Core Viewpoint - Zhaoyan New Drug (603127) has seen a significant stock price increase of 9.23%, reaching HKD 24.62, with a trading volume of HKD 391 million, indicating positive market sentiment towards the company [1] Company Analysis - Huatai Securities reports that after experiencing high growth from 2018 to 2022, Zhaoyan New Drug is expected to face order volume and price pressures from 2023 to 2025, but these negative factors are gradually being resolved. Starting in 2026, the company is anticipated to enter a new growth phase driven by domestic recovery and offshore outsourcing [1] - The price of experimental monkeys, a key indicator of supply and demand in the safety evaluation industry, is currently stable at RMB 80,000 to 100,000 per monkey, with a slight upward trend expected as supply-demand dynamics tighten [1] - The report suggests that as the supply-demand gap widens, monkey prices may enter a new upward cycle, having previously reached RMB 150,000 to 200,000 per monkey in 2022 [1] Industry Outlook - Contrary to market concerns regarding the impact of new FDA regulations and the growth potential of overseas business, Huatai Securities believes that the new regulations are primarily focused on the monoclonal antibody sector and have not yet been adopted domestically. In the short term, animal testing will remain the dominant method in global drug safety evaluation for the next 3 to 5 years [1] - Long-term prospects for new methodologies, such as AI and organoids, remain uncertain and will require careful evaluation of transitional results and technological maturity [1] - The report expresses optimism about the collaborative evolution of animal testing and new methodologies, which could drive overall industry development, and highlights the company's proactive positioning in adopting new methodologies to enhance its comprehensive capabilities [1]

Core Viewpoint - Zhaoyan New Drug (06127) has seen a significant stock price increase of over 9%, currently trading at 24.62 HKD, with a transaction volume of 391 million HKD, indicating positive market sentiment towards the company [1] Group 1: Company Performance and Outlook - Huatai Securities reports that Zhaoyan New Drug experienced high growth from 2018 to 2022, but is facing order volume and price pressures from 2023 to 2025. However, starting in 2026, the company is expected to enter a new growth phase driven by domestic recovery and overseas outsourcing [1] - The report highlights that the price of experimental monkeys, a key indicator of supply and demand in the safety evaluation industry, is currently stable at 80,000 to 100,000 RMB per monkey, with a potential upward trend as supply-demand gaps widen [1] Group 2: Market Concerns and Long-term Perspectives - Contrary to market concerns regarding the impact of FDA new policies and overseas business growth potential, Huatai Securities believes that the new policies are primarily focused on monoclonal antibodies and have not yet been adopted domestically. Animal testing will remain the dominant method in global drug safety evaluation for the next 3-5 years [1] - The long-term application of new methodologies such as AI and organoids is still uncertain, requiring careful consideration of transitional results and technological maturity. The company is expected to enhance its overall capabilities through proactive engagement with new methodologies [1]

天眼查商业履历信息显示，北京昭衍新药研究中心股份有限公司，成立于1998年，位于北京市，是一家 以从事研究和试验发展为主的企业。企业注册资本53564.4275万人民币，实缴资本4560.33万人民币。公 司法定代表人为冯宇霞。 通过天眼查大数据分析，北京昭衍新药研究中心股份有限公司共对外投资了20家企业，参与招投标项目 44次，知识产权方面有商标信息70条，专利信息54条，此外企业还拥有行政许可44个。 来源：金融界 资金流向方面，今日主力资金净流入2.27亿元，占比成交额12.81%。其中，超大单净流入1.99亿元、占 成交额11.25%，大单净流入2752.09万元、占成交额1.55%，中单净流出流出8315.43万元、占成交额 4.7%，小单净流出14356.95万元、占成交额8.11%。 昭衍新药最新一期业绩显示，截至2025一季报，公司营业总收入2.87亿元、同比减少11.54%，归属净利 润4111.95万元，同比增长115.11%，扣非净利润2566.26万元，同比增长109.14%，流动比率4.613、速动 比率3.221、资产负债率13.96%。 金融界消息 截至2025年8月13日收盘， ...

