考虑到国内投融资环境的变化，调整前期盈利预测，即25-27 年营收从32.46/NA/NA 亿元调整为 19.95/20.43/21.66 亿元，EPS 从0.94/NA/NA 元调整为0.50/0.48/0.50 元，对应2025 年03 月31 日20.34 元/ 股收盘价，PE 分别为41/42/41 倍，考虑公司业绩端承压，下修投资评级，即从"买入"评级调整为"增 持"评级。 风险提示 业务承压，受国内投融资放缓带来的滞后影响公司2024 年实现收入20.2 亿元，同比下降15%，其中 24Q4 实现收入6.8 亿元，同比下降13.5%，收入端呈现一定的压力，受国内投融资放缓带来的滞后影 响。公司2024 年实现归母利润0.7亿元，根据24 年报披露，其24 年实验室业务贡献0.5 亿元、资产管理 收益贡献0.9 亿元、生物资产公允价值变动为-1.1 亿元，整体体现实验室贡献利润相对23 年的4.7 亿元 显著下降，我们判断受国内订单项目单价下降等因素带来的毛利率下降影响。考虑到国内政府持续出台 鼓励创新政策，我们判断国内需求有望在未来3 年迎来边际改善，公司作为国内临床前CRO 业务核心 参与者之一 ...

随着A股上市药企陆续披露2024年业绩，21世纪经济报道据Wind初步统计，截至4月1日，医疗外包（下称"CXO"）板 块29家上市企业中，已有18家发布财报数据。包括药明康德、泰格医药、昭衍新药、博腾股份、数字人、凯莱英在内 的6家企业出现营收净利双降的情况。 具体来看，报告期内，有7家企业营业收入下滑，包括药明康德、泰格医药、昭衍新药、美迪西等，降幅在 2.73%-25.82%区间；11家企业归母净利润下滑，南模生物、数字人、博腾股份降幅甚至超过130%。 | | | | | | 2024年部分CXO企业业绩情况(数据来源:各企业年报) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024年营 | 2023年营 | 同比增减 | 2024年归 | 2023年归 | 同比增减 | | 2024年营收 | 变动比例 | | | 业收入 | 业收入 | (%) | 母净利润 | 母净利润 | (%) | 分业务板块 | (亿元) | (%) | | | (亿元) | (亿元) | | (亿元) | (亿元 ...

