Group 1 - CXO leading companies reported better-than-expected annual results, with Zhaoyan New Drug achieving a net profit of nearly 300 million yuan in 2025, a year-on-year increase of 300% [1][4] - Kailaiying reported revenue and net profit growth, with a net profit of 1.132 billion yuan, representing a year-on-year increase of 19.35% [1][4] - The AH medical sector saw a rise, with medical ETFs (512170) and Hong Kong Stock Connect medical ETF Huabao (159137) both increasing over 2% at one point, and A-shares hitting the limit up [1][4] Group 2 - The CXO content in medical ETFs (512170) and Hong Kong Stock Connect medical ETF Huabao (159137) is 25% and 42%, respectively [2][5] - The Zhejiang Merchants Pharmaceutical team analyzed that the CXO industry is undergoing a clearing process, and they are optimistic about domestic leading CDMO companies and CRO companies benefiting from the recovery of domestic demand [2][5] - The analysis indicates that the fundamental turning point for CXO has appeared and is expected to continue to recover [2][5]

Core Viewpoint - Zhaoyan New Drug (06127) experienced a significant stock increase of over 14%, reaching HKD 22.3 with a trading volume of HKD 76.51 million following the release of its annual performance report [1] Financial Performance - In 2025, the company reported an operating revenue of RMB 1.658 billion, a year-on-year decrease of 17.87% [1] - The net profit attributable to shareholders was RMB 298 million, showing a substantial year-on-year increase of 302.08% [1] Order Status - The total amount of orders on hand is approximately RMB 2.6 billion, with new signed orders also amounting to RMB 2.6 billion, both reflecting year-on-year growth [1] Profit Drivers - The increase in net profit is primarily attributed to gains from changes in the fair value of biological assets, which contributed a net income of RMB 476 million during the period [1] - The biological assets mainly consist of non-human primate experimental models used for non-clinical project evaluations, commonly referred to as "experimental monkeys" [1]

Group 1 - The core announcement is the nomination of Mr. Zhou Fengyuan as a non-executive director of Zhaoyan New Drug (06127.HK), pending approval by shareholders at the annual general meeting [1] - The company projects a significant increase in net profit attributable to shareholders, forecasting a net profit of 299 million yuan for 2025, representing a substantial year-on-year growth of 302.1% [1]

Core Viewpoint - Zhaoyan New Drug (603127.SH) reported a revenue of 1.658 billion yuan for the year 2025, reflecting a year-on-year decrease of 17.87% while achieving a net profit attributable to shareholders of 298 million yuan, which represents a significant year-on-year increase of 302.08% [1] Financial Performance - The company’s revenue for 2025 was 1.658 billion yuan, down 17.87% compared to the previous year [1] - The net profit attributable to shareholders reached 298 million yuan, marking a substantial increase of 302.08% year-on-year [1] - The net profit excluding non-recurring gains and losses was 311 million yuan, showing an impressive growth of 1221.30% year-on-year [1] - Basic earnings per share were reported at 0.40 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.2 yuan (including tax) for every 10 shares to all shareholders [1] Business Segments - The net profit attributable to shareholders, excluding non-recurring gains and losses, was primarily driven by profits from laboratory services and other business operations, along with the impact of fluctuations in the market value of biological assets [1]

Core Viewpoint - Zhaoyan New Drug announced plans to hold the 2025 annual performance briefing on April 8, 2026, from 16:00 to 17:00 [1] Group 1 - The company will provide insights into its 2025 annual performance during the upcoming briefing [1]

Core Viewpoint - Zhaoyan New Drug announced the approval of multiple proposals, including the full text and summary of the 2025 annual report, during the second meeting of the fifth board of directors [1] Group 1 - The company held its second meeting of the fifth board of directors on March 30 [1] - The board approved the proposal regarding the 2025 annual report [1]

Group 1 - The core point of the article is that Zhaoyan New Drug (06127.HK) announced the nomination of Mr. Zhou Fengyuan as a non-executive director, pending approval by shareholders at the annual general meeting [1] Group 2 - The appointment of Mr. Zhou is subject to a resolution that requires a simple majority vote from shareholders [1]

Core Viewpoint - The company, Zhaoyan New Drug (06127.HK), reported significant growth in its 2025 annual performance, with a revenue of RMB 1.658 billion and a net profit attributable to shareholders of RMB 299 million, reflecting a substantial year-on-year increase of 302.1% [1] Group 1: Financial Performance - In 2025, the company achieved a revenue of RMB 1.658 billion and a net profit of RMB 299 million, marking a year-on-year growth of 302.1% [1] - The company proposed a final dividend of RMB 0.12 per ordinary share [1] Group 2: Industry Context - The domestic biopharmaceutical industry maintained stable investment and financing activity in 2025, showing signs of recovery [1] Group 3: Business Development - The company focused on enhancing market expansion and technological empowerment, driving growth across all business lines [1] - The total order amount on hand was approximately RMB 2.6 billion, with new signed orders also around RMB 2.6 billion [1] Group 4: Quality and Innovation - The company emphasized maintaining business quality and operational standards, ensuring data authenticity and accuracy [2] - Continuous professional training and capability enhancement for personnel were conducted to ensure the scientific and uniform quality of projects [2] - The company is committed to technological innovation to meet the evolving research and development needs, thereby solidifying its leading position in the industry [2] - Project management processes and quality management systems were further optimized to enhance customer satisfaction and support business growth [2]

Core Viewpoint - Zhaoyan New Drug (06127) reported a revenue of 1.658 billion RMB for the year ending December 31, 2025, representing a year-on-year decrease of 17.9% [1] Financial Performance - The company's net profit attributable to equity shareholders reached 298 million RMB, showing a significant year-on-year increase of 302.1% [1] - Basic earnings per share were reported at 0.40 RMB [1] - A proposed final dividend of 0.12 RMB per ordinary share was announced [1] Order Status - The total order backlog for the reporting period was approximately 2.6 billion RMB [1] - New signed orders during the period also amounted to approximately 2.6 billion RMB [1] Revenue Decline Factors - The decrease in revenue was primarily driven by a decline in project unit prices due to earlier intense competition [1]

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。 (3)昭衍新藥關於2025年度計提資產減值損失的公告 (4)昭衍新藥2025年年度報告摘要 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)昭衍新藥非經營性資金佔用及其他關聯資金往來情況的專項報告 (2)昭衍新藥內部控制審計報告 (5)昭衍新藥2025年年度審計報告 (6)昭衍新藥2025年年度報告 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 ...