昭衍新药（603127）(06127)公布，公司董事、副总经理孙云霞、董事、总经理、董事会秘书高大鹏、 董事、副总经理顾静良、监事李叶、财务总监于爱水于2025年9月9日披露了减持计划，自减持计划公告 之日起15个交易日后即2025年9月30日至2025年11月28日，通过上海证券交易所大宗交易或集中竞价的 方式分别减持不超过67.47万股、7.21万股、6.74万股、2.56万股、8500股，合计减持不超过84.83万股， 不超过公司当前总股本的0.1132%。截至2025年11月28日，孙云霞、高大鹏、顾静良、李叶、于爱水分 别减持31.994万股、2.55万股、6.65万股、2000股、8500股，减持计划时间届满。 ...

Core Viewpoint - The company, Zhaoyan New Drug (06127), announced a share reduction plan involving key executives, which will take place from September 30, 2025, to November 28, 2025, with a total reduction of up to 848,300 shares, accounting for 0.1132% of the company's total share capital [1] Summary by Sections - **Reduction Plan Details** - The reduction plan was disclosed by several key executives including the Vice President, General Manager, and Financial Director [1] - The planned reduction will occur through block trading or centralized bidding on the Shanghai Stock Exchange [1] - The total shares to be reduced include 674,700 shares from the Vice President, 72,100 shares from the General Manager, 67,400 shares from another Vice President, 25,600 shares from a supervisor, and 8,500 shares from the Financial Director [1] - **Execution of the Reduction** - As of November 28, 2025, the executives had reduced their holdings as follows: 319,940 shares by the Vice President, 25,500 shares by the General Manager, 66,500 shares by another Vice President, 2,000 shares by the supervisor, and 8,500 shares by the Financial Director [1]

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11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12月1日 I. 法定/註冊股本變動 第 1 頁 共 11 頁 v 1.1.1 FF301 由於北京昭衍新藥研究中心股份有限公司(「本公司」)是於中華人民共和國註冊成立，因此" 法定股本"之概念不適用於本公司。第 I 部分所載資料是指本公司的"已發行股本"。 FF301 | 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 | | 118,995,2 ...

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。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 北京昭衍新藥研究中心股份有限公司 馮宇霞 董事長 中 國 北 京，2025年12月1日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 大 鵬 先 生、孫雲霞女士、羅樨女士及顧靜良先生，及獨立非執行董事張帆先生、楊福全 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2025-049 北京昭衍新药研究中心股份有限公司 董事、监事及高管减持 A 股股份结果公告 本公司董事会、全体董事及相关股东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： 董监高持股的基本情况 2025 年 9 月 9 日披露减持计划公告前，北京昭衍新药研究中心股份有限公 司（以下简称"公司"）董事、副总经理孙云霞持有公司股票 2,698,907 股，占公 司总股本 0.3601%；董事、总经理、董事会秘书高大鹏持有公司股票 288,746 股， 占公司总股本 0.0385%；董事、副总经理顾静良持有公司股票 269,801 股，占公 司总股本 0.0360%；监事李叶持有公司股票 102,481 股，占公司总股本 0.0137%； 财务总监于爱水持有公司股票 34,104 股，占公司总股本 0.0046%。上述股份来源 于首发前限售股份、股权激励股份及公司资本公积金转增股份等。 孙云霞、高大鹏、顾静良、李叶、于爱水于 2025 年 9 月 9 日披露了减持计 划，自减持计划公 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603127 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 630,482,128 | RMB | | 1 RMB | | 630,482,128 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 630,482,128 | RMB | | 1 RMB | | 630,482,128 | 本月底法定/註冊股本總額： RMB 749,477,334 備註： 第 1 頁 共 11 頁 v 1.1.1 公司名稱: 北京昭衍新藥研究中心股份有限公司 ...

