Core Points - On September 17, Zhaoyan New Drug fell by 5.02%, trading at 40.08 CNY per share, with a transaction volume of 1.58 billion CNY and a turnover rate of 6.16%, resulting in a total market capitalization of 30.039 billion CNY [1] - Zhaoyan New Drug Research Center Co., Ltd. specializes in non-clinical safety evaluation services for drugs and preclinical research services, as well as the sale of laboratory animals and related products [1] Shareholder Analysis - Among the top ten circulating shareholders of Zhaoyan New Drug, Huabao Fund's Huabao CSI Medical ETF (512170) increased its holdings by 2.2669 million shares in the second quarter, holding a total of 14.6531 million shares, which accounts for 1.96% of the circulating shares [2] - The estimated floating loss for Huabao CSI Medical ETF today is approximately 31.0646 million CNY [2] - Huabao CSI Medical ETF was established on May 20, 2019, with a latest scale of 26.147 billion CNY, and has achieved a year-to-date return of 21.64% [2]

Core Viewpoint - The company, Zhaoyan New Drug (603127), experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days in September 2025, prompting an investigation into the reasons behind this abnormal trading behavior [1]. Group 1: Production and Operational Status - The company confirmed that its production and operational activities are normal, and there have been no significant changes in the internal or external business environment that would affect the stock price [1]. - There is no undisclosed major information that could impact the stock price [1]. Group 2: Major Events - The company conducted a self-examination and consulted with its controlling shareholders and actual controllers, confirming that there are no major events affecting stock price fluctuations, such as major asset restructuring, share issuance, acquisitions, debt restructuring, asset divestiture, or asset injection [2]. Group 3: Media Reports and Market Rumors - The company has not identified any media reports or market rumors that require clarification or response, nor have there been any other significant events that could substantially impact the stock price [3]. Group 4: Sensitive Information - The company verified that there were no transactions involving the company's stock by its controlling shareholders, actual controllers, directors, supervisors, or senior management during the period of abnormal stock price fluctuations [4].

Core Viewpoint - The company, Zhaoyan New Drug (06127), announced that its A-share stock experienced a cumulative price fluctuation exceeding 20% over three consecutive trading days, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1]. Group 1: Production and Operational Status - The company confirmed that its production and operational activities are normal, and there have been no significant changes in the internal or external operating environment that would affect the stock price [1]. Group 2: Major Events - A self-examination by the company and inquiries with its controlling shareholders revealed no major events that could impact the stock price, including significant asset restructuring, share issuance, acquisitions, debt restructuring, asset divestiture, or asset injection [2]. Group 3: Media Reports and Market Rumors - The company has not identified any media reports or market rumors that require clarification or response, nor have there been any other significant events that could substantially affect the stock price [3]. Group 4: Other Price-Sensitive Information - The company verified that there were no transactions involving its controlling shareholders, actual controllers, directors, supervisors, or senior management during the period of abnormal stock price fluctuations [4].

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9月15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：2025-040 北京昭衍新药研究中心股份有限公司 股票交易异常波动公告 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个别及连带责任。 重要内容提示： （三）媒体报道、市场传闻、热点概念情况 一、股票交易异常波动的具体情况 公司股票于 2025 年 9 月 11 日、9 月 12 日和 9 月 15 日连续 3 个交易日内日 收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，现将有关情况说 明如下： （一）生产经营情况 经自查，公司目前生产经营活动正常，内、外部经营环境未发生重大变化， 不存在影响公司股票交易价格异常波动的应披露而未披露的重大信息。 （二）重大事项情况 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，不存 在影响公司股票交易价格异常波动的重大事项，不存在涉及公司应披露而未披露 的重大信息，包括但不限于重大资产重组、 ...

