证券代码：603127 证券简称：昭衍新药 公告编号：2026-004 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 股东周志文及冯宇霞保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 32.27% | | | | 权益变动后合计比例 | 30.93% | | | | 本次变动是否违反已作出的 承诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 | | | 用于无控股股东、实际控制人） | | | □其他______________（请注明 ...

Core Viewpoint - The report highlights the significant growth and development of China's Contract Research Organization (CRO) industry, driven by a comprehensive policy framework and regulatory reforms that enhance innovation and operational efficiency in the pharmaceutical sector [1][3][9]. Group 1: Industry Overview - The main listed companies in China's CRO industry include WuXi AppTec (603259.SH), Kanglong Chemical (300759.SZ), Tigermed (300347.SZ), Kelaiying (002821.SZ), Zhaoyan New Drug (603127.SH), Jiuzhou Pharmaceutical (603456.SH), Haoyuan Pharmaceutical (688131.SH), Boteng Co., Ltd. (300363.SZ), Chengdu XianDao (688222.SH), and Yaoshi Technology (300725.SZ) [1]. - The CRO industry is recognized as a strategic emerging industry that supports pharmaceutical innovation, transitioning China from a major pharmaceutical market to a strong one [1]. Group 2: Policy Framework - The policy framework for the CRO industry is centered around the National Medical Products Administration (NMPA) and includes collaboration with other regulatory bodies such as the National Health Commission (NHC) and the Drug Administration (CDR) [3]. - Key regulatory measures include the Marketing Authorization Holder (MAH) system, implicit licensing for clinical trials, Good Laboratory Practice (GLP) and Good Clinical Practice (GCP) certifications, and priority review and approval processes [3]. Group 3: Industry Support Policies - National policies provide financial support through initiatives like the "Major New Drug Creation" program, tax reductions for high-tech enterprises, and increased deductions for R&D expenses, which lower operational costs for the industry [6]. - Local governments implement differentiated policies that align with regional industrial characteristics, including subsidies for innovative drug development and funding for CRO platform construction [6]. Group 4: Drug Review Reforms - Recent reforms in drug review processes have significantly improved approval efficiency, reducing the average clinical trial review time from 420 days to 30 days in pilot areas, and addressing a backlog of 22,000 cases [9][12]. - The definition of new drugs has shifted from "China New" to "Global New," aligning with international standards and enhancing the quality of innovation [12]. Group 5: Future Trends - The future of the CRO industry in China is expected to be driven by a robust policy framework, with trends including deeper collaboration in service models, increased application of AI and digital platforms, and a focus on specialized market segments [13]. - The competitive landscape is anticipated to evolve with the rise of domestic leaders and accelerated internationalization, benefiting from improved mechanisms for mutual recognition of clinical trial data [13].

Core Viewpoint - Zhaoyan New Drug (603127) has seen its stock price increase by over 5%, currently trading at 25.74 HKD, with a transaction volume of 116 million HKD. The company has announced an annual performance forecast indicating a projected net profit attributable to shareholders of approximately 233 million to 349 million CNY for 2025, representing a year-on-year growth of about 214.0% to 371.0% [1] Group 1 - The increase in net profit is attributed to the rise in market prices of biological assets and the natural growth appreciation of the company's assets, which positively contributed to the fair value changes [1] - The contribution of fair value changes of biological assets to net profit is estimated to be around 452 million to 500 million CNY [1] Group 2 - Recent market reports indicate that the price of key species, such as the crab-eating macaque, has surged to 120,000 to 130,000 CNY within a month, with some scarce sources reported at 150,000 CNY, reflecting an increase of over 30% compared to two months ago [1]

Core Viewpoint - Zhaoyan New Drug (06127) has seen a stock price increase of over 5%, currently trading at 25.74 HKD, with a transaction volume of 116 million HKD, following the announcement of its annual performance forecast, which indicates a significant expected increase in net profit for 2025 [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 233 million to 349 million RMB for 2025, representing a year-on-year growth of about 214.0% to 371.0% [1] - The increase in net profit is attributed to the rise in market prices of biological assets and the natural growth appreciation of its own assets, contributing positively to the company's performance [1] - The fair value change of biological assets is expected to contribute approximately 452 million to 500 million RMB to net profit [1] Group 2: Market Insights - A senior investment advisor from Yuekai Securities noted that the average consumption of monkeys for a new drug from laboratory to clinical stage is 60, with the dosage for macromolecular drugs potentially doubling [1] - Recent market reports indicate that the price of the core species, the crab-eating macaque, has surged to 120,000 to 130,000 RMB within a month, with some scarce sources reported at 150,000 RMB, reflecting a price increase of over 30% compared to two months ago [1]

