方正证券认为，头部CRO战略资源储备丰富，有望受益于行业回暖+猴价公允价值收益。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 （不考虑新补进猴子及未成年&老龄猴的影响）2025年新增公允价值约2.2亿。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 12月17日，昭衍新药(6127.HK)大幅拉升涨近10%，报22.48港元创逾2个月新高价，月内累计涨幅更是超30%，目前总市值 168.6亿港元。 消息上，据悉，实验猴价格迎来暴涨，目前3—5岁左右的食蟹猴价格已涨至14万元一只，且年内已出现供不应求的局面。 如今实验猴价格重回10万元以上，背后与今年以来创新药进入上行周期，CRO行业订单回暖分不开。目前，多家CRO企业 在实验猴上有所布局，其中昭衍新药、益诺思等更是拥有较多实验猴资源。 ...

方正证券认为，头部CRO战略资源储备丰富，有望受益于行业回暖+猴价公允价值收益。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（不考虑新补进猴子及未成年&老龄猴的影响）2025年新增公允 价值约2.2亿。 昭衍新药(6127.HK)大幅拉升涨近10%，报22.48港元创逾2个月新高价，月内累计涨幅更是超30%，目前总市值168.6亿港元。 消息上，据悉，实验猴价格迎来暴涨，目前3—5岁左右的食蟹猴价格已涨至14万元一只，且年内已出现供不应求的局面。如今实验猴价格重回10万元以上， 背后与今年以来创新药进入上行周期，CRO行业订单回暖分不开。目前，多家CRO企业在实验猴上有所布局，其中昭衍新药、益诺思等更是拥有较多实验 猴资源。 ...

Group 1 - The price of experimental monkeys has surged, with the cost for 3-5 year old crab-eating macaques reaching 140,000 yuan each as of December 9, indicating a supply-demand imbalance in the market [1] - The price of experimental monkeys had previously experienced significant fluctuations, peaking at nearly 200,000 yuan each around 2023 before dropping to as low as 50,000 yuan [1] - The current increase in monkey prices is linked to the upward cycle of innovative drugs and the recovery of orders in the CRO (Contract Research Organization) industry [1] Group 2 - Several CRO companies, including Zhaoyan New Drug and Yinos, have made significant investments in experimental monkeys, indicating a strategic focus on this resource [1] - Since 2018, leading companies such as WuXi AppTec and Kanglong Chemical have been acquiring monkey breeding facilities, reflecting a trend of stockpiling monkeys in anticipation of price increases [1] - A substantial rise in monkey prices could positively impact the fair value changes of companies' biological assets [1]