公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------------------------------------|-------|----------------------------------|-------|-------------------------------------|-------------------------|---------------------------------|---------|---------| | 资产负债表（百万元） | 2023A 2024E 2025E 2026E | | | | 利润表（百万元） | 2023A 2024E 2025E 2026E | | | | | 流动资产 7121.97 8051.16 9041.58 10154.97 | | | | | 营业收入 | | 2376.49 2458.43 2715.49 3006.07 | | | | 现 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [24]. Core Views - The company achieved a revenue of 2.376 billion yuan in 2023, representing a year-on-year growth of 4.78%. However, the net profit attributable to shareholders decreased by 63.04% to 397 million yuan [1]. - The non-clinical research services segment remains a leader in the industry, with a revenue of 2.309 billion yuan, growing by 4.31%. The clinical business also shows improvement, with a revenue increase of 27.95% in 2023 [1]. - The company is actively expanding its domestic and international capacities, with new orders showing a recovery trend in Q4 [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 789 million yuan, down 20.39% year-on-year, and a net profit of 69 million yuan, down 84.31% [1]. - The company expects revenues of 2.379 billion yuan in 2024, with a slight growth of 0.1%, and net profits of 382 million yuan, a decrease of 3.8% [3][15]. Business Segments - The non-clinical research services segment generated a profit of 473 million yuan, despite a 17.90% decline due to increased competition [1]. - The clinical business segment achieved a revenue of 63 million yuan, with a growth rate of 27.95%, focusing on various specialized fields [1]. Market Position and Strategy - The company has over 100,000 square meters of laboratory facilities in China and the US, with ongoing expansions to enhance future business throughput [1]. - The company signed new orders worth 2.3 billion yuan in 2023, with a total backlog of 3.3 billion yuan, indicating a recovery in downstream demand [1].

➢ 盈利预测、估值与评级 考虑到当前行业景气度略有承压，我们预计公司 2024-2026 年收入分别为 24.42/26.81/30.62 亿元，对应增速分别为 2.74%/9.80%/14.20%；归母净 利 润 分 别 为 4.45/5.43/6.22 亿 元 ， 对 应 增 速 分 别 为 12.05%/22.07%/14.60%，EPS 分别为 0.59/0.72/0.83 元，3 年 CAGR 为 16.16%。公司是国内领先的临床前 CRO 企业，安评业务经验丰富，海外 收入持续扩张，建议保持关注。 风险提示：地缘政治风险；行业竞争加剧；行业需求不及预期；实验动物 价格波动风险；社会责任风险。 | --- | --- | --- | --- | --- | --- | |----------------------|--------|------------------------------|-----------|-------------------------|--------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收 ...

Investment Rating - The report maintains a "Buy" rating for Zhaoyan New Drug (603127 SH) [4] Core Views - Zhaoyan New Drug's 2023 revenue met expectations, but net profit declined significantly due to fair value changes in biological assets [1] - The company's core non-clinical research services grew steadily, while clinical research services saw faster growth [1] - Zhaoyan New Drug continues to expand its technical capabilities and customer base, with new customer numbers increasing by approximately 30% year-over-year [1] - The company's order book remains strong, with total signed orders of approximately RMB 2 3 billion and backlog orders of RMB 3 3 billion at year-end [1] Financial Performance - 2023 revenue reached RMB 2 376 billion, a 4 78% year-over-year increase [1] - Net profit attributable to shareholders was RMB 397 million, down 63 04% year-over-year [1] - Core non-clinical research services generated RMB 2 309 billion in revenue, with a gross margin of 43 22% [1] - Clinical research services revenue grew 27 95% to RMB 63 million, though gross margin declined to 21 18% [1] Operational Highlights - The company has a professional service team of 2 510 people as of 2023 year-end [1] - Construction of the Suzhou Phase II facility (20 000 sqm) has been completed, with a 22 000 sqm supporting facility under construction [1] - The Guangzhou Zhaoyan Safety Evaluation Base is progressing as planned [1] - Zhaoyan Yichuang Non-GLP Laboratory, a wholly-owned subsidiary focused on new drug screening, has been completed and put into operation [1] Future Outlook - Revenue growth for 2024 is expected to be in the low single digits due to price competition [1] - Net profit is forecast to grow 26 3% in 2024, reaching RMB 501 million [1] - The company's PE ratio is projected to be 28X for 2024, decreasing to 21X by 2026 [1] - Fair value changes in biological assets are not expected to have as significant an impact on profitability in 2024 as in 2023 [1]

