Core Viewpoint - The company has released its 2025 performance forecast, projecting revenue of 45.46 billion yuan (+15.8%) and a net profit attributable to shareholders of 19.15 billion yuan (+102.7%), indicating better-than-expected performance [1] Revenue and Profit Forecast - For 2025, the company expects revenue of 45.46 billion yuan, with a 15.8% year-on-year growth, and a net profit of 19.15 billion yuan, reflecting a 102.7% increase [2] - The projected revenue for 2026 and 2027 is 51.55 billion yuan (+13.4%) and 58.82 billion yuan (+14.1%), respectively [2] Business Growth and Performance - The growth rate of the continuing operations revenue is forecasted at 21.4%, exceeding previous guidance of 17-18% [1] - The company anticipates that the Chemistry business will maintain rapid growth, driven by TIDES and other business segments [1] Quarterly Performance Insights - In Q4 2025, the company expects revenue of 12.6 billion yuan (+9.2%) and a net profit of 7.08 billion yuan (+142.5%) [1] - The Non-IFRS net profit margin for Q4 2025 is projected to be 35.1%, showing stability compared to Q3 2025 and significant improvement from Q4 2024 [1] Future Profitability Potential - The company expects to generate approximately 4.16 billion yuan from the sale of equity interests and 1.43 billion yuan from the sale of clinical CRO and SMO businesses in 2025 [1] - The profitability potential for 2026 remains promising due to anticipated large orders and a stable recovery in overseas demand [1]

华检医疗(01931)发布公告，于2026年1月20日该公司斥资97.5万港元回购47万股，回购价格为每股2.00- 2.14港元。 ...

记者从国家医保局今日举行的第五场医疗服务价格项目立项指南解读会上获悉，今日发布的第37批《手 术和治疗辅助操作类医疗服务价格项目立项指南》中，辅助操作类共设立37项价格项目，另有加收项5 项、扩展项1项。其中，手术机械臂方面聚焦手术机器人在手术中的参与程度和促进精准的临床价值， 分档次设定了导航、参与执行、精准执行等三个价格项目，打破手术入路、应用部位、国内外品牌等划 分界限，实行与主手术挂钩的系数化收费模式。同时前瞻性设立"远程手术辅助操作费"价格项目，降低 患者异地就医奔波负担。2024年以来，医保局加快医疗服务价格立项指南编制工作，此前已累计发布36 批立项指南，各地平均落地30批。（智通财经） ...

（文章来源：北京商报） 北京商报讯1月20日晚间，昭衍新药（603127）发布2025年度业绩预告显示，预计2025年归属净利润约 2.33亿元到3.49亿元，同比增加约214%到371%。 昭衍新药表示，报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正 向变动，为公司业绩做出积极贡献。此外，报告期内，公司实验室继续保持良好稳定的运营状态，但受 前期行业竞争剧烈的滞后影响，本报告期履约合同的收入和毛利率同比降低，实验室服务业务利润贡献 下降。 ...

昭衍新药（603127）(06127)发布公告，预计2025年实现营业收入约人民币15.73亿元到人民币17.38亿 元，与上年同期的数据相比，将减少约人民币2.8亿元到人民币4.46亿元，同比减少约13.9%到22.1%。 预计2025年实现归属于公司股东的净利润约人民币2.33亿元到人民币3.49亿元，与上年同期的数据相 比，将增加约人民币1.59亿元到人民币2.75亿元，同比增加约214.0%到371.0%。 本报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公 司业绩做出积极贡献。本报告期内，公司实验室继续保持良好稳定的运营状态，但受前期行业竞争剧烈 的滞后影响，本报告期履约合同的收入和毛利率同比降低，实验室服务业务利润贡献下降。 预计2025年实现归属于公司股东的扣除非经常性损益的净利润约人民币2.46亿元到人民币3.7亿元，与上 年同期的数据相比，将增加约人民币2.23亿元到人民币3.46亿元，同比增加约945.2%到1,467.7%。其 中：生物资产公允价值变动贡献的净利润约人民币4.52亿元到人民币5亿元。实验室服务及其他业务净 利润约人民币-2.06亿元 ...

