Core Viewpoint - The company Zhaoyan New Drug announced its intention to establish a seed fund in partnership with Yifeng Capital and Yifeng Mingyuan, focusing on investments in the biomedicine and high-end medical device sectors, with a total fundraising target of 12.75 million RMB [2][3]. Group 1: Company Overview - Zhaoyan New Drug, founded in 1995, is a specialized contract research organization (CRO) headquartered in Beijing, with over 2,500 professionals across multiple locations including Beijing, Suzhou, and the United States [3][4]. - The company is listed on both A-share and Hong Kong stock markets, categorized as an "A+H" enterprise [4]. Group 2: Investment Details - The seed fund will have a total fundraising scale of 12.75 million RMB, with Zhaoyan New Drug or its designated subsidiary committing up to 10 million RMB as a limited partner (LP) [2]. - The fund aims to support strategic emerging industries and key sectors prioritized by the Shenzhen government, particularly in biomedicine and high-end medical devices [3]. Group 3: Partner Information - Yifeng Capital, established in 2012, focuses on investments in the biomedicine sector and is recognized as one of the top venture capital institutions in Shenzhen [2][3]. - The investment portfolio of Yifeng Capital includes several successful companies that have gone public, such as Microchip Biotech and Apexigen [3].

Group 1 - The company, Beijing Zhaoyan New Drug Research Center Co., Ltd., has approved an investment of up to 20 million RMB to participate in the establishment of the Huaxia Zhiyuan Venture Capital Fund [1][2] - The fund is managed by Huaxia Equity Investment Fund Management (Beijing) Co., Ltd., which serves as the general partner and fund manager [1] - The fund has completed the private investment fund registration with the Asset Management Association of China and obtained the Private Investment Fund Registration Certificate on August 27, 2025 [3] Group 2 - The fund's name is Huaxia Zhiyuan Venture Capital Fund (Beijing) Partnership (Limited Partnership) [3] - The custodian of the fund is Ping An Bank Co., Ltd. [3] - The registration code for the fund is SASP05 [3]

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8月28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 ...

证券简称：昭衍新药 证券代码：603127 公告编号：2025-037 北京昭衍新药研究中心股份有限公司 关于与专业投资机构合作参与投资设立基金的进展公告 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法律责任。 一、与专业投资机构合作参与投资设立产业基金情况概述 北京昭衍新药研究中心股份有限公司（以下简称"昭衍新药"、"公司"）于 2024 年 12 月 20 日召开第四届董事会第十一次会议，审议通过了《关于公司与专业投 资机构合作参与投资设立基金的议案》，同意公司或指定子公司以不超过 2,000 万人民币投资参与华夏致远创业投资基金（北京）合伙企业（有限合伙）（以下 简称"本基金"、"合伙企业"）的发起设立。华夏股权投资基金管理（北京） 有限公司为本基金的普通合伙人、执行事务合伙人，并担任本基金的基金管理人。 具体内容详见公司于2024年12月21日在上海证券交易所网站（www.sse.com.cn） 及指定信息披露媒体《上海证券报》披露的《昭衍新药关于与专业投资机构合作 参与投资设立基金的公告》（公告编号：2024-060）。 2 ...

Core Viewpoint - The pharmaceutical research and development outsourcing company, Zhaoyan New Drug, reported a significant decline in revenue for the first half of 2025, but managed to turn a profit in net income and net profit after deducting non-recurring items, indicating a potential recovery despite ongoing challenges in its laboratory services business [1][3][6]. Financial Performance - In the first half of 2025, Zhaoyan New Drug achieved revenue of approximately 669 million yuan, a year-on-year decrease of 21.28% [1]. - The company reported a net profit attributable to shareholders of 60.93 million yuan and a net profit of 23.05 million yuan after deducting non-recurring items, marking a turnaround from previous losses [1]. - The laboratory services business contributed a net profit of -97.18 million yuan, a decline of 537.54% compared to the previous year, indicating ongoing price competition in this segment [3]. Business Structure and Market Position - Zhaoyan New Drug is recognized as a leader in non-clinical safety evaluation services within the CRO (Contract Research Organization) sector, primarily focusing on preclinical drug development [5]. - The company has faced challenges due to significant losses related to biological assets, particularly concerning the management of laboratory animals, but these pressures appear to be easing [5][6]. Historical Context and Future Outlook - The company experienced a peak in performance in 2022, coinciding with the end of a significant growth period in the domestic biopharmaceutical industry [9][11]. - The sales net profit margin for Zhaoyan New Drug was 47.32% in 2022, but has since dropped to 16.48% in 2023 and 3.46% in 2024, with a mere 9.11% in the first half of 2025, indicating a need for substantial improvement in profitability [11].