Investment Rating - The industry is rated as "Neutral" [8][60] - Specific company ratings include "Buy" for 恒瑞医药 (Hengrui Medicine) and "Increase" for 药明康德 (WuXi AppTec) [8][60] Core Insights - The report highlights the issuance of opinions by nine departments, including the Ministry of Commerce, aimed at promoting high-quality development in the pharmaceutical retail industry, indicating a potential turning point for pharmacy operations [8][16] - The report emphasizes the expected benefits for leading chain pharmacies from policy support and increased industry concentration [8][16] - The inclusion of the drug替尔泊肽 (Tirzepatide) as a breakthrough therapy for treating metabolic-associated fatty liver disease is noted as a significant development [8][16] Industry News - The National Medical Insurance Administration issued a guideline for the pricing of surgical and treatment auxiliary services, consolidating existing price projects into 37 items [16] - The report discusses the promotion of pharmaceutical retail industry transformation towards a "health service hub" through enhanced pharmacy services and optimized purchasing experiences [16][17] - The report mentions the ongoing development of AI applications in healthcare and pharmaceuticals, suggesting investment opportunities in AI-related companies [8][58] Industry Data - As of January 22, 2026, the price index for traditional Chinese medicine shows a year-on-year decline of 14%, with specific herbs like 连翘 (Forsythia) and 党参 (Codonopsis) experiencing significant price drops of 31% and 36% respectively [18][23] - The SW pharmaceutical industry’s price-to-earnings ratio (TTM) is reported at 52.01 times, with a valuation premium of 266% relative to the CSI 300 index [52] Company Announcements - 恒瑞医药 (Hengrui Medicine) received clinical trial approval for multiple drugs, including SHR-7787 and 阿得贝利 (Adalimumab) [30] - 百利天恒 (Baili Tianheng) has had its drug application for treating recurrent or metastatic esophageal squamous cell carcinoma accepted [31] - 复星医药 (Fosun Pharma) announced plans to spin off a subsidiary for listing and received clinical trial approval for a drug targeting advanced colorectal cancer [35]

消息面上，商务部等九部门发布关于促进药品零售行业高质量发展的意见提出，优化药品营销体系。倡 导医药生产企业与全国或区域大型医药流通企业深度合作，以市场为导向规范药品购、销价格体系，促 进药品零售行业跨省、跨地区公平竞争，引导零售药品价格保持合理水平。鼓励创新药、参比制剂等药 品进零售药店销售渠道。鼓励医药电商平台开放数据接口，加强线上、线下药品零售价与省级医药采购 平台挂网价的联动监测，加强定点药店医保药品量价比较指数和药品比价小程序的推广应用。 江海证券表示，我们认为随着全球生物医药投融资环境逐步回暖，中国创新药企业出海已成为核心发展 趋势。新年首周，国内创新药领域便落地5项对外授权合作，涵盖小分子抑制剂、单抗、双抗、ADC和 RDC等多个技术领域，充分展现了中国在生物医药各技术领域的全球领先布局实力。 （文章来源：21世纪经济报道） 1月23日，A股三大指数集体上涨，中证创新药产业指数截至发稿上涨1.37%，该指数成分股中，昭衍新 药上涨超5%，贝达药业、君实生物-U、荣昌生物、泰格医药、沃森生物等跟涨。 相关ETF方面，创新药ETF（159992）截至发稿涨1.17%，成交额超1.5亿元，盘中交投活跃。 ...

