昭衍新药（603127）源(06127)发布公告，截至本公告披露日，北京昭衍新药研究中心股份有限公司(以 下简称"公司")实际控制人之一周志文持有公司股票74,725,981股，占公司总股本9.9704%，其持有的股 份来源于首发前限售股份及公司资本公积金转增股份等。周志文拟自本减持计划公告之日起15个交易日 后的3个月内通过上海证券交易所以集中竞价或大宗交易的方式减持不超过1498万股,不超过其持有股份 的20.0466%，不超过公司总股本的1.99873%。 ...

JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 北京昭衍新藥研究中心股份有限公司 馮宇霞 董事長 中 國 北 京，2025年12月29日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 大 鵬 先 生、孫 雲 霞 女 士、羅 樨 女 士 及 顧 靜 良 先 生，獨 ...

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603127 证券简称：昭衍新药 公告编号：2025-057 北京昭衍新药研究中心股份有限公司 关于股东减持股份计划公告 重要内容提示： 股东持股的基本情况 截至本公告披露日，北京昭衍新药研究中心股份有限公司（以下简称"公司"） 实际控制人之一周志文持有公司股票 74,725,981 股，占公司总股本 9.9704%，其 持有的股份来源于首发前限售股份及公司资本公积金转增股份等。 减持计划的主要内容 周志文拟自本减持计划公告之日起 15 个交易日后的 3 个月内通过上海证券 交易所以集中竞价或大宗交易的方式减持不超过 14,980,000 股,不超过其持有股 份的 20.0466%，不超过公司总股本的 1.99873%。减持计划实施期间，公司若发 生送红股、转增股本、增发新股或配股等股本除权事项的，减持数量将进行相应 调整。减持价格依据市场价格确定。 | 股东名称 | 周志文 | | | | --- | --- | --- | --- | | 股东身份 | 控 ...

昭衍新药公告，控股股东及实控人周志文持有7472.6万股，占总股本9.9704%。其拟自公告日起15个交 易日后的3个月内，通过上海证券交易所集中竞价或大宗交易方式减持不超过1498万股，不超过其持股 20.0466%，不超过公司总股本1.99873%。减持期间预计为2026年1月22日至2026年4月21日，股份来源 为IPO前股份及资本公积金转增股份，减持原因为自身资金需求。 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The domestic innovative drug research and development is experiencing a recovery, with a focus on investment opportunities in the non-clinical safety evaluation sector [4][16] - The non-clinical safety evaluation industry is characterized by high competitive barriers and is expected to see increased demand due to the growth of domestic innovative drug development [5][20] - The pricing of experimental monkeys, crucial for safety evaluations, is expected to rise due to limited supply and increasing demand from innovative drug research [20] Summary by Sections Industry Overview - The closing index for the industry is 8254.26, with a 52-week high of 9323.49 and a low of 6764.34 [2] Recent Market Performance - In the week from December 22 to December 26, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.18%, underperforming the CSI 300 index by 2.13 percentage points [6][22] - The raw material drug sector ranked first in performance among sub-sectors, increasing by 2.05%, while the hospital sector declined by 2.82% [6][22] Industry Perspectives 1. **Innovative Drugs and Industry Chain**: The innovative drug sector is in a continuous correction phase, driven by a retreat from previously optimistic expectations. However, clinical data from recent conferences supports the maturity of domestic innovative drugs [7][24] 2. **Investment Opportunities**: Companies with high certainty and less volatility in business development (BD) expectations are recommended, including Innovent Biologics and 3SBio [9][25] 3. **Medical Devices**: The medical device sector is expected to attract more investment as the pressure from centralized procurement diminishes, with leading companies showing improved performance [10][28] Recommendations - Focus on companies like Zhaoyan New Drug and Yino Science in the non-clinical safety evaluation sector, and consider investment in WuXi AppTec and Tigermed in the CRO and life science services sectors [20][26] - In the medical device sector, companies such as Mindray and Kangli Medical are highlighted for their potential recovery and growth [30][28]

《生物安全法案》复盘 --如何看待地缘政治对中国CXO企业的影响？ 行业研究 · 行业专题 医药生物 · 医疗研发外包 投资评级：优于大市（维持评级） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 证券研究报告 | 2025年12月28日 n 靴子落地，美国《2026财年国防授权法案》夹带《生物安全法案》生效。 请务必阅读正文之后的免责声明及其项下所有内容 2 ü 《2026财年国防授权法案》夹带《生物安全法案》（主要指第851节《禁止与特定生物技术公司签订合同》）落地，标志着美国已将生物安全正式纳入国家防务与 安全战略框架统筹考量，同时彰显其在生物技术供应链自主可控的明确政策转向，本质是中美的科技竞争与产业安全博弈在生物领域的延 ...