Group 1 - The National Medical Insurance Administration has approved 534 drugs for the basic medical insurance drug list, a significant increase compared to 2024, and established a new commercial insurance innovative drug list with 121 drugs [4] - The biopharmaceutical ETF (159839) has seen a strong performance, with a 2.53% increase on August 13, 2025, and a 1-month cumulative increase of 8.26% [1][4] - Leveraged funds are actively investing in the biopharmaceutical sector, with the latest financing buy amount reaching 2.34 million yuan and a financing balance of 12.62 million yuan [4] Group 2 - The biopharmaceutical ETF has experienced a significant increase in shares, with a growth of 6 million shares over the past year, ranking in the top third among comparable funds [3] - The biopharmaceutical sector remains a key focus in the pharmaceutical industry, with ongoing significant business development (BD) transactions that enhance resource integration and project development [5] - Recent global transactions in innovative drugs indicate a vibrant market, with six key transactions reported, reflecting the active collaboration between domestic and international companies [4]

Group 1 - The CRO (Contract Research Organization) sector is experiencing a rebound, with notable stock price increases among key players [1] - Zhaoyan New Drug has reached its daily limit increase, indicating strong market interest and confidence [1] - Other companies in the sector, including Medisi, Kailaiying, Minophagen, Sunshine Nuohe, WuXi AppTec, and Kanglong Huacheng, have also seen significant stock price increases [1]

Core Viewpoint - The company, Zhaoyan New Drug, has shown a significant increase in net profit despite a decline in revenue, indicating potential resilience in its business model within the pharmaceutical services industry [1][2]. Company Summary - Zhaoyan New Drug's closing price on August 11 was 31.22 yuan, reflecting a 3.38% increase, with a rolling PE ratio of 60.40 times and a total market capitalization of 23.399 billion yuan [1]. - The company operates primarily in non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1]. - For the first quarter of 2025, Zhaoyan New Drug reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.1195 million yuan, a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1]. Industry Summary - The average PE ratio for the medical services industry is 48.03 times, with a median of 60.62 times, positioning Zhaoyan New Drug at the 29th rank within the industry [1][2]. - The company is among 17 institutions holding shares, with a total of 10.9687 million shares valued at 231 million yuan [1].

Group 1 - The pharmaceutical sector is experiencing a general decline, with CRO and innovative drug concepts leading the losses. Notable declines include: Innovent Biologics (09969) down 7.68% to HKD 17.54, WuXi AppTec (06127) down 5.88% to HKD 23.06, Tigermed (03347) down 5.6% to HKD 53.1, and Kintor Pharmaceutical (02171) down 5.4% to HKD 19.96 [1] - U.S. President Trump announced plans to introduce new tariffs on pharmaceuticals, with initial "small tariffs" on imported drugs expected to be revealed next week. The tariffs are projected to increase to 150% within a year and potentially reach 250% thereafter, aimed at boosting domestic drug production [1] - Tianfeng Securities expressed confidence in the long-term competitive advantages of the pharmaceutical industry, noting that the innovative drugs and related supply chains are still viewed positively despite potential challenges. The relative certainty of domestic consumption is also seen as improving [1]

Group 1 - Pharmaceutical stocks generally declined, with CRO and innovative drug concepts experiencing the largest drops [1] - Notable declines included: Innovent Biologics (09969) down 7.68% to HKD 17.54, Zai Lab (603127) down 5.88% to HKD 23.06, Tigermed (300347) down 5.6% to HKD 53.1, and Kintor Pharmaceutical (02171) down 5.4% to HKD 19.96 [1] - The market is reacting to President Trump's announcement of new tariffs on pharmaceuticals, which will start with a "small tariff" and potentially increase to 150% within a year, and up to 250% thereafter [1] Group 2 - Tianfeng Securities noted that the market remains confident in the long-term competitive advantages of the pharmaceutical industry, despite potential challenges [1] - The innovative drugs and related industry chain are still viewed as promising directions, with increasing certainty in domestic consumption [1]

8月6日，医疗服务行业下跌0.87%，今日主力资金流出7.97亿元，成分股7只上涨，36只下跌。 序号代码名称最新价涨跌幅主力净流入主力净占比1603108润达医疗19.575.12.12亿元15.64%2002044美 年健康5.31.538366.88万元11.17%3301293三博脑科51.930.58963.33万元1.41%4301201诚达药业27.68- 0.5505.89万元3.28%5000516国际医学5.41-0.73502.98万元3.93%6002172澳洋健康4.25-0.23487.96万元 2.51%7688246嘉和美康37.48-2.12448.98万元1.2%8002219新里程2.16-0.92386.77万元2.71%9603259药明 康德93.580.31305.84万元0.06%10002524光正眼科4.67-2.1171.98万元2.63% 来源：金融界 主力资金净流出居前的分别为创新医疗（1.65亿元）、昭衍新药（1.48亿元）、睿智医药（1.04亿 元）、康龙化成（9277.26万元）、爱尔眼科（8286.05万元）。 ...

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 I. 法定/註冊股本變動 | 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 | | 118,995,206 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 118,995,206 | RMB | | 1 | RMB | | 118,995,206 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | -- ...