2024 年 3 月 31 日 公司研究 多重因素影响利润，海外业务快速发展 ——昭衍新药（603127.SH）2023 年年报点评 要点 事件：公司发布 2023 年报，实现营收 23.76 亿元（YOY+4.78%）；实现归母净 利润 3.97 亿元（YOY-63.04%）；实现扣非归母净利润 3.38 亿元（YOY-66.89%）， 低于我们此前预期。 点评： 整体营收稳定，多重因素影响利润水平。23 年公司药物非临床业务实现收入 23.09 亿元（YOY+4.31%），临床及其他服务实现收入 0.63 亿元（YOY+27.95%）， 实验模型供应实现收入 406 万（YOY-15.41%）。各项业务毛利率为 43.22%/21.18%/36.06%，同比分别变化-5.09pp/-10.52pp/+10.39pp，综合毛 利率同比下降 5.28pp 至 42.62%。公司净利润大幅下滑，主要归因于：1）竞争 加剧导致实验室服务业务毛利率下降，该业务贡献的净利润同比下降 17.9%至 4.7 亿元；2）生物资产公允价值变动带来损失 2.67 亿元（2022 年为 3.33 亿元 收益）。 盈利预测、估值与 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.6 RMB per 10 shares to all shareholders, based on the total share capital after deducting repurchased shares[5] - The company plans to distribute a cash dividend of RMB 1.6 per 10 shares, totaling approximately RMB 119.98 million, which accounts for 30.22% of the net profit attributable to shareholders for the year[94] - The total cash dividend distributed was RMB 214,244,424.40, with a cash dividend of RMB 0.40 per share (tax included) and a capital reserve increase of 0.4 shares per share[188] Financial Performance - The company reported a significant increase in revenue for the year 2023, with total revenue reaching approximately 1.2 billion RMB, representing a year-over-year growth of 25%[39] - The company reported a revenue increase of 15% year-over-year, reaching $500 million in Q4 2023[58] - The company reported a significant increase in revenue, achieving a total of 1.2 billion in Q4 2023, representing a 15% year-over-year growth[64] - The company's operating revenue for 2023 was CNY 2,376,486,797.10, representing a 4.78% increase from CNY 2,267,970,979.11 in 2022[161] - The net profit attributable to shareholders for 2023 decreased by 63.04% to CNY 396,992,565.79 from CNY 1,074,257,178.93 in 2022[161] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 337,564,742.86, down 66.89% from CNY 1,019,435,408.97 in the previous year[161] - The net cash flow from operating activities for 2023 was CNY 622,875,138.44, a decrease of 35.86% compared to CNY 971,066,113.56 in 2022[161] - The total assets at the end of 2023 were CNY 10,027,159,630.47, down 3.25% from CNY 10,364,215,494.62 at the end of 2022[161] - The net assets attributable to shareholders increased by 1.17% to CNY 8,279,315,724.35 from CNY 8,183,701,358.27 in 2022[161] - Basic earnings per share for 2023 were CNY 0.53, a decrease of 63.19% from CNY 1.44 in 2022[161] - The weighted average return on net assets for 2023 was 4.82%, down 9.17 percentage points from 13.99% in 2022[161] Investment and Research - The investment scale for the non-clinical research base project in Guangzhou is estimated to be approximately 360 million RMB, with a remaining balance of 176.81 million RMB as of the reporting period[14] - The company has invested a total of 50 million RMB in the Capital Health Industry (Beijing) Fund, with 25 million RMB contributed in the current reporting period[15] - The company has committed to investing 8 million USD in the Pablo Hill Venture Fund, with 5.3 million USD already contributed[15] - The company is actively investing in new product development, with a budget allocation of 200 million RMB for R&D in innovative drug testing models[39] - The company is investing $50 million in R&D for new technologies aimed at enhancing product safety and efficacy[58] - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency[64] Market Expansion - User data indicates that the company has expanded its client base, now serving over 300 pharmaceutical companies, which is a 15% increase compared to the previous year[39] - Market expansion efforts include entering three new