Core Viewpoint - The stock of Zhaoyan New Drug has shown significant volatility, with a year-to-date increase of 70.06%, but recent declines in the short term raise concerns about its performance [1][2]. Group 1: Stock Performance - As of November 25, Zhaoyan New Drug's stock price increased by 2.02% to 28.23 CNY per share, with a trading volume of 162 million CNY and a turnover rate of 0.92%, resulting in a total market capitalization of 21.158 billion CNY [1]. - The stock has experienced a decline of 9.89% over the last five trading days, 15.48% over the last 20 days, and 14.14% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on September 15 [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhaoyan New Drug reported a revenue of 985 million CNY, a year-on-year decrease of 26.23%, while the net profit attributable to shareholders increased by 214.79% to 80.706 million CNY [2]. - The company has distributed a total of 703 million CNY in dividends since its A-share listing, with 356 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhaoyan New Drug reached 96,500, an increase of 57.61% compared to the previous period [2]. - The top ten circulating shareholders include notable funds, with Huabao Zhongzheng Medical ETF holding 12.484 million shares, a decrease of 2.1693 million shares from the previous period, while new shareholders include Guangfa Small Cap Growth Mixed Fund [3].

Group 1 - The core viewpoint of the news is that Zhaoyan New Drug's stock has experienced a decline recently despite a significant increase in its price year-to-date, indicating potential volatility in the market [1][2]. - As of November 20, Zhaoyan New Drug's stock price was 29.14 yuan per share, with a market capitalization of 21.84 billion yuan and a trading volume of 1.24 billion yuan [1]. - The company has seen a year-to-date stock price increase of 75.54%, but it has declined by 13.12% in the last five trading days [1]. Group 2 - Zhaoyan New Drug operates primarily in the pharmaceutical industry, focusing on non-clinical safety evaluation services and preclinical research services, with 95.59% of its revenue coming from non-clinical research services [1][2]. - For the period from January to September 2025, Zhaoyan New Drug reported a revenue of 985 million yuan, a year-on-year decrease of 26.23%, while its net profit attributable to shareholders increased by 214.79% to 80.71 million yuan [2]. - The company has distributed a total of 703 million yuan in dividends since its A-share listing, with 356 million yuan distributed in the last three years [3]. Group 3 - As of September 30, 2025, the number of shareholders for Zhaoyan New Drug increased by 57.61% to 96,500, indicating growing interest in the stock [2]. - The top ten circulating shareholders include notable funds, with Hua Bao Zhong Zheng Medical ETF holding 12.48 million shares, a decrease of 2.17 million shares from the previous period [3]. - New shareholders include Guangfa Small Cap Growth Mixed Fund, which holds 10.28 million shares, and Guangfa Innovation Upgrade Mixed Fund, holding 9.21 million shares [3].

Core Insights - The collaboration between Xinhuh Futures and Guangdong Guangken Rubber Group has successfully provided price risk protection for the rubber industry in Guangdong through an innovative "order purchase + futures" model from 2022 to 2024 [1][2] - The "Stabilization Action" project in 2024 aims to provide price risk protection for 3,000 tons of natural rubber, covering over 690,000 acres and benefiting more than 2,000 rubber farmers, with a project amount of 52.65 million yuan [1] - The project has also been extended to 2025, with a cumulative insurance of 4,000 tons of natural rubber, contributing to the sustainable development of the local rubber industry [1] Business Model - The "order purchase + futures" model aims to provide sales channels for farmers while ensuring stable procurement channels for enterprises [2] - Guangken Rubber purchases natural rubber from farmers at market prices and buys out-of-the-market options from Xinhuh Ruifeng, allowing for potential profit distribution to farmers based on actual rubber output [2] - This model has resulted in a win-win situation, providing farmers with stable sales channels and additional income through secondary settlements, while ensuring stable raw material supply for enterprises [2] Economic Impact - From 2022 to 2024, Xinhuh Futures has hedged a total of 8,720 tons of natural rubber, providing 5.4889 million yuan in additional income to local rubber farmers through secondary settlements [2] - The successful collaboration serves as a replicable example for the futures industry to support the real economy, demonstrating the potential of financial tools to address industry pain points and offering risk management solutions for other agricultural products [2]

Core Viewpoint - On November 17, a total of 13 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively, across the optical optoelectronics, general equipment, and professional engineering industries [1][3]. Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan with a target price increase of 44.60% [3] - Kede CNC was assigned a target price of 86.95 yuan, reflecting a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, indicating a 37.73% increase [3] - Other companies with significant target price increases include Zhongxin International with a target price of 159.30 yuan (35.42% increase) and Sinopec with a target price of 7.60 yuan (31.49% increase) [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - On November 17, brokerages raised ratings for 2 companies, including Sinopec's rating upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics' rating upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - On November 17, brokerages initiated coverage on 7 companies, including Wan Energy Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [8]