上 市 公 司 医药生物 2025 年 03 月 31 日 昭衍新药 (603127) ——24 年业绩承压，期待 25 年逐步恢复 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 31 日 | | --- | --- | | 收盘价（元） | 20.34 | | 一年内最高/最低（元） | 23.48/12.32 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 0.79 | | 流通 A 股市值（百万元） | 12,824 | | 上证指数/深证成指 | 3,335.75/10,504.33 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 10.78 | | 资产负债率% | 14.02 | | 总股本/流通 A 股（百万） | 749/630 | | 流通 B 股/H 股（百万） | -/119 | 一年内股价与大盘对比走势： 04-01 05-01 06-01 07-01 08-01 09-01 10-01 11-01 12-01 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Zhaoyan New Drug, indicating a significant decline in revenue and profit for the year 2024 [1][2] - Zhaoyan New Drug's closing price on March 31 was 20.34 yuan, reflecting a decrease of 4.24%, with a rolling PE ratio of 205.80 times, and a total market capitalization of 15.244 billion yuan [1] - The company operates primarily in the field of non-clinical safety evaluation services for drugs, with its main products including non-clinical research services and experimental model supply [1] Group 2 - As of the 2024 annual report, 115 institutions hold shares in Zhaoyan New Drug, including 113 funds, 1 brokerage, and 1 other entity, with a total holding of 66.2129 million shares valued at 1.101 billion yuan [1] - The latest financial results for 2024 show that Zhaoyan New Drug achieved operating revenue of 2.018 billion yuan, a year-on-year decrease of 15.07%, and a net profit of 74.0754 million yuan, down 81.34% year-on-year, with a gross profit margin of 28.43% [1] - In comparison to the industry, Zhaoyan New Drug's PE ratio is significantly higher than the industry average of 51.10 times and the industry median of 44.61 times, ranking 42nd in the medical services sector [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 2.018 billion yuan (down 15.07% year-over-year) and a net profit attributable to shareholders of 74.0754 million yuan (down 81.34% year-over-year), which was below previous expectations [1][2] - Despite the overall decline, there are signs of stabilization in Q4, with a quarter-over-quarter revenue increase of 40.6% to 680 million yuan and a net profit increase of 61.4% to 137 million yuan [2] - The company signed new orders worth 1.84 billion yuan in 2024 (down 20% year-over-year), with a backlog of approximately 2.2 billion yuan (down 33% year-over-year), indicating a challenging domestic demand environment but stable overseas demand [3] Summary by Sections Financial Performance - The company experienced a significant drop in gross margin across various business segments, with non-clinical drug research services gross margin down 14.03 percentage points to 29.19%, clinical services and other business gross margin down 7.19 percentage points to 13.99%, and experimental model business gross margin down 22.61 percentage points to 13.45% [2] - The financial forecast for 2025-2026 has been revised downwards, with net profit estimates adjusted to 352 million yuan and 461 million yuan respectively, reflecting a decrease of 50.6% and 47.1% [3] Business Outlook - The company has strengthened its global customer service capabilities, having passed FDA GLP certification for its facilities in Beijing and Suzhou, which may enhance its ability to secure overseas orders [3] - The report highlights the company's position as a leader in drug safety evaluation in China, suggesting potential for recovery in performance as market conditions improve [3] Valuation Metrics - The projected P/E ratios for 2025-2027 are 45, 35, and 30 respectively, indicating a potential recovery in earnings and valuation as the market stabilizes [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 关于股份回购实施结果暨股份变动的公告 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： ■ 一、回购审批情况和回购方案内容 证券代码：603127 证券简称：昭衍新药 公告编号：2025-015 北京昭衍新药研究中心股份有限公司（以下简称"公司"）于2024年3月28日召开第四届董事会第七次会 议，审议通过了《昭衍新药关于以集中竞价交易方式回购公司A股股份的议案》，同意公司以自有资金 通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通股（A股）。回购 的股份将用于股权激励或员工持股计划，回购价格不超过28.10元/股，回购资金总额不低于人民币0.5亿 元（含），不超过人民币1亿元（含），回购期限自公司董事会审议通过本次回购方案之日起12个月 内。具体内容详见公司于2024年3月29日披露的《昭衍新药关于以集中竞价交易方式回购公司A股股份 的回购报告书》（公告编号：2024-017）。 2024年6月20日，公司召开2023年年度股东大会，审 ...

