Core Viewpoint - Zhaoyan New Drug (06127) is expected to experience a decline in revenue for 2025, while net profit is projected to increase significantly, driven by changes in the fair value of biological assets and challenges in laboratory services [1][2]. Group 1: Revenue and Profit Projections - The company anticipates revenue for 2025 to be approximately RMB 1.573 billion to RMB 1.738 billion, representing a decrease of about RMB 280 million to RMB 446 million compared to the previous year, which is a year-on-year decline of approximately 13.9% to 22.1% [1]. - Net profit attributable to shareholders is expected to be around RMB 233 million to RMB 349 million for 2025, an increase of approximately RMB 159 million to RMB 275 million compared to the previous year, reflecting a year-on-year increase of about 214.0% to 371.0% [1]. - The net profit excluding non-recurring gains and losses is projected to be approximately RMB 246 million to RMB 370 million, which is an increase of about RMB 223 million to RMB 346 million year-on-year, indicating a substantial increase of approximately 945.2% to 1,467.7% [1]. Group 2: Contributions and Challenges - The positive change in the fair value of biological assets is expected to contribute approximately RMB 452 million to RMB 500 million to net profit [1]. - The laboratory services and other business segments are projected to incur a net loss of approximately RMB 2.06 billion to RMB 1.3 billion, indicating challenges in this area [1]. - The increase in the fair value of biological assets is driven by rising market prices and natural growth, positively impacting the company's performance [2]. - Despite stable operations in the laboratory, revenue and gross margin from contractual obligations have decreased year-on-year due to intense prior industry competition, leading to a decline in profit contribution from laboratory services [2].

Group 1 - Zhaoyan New Drug expects a net profit of approximately 233 million to 349 million yuan for 2025, representing a year-on-year increase of 214% to 371%, driven by rising market prices of biological assets and natural growth appreciation [1] - Kaiyin Technology has withdrawn its drug registration application for Peginterferon α-2 injection, resulting in a one-time asset impairment of 110 million yuan, significantly impacting its 2025 profit [2] - Qizheng Tibetan Medicine's subsidiary has received approval for its Shiwai Longdan Flower Capsule as a national second-level protected traditional Chinese medicine, providing a seven-year market exclusivity that will enhance its competitive position [3] Group 2 - GSK has reached a final agreement to acquire RAPT Therapeutics, focusing on innovative therapies for inflammation and immune diseases, with the deal expected to close in Q1 2026 [4] - Qilu Pharmaceutical has initiated a Phase I clinical trial for QLS5316, its first dual-target antibody-drug conjugate aimed at advanced solid tumors, marking a significant step in its innovation strategy [5]

Core Viewpoint - The company anticipates a decline in revenue for 2025 while projecting a significant increase in net profit compared to the previous year [2][4]. Revenue Forecast - The expected operating revenue for 2025 is approximately RMB 1,572.60 million to RMB 1,738.14 million, representing a decrease of about RMB 280.20 million to RMB 445.73 million, or a year-on-year decline of approximately 13.9% to 22.1% [2][4]. Net Profit Forecast - The projected net profit attributable to shareholders for 2025 is around RMB 232.61 million to RMB 348.92 million, which indicates an increase of approximately RMB 158.54 million to RMB 274.84 million, or a year-on-year increase of about 214.0% to 371.0% [2][4]. Adjusted Net Profit Forecast - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be between RMB 246.38 million and RMB 369.57 million, reflecting an increase of approximately RMB 222.81 million to RMB 345.99 million, or a year-on-year increase of about 945.2% to 1,467.7% [2][4]. Contribution from Biological Assets - The net profit contribution from the fair value changes of biological assets is estimated to be between RMB 451.91 million and RMB 499.48 million [4]. Laboratory Services Performance - The net profit from laboratory services and other businesses is projected to be between RMB -205.53 million and RMB -129.91 million [5][6]. Previous Year Performance - In the previous year, the company achieved operating revenue of RMB 2,018.33 million and a net profit attributable to shareholders of RMB 74.08 million [7]. Factors Influencing Performance - The increase in biological asset values due to market price rises and natural growth has positively impacted the company's performance. However, the laboratory services business has seen a decline in profit contribution due to intense industry competition affecting revenue and gross margins [8].

昭衍新药（603127）1月20日发布2025年业绩预增公告，预计实现净利润为2.33亿元~3.49亿元，净利润 同比增长214.00%~371.00%。 （文章来源：证券时报网） 证券时报·数据宝统计显示，昭衍新药今日收于40.25元，下跌3.89%，日换手率为2.53%，成交额为6.44 亿元，近5日下跌3.78%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布后当日股 价上涨的占比67.06%，股价发布当日股价涨停的有3家。预告发布后5日股价上涨的占比75.29%。 资金面上，该股今日主力资金净流出3339.00万元，近5日资金净流出2021.12万元。最新（1月19日）两 融余额4.25亿元，其中，融资余额4.19亿元，环比前一交易日增长1.02%，近5日融资余额累计增长 7.55%。（数据宝） ...

（文章来源：北京商报） 北京商报讯1月20日晚间，昭衍新药（603127）发布2025年度业绩预告显示，预计2025年归属净利润约 2.33亿元到3.49亿元，同比增加约214%到371%。 昭衍新药表示，报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正 向变动，为公司业绩做出积极贡献。此外，报告期内，公司实验室继续保持良好稳定的运营状态，但受 前期行业竞争剧烈的滞后影响，本报告期履约合同的收入和毛利率同比降低，实验室服务业务利润贡献 下降。 ...

