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 （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 中 國 北 京，2025年12月1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，及獨立非執行董事張帆先生、楊福全 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2025-049 北京昭衍新药研究中心股份有限公司 董事、监事及高管减持 A 股股份结果公告 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。 重要内容提示： 董监高持股的基本情况 2025 年 9 月 9 日披露减持计划公告前，北京昭衍新药研究中心股份有限公 司（以下简称"公司"）董事、副总经理孙云霞持有公司股票 2,698,907 股，占公 司总股本 0.3601%；董事、总经理、董事会秘书高大鹏持有公司股票 288,746 股， 占公司总股本 0.0385%；董事、副总经理顾静良持有公司股票 269,801 股，占公 司总股本 0.0360%；监事李叶持有公司股票 102,481 股，占公司总股本 0.0137%； 财务总监于爱水持有公司股票 34,104 股，占公司总股本 0.0046%。上述股份来源 于首发前限售股份、股权激励股份及公司资本公积金转增股份等。 孙云霞、高大鹏、顾静良、李叶、于爱水于 2025 年 9 月 9 日披露了减持计 划，自减持计划公 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603127 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 630,482,128 | RMB | | 1 RMB | | 630,482,128 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 630,482,128 | RMB | | 1 RMB | | 630,482,128 | 本月底法定/註冊股本總額： RMB 749,477,334 備註： 第 1 頁 共 11 頁 v 1.1.1 公司名稱: 北京昭衍新藥研究中心股份有限公司 ...

Core Viewpoint - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to alleviate liquidity pressure and seek funding for future development, despite challenges in the CRO industry and concerns over its valuation [1][10]. Group 1: Company Overview - Dingtai Pharmaceutical Research was established in 2008 and provides comprehensive non-clinical safety, efficacy, and drug metabolism research, as well as integrated clinical trial services [1]. - The company was previously listed on the New Third Board from 2016 to 2021 and attempted to transition to the A-share market before opting for the Hong Kong market [1]. Group 2: Financial Performance - The company's revenue has remained relatively stable, with figures of 725 million yuan in 2022, 767 million yuan in 2023, 713 million yuan in 2024, and 377 million yuan in the first half of 2025 [2]. - However, net profit has fluctuated significantly, with a profit of 143 million yuan in 2022, a loss of 51.946 million yuan in 2023, an increased loss of 252 million yuan in 2024, and a profit of 64.712 million yuan in the first half of 2025 [2][3]. Group 3: Asset Valuation and Cash Flow - The fair value changes of biological assets, particularly experimental monkeys, have led to significant profit fluctuations, with changes of -17 million yuan in 2023, -58 million yuan in 2024, and a gain of 136 million yuan in the first half of 2025 [3]. - The company has faced negative cash flow from operating activities in 2023, 2024, and the first half of 2025, with net outflows of 66 million yuan, 252 million yuan, and 161 million yuan respectively [3]. Group 4: Market Conditions and Risks - The market price of experimental monkeys is closely tied to the demand from downstream pharmaceutical companies, with a slowdown in drug pipeline growth observed from 2021 to 2025 [4][6]. - The overall investment in the domestic healthcare sector has declined over the past three years, indicating a weakened drug development environment, which poses a risk for the company's expansion plans [6]. Group 5: Valuation and Redemption Risks - Dingtai Pharmaceutical Research's valuation has increased nearly 13 times over two years, from approximately 5.17 billion yuan to about 70.24 billion yuan [8]. - The company faces redemption liabilities of 2.727 billion yuan against current liquid assets of only 1.578 billion yuan, raising concerns about its financial stability [8]. Group 6: Acquisition and Goodwill Impairment - The company acquired Dingtai Biological and Jiangsu Yadong between 2019 and 2021 to enhance its experimental platform and animal resources, but the integration results were below expectations, leading to a goodwill impairment of 66 million yuan in 2022 [9]. - As of June 30, 2025, the company's goodwill remains valued at 88 million yuan, indicating ongoing risks related to goodwill impairment [9].

