Jing Ji Guan Cha Wang·2025-12-30 12:10Core Viewpoint - The stock price of Zhaoyan New Drug (603127.SH) surged due to the rebound in the market price of experimental monkeys, prompting major shareholder Zhou Zhiwen to announce a significant share reduction plan, potentially cashing out over 500 million yuan [1] Group 1: Shareholder Actions - Zhou Zhiwen plans to reduce his holdings by up to 14,980,000 shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital, within three months after the announcement [1] - Prior to the reduction, Zhou Zhiwen held 74,725,981 shares, accounting for 9.9704% of the company, with the couple's total holding at 32.274% [1] - Following the announcement of the share reduction, Zhaoyan New Drug's stock fell by 6.20% to a closing price of 34.80 yuan [1] Group 2: Company Overview - Zhaoyan New Drug specializes in non-clinical research services, clinical services, and the supply of experimental models, with a notable focus on experimental monkeys, which are critical for various research fields [2] - The price of experimental monkeys has fluctuated significantly, with the average market price rising from 13,800 yuan in 2017 to nearly 190,000 yuan in 2022, before experiencing a decline in 2023 [2][3] Group 3: Financial Performance - In Q1 2024, Zhaoyan New Drug reported a revenue of 325 million yuan, a year-on-year decrease of 12.07%, and a net loss of 272 million yuan, attributed to a 284 million yuan loss from changes in the fair value of biological assets [3] - By the first three quarters of 2025, the company achieved a revenue of 985 million yuan, a year-on-year decrease of 26.23%, but turned a profit with a net income of 80.71 million yuan [3] - The stock price of Zhaoyan New Drug increased by over 120% throughout the year, reflecting a recovery in the market price of experimental monkeys [3] Group 4: Market Perception - Some market analysts argue that Zhaoyan New Drug primarily sells experimental services rather than monkeys, suggesting that monkey prices do not directly reflect the company's sustainable profitability [4] - Despite this, fluctuations in the value of experimental monkeys significantly impact the company's financial performance, leading to potential distortions in financial reporting [4]