Core Viewpoint - The stock of Zhaoyan New Drug (06127) has risen over 8%, currently trading at HKD 22.14, with a transaction volume of HKD 39.86 million, driven by increasing demand for experimental monkeys used in preclinical safety evaluations [1] Group 1: Market Dynamics - Recent reports indicate a significant increase in the price of experimental monkeys, reaching approximately HKD 140,000 each as of December 9, 2025, due to rising demand and limited supply [1] - According to a report from Founder Securities, the demand for experimental monkeys is expected to rise as preclinical CRO orders recover, while supply-side expansion remains challenging [1] - Some monkey breeding facilities have indicated that their production capacity is already booked until the first quarter of 2026, suggesting a sustained tight supply situation [1] Group 2: Financial Implications - Founder Securities estimates that the fair value of experimental monkeys could increase from an average of HKD 84,900 per monkey in 2024 to HKD 140,000 by Q4 2025, with a projected output rate of 17% from breeding facilities [1] - Based on the known quantity of 23,200 monkeys, the estimated additional fair value for 2025 could reach approximately HKD 220 million, not accounting for new additions or the impact of juvenile and aging monkeys [1]

Core Viewpoint - The stock of Zhaoyan New Drug (603127) has increased by over 8%, reaching HKD 22.14, driven by rising demand for experimental monkeys used in preclinical safety evaluations [1] Group 1: Market Dynamics - The price of experimental monkeys has been on an accelerating upward trend, currently around RMB 140,000 per monkey as of December 9, 2025 [1] - Demand for experimental monkeys is expected to rise due to a steady recovery in preclinical CRO orders, while supply-side expansion faces short-term challenges [1] - Some monkey breeding facilities have reported that their production capacity is already booked until Q1 2026, indicating a tight supply-demand balance that may lead to further price increases in the short term [1] Group 2: Company Insights - Zhaoyan New Drug is positioned to benefit from the industry's recovery and the fair value gains from monkey prices, given its rich strategic resource reserves [1] - Assuming an average price of RMB 84,900 per monkey in 2024 and an increase to RMB 140,000 by Q4 2025, the estimated new fair value for Zhaoyan New Drug in 2025 could reach approximately RMB 220 million, based on a known quantity of 23,200 monkeys [1]

每经AI快讯，昭衍新药(06127.HK)回落逾5%，月内累计涨幅仍超24%。截至发稿，昭衍新药跌5.53%， 报20.5港元，成交额1.51亿港元。 ...

昭衍新药（603127）(06127)回落逾5%，月内累计涨幅仍超24%。截至发稿，跌5.53%，报20.5港元，成 交额1.51亿港元。 消息面上，根据北京商报，2025年12月9日实验猴价格呈加速上涨趋势，大约14万元/只。方正证券指 出，实验猴作为临床前安评的刚性资源，随着临床前CRO订单稳步回暖，需求提升；且供给侧短期扩 产难度较大，部分猴场表示产能已预定至2026年一季度，预计供需偏紧状态或将维持，短期价格有望进 一步上行。 该行指出，以昭衍新药为例，假设按照2024年实验猴均价计入公允价值8.49万/只，2025Q4价格提升至 14万/只，假设猴场出栏率为17%，按照已知23200只猴测算，毛估计(考虑新补进猴子及未成年&老龄猴 的影响)025年新增公允价值约2.2亿。 ...

Group 1 - The stock of Zhaoyan New Drug (06127) has fallen over 5%, but it has still seen a cumulative increase of more than 24% in the month [1] - As of the report, the stock price is at 20.5 HKD with a trading volume of 151 million HKD [1] - The price of experimental monkeys is on an upward trend, reaching approximately 140,000 RMB each as of December 9, 2025 [1] Group 2 - According to Founder Securities, the demand for experimental monkeys is increasing due to a steady recovery in preclinical CRO orders, while supply-side expansion is challenging in the short term [1] - Some monkey farms have reported that their production capacity is already booked until the first quarter of 2026, indicating a tight supply-demand situation that is expected to persist [1] - For Zhaoyan New Drug, assuming an average price of 84,900 RMB per monkey in 2024 and an increase to 140,000 RMB by Q4 2025, the estimated new fair value in 2025 could be around 220 million RMB based on known quantities [1]