Core Viewpoint - Tin prices are experiencing an upward trend, with the main contract rising by 2.11% to 302,200 yuan/ton, driven by increased expectations of a Federal Reserve interest rate cut and heightened tensions in eastern Congo, although there has been no substantial impact on tin mining production yet [1] Supply and Demand Dynamics - The supply of tin ore remains tight, with domestic smelters facing raw material supply constraints, leading to a low operating rate [1] - Domestic smelters have raw material inventories generally below 30 days, making it difficult for operating rates to increase in the near future [1] - The import volume of tin concentrate in China saw a slight increase in October, with imports from Congo and other countries rebounding, aligning with expectations, although affected by shipping factors [1] - Tin ore imports from Myanmar decreased slightly in October, but with mining permit approvals, an increase of over 2,000 tons is expected in November [1] Market Sentiment and Future Outlook - Recent commentary from New Lake Futures indicates that domestic production remains stable overall, but tin ore supply continues to be tight, and smelters are facing low processing fees, resulting in poor profitability [1] - There is a trend of weakening consumption in the domestic market, leading to a slight accumulation of inventory, although overall inventory levels remain low, limiting pressure [1] - Overseas inventories are also at low levels, and uncertainties regarding overseas mining operations continue to support high tin prices [1]

Core Insights - The medical services sector experienced a slight increase of 0.45% on November 26, with Lanwei Medical leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Medical Services Sector Performance - Lanwei Medical (301060) closed at 10.79, up 7.90%, with a trading volume of 410,000 shares and a transaction value of 444 million yuan [1] - Sunshine Nuohuo (688621) closed at 68.55, up 7.63%, with a trading volume of 78,800 shares and a transaction value of 537 million yuan [1] - ST Zhongzhu (600568) closed at 2.70, up 5.06%, with a trading volume of 853,900 shares and a transaction value of 230 million yuan [1] - Chengdu Xian Dao (688222) closed at 23.40, up 2.45%, with a trading volume of 110,000 shares and a transaction value of 260 million yuan [1] - Other notable performers include Yaokang Bio (688046) and Kailai Ying (002821), with increases of 2.03% and 2.02% respectively [1] Capital Flow Analysis - The medical services sector saw a net inflow of 307 million yuan from institutional investors, while retail investors experienced a net outflow of 219 million yuan [2] - Major stocks like Yao Ming Kang De (603259) and Chengda Pharmaceutical (301201) had significant capital movements, with net inflows of 26.1 million yuan and 10.4 million yuan respectively [3] - Conversely, stocks like Bi De Pharmaceutical (688073) and Haochen Medical (002622) faced net outflows of 4.6% and 2.07% respectively [2][3]

Core Insights - The article highlights the growth and trends in the private equity fund registration in China for Q3 2025, indicating a stable increase in the number of new funds and their total subscribed capital. Fund Registration Overview - A total of 1,366 new private equity funds were registered, with a disclosed subscribed capital of 553.06 billion RMB, reflecting a year-on-year increase of 14.42% [5][6] - The total number of active private equity fund managers decreased to 11,928 [5] Regional Performance - Zhejiang province led in both the number of new funds (298) and total subscribed capital (1,004.74 billion RMB), accounting for 37.47% of the national total [8][10] - Other notable regions include Guangdong and Jiangsu, with new fund numbers and capital of 555.91 billion RMB and 511.46 billion RMB respectively [10] Institutional Participation - A total of 990 institutions registered new private equity funds, with institutional participation increasing by 26.11% compared to the previous year [16] - Institutional Limited Partners (LPs) contributed over 90% of the fundraising, with state-owned LPs dominating the landscape [5][19] City Rankings - The top three cities for new fund registrations by number are Jiaxing (137), Qingdao (80), and Suzhou (72) [13] - Beijing, Shanghai, and Hangzhou ranked highest in terms of subscribed capital, collectively raising 1,040.81 billion RMB, which is 18.82% of the national total [14][15] LP Analysis - In Q3 2025, 1,242 state-owned LPs participated in fundraising, while 1,013 private LPs were involved, indicating a strong presence of institutional investors [19] - The average subscribed capital from institutional LPs was 1.87 million RMB, with personal LPs contributing a smaller share [19] Fundraising Dynamics - The fundraising activities were concentrated in regions like Zhejiang, Jiangsu, and Guangdong, with Zhejiang's institutional LPs leading in both frequency (369 times) and subscribed capital (825.43 billion RMB) [20][21] - The top ten active listed companies in terms of fund contributions included firms from sectors like renewable energy and healthcare, with significant percentages of their capital allocated to new funds [23]

