Zhi Tong Cai Jing·2025-12-12 02:18Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Zhaoyan New Drug (06127), which rose by 11.42% to HKD 19.8, with a trading volume of HKD 129 million [1] - The price of the crab-eating macaque has surpassed HKD 100,000, with reports indicating a supply shortage and prices reaching HKD 120,000 to HKD 130,000, leading to pre-orders for the first half of next year [1] - Huatai Securities suggests that the increasing prices of experimental monkeys and the recovery of new orders may serve as major catalysts for Zhaoyan New Drug, which is positioned as a leader in the non-clinical safety evaluation sector in China [1] Group 2 - The company has experienced significant growth in performance from 2018 to 2022, but is facing pressure on order volume and pricing from 2023 to 2025, with expectations of a recovery starting in 2026 driven by domestic recovery and offshore outsourcing [1] - The report indicates that the market for experimental monkeys is entering a new upward cycle, with prices previously reaching HKD 150,000 to HKD 200,000 per monkey in 2022 [1] - Founder Securities recommends monitoring the performance stabilization and order improvement of the company, suggesting a potential turning point for the sector next year [1]