Zhi Tong Cai Jing·2026-01-09 07:02Core Viewpoint - Zhaoyan New Drug (603127) has seen its stock price increase by over 60% in the past month, with a current price of 25.92 HKD, reflecting a 7.02% rise today, and a trading volume of 203 million HKD [1] Group 1: Market Dynamics - Guohai Securities indicates that during the safety evaluation phase, new technology platforms such as large molecules (multi-antibodies, ADC), small nucleic acids, peptides, and cell gene therapies require macaque monkeys for safety data testing, leading to a current price of 140,000 RMB per monkey, highlighting a supply-demand imbalance in the market [1] - The rising price of macaques is expected to contribute directly to profit through fair value changes, supporting the recovery of domestic innovative drug research and development [1] Group 2: Financial Projections - According to estimates from Founder Securities, if the average price of experimental monkeys is set at 84,900 RMB per monkey for 2024 and increases to 140,000 RMB by Q4 2025, with an estimated output rate of 17% from the monkey farm and a known population of 23,200 monkeys, the projected increase in fair value for 2025 could be approximately 220 million RMB [1]