Market Overview - On September 15, the medical services sector rose by 1.58%, led by Zhaoyan New Drug, while the Shanghai Composite Index closed at 3860.5, down 0.26% [1] - The Shenzhen Component Index closed at 13005.77, up 0.63% [1] Top Performers - Zhaoyan New Drug (603127) closed at 41.65, with a gain of 10.01% and a trading volume of 597,900 shares, amounting to a transaction value of 2.418 billion [1] - Boteng Co., Ltd. (300363) closed at 28.59, up 9.21%, with a trading volume of 571,200 shares, totaling 1.633 billion [1] - Kanglong Chemical (300759) closed at 35.90, increasing by 6.37%, with a trading volume of 895,600 shares, amounting to 3.178 billion [1] Underperformers - Jukang Life (300143) closed at 12.19, down 5.21%, with a trading volume of 245,900 shares, totaling 306 million [2] - Digital Human (835670) closed at 17.13, down 3.22%, with a trading volume of 55,800 shares, amounting to 9.562 million [2] - BGI Genomics (300676) closed at 53.20, down 3.11%, with a trading volume of 152,700 shares, totaling 81.5 million [2] Capital Flow - The medical services sector saw a net inflow of 502 million from institutional investors, while retail investors experienced a net outflow of 423 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Individual Stock Capital Flow - Kailaiying (002821) had a net inflow of 1.90 billion from institutional investors, while retail investors saw a net outflow of 1.87 billion [3] - Kanglong Chemical (300759) experienced a net inflow of 184 million from institutional investors, with retail investors seeing a net outflow of 1.51 billion [3] - Jiuzhou Pharmaceutical (603456) had a net inflow of 47.19 million from institutional investors, while retail investors experienced a net outflow of 81.89 million [3]

Core Viewpoint - The medical sector is experiencing significant growth, with the largest medical ETF in A-shares (512170) showing a notable increase and attracting substantial investment recently [1][3]. Group 1: ETF Performance - The medical ETF (512170) rose over 1% on September 15, with a trading volume exceeding 460 million yuan [1]. - The ETF has attracted a total of 380 million yuan over four consecutive days leading up to September 12, bringing its total size to 27.584 billion yuan, ranking first among similar ETFs [1]. Group 2: Stock Performance - CXO stocks performed well, with notable gains from companies such as Zhaoyan New Drug, which hit the daily limit, and Kanglong Chemical and Jiuzhou Pharmaceutical, with increases of 6.37% and 3.95% respectively [3]. - Conversely, companies like BGI Genomics, Weining Health, and BGI Intelligent Manufacturing saw declines of 2.91%, 2.38%, and 1.93% respectively [3]. Group 3: Industry Outlook - According to Wanlian Securities, the overall revenue of the medical R&D outsourcing CXO sector is expected to grow by 13.77% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 63.82% [3]. - The period from September 1 to 15, 2025, saw over 400 new Class I drugs in clinical trials and more than 1,800 Class II and III medical devices approved for market [3]. - Xinda Securities highlighted that the recovery of in-hospital procurement in the high-end medical device sector is driving growth, alongside a gradual recovery in consumer medical demand and increased penetration of high-end consumables [3]. Group 4: ETF Composition - The ETF (512170) and its off-market linked fund (012323) passively track the CSI Medical Index, with the top ten weighted stocks including WuXi AppTec, Mindray Medical, and United Imaging Healthcare [4][5].

Core Viewpoint - The Hong Kong pharmaceutical outsourcing sector experienced a collective surge, with notable increases in stock prices for companies such as Kanglong Chemical, Zhaoyan New Drug, WuXi Biologics, and others following a regulatory announcement from the National Medical Products Administration [1] Group 1: Market Reaction - Pharmaceutical outsourcing stocks in Hong Kong saw significant gains, with Kanglong Chemical rising over 9%, Zhaoyan New Drug increasing over 8%, WuXi Biologics and Kelaiying both up over 4%, and Tigermed up over 2% [1] - The market's positive response is attributed to the announcement that clinical trial applications for innovative drugs will be reviewed within 30 working days if they meet certain criteria [1] Group 2: Regulatory Changes - The National Medical Products Administration announced that it will complete the review and approval of clinical trial applications for qualifying innovative drugs within 30 working days from the date of acceptance, effective immediately [1] - The announcement specifies that the review applies to traditional Chinese medicine, chemical drugs, and biological products that meet at least one of three criteria [1] Group 3: External Concerns - There are ongoing market concerns regarding the U.S. administrative draft, particularly the "Biological Safety Act," which has undergone 10 changes since the end of 2023 [1] - The stock price reactions of representative CXO companies indicate a gradual response to the developments related to the "Biological Safety Act" [1]

