Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Zhaoyan New Drug (6127.HK), which increased nearly 10% to HKD 22.48, marking a two-month high, with a cumulative increase of over 30% in December, leading to a total market capitalization of HKD 16.86 billion [1] - The price of experimental monkeys has surged, with the cost of 3-5 year old crab-eating macaques reaching HKD 140,000 each, indicating a supply-demand imbalance this year [1] - The recovery in the CRO (Contract Research Organization) industry and the upward cycle of innovative drugs are contributing factors to the rising prices of experimental monkeys, with several CRO companies, including Zhaoyan New Drug and Yinos, having substantial resources in this area [1] Group 2 - According to Founder Securities, leading CROs with rich strategic resource reserves are expected to benefit from the industry recovery and the fair value gains from monkey prices [1] - For Zhaoyan New Drug, assuming an average price of HKD 84,900 per monkey in 2024 and an increase to HKD 140,000 by Q4 2025, with an estimated output rate of 17% from 23,200 monkeys, the projected new fair value in 2025 could be approximately HKD 220 million [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Zhaoyan New Drug (6127.HK), which increased nearly 10% to HKD 22.48, marking a two-month high, with a cumulative increase of over 30% in the month, resulting in a total market capitalization of HKD 16.86 billion [1] - The price of experimental monkeys has surged, with the cost for 3-5 year old crab-eating macaques reaching HKD 140,000 each, indicating a supply-demand imbalance this year [1] - The increase in monkey prices is linked to the upward cycle of innovative drugs and the recovery of orders in the CRO industry, with several CRO companies, including Zhaoyan New Drug and Yinos, having substantial resources in experimental monkeys [1] Group 2 - According to Founder Securities, leading CROs with rich strategic resource reserves are expected to benefit from the industry recovery and the fair value gains from monkey prices [1] - For Zhaoyan New Drug, assuming an average price of HKD 84,900 per monkey in 2024 and an increase to HKD 140,000 by Q4 2025, with an estimated output rate of 17% from a known 23,200 monkeys, the projected new fair value in 2025 could be approximately HKD 220 million [1]