转自：智通财经 【创新药概念震荡反弹 广生堂涨近15%】智通财经1月23日电，创新药概念盘中震荡反弹，广生堂涨近 15%，海特生物、昭衍新药、美迪西、舒泰神、一品红等跟涨。消息面上，2026年1月22日，由国家科 技重大专项支持的"慢性乙型肝炎临床治愈联合治疗新方案研究"召开，广生堂药业旗下创新药子公司广 生中霖生物科技携旗下核心创新药GST-HG131、GST-HG141及其联合治疗方案，正式纳入国家科技重 大专项课题研究体系。 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2][3] Group 1: Increased Holdings - Haotian International Investment (01341) saw the largest increase in holdings, up by 1.85% to a total of 65.37% [2] - IFBH LIMITED (06603) increased by 1.44%, reaching a holding of 7.29% [2] - Fortior Technology (Shenzhen) Co., Ltd. (01304) increased by 1.07%, with a current holding of 21.10% [2] - Over the last five trading days, Zhongqing Holdings (01855) had the highest increase at 6.13%, bringing its total to 13.79% [3] - Other notable increases include Haotian International Investment (01341) at 3.94% and Junda Co., Ltd. (02865) at 3.69% [3] Group 2: Decreased Holdings - Junda Co., Ltd. (02865) experienced the largest decrease in holdings, down by 2.45% to 47.55% [2] - China Duty Free Group (01880) saw a reduction of 1.54%, with a current holding of 35.20% [2] - Zhaoyan New Drug (06127) decreased by 0.95%, now holding 62.78% [2] - Over the last five trading days, Nanjing Panda Electronics (00553) had the largest decrease at 3.20%, with a holding of 45.04% [3] - Other significant decreases include Goldwind Technology (02208) at 3.02% and China Duty Free Group (01880) at 2.64% [3] Group 3: Long-term Trends - Over the past 20 days, Junda Co., Ltd. (02865) had a substantial increase of 15.33%, reaching a holding of 47.55% [4] - Zhongwei New Materials (02579) also saw a significant increase of 10.95%, with a current holding of 13.87% [4] - The long-term decrease list includes China Metallurgical Group (01618) with a reduction of 6.79%, now at 35.17% [4]

● 本报记者 李梦扬 根据同花顺iFinD数据，截至1月22日记者发稿时，按照申万一级行业划分，已有逾50家生物医药企业披 露2025年业绩预告，27家预喜，预喜比例近五成。值得关注的是，多家CXO（医药外包服务，包括 CDMO和CRO）公司业绩表现亮眼。其中，CXO行业龙头药明康德预计2025年实现营业收入约454.56亿 元，同比增长约15.84%；实现归母净利润约191.51亿元，同比增长约102.65%。 业内人士表示，随着全球投融资逐步恢复、国内对创新药行业的持续支持以及新药研发逐步回暖， CXO产业趋势向好。2026年，随着行业结构性改革深化、政策与融资环境持续优化，中国医药产业提 质升级趋势明确，行业将迈向高质量发展新阶段。 27家生物医药公司业绩预喜 在已披露业绩预告的超50家生物医药公司中，27家预喜，其中，18家预增，5家略增，4家扭亏。从归母 净利润金额看，药明康德预计2025年实现归母净利润191.51亿元，位居第一；以岭药业、甘李药业、兴 齐眼药、华邦健康等公司居前，预计归母净利润下限均超5亿元。 剔除扭亏影响，从归母净利润同比变动下限看，上海谊众、康辰药业、特一药业、昭衍新药等多家 ...

在贵金属价格持续攀升的背景下，有色金属行业成为港股市场最耀眼的板块。紫金矿业此前发布的业绩 预告显示，公司预计2025年实现归属于上市公司股东的净利润为510亿—520亿元，同比增长约59%— 62%；扣非净利润475亿—485亿元，同比增长约50%—53%。 紫金黄金国际预计2025年度实现归属于母公司股东净利润约15亿—16亿美元，与上年同期相比将增加约 10.2亿—11.2亿美元，同比增加约212%—233%。 赤峰黄金预计2025年度实现归属于上市公司股东的净利润为30亿—32亿元，与上年同期相比，将增加约 12.36亿—14.36亿元，同比增加约70%—81%。 洛阳钼业的业绩预告显示，预计2025年度实现归属净利润为200亿元到208亿元，同比增长47.8%到 53.71%。 有色金属行业公司业绩攀升，主要受金属价格走高影响。比如，紫金黄金国际明确表示，矿产金产量增 加，良好的市场及并购因素，使得公司2025年业绩实现大增。2025年，公司矿产金产量同比增加至约 46.5吨，而2024年度约38.9吨（不含波格拉金矿产量）。2025年，矿产金销售价格同比上涨，加上2025 年度完成并购的两个在产金 ...