international markets, which are expected to contribute an additional 10% to overall revenue by the end of 2024[39] - Market expansion plans include entering three new international markets by Q3 2024, projected to increase market share by 5%[64] - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[58] Strategic Partnerships and Acquisitions - The company has completed two strategic acquisitions in the past year, enhancing its capabilities in biopharmaceutical research and increasing its market share by 5%[39] - The company has established a new partnership with a leading biotech firm to co-develop next-generation drug testing platforms, expected to launch in Q3 2024[39] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[58] - A new strategic partnership was announced, expected to drive a 15% increase in operational efficiency[58] Operational Efficiency and Governance - The company has reported a 10% increase in operational efficiency due to recent process optimizations and technology upgrades[39] - The company is focusing on technological innovation, with plans to implement AI-driven analytics in its research processes by mid-2024, aiming to improve efficiency by 30%[39] - The company is committed to maintaining high standards of corporate governance and transparency, ensuring compliance with all regulatory requirements[39] - The company has established several specialized committees, including the Audit Committee and the Strategic Committee, to enhance governance[81] - The company has implemented a performance-based salary system for employees, prioritizing salary increases for frontline technical staff[91] - The company has maintained a stable governance structure with ongoing roles for its directors in various capacities[72] Environmental Responsibility - The company has implemented various carbon reduction measures, including the use of energy-efficient LED lighting and promoting paperless operations[20] - The company has invested CNY 3,991,500 in environmental protection during the reporting period[107] - The company has maintained effective internal financial reporting controls without any significant deficiencies[105] - The company has conducted comprehensive inspections of its environmental management status and engaged third-party testing for pollutants[109] - The company has reported zero instances of exceeding pollution discharge standards for noise and wastewater[113] - The company has a waste disposal agreement with a third-party service provider for regular collection and treatment of medical and hazardous waste, totaling 136.63 tons and 159.15 tons per year respectively[116] - The company is committed to enhancing its sewage treatment plant to meet higher standards[118] Risks and Compliance - The company has faced disciplinary action from the Shanghai Stock Exchange due to non-compliance with shareholding disclosure regulations[25] - The company faces risks related to international economic fluctuations, which may negatively impact the pharmaceutical industry and innovation investments[54] - The company is experiencing increased competition in the non-clinical CRO industry, necessitating the maintenance of its core competitive advantages to protect profitability[55] - The company emphasizes the importance of investment risk awareness in its forward-looking statements[144] - The company has not faced any significant risks that could materially affect its operations during the reporting period[145] Human Resources - The total number of employees in the company and its main subsidiaries is 2,510, with 1,873 being technical personnel[91] - The company has conducted over a thousand training sessions to improve employee business capabilities[93] - The company has outlined a need for talent acquisition and retention strategies to support its expanding business operations and mitigate potential talent risks[54] - The company actively applies for national and regional talent policies to ensure long-term stability of its workforce[199] Shareholding Changes - The company reported a significant increase in