证券研究报告 | 2025年12月26日 | 晨会纪要 | | --- | 行业与公司 | 数据日期:2025-12-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3959.62 | 13531.41 | 4642.53 | 14517.25 | 3938.41 | 1349.05 | | 涨跌幅度（%） | 0.47 | 0.33 | 0.18 | 0.70 | 0.69 | -0.22 | | 成交金额（亿元） | 7850.18 | 11395.04 | 3853.56 | 4151.46 | 5262.93 | 448.28 | 【常规内容】 中国神华(601088.SH) 公司快评:千亿规模收购助力未来发展，龙头行稳 致远 中国海油(600938.SH) 公司快评:渤海海域获得亿吨级油田发现，国内油 气持续上产 金融工程 金融工程周报:股指分红点位监控周报-股指期货主力合约贴水幅度收窄 金融工程日报:沪指震荡攀升录得六连阳，商业 ...

| 数据日期:2025-12-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3959.62 | 13531.41 | 4642.53 | 14517.25 | 3938.41 | 1349.05 | | 涨跌幅度（%） | 0.47 | 0.33 | 0.18 | 0.70 | 0.69 | -0.22 | | 成交金额（亿元） | 7850.18 | 11395.04 | 3853.56 | 4151.46 | 5262.93 | 448.28 | 【常规内容】 行业与公司 医药生物行业 2025 年 12 月投资策略：推荐关注 CXO 板块 证券研究报告 | 2025年12月26日 | 晨会纪要 | | --- | 中国神华(601088.SH) 公司快评:千亿规模收购助力未来发展，龙头行稳 致远 中国海油(600938.SH) 公司快评:渤海海域获得亿吨级油田发现，国内油 气持续上产 金融工程 金融工程周报:股指分红点位监控周报-股 ...

Core Viewpoint - Wuxi Innovation Investment Group (referred to as "Xichuangtou") is leveraging a unique "patient capital" approach to drive industrial upgrades in the hard technology sector, balancing strategic missions with market returns [1] Group 1: Strategic Role and Investment Approach - Xichuangtou defines its role as a "three-dimensional integration," focusing on strategic guidance, strengthening local industrial chains, and empowering ecosystems by integrating policies, scenarios, technologies, and talent resources [1] - The company employs a "classification and combination management" strategy to address the dual demands of high-risk hard technology investments and the preservation and appreciation of state assets [2] - Xichuangtou manages overall risk through an "olive-shaped" portfolio, investing in high-risk early-stage projects and high-certainty late-stage projects while focusing on growth-stage projects in between [2] Group 2: Investment Achievements and Future Plans - As of 2025, Xichuangtou aims to manage a cumulative scale of 287 billion yuan, with total investments exceeding 130 billion yuan, having invested in over 800 local projects since the 14th Five-Year Plan [3] - The company emphasizes "deep localization" in its investment strategy, aligning investment decisions closely with local industrial chain needs, and aims to support hard technology with "patient capital" to effectively reduce innovation risks [3] - Looking ahead to the 15th Five-Year Plan, Xichuangtou plans to strategically develop S funds to revitalize existing assets and optimize capital structures, while focusing on AI and integrated circuits, as well as biomedicine sectors for future investments [3]

Market Overview - The medical services sector increased by 1.03% on December 25, with Baihua Medicine leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Medical Services - Baihua Medicine (600721) closed at 11.56, up 6.54% with a trading volume of 396,400 shares and a transaction value of 449 million [1] - Zhaoyan New Drug (603127) closed at 37.38, up 4.24% with a trading volume of 254,500 shares and a transaction value of 266.56 million [1] - Aoyang Health (002172) closed at 4.18, up 3.98% with a trading volume of 330,500 shares and a transaction value of 137 million [1] Top Losers in Medical Services - Yinos (688710) closed at 44.60, down 1.87% with a trading volume of 16,000 shares and a transaction value of 71.19 million [2] - Baiao Saitou (688796) closed at 51.80, down 1.52% with a trading volume of 35,500 shares and a transaction value of 184 million [2] - Yangguang Nuohuo (688621) closed at 68.01, down 1.29% with a trading volume of 32,700 shares and a transaction value of 223 million [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 148 million from institutional investors and 126 million from retail investors, while retail investors saw a net inflow of 275 million [2] - Zhaoyan New Drug had a net inflow of 164 million from institutional investors, while Baihua Medicine saw a net inflow of 45.83 million [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the medical services sector [3]