Core Viewpoint - The company, Zhaoyan New Drug (603127), anticipates a decline in operating revenue for 2025, while projecting a significant increase in net profit attributable to shareholders compared to the previous year [1][2] Group 1: Financial Projections - The company expects operating revenue for 2025 to be approximately RMB 1.573 billion to RMB 1.738 billion, representing a decrease of about RMB 280 million to RMB 446 million, or a year-on-year decline of approximately 13.9% to 22.1% [1] - The projected net profit attributable to shareholders for 2025 is expected to be around RMB 233 million to RMB 349 million, an increase of approximately RMB 159 million to RMB 275 million, or a year-on-year increase of about 214.0% to 371.0% [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be approximately RMB 246 million to RMB 370 million, reflecting an increase of about RMB 223 million to RMB 346 million, or a year-on-year increase of approximately 945.2% to 1,467.7% [1] Group 2: Contributions to Performance - The increase in the fair value of biological assets is expected to contribute approximately RMB 452 million to RMB 500 million to net profit [1] - The laboratory services and other business segments are projected to incur a net loss of approximately RMB 2.06 billion to RMB 1.3 billion [1] - The rise in market prices of biological assets, combined with natural growth appreciation, has positively impacted the company's performance [2] - The laboratory operations have maintained stable performance; however, revenue and gross margin from contract fulfillment have decreased year-on-year due to prior intense industry competition, leading to a decline in profit contribution from laboratory services [2]

Group 1 - The company expects to achieve operating revenue of approximately RMB 1.573 billion to RMB 1.738 billion in 2025, representing a decrease of about RMB 280 million to RMB 446 million compared to the previous year, which is a year-on-year decline of approximately 13.9% to 22.1% [1] - The projected net profit attributable to shareholders for 2025 is expected to be around RMB 233 million to RMB 349 million, an increase of approximately RMB 159 million to RMB 275 million compared to the previous year, reflecting a year-on-year increase of about 214.0% to 371.0% [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be approximately RMB 246 million to RMB 370 million, which is an increase of about RMB 223 million to RMB 346 million year-on-year, indicating a significant increase of approximately 945.2% to 1,467.7% [1] Group 2 - The increase in the fair value of biological assets is driven by rising market prices and natural growth, contributing positively to the company's performance [2] - The laboratory services segment continues to operate steadily; however, revenue and gross margin from performance contracts have decreased year-on-year due to prior intense industry competition, leading to a decline in profit contribution from laboratory services [2]

预计2025年实现归属于公司股东的净利润约人民币2.33亿元到人民币3.49亿元，与上年同期的数据相 比，将增加约人民币15,853.52万元到人民币27,484.06万元，同比增加约214.0%到371.0%。 预计2025年实现归属于公司股东的扣除非经常性损益的净利润约人民币24,638.00万元到人民币36,956.99 万元，与上年同期的数据相比，将增加约人民币22,280.66万元到人民币34,599.65万元，同比增加约 945.2%到1,467.7%。其中：3.1生物资产公允价值变动贡献的净利润约人民币45,191.16万元到人民币 49,948.12万元。3.2实验室服务及其他业务净利润约人民币-20,553.16万元到人民币-12,991.13万元。 格隆汇1月20日丨昭衍新药(06127.HK)公告，按照集团截至2025年12月31日止年度(「报告期」)的未经 审核管理账目之初步评估以及董事会现时可得的资料，经财务部门初步测算如下：预计2025年实现营业 收入约人民币15.73亿元到人民币17.38亿元，与上年同期的数据相比，将减少约人民币28,019.80万元到 人民币44,573.47 ...

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。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 盈利警告 2025年年度業績變動公告 本公告是由北京昭衍新藥研究中心股份有限公司（「本公司」，連 同 其 附 屬 公 司， 統稱為「本集團」）根據香港法例第571章《證 券 及 期 貨 條 例》第XIVA部及香港聯合 交易所有限公司證券上市規則（「上市規則」）第13.09條 而 作 出。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 一、本期業績預告情況 （一）業績預告期間 2025年1月1日 至2025年12月31日。 （二）業績預告情況 本公司董事會（「董事會」）謹 此 知 會 本 公 司 股 東 及 潛 在 投 資 者，按 照 本 集團截至2025年12月31日止年度（「報 ...

Group 1 - The core viewpoint of the news is that Zhaoyan New Drug (昭衍新药) is expected to achieve a significant increase in net profit for 2025, despite a decline in revenue, primarily driven by the fair value changes of biological assets, particularly experimental monkeys [1][2]. - The company forecasts a net profit attributable to shareholders of approximately 233 million to 349 million yuan for 2025, representing a year-on-year increase of about 214.0% to 371.0% [1]. - Zhaoyan New Drug anticipates revenue between 1.573 billion and 1.738 billion yuan for 2025, which reflects a year-on-year decline of 13.9% to 22.1% [1]. Group 2 - The company’s biological assets, mainly consisting of experimental monkeys, have seen a price increase due to rising market prices and natural growth, contributing positively to its performance [1][2]. - The price of experimental monkeys is closely linked to the innovation drug development climate, with prices having fluctuated significantly in recent years, peaking at over 200,000 yuan per monkey during the COVID-19 pandemic and dropping below 100,000 yuan in 2023 [2]. - As of 2025, the price of experimental monkeys is expected to rise again, surpassing 100,000 yuan each, driven by a recovery in the pharmaceutical capital market and increased licensing of domestic innovative drugs [2][3]. Group 3 - Zhaoyan New Drug's performance has experienced volatility in line with the fluctuations in experimental monkey prices, indicating a correlation between the demand for experimental monkeys and the recovery of the innovative drug development sector [3]. - Current market conditions show that the price of 3-5 year old experimental monkeys has risen to 140,000 yuan each, with a supply-demand imbalance indicating a recovery in the domestic innovative drug research and development environment [3].