shareholding for the chairman, from 119,400,452 to 167,160,633 shares, reflecting a change of 47,760,181 shares due to capital reserve conversion[50] - The vice chairman's shareholding increased from 13,871,669 to 14,098,317 shares, with a change of 226,648 shares attributed to capital reserve conversion and secondary market reduction[50] - The total number of shares held by the independent directors remained unchanged at 0, indicating no new share acquisitions during the reporting period[53] Audit and Financial Controls - The company appointed KPMG Huazhen LLP as the domestic accounting firm with an audit fee of 1,000,000 RMB for a term of 4 years[135] - The company also engaged KPMG as the overseas accounting firm with an audit fee of 1,500,000 RMB for a term of 4 years[135] - The internal control audit was conducted by KPMG Huazhen LLP with a fee of 500,000 RMB[135] - The company guarantees the authenticity, accuracy, and completeness of the annual report, with no false records or misleading statements[142] Board and Governance Meetings - The company has not reported any dissenting opinions from the board regarding company matters during the reporting period[81] - The company has not identified any risks during the supervisory review by the board of supervisors[84] - The company’s board meetings held on March 30, April 27, August 30, and October 30, 2023, all passed relevant proposals[76] - The board of directors has approved a new five-year strategic plan focusing on innovation and market leadership[58] - The company has successfully passed all resolutions during the annual general meeting held on June 9, 2023[44]

Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 2,376,487 thousand, representing a 4.8% increase from RMB 2,267,971 thousand in 2022[2] - Gross profit for the same period was RMB 979,393 thousand, a decrease of 9.4% compared to RMB 1,081,428 thousand in the previous year[2] - Net profit for the year was RMB 391,553 thousand, down 63.5% from RMB 1,073,200 thousand in 2022[2] - The profit attributable to equity shareholders of the company was RMB 396,993 thousand, a decline of 63.0% from RMB 1,074,257 thousand in the prior year[2] - Basic earnings per share for 2023 were RMB 0.53, down from RMB 1.44 in 2022[5] - The company reported a significant decrease in operating profit to RMB 513,162 thousand, down from RMB 1,246,275 thousand in the previous year[3] - The total operating expenses for 2023 were RMB 634,133,000, compared to RMB 558,665,000 in 2022, reflecting an increase of 13.5%[24] - The company's net profit decreased by 63.5% from RMB 1,073.2 million for the year ended December 31, 2022, to RMB 391.6 million for the year ended December 31, 2023, with a net profit margin dropping from 47.3% to 16.5%[68] - Gross profit fell by 9.4% from RMB 1,081.4 million to RMB 979.4 million due to intensified market competition[68] Revenue Breakdown - Non-clinical research services generated revenue of RMB 2,308,999,000 in 2023, compared to RMB 2,213,598,000 in 2022, indicating a growth of about 4.3%[13] - Clinical trial and related services revenue increased to RMB 63,424,000 in 2023 from RMB 49,568,000 in 2022, reflecting a growth of approximately 27.8%[13] - Revenue from external customers in China decreased to RMB 1,797,730,000 in 2023 from RMB 1,885,205,000 in 2022, representing a decline of 4.6%[20] - Revenue from external customers in the United States increased significantly to RMB 566,271,000 in 2023, up 58.5% from RMB 356,892,000 in 2022[20] Assets and Liabilities - The company's total assets as of December 31, 2023, were RMB 8,559,794 thousand, slightly up from RMB 8,519,954 thousand in 2022[6] - The net asset attributable to equity shareholders was RMB 8,279,316 thousand, an increase of 1.2% from RMB 8,183,701 thousand in the previous year[2] - As of December 31, 2023, the cash and cash equivalents were RMB 2,862.9 million, a decrease of 1.8% from RMB 2,916.8 million as of December 31, 2022[70] - The equity-to-debt ratio decreased to 17.4% as of December 31, 2023, from 21.0% as of December 31, 2022, mainly