Xin Lang Cai Jing·2025-11-13 06:48Core Viewpoint - Zhaoyan New Drug achieved a net profit of 0.81 billion yuan in Q1-Q3 2025, marking a turnaround to profitability, with a non-recurring net profit of 0.29 billion yuan, also indicating a return to profit [1] Financial Performance - The financial data continues to show pressure, but new signed orders exhibit a trend of marginal improvement [1] - Cumulative new signed orders for Q1-Q3 2025 amounted to approximately 16.4 billion yuan, representing a year-on-year increase of 17% [1] - New signed orders in Q3 2025 reached 6.2 billion yuan, reflecting a year-on-year growth of 24% and a quarter-on-quarter increase of 5% compared to Q2 2025 [1] Market Outlook - The order side benefits from improved client demand [1] - Considering the continuous introduction of policies encouraging innovation in China, along with the active stock prices of A+H innovative drug companies and a recovering IPO trend, domestic demand is expected to see marginal improvement in the coming years [1] - As a core participant in the domestic preclinical CRO business, the company is positioned to significantly benefit from these trends [1] Investment Rating - Adjustments have been made to previous profit forecasts based on changes in the domestic investment and financing environment and the new signed order trends from 2023 to 2025, while maintaining an "overweight" rating [1]