Investment Rating - The report maintains an "Overweight" rating for the CXO industry, indicating a positive outlook for investment opportunities in this sector [7]. Core Insights - The CXO industry is entering a new high prosperity cycle driven by external factors such as overseas interest rate cuts, domestic recovery, and industrial upgrades. The worst period for the industry is considered to be over, with a significant improvement in sentiment and operational conditions [1][2][17]. - The report emphasizes the competitive advantages of Chinese CXO companies, including efficiency, cost, quality, and rapid expansion capabilities, which are expected to maintain their global standing in the short to medium term [1][3][22]. - The emergence of new molecular drugs, such as peptides and oligonucleotides, is driving growth in the CRDMO sector, with Chinese suppliers positioned to lead globally due to their production capabilities and cost advantages [3][22][28]. Summary by Sections New Cycle - The CXO industry has transitioned from a prolonged adjustment period (2H21-1H24) to a new upward cycle, supported by recovering overseas financing and a favorable domestic IPO environment. The demand for CXO services is expected to increase significantly starting in 2026 [2][17]. New Molecules - New molecular CRDMO services are characterized by higher demand and technical barriers. Chinese companies are leading in areas like TIDES and ADC, achieving higher growth rates and maintaining robust profit margins [3][22][28]. New Landscape - The domestic CXO market is undergoing a restructuring, with market share increasingly concentrated among leading firms. The report highlights that smaller companies may struggle to survive due to heightened quality and sustainability demands from pharmaceutical clients [4][22][28]. Key Recommendations - The report recommends investing in leading companies with strong positions in the new molecular space, such as WuXi AppTec, WuXi Biologics, and others, which are expected to benefit from the ongoing industry upgrades and demand recovery [1][9][22].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Viewpoints - The recent performance of the pharmaceutical sector has been sluggish, with the innovative drug sector experiencing a significant rise in expectations earlier this year, now undergoing a correction. However, innovative medical devices are expected to benefit from ongoing government support for medical equipment upgrades and accelerated domestic replacement of high-end medical devices, alongside continuous expansion into overseas markets. A recovery is anticipated starting in Q3 2025, with performance gradually improving in 2026 [3][9]. - The high-end medical device sector is driven by the recovery of in-hospital procurement, suggesting a focus on companies such as United Imaging, Shandong Weigao, and Mindray Medical. The demand for consumer medical devices is gradually recovering, with a shift in market share from imported brands, indicating potential in companies like Kefu Medical and Yuyue Medical. The orthopedic consumables market has reached a price floor, with opportunities for market share growth in orthopedic robotics and overseas expansion, highlighting companies like Aikang Medical and Chuangli Medical [3][9]. - The pharmaceutical equipment sector is undergoing a cyclical recovery, with rapid overseas growth opening new avenues for growth. Domestic margins are expected to stabilize and profitability to improve, with a return to rational competition anticipated from late 2024. The recovery in innovative drug financing and frequent business development transactions are expected to drive a revival in contract manufacturing organizations (CMOs), positively impacting the pharmaceutical equipment industry. Additionally, global strategic safety backups and commitments from multinational pharmaceutical companies to invest in the U.S. market are projected to accelerate fixed asset expenditures in the pharmaceutical sector over the next three years, with a focus on companies like Senson International and Dongfulong [3][9]. - In the CXO and upstream life sciences supply chain, leading global CXO companies such as WuXi AppTec and Kanglong Huacheng are highlighted. Domestic clinical CRO leaders like Tigermed and Pruce are also recommended, along with resource-based CXOs such as Zhaoyan New Drug and Mediso. The upstream life sciences supply chain includes companies like Baipusais and Haier Biomedical [3][9]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's return was -1.04% last week, ranking 17th among 31 sub-industry indices. The medical services sub-sector had the highest weekly return at 1.67%, while the pharmaceutical commercial sub-sector had a return of -4.26% [3][9]. Industry Trends - The report emphasizes the ongoing low performance of the pharmaceutical sector, particularly in innovative drugs, while highlighting the potential recovery in innovative medical devices and the pharmaceutical equipment sector [3][9]. Recommendations - Specific companies to watch include United Imaging, Mindray Medical, Kefu Medical, and Aikang Medical in the high-end medical device sector, as well as Senson International and WuXi AppTec in the pharmaceutical equipment and CXO sectors [3][9].

（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 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 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。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 经全体合伙人协商一致，同意对有限合伙的基金存续期限即投资期进行调 整，其他条款继续有效。全体合伙人共同签署《<北脑一期（北京）股权投资 中心（有限合伙）合伙协议>之补充协议》。调整内容如下所示： 中 國 北 京，2025年12月15 ...

证券简称：昭衍新药 证券代码：603127 公告编号：2025-056 北京昭衍新药研究中心股份有限公司 关于与专业投资机构合作参与投资基金的进展公告 本公司董事会及全体董事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。 一、与专业投资机构合作参与投资基金情况概述 北京昭衍新药研究中心股份有限公司（以下简称"昭衍新药"、"公司"） 于 2024 年 12 月 20 日召开第四届董事会第十一次会议，审议通过了《关于公司 与专业投资机构合作参与投资基金的议案》，同意公司或其指定子公司以不超过 800 万元人民币投资参与投资北脑一期（北京）股权投资中心（有限合伙）（以 下简称"本基金"、"有限合伙"）。北京崇德英盛投资管理有限公司为本基金 的普通合伙人、执行事务合伙人，并担任本基金的基金管理人。具体内容详见公 司于 2024 年 12 月 21 日在上海证券交易所网站（www.sse.com.cn）及指定信息 披露媒体《上海证券报》披露的《昭衍新药关于与专业投资机构合作参与投资基 金的公告》（公告编号：2024-059）。 2025 年 8 月，公司全资 ...

证券时报·数据宝统计，截至12月15日收盘，深沪北共70只个股连续5日或5日以上主力资金净流入。零 点有数等连续10日主力资金净流入，排名第一；开勒股份连续9日主力资金净流入，位列第二。从主力 资金净流入总规模来看，昭衍新药主力资金净流入金额最大，连续5天累计净流入8.77亿元，三祥新材 紧随其后，5天累计净流入2.30亿元。从主力资金净流入占成交额的比例来看，风范股份占比排名居 首，该股近7日上涨26.49%。（数据宝） 连续5日或以上主力资金净流入个股排名 | 证券代 | 证券简 | 主力资金净流入 | 主力资金净流入金额 | 主力资金净流入比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | （亿元） | （%） | （%） | | 603127 | 昭衍新 药 | 5 | 8.77 | 12.18 | 26.92 | | 603663 | 三祥新 材 | 5 | 2.30 | 7.17 | 9.89 | | 000036 | 华联控 股 | 8 | 2.07 | 9.83 | 8.35 | | 601700 | 风范股 份 ...