每经记者｜章光日 每经编辑｜吴永久 近期，昭衍新药发布2025年年度业绩预告，预计扣非净利润同比增幅最低为945%。2025年公司股价也表现强势，全年涨幅高达110.9%。而 在股价大幅上涨后，昭衍新药实际控制人也计划进行减持，就在前几天，其已经减持超1000万股，套现超过3.7亿元。 业绩反转背后：2025年下半年实验猴涨价 昭衍新药建立了独具特色的药物非临床服务、药物临床服务及相关服务，优质实验模型的繁殖和销售以及基因编辑实验模型定制服务的高 附加值产业链，可为客户提供一站式的优质服务。 2026年1月21日，昭衍新药发布了2025年度业绩预告。公司预计实现营业收入约15.73亿元到17.38亿元，较2024年减少约13.9%到22.1%；实 现净利润约2.33亿元到3.49亿元，较2024年增加约214%到371%；实现扣非净利润2.46亿元到3.70亿元，较2024年增加约945.2%到1467.7%。 实控人已套现不低于3.7亿元 减持计划尚未结束 在发布2025年业绩预告后，昭衍新药的股价表现较为平淡。不过，2025年全年昭衍新药股价表现强势，涨幅高达110.9%。截至2026年1月 26日，昭衍 ...

Summary of Conference Call on Monkey Price Trends Industry Overview - The conference call discusses the domestic monkey breeding industry, particularly focusing on the demand for experimental monkeys and the factors influencing their prices [1][2]. Key Points and Arguments Demand and Supply Dynamics - There is a strong demand for experimental monkeys from domestic DL companies, leading to a significant increase in orders, particularly from November and December 2023 [2]. - The supply of monkeys is constrained due to a shortage of animal resources, resulting in a market characterized by scattered orders rather than long-term contracts [3]. - The average price of experimental monkeys is expected to stabilize between 12-13 million yuan, with potential fluctuations up to 12-16 million yuan [4][13]. Quality and Quantity of Domestic Monkey Population - The overall population of monkeys remains stable, but the quality is declining, affecting both the output quantity and quality [5]. Importation of Monkeys - Cambodia began exporting experimental monkeys to China in December 2023, with Vietnam expected to follow in 2025 and Indonesia in 2026 [6]. - Imported monkeys are primarily for breeding purposes, but some meet experimental standards and can be sold as commercial monkeys [7]. Cost of Production - The cost of producing monkeys has increased due to additional testing requirements, raising the cost by approximately 700-800 yuan per monkey [8]. Future Supply Trends - A supply gap for commercial monkeys is anticipated to persist from 2026 to 2028, particularly severe in 2026 and 2027, with improvements expected by 2029 [9]. Impact of Overseas Demand - The price of experimental monkeys in the U.S. is significantly higher than in China, influencing domestic pricing strategies. For instance, when domestic prices are below 100,000 yuan, U.S. prices are around 140,000-150,000 yuan [10]. Revenue from Non-Standard Monkeys - The increase in output for 2025 is attributed to the sale of non-standard monkeys, which do not significantly boost revenue due to their lower price points [11]. Industry Pricing Levels - The current average market price for monkeys is between 110,000 and 120,000 yuan, with the company maintaining a competitive pricing strategy [12]. Challenges in Breeding Programs - Although breeding plans exist, the actual implementation is challenging due to the strong demand for immediate returns, making it difficult to retain breeding stock [16]. Influence of Domestic Innovation - The growth of domestic innovative pharmaceuticals is driving demand for monkeys, with usage surpassing that in the U.S. and a higher number of original drugs compared to Western countries [17]. Additional Important Insights - The market is shifting towards more flexible purchasing arrangements, with clients actively seeking monkeys rather than relying on long-term contracts [3]. - The potential for exporting monkeys is limited due to regulatory constraints, as they are considered a strategic resource [14]. - The cost of imported monkeys varies based on the gender ratio and country of origin, with Cambodian imports costing around 70,000-80,000 yuan per monkey [14]. This summary encapsulates the critical insights from the conference call regarding the monkey breeding industry, highlighting the interplay between demand, supply, pricing, and the impact of domestic and international factors.

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]