarily from biotech companies, which accounted for over 50% of the total, while traditional pharmaceutical companies contributed less than 50% [3][27] - **Impact of FDA Regulations**: The company is monitoring potential impacts from FDA regulations that may reduce animal testing requirements and is prepared to adjust its R&D strategies accordingly [3][17] This summary encapsulates the key points from the conference call, highlighting the financial performance, business developments, market dynamics, challenges, and future outlook for Zhaoyan New Drug.

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].

有限合伙以脑科学为切入点，主要投资于新一代用于脑科疾病检查诊断、治疗等领域的医疗器材、耗材 及药物等。有限合伙优先投资于昌平区域内创业期中小企业且累计投资额不低于有限合伙全部投资额的 50%。 昭衍新药（603127）(06127)公布，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基金的议案》，同意公司或其指定子公司以不超过800万元 人民币投资参与投资北脑一期(北京)股权投资中心(有限合伙)。近日，公司全资子公司北京昭衍管理科 技有限公司与北京崇德英盛投资管理有限公司及参与本基金的其他合伙人共同签署了合伙协议。 ...

智通财经APP讯，昭衍新药(06127)公布，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基金的议案》，同意公司或其指定子公司以不超过 800 万元人民币投资参与投资北脑一期(北京)股权投资中心(有限合伙)。近日，公司全资子公司北京昭 衍管理科技有限公司与北京崇德英盛投资管理有限公司及参与本基金的其他合伙人共同签署了合伙协 议。 有限合伙以脑科学为切入点，主要投资于新一代用于脑科疾病检查诊断、治疗等领域的医疗器材、耗材 及药物等。有限合伙优先投资于昌平区域内创业期中小企业且累计投资额不低于有限合伙全部投资额的 50% 。 ...

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 ...

证券简称：昭衍新药 证券代码：603127 公告编号：2025-032 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。 重要内容提示： ? 基金名称：深圳市倚锋光明科学城种子基金（有限合伙） （暂定名，具体 名称以工商行政管理机构核定名称为准） ? 投资金额：北京昭衍新药研究中心股份有限公司（以下简称"公司"）或 其指定子公司拟作为深圳市倚锋光明科学城种子基金（有限合伙）有限合伙人， 认缴出资额不超过 1,000 万元人民币。 ? 相关风险提示：截至本公告日，公司或其指定子公司尚未与相关各方签 署合伙协议（以下简称"《合伙协议》"），《合伙协议》尚需履行内部流程。该基 金尚处于筹备阶段，能否顺利完成备案以及完成时间尚存在不确定性；由于股权 投资基金具有较长的投资周期，公司本次投资可能面临较长的投资回收期，且收 益具有一定的不确定性；本次投资基金在投资过程中将受宏观经济、产业政策、 行业周期、投资标的经营管理等多种因素影响，存在投资效益不达预期的风险 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2025-035 北京昭衍新药研究中心股份有限公司 关于召开 2025 年半年度业绩说明会的公告 重要内容提示： ?会议召开时间：2025 年 9 月 5 日（星期五）16:00-17:00 ?投资者可于 2025 年 8 月 29 日（星期五）至 9 月 4 日（星期四）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jiafengsong@joinn-lab.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 北京昭衍新药研究中心股份有限公司（以下简称"公司"）已于 2025 年 8 月 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 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。 ?会议召开地点：上海证券交易所上证路演中心（网址： https: ...

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、获得补助的基本情况 下简称"公司"）及公司下属子公司累计收到各类政府补助共计人民币 2,885.28 万 元（数据未经审计）。其中，与收益相关的政府补助 1,448.08 万元，占公司最近 一个会计年度经审计的归属于上市公司股东净利润的比例为 19.55%；与资产相 关的政府补助 1,437.20 万元，占公司最近一个会计年度经审计的归属于上市公司 股东净资产的比例为 0.18%。 证券代码：603127 证券简称：昭衍新药 公告编号：2025-033 北京昭衍新药研究中心股份有限公司 关于获得政府补助的公告 二、补助的类型及其对公司的影响 公司根据《企业会计准则第 16 号--政府补助》的有关规定确认上述事项， 并划分补助类型。上述与收益相关的政府补助计入其他收益 1,448.08 万元，预计 对 2025 年损益影响的金额为 1,242.99 万元（数据未经审计）；与资产相关的政 府补助确认为递延收益的政府补助金额为 1,437.20 万元，自相关资产可供使用时 起，按照 ...