Core Insights - The private equity fund management sector has seen a decrease in the total number of active managers, now standing at 11,928, despite a stable growth in the number of newly registered funds [4][11] - A total of 1,366 new private equity funds were registered, with a disclosed subscribed capital of 553.06 billion RMB [4][5] - Zhejiang province leads in both the number of new funds (298) and total subscribed capital (1,004.74 billion RMB), significantly ahead of other regions [5][6] Fund Registration and Scale - In Q3 2025, 28 regions in China registered new private equity funds, with Zhejiang, Jiangsu, Guangdong, and Shandong accounting for 59.05% of the total funds disclosed [5][6] - The top three provinces by subscribed capital are Zhejiang (1,004.74 billion RMB), Guangdong (555.91 billion RMB), and Jiangsu (511.46 billion RMB), collectively representing 37.47% of the national total [5][6] City Rankings - The cities with the highest number of new registered funds in Q3 2025 are Jiaxing (137), Qingdao (80), and Suzhou (72) [7][8] - Beijing, Shanghai, and Hangzhou are the top three cities in terms of total subscribed capital, with amounts of 362.42 billion RMB, 353.01 billion RMB, and 325.38 billion RMB respectively, totaling 1,040.81 billion RMB, which is 18.82% of the national total [8][9] Institutional Participation - A total of 990 institutions registered new private equity funds in Q3 2025, marking a 26.11% increase compared to the same period last year [11] - Among these institutions, 77 registered three or more funds, accounting for 7.78% of the total, while 736 institutions registered one fund, making up 74.34% [11] LP Contribution Analysis - Institutional Limited Partners (LPs) contributed over 90% of the fundraising, with state-owned LPs dominating the landscape [13][14] - In Q3 2025, 1,242 state-owned LPs participated, contributing a total of 761.58 billion RMB, which is 44.74% of the total subscribed capital [14] Active Listed Companies - The most active listed companies in terms of fund participation include Xiehe New Energy, Haili Star, and Baofeng Energy, with significant contributions to various funds [18]

Core Viewpoint - The stock of Zhaoyan New Drug has shown significant volatility, with a year-to-date increase of 70.06%, but recent declines in the short term raise concerns about its performance [1][2]. Group 1: Stock Performance - As of November 25, Zhaoyan New Drug's stock price increased by 2.02% to 28.23 CNY per share, with a trading volume of 162 million CNY and a turnover rate of 0.92%, resulting in a total market capitalization of 21.158 billion CNY [1]. - The stock has experienced a decline of 9.89% over the last five trading days, 15.48% over the last 20 days, and 14.14% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent occurrence on September 15 [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhaoyan New Drug reported a revenue of 985 million CNY, a year-on-year decrease of 26.23%, while the net profit attributable to shareholders increased by 214.79% to 80.706 million CNY [2]. - The company has distributed a total of 703 million CNY in dividends since its A-share listing, with 356 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhaoyan New Drug reached 96,500, an increase of 57.61% compared to the previous period [2]. - The top ten circulating shareholders include notable funds, with Huabao Zhongzheng Medical ETF holding 12.484 million shares, a decrease of 2.1693 million shares from the previous period, while new shareholders include Guangfa Small Cap Growth Mixed Fund [3].

Investment Rating - The investment rating for the company is positioned in the mid-to-lower range, with an AHP score of 2.38, placing it in the 38.9% percentile of the overall score [2][5]. Core Insights - The company, Baiaosaitu, is a leading preclinical CRO and biotechnology firm, focusing on gene editing, model animal sales, preclinical pharmacology and efficacy evaluation services, and antibody development. The gene editing technology is a significant foundation for its business, having developed proprietary CRISPR/EGE technology that enhances gene editing efficiency by nearly 20 times, significantly reducing commercial application costs [2][12]. - The company has expanded its business into innovative model animal sales, having developed over 4,300 gene-edited animals and cell models, including more than 1,700 humanized mice. The establishment of a production center compliant with AAALAC international standards supports large-scale breeding and supply of model animals [12][30]. - The company has established a comprehensive pharmacology and efficacy evaluation system, serving approximately 950 partners globally and completing over 6,350 drug evaluation projects. It has collaborations with 9 of the top 10 global pharmaceutical companies in the pharmacology and efficacy sector [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Baiaosaitu is 2.38, indicating a mid-to-lower performance level in the AHP model [5][6]. Company Fundamentals and Highlights - Baiaosaitu has built platforms for gene editing, model animal breeding, preclinical pharmacology evaluation, and antibody drug development, evolving from a single-service biotechnology company to a leading biopharmaceutical enterprise [6][12]. - The company’s revenue composition shows that model animal sales accounted for approximately 44% of total revenue in the first half of 2025, followed by antibody development and preclinical pharmacology services [7][8]. Financial Comparison with Peers - From 2022 to the first half of 2025, Baiaosaitu's revenue was lower than that of comparable companies, with revenues of 5.34, 7.17, 9.80, and 6.21 billion yuan respectively. However, the net profit turned positive in 2024, with a net profit margin that improved over time [22][24]. - The company’s gross margin was relatively high, with figures of 73.38%, 70.59%, 77.67%, and 74.39% from 2022 to the first half of 2025, outperforming the average of comparable companies [24][25]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the construction of a drug early research service platform, antibody drug research and evaluation projects, and preclinical research projects, which are expected to enhance its core competitiveness and solidify its industry position [30][31].