1月21日，昭衍新药（603127）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%。 全文请见：实验猴涨价推动昭衍新药业绩反转！去年股价飙升110.9%，实控人两天套现超3.7亿元 昭衍新药的生物资产主要包括哪些呢？价格上涨了多少呢？对此，每经资本眼专栏记者致电昭衍新药证 券部，接电话的相关人士表示，主要是试验用的猴子，价格上涨主要发生在2025年下半年，目前无法告 知具体涨幅数据。 公告显示，由于价格上涨叠加自身自然生长增值，2025年昭衍新药所持的生物资产的市场公允价值出现 正向变动，为公司贡献的净利润约4.52亿元到4.99亿元。而公司实验室服务及其他业务则出现亏损，亏 损金额约1.30亿元至2.06亿元。 ...

Core Viewpoint - Zhaoyan New Drug (603127) expects a decline in revenue for 2025, while projecting significant growth in net profit and adjusted net profit [1] Revenue Forecast - The company anticipates achieving an operating revenue of approximately 1.573 billion to 1.738 billion yuan in 2025, representing a year-on-year decrease of about 13.9% to 22.1% [1] Profit Forecast - The expected net profit attributable to shareholders for 2025 is projected to be around 233 million to 349 million yuan, indicating a year-on-year increase of approximately 214.0% to 371.0% [1] - The forecast for net profit excluding non-recurring gains and losses is estimated to be between 246 million to 370 million yuan, reflecting a year-on-year increase of approximately 945.2% to 1467.7% [1] Performance Drivers - The primary reason for the performance changes is attributed to the increase in market prices of biological assets and the natural growth appreciation, which positively impacted the fair value [1] - However, the profitability contribution from laboratory services has declined due to intense competition in the industry, leading to a decrease in revenue and gross margin from performance contracts year-on-year [1]

Summary of the Earnings Call Transcript Company Overview - The company discussed is **Zhaoyan New Drug**, focusing on its financial performance and projections for 2025. Key Financial Projections - **2025 Revenue Forecast**: Expected to be between **1.573 billion to 1.738 billion CNY**, representing a year-over-year decline of **13.9% to 22.1%** [1] - **Net Profit Forecast**: Projected net profit attributable to shareholders is between **233 million to 349 million CNY**, showing a significant increase of **214.0% to 317.0%** year-over-year [1] - **Non-GAAP Net Profit**: Expected to be between **246 million to 370 million CNY**, indicating a substantial growth of **945.2% to 1467.7%** year-over-year [1] Q4 2025 Specifics - **Q4 Revenue Forecast**: Anticipated revenue for Q4 is between **588 million to 753 million CNY**, with a year-over-year decline of **14.0%** but a quarter-over-quarter increase of **10.2%** [2] - **Q4 Net Profit**: Projected net profit for Q4 is between **152 million to 268 million CNY**, with a year-over-year growth of **5.2% to 85.8%** [2] - **Non-GAAP Net Profit for Q4**: Expected to be between **217 million to 341 million CNY**, reflecting a year-over-year increase of **58.6% to 148.5%** [2] Profit Margin Insights - **Profit Margin Trends**: The profit margins for laboratory services and other businesses are narrowing, with reported losses in Q1 to Q4 of **-0.25 billion, -0.40 billion, -0.46 billion, and -0.57 billion CNY** respectively [2] - **Profit Margin Rates**: The profit margin rates for these services were reported at **-9%, -11%, -15%, and -8%** for the respective quarters [2] Biological Asset Valuation - **Significant Increase in Biological Assets**: In Q4, the fair value of biological assets is expected to show a positive change of **312 million to 359 million CNY**, which is significantly higher than the average of **47 million CNY** in the previous three quarters [2] - **Market Price and Natural Growth Factors**: The increase is attributed to both rising market prices and natural growth of the biological assets [2] - **Asset Valuation of Monkeys**: The valuation for 3-5 year old monkeys is projected to increase by **20,000 to 40,000 CNY**, with the end-of-year valuation for these assets expected to reach **100,000 to 120,000 CNY** [2]

Company and Industry Summary Company: Zhaoyan New Drug (昭衍新药) Key Financial Projections - **2025 Annual Revenue**: Expected to be between 1.573 billion to 1.738 billion CNY, representing a year-over-year decline of 13.9% to 22.1% [1] - **Net Profit**: Projected to be between 233 million to 349 million CNY, indicating a significant year-over-year increase of 214.0% to 317.0% [1] - **Net Profit Excluding Non-recurring Items**: Expected to be between 246 million to 370 million CNY, showing a substantial year-over-year growth of 945.2% to 1467.7% [1] Q4 2025 Financial Expectations - **Q4 Revenue**: Anticipated to be between 588 million to 753 million CNY, with a year-over-year decline of 14.0% but a quarter-over-quarter increase of 10.2% [1] - **Q4 Net Profit**: Expected to range from 152 million to 268 million CNY, reflecting a year-over-year growth of 5.2% to 85.8% [1] - **Q4 Net Profit Excluding Non-recurring Items**: Projected to be between 217 million to 341 million CNY, indicating a year-over-year increase of 58.6% to 148.5% [1] Profit Margin Insights - **Q4 Laboratory Services and Other Business Profit Margin**: Noted to have narrowed [2] - **Quarterly Laboratory Services and Other Business Profits**: Reported as -25 million, -40 million, -46 million, and -57 million CNY for Q1 to Q4 respectively, with profit margins of -9%, -11%, -15%, and -8% [2] Biological Assets Valuation - **Q4 Biological Assets Fair Value Change**: Significant increase expected, with a fair value change of 312 million to 359 million CNY, which is substantially higher than the average of 47 million CNY in previous quarters [2] - **Market Price Increase for Biological Assets**: The valuation of 3-5 year old monkeys is projected to rise by 20,000 to 40,000 CNY, with the end-of-year valuation for these assets expected to reach 100,000 to 120,000 CNY [2] Additional Insights - **Overall Performance**: Q4 revenue exceeded expectations, indicating a positive outlook despite the anticipated decline in annual revenue [1][2] - **Market Dynamics**: The increase in biological asset values is attributed to both market price increases and natural growth factors [2]