Di Yi Cai Jing Zi Xun·2026-01-20 11:21Group 1 - The core viewpoint of the news is that Zhaoyan New Drug (昭衍新药) is expected to achieve a significant increase in net profit for 2025, despite a decline in revenue, primarily driven by the fair value changes of biological assets, particularly experimental monkeys [1][2]. - The company forecasts a net profit attributable to shareholders of approximately 233 million to 349 million yuan for 2025, representing a year-on-year increase of about 214.0% to 371.0% [1]. - Zhaoyan New Drug anticipates revenue between 1.573 billion and 1.738 billion yuan for 2025, which reflects a year-on-year decline of 13.9% to 22.1% [1]. Group 2 - The company’s biological assets, mainly consisting of experimental monkeys, have seen a price increase due to rising market prices and natural growth, contributing positively to its performance [1][2]. - The price of experimental monkeys is closely linked to the innovation drug development climate, with prices having fluctuated significantly in recent years, peaking at over 200,000 yuan per monkey during the COVID-19 pandemic and dropping below 100,000 yuan in 2023 [2]. - As of 2025, the price of experimental monkeys is expected to rise again, surpassing 100,000 yuan each, driven by a recovery in the pharmaceutical capital market and increased licensing of domestic innovative drugs [2][3]. Group 3 - Zhaoyan New Drug's performance has experienced volatility in line with the fluctuations in experimental monkey prices, indicating a correlation between the demand for experimental monkeys and the recovery of the innovative drug development sector [3]. - Current market conditions show that the price of 3-5 year old experimental monkeys has risen to 140,000 yuan each, with a supply-demand imbalance indicating a recovery in the domestic innovative drug research and development environment [3].