Core Viewpoint - The company is experiencing a phase of performance pressure due to industry cyclicality, but there are signs of order growth and potential improvement in financial results in the future [3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 669 million yuan, a year-on-year decline of 21.29%. The net profit attributable to the parent company was 61 million yuan, marking a return to profitability, while the net profit excluding non-recurring items was 23 million yuan, also indicating a return to profitability [1]. - In Q2 2025, the company reported operating revenue of 381 million yuan, a year-on-year decline of 27.32%. The net profit attributable to the parent company was 20 million yuan, down 80.67%, and the net profit excluding non-recurring items was -2.61 million yuan [1]. - The company's non-clinical drug research services generated revenue of 639 million yuan in H1 2025, down 21.07% year-on-year, while clinical services generated 29 million yuan, down 26.82% [2]. Profitability Analysis - The laboratory services segment faced significant profit pressure, contributing a net loss of approximately 970 million yuan in H1 2025, a decline of 537.54% year-on-year, primarily due to increased competition leading to a drop in gross margin (24.03%, down 6.34 percentage points) [2]. - The company’s financial management income contributed approximately 320 million yuan to net profit, while the fair value changes of biological assets contributed about 880 million yuan, likely due to a slight increase in the price of experimental monkeys [2]. Order Trends - The total order amount on hand for the company in H1 2025 was approximately 2.3 billion yuan, showing a recovery from about 2.2 billion yuan in Q1 2025. New orders signed in H1 2025 amounted to approximately 1.02 billion yuan, a significant increase from about 900 million yuan in H1 2024 [2]. International Strategy - The company is focusing on expanding its overseas market, achieving operating revenue of 252 million yuan from international operations in H1 2025, a year-on-year increase of 7.13%, with overseas revenue accounting for 37.69% of total revenue [4]. - Over the past two and a half years, the company has signed nearly 500 foreign application projects, with over 90% being dual submissions in China and the U.S. The company has obtained various international industry qualifications to support its international business [4]. Profit Forecast - The company forecasts operating revenues of 1.812 billion yuan, 2.087 billion yuan, and 2.406 billion yuan for 2025, 2026, and 2027, respectively. The net profits attributable to the parent company are expected to be 230 million yuan, 296 million yuan, and 367 million yuan for the same years, with corresponding diluted EPS of 0.31 yuan, 0.40 yuan, and 0.49 yuan [5].

8月28日，昭衍新药跌5.53%，截至发稿，报30.21元/股，成交4.08亿元，换手率2.08%，总市值226.42亿 元。 资料显示，北京昭衍新药研究中心股份有限公司位于北京市经济技术开发区荣京东街甲5号,香港铜锣湾 希慎道33号利园1期19楼1920室，成立日期1998年2月25日，上市日期2017年8月25日，公司主营业务涉 及以药物非临床安全性评价服务为主的药物临床前研究服务和实验动物及附属产品的销售业务。 从基金十大重仓股角度 融通医疗保健行业混合A/B（161616）基金经理为万民远、刘曦阳。 截至发稿，万民远累计任职时间9年5天，现任基金资产总规模42.23亿元，任职期间最佳基金回报 156.05%， 任职期间最差基金回报-17.58%。 刘曦阳累计任职时间1年167天，现任基金资产总规模8.14亿元，任职期间最佳基金回报1.41%， 任职期 间最差基金回报0.98%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，融通基金 ...

Core Viewpoint - Zhaoyan New Drug (06127) reported a significant decline in revenue and gross profit for the first half of 2025, primarily due to increased competition leading to price reductions, while net profit turned positive due to changes in the fair value of biological assets [1] Financial Performance - Revenue for the first half of 2025 was approximately 669 million yuan, a year-on-year decrease of 21.3% [1] - Gross profit was about 105 million yuan, reflecting a year-on-year decline of 50.3% [1] - Net profit reached 60.93 million yuan, marking a turnaround from a loss in the previous period, with earnings per share at 0.08 yuan [1] Factors Influencing Performance - The decrease in revenue was driven by intensified competition resulting in a decline in project unit prices [1] - The increase in net profit was attributed to a gain of 95 million yuan from changes in the fair value of biological assets [1] - The fair value changes were primarily due to natural growth of biological assets, contrasting with a loss of 254.4 million yuan in the previous period, which was linked to a decrease in unit fair value and market price of experimental models [1]

Core Viewpoint - Zhaoyan New Drug (603127) reported a significant decline in revenue and gross profit for the first half of 2025, primarily due to increased competition leading to price reductions, while net profit turned positive due to changes in the fair value of biological assets [1] Financial Performance - Revenue for the first half of 2025 was approximately 669 million yuan, a year-on-year decrease of 21.3% [1] - Gross profit was about 105 million yuan, reflecting a year-on-year decrease of 50.3% [1] - Net profit reached 60.93 million yuan, marking a turnaround from previous losses [1] - Earnings per share stood at 0.08 yuan [1] Factors Influencing Performance - The decrease in revenue was driven by intensified competition resulting in a decline in project unit prices [1] - The increase in net profit was attributed to a gain of 95 million yuan from changes in the fair value of biological assets [1] - The fair value changes were primarily due to natural growth of biological assets during the reporting period, contrasting with a loss of 254.4 million yuan in the previous period [1]

Investment Rating - The report assigns a "Hold" rating for the stock, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [13]. Core Views - The report highlights that the company's performance is under pressure due to industry cyclicality, but there is a marginal acceleration in order growth, suggesting potential improvement in future financial results [2][3]. - The company is focusing on expanding its overseas market presence, with international revenue showing a year-on-year increase of 7.13% in the first half of 2025, accounting for 37.69% of total revenue [4][5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 669 million yuan, a year-on-year decline of 21.29%. The net profit attributable to the parent company was 61 million yuan, marking a return to profitability [1][2]. - The laboratory services segment experienced a significant decline in profit, with a net loss of approximately 97 million yuan, primarily due to increased competition leading to a drop in gross margin [2]. - The company had an order backlog of approximately 2.3 billion yuan as of the first half of 2025, indicating a recovery from the previous quarter [2]. Market Expansion - The company has signed nearly 500 projects for international submissions over the past two and a half years, with over 90% of these projects being dual submissions in China and the United States [4]. - The internationalization strategy is supported by comprehensive industry qualifications, enabling smooth operations in global markets [4]. Earnings Forecast - The company is projected to achieve revenues of 1.812 billion yuan, 2.087 billion yuan, and 2.406 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 230 million yuan, 296 million yuan, and 367 million yuan for the same years [7].