因为猴子，这家上市药企上半年扭亏

Core Viewpoint - The pharmaceutical research and development service outsourcing company, Zhaoyan New Drug, reported a decline in revenue but managed to turn a profit in the first half of 2025, indicating a complex recovery phase for the company amid ongoing challenges in the industry [2][3]. 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%, while the net profit attributable to shareholders reached 60.93 million yuan, marking a turnaround from previous losses [2][3]. - The company's laboratory service business reported a net profit of -97.18 million yuan, a significant decline of 537.54% compared to the previous year, highlighting ongoing pricing pressures in this segment [3][6]. - Historical data shows that the net profit contribution from the laboratory service business has drastically decreased from 577 million yuan in 2022 to 50.19 million yuan in 2024, indicating a severe decline in profitability [3][6]. Business Structure and Market Position - Zhaoyan New Drug is recognized as a leader in non-clinical safety evaluation services within the CRO sector, primarily focusing on preclinical drug development [5][6]. - The company has faced challenges related to its biological assets, particularly concerning the valuation of its primate assets, which resulted in net losses of 267 million yuan and 114 million yuan in 2023 and 2024, respectively [6][7]. - Despite the financial struggles, the company has benefited from investment income, which helped offset losses from its core laboratory services, indicating reliance on non-operational revenue streams for profitability [6][7]. Historical Context and Industry Trends - Zhaoyan New Drug was one of the earliest players in the CRO market, established in 1995, and has seen significant growth during the previous innovation drug boom from 2018 to 2022 [6][9]. - The peak performance of Zhaoyan New Drug occurred in 2022, with a net profit margin of 47.32%, contrasting sharply with margins of 16.48% and 3.46% in 2023 and 2024, respectively, reflecting the pressures faced by the industry [9][12]. - The current demand for pharmaceutical research and development services is significantly lower than during the previous boom, indicating a challenging environment for recovery and growth [12].