Cai Jing Wang·2026-01-21 06:36Core Viewpoint - Zhaoyan New Drug (603127) expects a decline in revenue for 2025, while projecting significant growth in net profit and adjusted net profit [1] Revenue Forecast - The company anticipates achieving an operating revenue of approximately 1.573 billion to 1.738 billion yuan in 2025, representing a year-on-year decrease of about 13.9% to 22.1% [1] Profit Forecast - The expected net profit attributable to shareholders for 2025 is projected to be around 233 million to 349 million yuan, indicating a year-on-year increase of approximately 214.0% to 371.0% [1] - The forecast for net profit excluding non-recurring gains and losses is estimated to be between 246 million to 370 million yuan, reflecting a year-on-year increase of approximately 945.2% to 1467.7% [1] Performance Drivers - The primary reason for the performance changes is attributed to the increase in market prices of biological assets and the natural growth appreciation, which positively impacted the fair value [1] - However, the profitability contribution from laboratory services has declined due to intense competition in the industry, leading to a decrease in revenue and gross margin from performance contracts year-on-year [1]