Xin Lang Cai Jing·2025-12-23 03:02Core Viewpoint - The stock price of Zhaoyan New Drug (06127) increased by 5.17%, currently trading at HKD 22.38, with a transaction volume of HKD 121 million, indicating a recovery in demand for preclinical CRO clients and a tight supply of experimental monkeys [5]. Group 1: Market Dynamics - There is a resurgence in demand for preclinical CRO services, particularly for new technology platforms such as large molecules (monoclonal antibodies, ADCs), small nucleic acids, peptides, and cell gene therapies, which require the use of macaques for safety evaluation tests [5]. - The price of 3-5 year old macaques has risen to HKD 140,000 each, reflecting a supply-demand imbalance in the market, which further supports the recovery of domestic innovative drug research and development [5]. Group 2: Financial Implications - According to estimates from Founder Securities, if Zhaoyan New Drug accounts for an average fair value of HKD 84,900 per monkey in 2024, and the price increases to HKD 140,000 by Q4 2025, the estimated new fair value addition for 2025 could be approximately HKD 220 million, based on a known population of 23,200 monkeys and an output rate of 17% [5].