Financial Performance - The company's operating revenue for 2024 was CNY 2,018,333,771.81, a decrease of 15.07% compared to CNY 2,376,486,797.10 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 74,075,384.59, representing an 81.34% decline from CNY 396,992,565.79 in 2023[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 23,573,407.86, down 93.02% from CNY 337,564,742.86 in 2023[23]. - The net cash flow from operating activities for 2024 was CNY 338,928,718.40, a decrease of 45.59% compared to CNY 622,875,138.44 in 2023[23]. - The total assets at the end of 2024 were CNY 9,396,152,610.45, a decrease of 6.29% from CNY 10,027,159,630.47 at the end of 2023[23]. - The net assets attributable to shareholders at the end of 2024 were CNY 8,078,818,586.72, down 2.42% from CNY 8,279,315,724.35 at the end of 2023[23]. - Basic earnings per share for 2024 were CNY 0.10, a decrease of 81.13% from CNY 0.53 in 2023[24]. - Diluted earnings per share for 2024 were also CNY 0.10, reflecting the same percentage decrease of 81.13% from CNY 0.53 in 2023[24]. - The weighted average return on net assets for 2024 was 0.91%, a decrease of 3.91 percentage points from 4.82% in 2023[24]. Risk Management - There are no significant risks that materially affect the company's operations during the reporting period[8]. - The company has detailed potential risks in the report, which investors should be aware of[8]. - The company has a comprehensive risk statement regarding future plans and development strategies[7]. - The company faces risks from fluctuating international economic conditions, regulatory compliance, talent acquisition, and market competition, which could impact its business performance[149][151]. - The company emphasizes the importance of maintaining core competitive advantages amid increasing competition in the non-clinical CRO industry, which could affect profitability if not addressed[151]. Governance and Compliance - The company has received a standard unqualified audit report from KPMG Huazhen[5]. - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The company is committed to improving its governance structure and ensuring transparent information disclosure to protect shareholder interests[153][158]. - The company has not reported any significant differences in governance compared to regulatory standards, indicating a stable governance framework[159]. - The company is committed to enhancing its governance practices in line with regulatory requirements, ensuring compliance with the China Securities Regulatory Commission[159]. Shareholder Relations - The company plans to distribute a cash dividend of 0.3 yuan per 10 shares to all shareholders, based on the total share capital after deducting repurchased shares[6]. - The total compensation for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to CNY 1,221.40 million[170]. - The company has established a robust communication platform for investor engagement, which has improved investor understanding of the company's operations[159]. - The company maintained a strong investor relations management strategy, enhancing transparency and communication with investors through various channels[159]. Research and Development - The company is focusing on enhancing its research capabilities and expanding its market presence in the pharmaceutical sector[16]. - The company aims to create a leading genetic resource and gene engineering technology platform for new drug development[80]. - The company has developed various ocular disease models and enhanced evaluation methods for ophthalmic drugs, addressing diverse market needs[40]. - The company has improved its drug evaluation methods for CNS drugs, establishing new administration methods and behavioral evaluation techniques[41]. - The company is committed to continuous innovation in drug evaluation technologies, particularly in non-clinical safety assessments[94]. Market Expansion and Strategy - The company plans to strengthen technology and business innovation despite the slowdown in market demand and intensified competition in the domestic pharmaceutical industry[35]. - The company aims to actively expand its customer base, with both the number of new customers and new signed projects showing growth[36]. - The company is exploring potential acquisitions to enhance its market position, with a budget of $50 million allocated for this purpose[163]. - The company plans to enhance its early clinical brand building by leveraging existing non-clinical business resources and expert team experience to provide precise clinical development strategies for innovative drug projects[145]. Operational Efficiency - The company has optimized its organizational structure and management systems to enhance operational efficiency and has built a professional service team of 2,652 members[56]. - The company has successfully reduced operational costs by 5%, improving overall profit margins[163]. - The company has implemented a salary policy based on performance, with salary increases tied to the company's operational performance[186]. - The company conducted over a thousand training sessions in 2024 to enhance employee skills and management capabilities[187]. Financial Management - The company reported a net cash outflow from investment activities of RMB -1,963,023,985.54, primarily due to increased purchases of financial products[110]. - The total R&D expenditure for the period was RMB 92,918,280.66, accounting for 4.60% of the operating revenue[124]. - The company has established a strict procurement management system to ensure the quality of experimental models and related supplies[74]. - The company has a robust cash dividend policy, ensuring compliance with the company charter and protecting minority shareholders' rights[191].

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。 附件為本公司於上海證券交易所網站刊登之 北京昭衍新藥研究中心股份有限公司 (1) 2024年度利潤分配方案的公告 (2) 2024年度社會責任報告 (3)關於變更公司註冊資本並修訂公司章程的公告 (4)關於對終止實施的員工持股計劃回購股份進行註銷的提示性公告 (5)關於調整2025年度關聯交易預計額度的公告 (6)內部控制審計報告 (7)內部控制評價報告 (8)第四屆監事會第十一次會議決議公告 ( ...

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 全部或任何部份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） 根據生仝智能服務框架協議修訂 截 至2025年12月31日止年度的持續關連交易年度上限 修訂截至2025年12月31日止年度的年度上限 茲提述本公司日期為2024年8月30日 有 關 生 仝 智 能 服 務 框 架 協 議 的 公 告。 鑑 於2024年 至2025年 若 干 軟 件 服 務 交 付 延 遲，導 致 預 計 於 截 至2025年12月31 日 止 年 度 向 生 仝 智 能 支 付 的 款 項 更 高；加 上 由 於 本 集 團 決 心 提 高 向 客 戶 提 供 服 務 的 效 率 及 準 確 性，於 截 至2025 ...

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 全部或任何部份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. (1)建 議 變 更 本 公 司 註 冊 股 本；及 (2)建議修訂組織章程細則 北京昭衍新藥研究中心股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，於 第 四 屆 董 事 會 第 十 三 次 會 議 中，董 事 會 決 議 及 批 准（其 中 包 括）：(i) 建 議 變 更 本 公 司 註 冊 股 本；及(ii)建議修訂本公司組織章程細則（「組織章程細 則」）。 建議變更本公司註冊股本 由於公司已終止實施2021年 及2022年A股 員 工 持 股 計 劃，需 按 規 定 註 銷 回 購 證 券專用賬戶中部分A股股份及2022年員工持股計劃賬戶中的全部A股股份（合 計 129,114股），本 公 司 的 註 冊 股 本 及 本 公 司 的 股 ...