事件：2025年8 月26 日，公司发布《2025年半年度报告》。2025H1 公司实现营业收入6.69 亿元，同比 下滑21.29%；实现归母净利润0.61 亿元，同比扭亏为盈；实现扣非净利润0.23 亿元，同比扭亏为盈。 单季度来看，2025Q2 公司实现营业收入3.81 亿元，同比下滑27.32%；实现归母净利润0.20 亿元，同比 下滑80.67%；实现扣非净利润-261 万元。 盈利预测：我们预计公司2025-2027 年营业收入分别为18.12 亿元、20.87 亿元、24.06 亿元，归母净利 润分别为2.30 亿元、2.96 亿元、3.67 亿元，EPS（摊薄）分别为0.31 元、0.40 元、0.49 元，对应PE估值 分别为104.16 倍、80.94 倍、65.37 倍。 从订单端来看：在手订单方面，2025H1 公司整体在手订单金额约为23亿元，环比2025Q1 在手订单金额 约22 亿元开始触底回升；新签订单方面，2025H1 公司新签订单金额约为10.2 亿元，同比2024H1 同期 新签订单金额约9 亿元开始显著增长。 总结：昭衍新药是行业领先的临床前CRO 龙头，受行业周期影响 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 昭衍新药(603127) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 订单呈现边际加速趋势，重点开拓海外市场 [Table_ReportDate] 2025 年 08 月 28 日 [Table_S 事件：2025 ummar年y]8 月 26 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 6.69 亿元，同比下滑 21.29%；实现归母净利润 0.61 亿元， 同比扭亏为盈；实现扣非净利润 0.23 亿元，同比扭亏为盈。单季度来看， 2025Q2 公司实现营业收入 3.81 亿元，同比下滑 27.32%；实现归母净利润 ...

Summary of Preclinical CRO Industry Conference Call Industry Overview - The preclinical CRO industry is experiencing a decline in demand and increased competition since the second half of 2023, leading to a price war. The overall industry is expected to remain sluggish in 2024, with only slight growth anticipated in 2025, recovering slowly [1][2] - Large pharmaceutical companies now account for 70% of orders, while biotechnology companies have seen their share drop to 30% [5] Key Trends and Insights - There has been a slight increase in domestic project demand, but foreign orders remain scarce. Expanding into international markets, particularly in monkey resources, could enhance profit margins [1][6] - The fastest-growing drug types are concentrated in ADC, bispecific antibodies, and small nucleic acids, while orders for cell and gene therapies have decreased significantly [7][8] - The average cost of monkeys in China is currently around 80,000 yuan, expected to rise to approximately 100,000 yuan in the second half of the year due to reduced supply. However, this price increase is seen as temporary, with potential declines anticipated by 2026 as import channels open [11][12] Pricing and Competition - The preclinical CRO industry entered a price war in the second half of 2023, with prices dropping by 20% in the first half of 2023 and reaching a 50% decline by the end of the year. Prices stabilized at around 40-50% of original levels in 2024 [3][28] - Some leading companies, such as WuXi AppTec, have begun raising prices for animal testing to maintain profit margins, indicating a potential recovery trend [9][10] Market Dynamics - The competitive landscape remains intense, with approximately 70 companies holding GLP certification, but only about 20 capable of handling projects. Market orders are primarily concentrated among a few top-tier companies [16] - Companies are optimizing non-core segments and downsizing to improve efficiency, a trend expected to continue into 2026 [17] Regulatory and Cost Factors - Rising tariffs have increased the cost of testing reagents by less than 10%, primarily affecting project scheduling rather than pricing. Companies are seeking domestic alternatives to mitigate cost pressures [18][19] - The improvement in the domestic investment environment is expected to reflect in order volumes by the second or third quarter of the following year [22] Future Outlook - The industry is actively exploring alternatives to animal testing, such as organoids and organ-on-chip technologies, although complete replacement of animal testing is not yet feasible [23][24] - The opening of import channels for monkeys could lead to a decrease in domestic prices, contingent on government policy [13][14] Conclusion - The preclinical CRO industry is navigating a challenging landscape characterized by declining demand, price competition, and evolving regulatory requirements. Companies are adapting by optimizing operations and exploring new technologies to remain competitive in the long term [2][23]