Group 1 - The stock of Zhaoyan New Drug has experienced a significant increase, with four trading halts in seven days, resulting in a cumulative rise of 34.70% and a turnover rate of 62.78% [2] - As of 11:05, the stock's trading volume reached 49.43 million shares, with a transaction amount of 1.99 billion yuan and a turnover rate of 7.84% [2] - The total market capitalization of the stock in the A-share market is currently 26.26 billion yuan [2] Group 2 - The latest margin trading data shows that as of September 12, the margin balance for the stock is 709 million yuan, with a financing balance of 705 million yuan, which increased by 129 million yuan from the previous trading day, reflecting a growth of 22.44% [2] - Over the past seven days, the margin balance has increased by 184 million yuan, representing a growth of 35.31% [2] Group 3 - The company's semi-annual report indicates that it achieved an operating income of 669 million yuan in the first half of the year, a year-on-year decrease of 21.28% [2] - The net profit for the same period was 60.93 million yuan, showing a year-on-year increase of 135.90% [2] - The basic earnings per share are reported at 0.0800 yuan, with a weighted average return on equity of 0.75% [2] Group 4 - The stock's daily performance shows fluctuations, with notable increases and decreases in trading volume and net inflow of funds over the past several days [2] - On September 12, the stock rose by 9.99% with a turnover rate of 9.73% and a net inflow of 239.18 million yuan [2] - The stock has shown volatility, with a maximum daily increase of 9.99% and a maximum decrease of 7.48% within the observed period [2]

Summary of the Conference Call for Zhaoyan New Drug Industry Overview - The CXO industry is performing well, driven by the concentration of early orders towards leading companies, benefiting firms like Zhaoyan New Drug, Weiya Bio, and WuXi AppTec among others [2][3] - The demand recovery in domestic R&D and growth in clinical outsourcing business are key factors for the positive outlook in the CRO sector [2][5] Company Performance - Zhaoyan New Drug, as a leading safety evaluation CRO in China, is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.7 billion, 2 billion, and 2.23 billion RMB respectively, and net profits of 370 million, 550 million, and 570 million RMB [2][5] - The company experienced rapid revenue growth from 2018 to 2022, but faced a slowdown in 2023 due to a cooling investment environment and increased competition [4][10] - In the first half of 2025, Zhaoyan New Drug signed new orders worth 1.02 billion RMB, a 13% year-on-year increase, with a backlog of 2.3 billion RMB [4][11] Market Dynamics - The experimental monkey market is currently facing a supply-demand imbalance, leading to rising prices. The aging population of existing monkeys and strict import policies exacerbate this issue [6][7] - The demand for experimental monkeys is particularly high for large molecule drug development, which uses monkeys in over 70% of cases, compared to 20%-30% for small molecules [8] Strategic Initiatives - Zhaoyan New Drug has invested in building an experimental animal base since 2018 and acquired monkey breeding facilities to mitigate supply shortages and stabilize operations [9] - The company has successfully expanded its overseas business, leveraging competitive advantages in cost and efficiency, particularly in offshore outsourcing [12] Future Outlook - The company is expected to maintain a strong growth trajectory, with a projected compound annual growth rate of 54% from 2018 to 2022, despite facing challenges in 2023 and 2024 [10][13] - Investors are advised to consider potential risks including market demand fluctuations, increased competition, and changes in import/export policies [13]