预计2025年实现归属于公司股东的净利润约人民币2.33亿元到人民币3.49亿元，与上年同期的数据相 比，将增加约人民币15,853.52万元到人民币27,484.06万元，同比增加约214.0%到371.0%。 预计2025年实现归属于公司股东的扣除非经常性损益的净利润约人民币24,638.00万元到人民币36,956.99 万元，与上年同期的数据相比，将增加约人民币22,280.66万元到人民币34,599.65万元，同比增加约 945.2%到1,467.7%。其中：3.1生物资产公允价值变动贡献的净利润约人民币45,191.16万元到人民币 49,948.12万元。3.2实验室服务及其他业务净利润约人民币-20,553.16万元到人民币-12,991.13万元。 格隆汇1月20日丨昭衍新药(06127.HK)公告，按照集团截至2025年12月31日止年度(「报告期」)的未经 审核管理账目之初步评估以及董事会现时可得的资料，经财务部门初步测算如下：预计2025年实现营业 收入约人民币15.73亿元到人民币17.38亿元，与上年同期的数据相比，将减少约人民币28,019.80万元到 人民币44,573.47 ...

Core Viewpoint - Tongce Medical (600763) experienced a decline in stock price, closing at 44.3 yuan on January 20, 2026, with a turnover rate of 2.26% and a trading volume of 101,000 hands, resulting in a transaction amount of 449 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, Tongce Medical reported a main revenue of 2.29 billion yuan, an increase of 2.56% year-on-year [2] - The net profit attributable to shareholders was 514 million yuan, up 3.16% year-on-year, while the net profit excluding non-recurring items was 509 million yuan, reflecting a 3.09% increase year-on-year [2] - In Q3 2025, the company achieved a single-quarter main revenue of 842 million yuan, a year-on-year increase of 2.34%, and a net profit attributable to shareholders of 192 million yuan, up 2.31% year-on-year [2] - The company's debt ratio stands at 25.1%, with investment income of 41.22 million yuan and financial expenses of 31.93 million yuan, resulting in a gross profit margin of 41.69% [2] Group 2: Market Activity - On January 20, 2026, the net outflow of main funds was 59.49 million yuan, accounting for 13.24% of the total transaction amount, while retail investors saw a net inflow of 39.88 million yuan, representing 8.87% of the total transaction amount [1] - Over the past 90 days, seven institutions have provided ratings for the stock, with four buy ratings and three hold ratings, and the average target price set by institutions is 5.288 billion yuan [2]

（文章来源：证券日报） 证券日报网讯 1月20日，三博脑科发布公告称，公司第三届董事会第十六次会议、2026年第一次临时股 东会审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动资金及注销募集资金专户的议 案》。同意将"首都医科大学三博脑科医院建设项目"结项，同意注销募集资金专户，并将截至2025年12 月22日的节余募集资金7，027.72万元（含扣除手续费后的利息收入、现金管理收益等，实际金额以资 金转出当日募集资金专户余额为准）永久补充流动资金，用于公司日常生产经营及业务发展。公司于近 日办理完成了上述相关募集资金专用账户的注销手续，最终实际永久补充流动资金的节余募集资金金额 为7，029.71万元。本次涉及募集资金专户注销后，公司及北京三博脑科医院有限公司与保荐机构、监 管银行签订的募集资金四方监管协议随之终止。 ...

证券日报网讯1月20日，昭衍新药（603127）在互动平台回答投资者提问时表示，公司具备OECD的 GLP认证资质，可以承接相关非临床服务项目，但来自欧盟地区的收入占比极低，不构成重要影响。 ...

Core Viewpoint - Zhaoyan New Drug (603127.SH) forecasts a net profit attributable to shareholders of approximately RMB 233 million to RMB 349 million for the year 2025, representing a year-on-year increase of about 214% to 371% [1] Group 1: Financial Performance - The increase in fair value is driven by a rise in market prices of biological assets and natural growth appreciation [1] - The laboratory operations have maintained a stable performance during the reporting period [1] Group 2: Revenue and Profitability - Due to the previous intense industry competition, the revenue and gross margin from performance contracts have decreased year-on-year [1] - The contribution of laboratory service business profits has declined [1]