due to a reduction in contract liabilities[71] Research and Development - Research and development expenses increased to RMB 96,854 thousand from RMB 77,985 thousand in 2022, reflecting a focus on innovation[3] - R&D expenses for the year ended December 31, 2023, were RMB 96.9 million, a 24.2% increase from RMB 78.0 million in the previous year, reflecting continued investment in R&D[65] Dividends and Shareholder Returns - Proposed final cash dividend per ordinary share for 2023 is RMB 0.16, down from RMB 0.40 in 2022, totaling RMB 119,977 thousand compared to RMB 214,258 thousand in 2022[30] - Final cash dividend approved and paid for the previous fiscal year was RMB 0.40 per ordinary share, totaling RMB 214,244 thousand, an increase from RMB 137,363 thousand in 2022[31] Operational Developments - The company aims to expand its market presence and enhance its service offerings in the contract research organization sector[8] - The company has implemented organizational restructuring to enhance management efficiency and support business development needs[39] - The construction of the Suzhou Phase II facility, covering 20,000 square meters, has been completed, enhancing the company's business throughput and supporting future growth[40] - A new 22,000 square meter supporting facility in Suzhou is under construction, expected to be completed and gradually put into use by 2024[40] Strategic Goals and Future Plans - The company aims to enhance its market share and international influence in the non-clinical pharmacology and toxicology evaluation business while expanding upstream and downstream capabilities[73] - Plans for 2024 include improving pharmacology and toxicology research capabilities and enhancing project management efficiency[74] - The company intends to actively recruit industry experts with overseas experience to strengthen its domestic team's international business capabilities[75] - The company plans to implement stock incentive programs to support its strategic goals and enhance employee motivation and productivity[75] Compliance and Audit - The audit committee has reviewed the financial statements for the year ending December 31, 2023, and confirmed compliance with relevant accounting standards and regulations[96] - The auditors, KPMG, have agreed that the financial figures in the preliminary announcement align with the audited consolidated financial statements for the year[97]

北京昭衍新药研究中心股份有限公司 第四条 公司对外投资原则上由公司总部集中进行，子公司确有必要进行对 外投资的，需事先经公司批准后方可进行。公司对子公司的投资活动参照本制度 实施指导、监督及管理。 （一）公司重大投资交易事项达到下列标准之一的，应当经公司董事会审议 批准后，方可实施： 本办法所称子公司是指全资子公司、控股子公司和公司拥有实际控制权的参 股公司。 第二章 对外投资决策 第五条 公司对外投资实行分级审批制度，按权限逐层进行审批。具体权限 划分如下： 对外投资管理制度 第一章 总则 第一条 为了加强北京昭衍新药研究中心股份有限公司（以下简称"公司"） 对外投资活动的内部控制，规范对外投资行为，防范对外投资风险，保障对外投 资安全，提高对外投资效益，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上海证券交易所股票上市规则》（以下简称"《上交所上市规则》"）、 《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"，"香 港联合交易所有限公司"以下简称"香港联交所"）和《北京昭衍新药研究中心股 份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定本制度。 第二条 本制 ...

北京昭衍新药研究中心股份有限公司 独立董事工作制度 第一章 总 则 第一条 为保证北京昭衍新药研究中心股份有限公司（以下简称"公司"）规 范运作和公司独立董事依法行使职权，完善独立董事议事程序，完善独立董事制 度，提高独立董事工作效率和科学决策能力，充分发挥独立董事在公司治理中的 作用，维护公司和董事的合法权益，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》、《上市公司独立董事管理办法》、 《上海证券交易所股票上市规则》（以下简称"《上交所上市规则》"）、《香 港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"，"香港 联合交易所有限公司"以下简称"香港联交所"）、《北京昭衍新药研究中心股份 有限公司章程》（以下简称"《公司章程》"）及公司股票上市地其他有关法律、 法规和规范性文件，制定本制度。 第二条 公司独立董事议事时，应严格遵守本制度规定的程序，行使法律、 行政法规、部门规章以及《公司章程》赋予的职权。 第三条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断 ...

本人作为北京昭衍新药研究中心股份有限公司（以下简称"公司"）的独立董 事，在 2023 年度工作中，本人严格按照《公司法》、《证券法》《上市公司独立董 事管理办法》、《公司章程》等有关规定，恪尽职守，勤勉尽责，积极参加公司董 事会专门委员会会议等相关会议，认真审议各项议案并发表意见，切实履行了独 立董事的职责和义务，维护了上市公司整体利益，保护中小股东合法权益。现将 2023 年度履职总体情况报告如下： 北京昭衍新药研究中心股份有限公司 独立董事 2023 年度述职报告 一、 独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 张帆：男，1979 年生，中国香港籍，本科学历。2001 年毕业于中山大学， 获得管理学学士学位（会计专业）；2010 年毕业于 Carnegie Mellon University， 获得 MBA 学位；具有美国注册会计师资格。2001 年至 2006 年，张先生任职于 中国建设银行总行审计部、重组办和董办，从事内部审计、建行股改上市、支持 董事会运行和投资者关系管理工作。2010 年至 2018 年，张先生任职于建银国际， 担任投资银行部董事总经理、金融机构业务负责人，期间 ...