智通财经APP获悉，百奥赛图-B(02315)再涨超5%，截至发稿，涨5.41%，报47.96港元，成交额6986.85 万港元。 消息面上，百奥赛图近期发布2025年度业绩预告，预计全年实现营收约13.69亿元至13.89亿元，较上年 同期增加3.89亿元至4.08亿元，同比增幅为39.61%到41.65%；预计实现归母净利润约为1.62亿元-1.82亿 元，较上年同期增加1.29亿元至1.49亿元，同比大幅增长384.26%至443.88%。 国联民生证券认为，创新动物模型及临床前CRO业务高景气带动收入高增。该行指出，2025年以来， 公司与多家国内外头部药企达成对外授权，并有多条管线获得IND批准，随着授权管线的推进，公司有 望获得里程碑付款等收入，进一步打开增长天花板。 （原标题：港股异动 | 百奥赛图-B(02315)再涨超5% 主业景气带动收入高增 机构看好公司长期增长潜 力） ...

Core Viewpoint - Zhaoyan New Drug achieved a net profit of 0.81 billion yuan in Q1-Q3 2025, marking a turnaround to profitability, with a non-recurring net profit of 0.29 billion yuan, also indicating a return to profit [1] Financial Performance - The financial data continues to show pressure, but new signed orders exhibit a trend of marginal improvement [1] - Cumulative new signed orders for Q1-Q3 2025 amounted to approximately 16.4 billion yuan, representing a year-on-year increase of 17% [1] - New signed orders in Q3 2025 reached 6.2 billion yuan, reflecting a year-on-year growth of 24% and a quarter-on-quarter increase of 5% compared to Q2 2025 [1] Market Outlook - The order side benefits from improved client demand [1] - Considering the continuous introduction of policies encouraging innovation in China, along with the active stock prices of A+H innovative drug companies and a recovering IPO trend, domestic demand is expected to see marginal improvement in the coming years [1] - As a core participant in the domestic preclinical CRO business, the company is positioned to significantly benefit from these trends [1] Investment Rating - Adjustments have been made to previous profit forecasts based on changes in the domestic investment and financing environment and the new signed order trends from 2023 to 2025, while maintaining an "overweight" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The financial data continues to show pressure, but new orders are showing a marginal improvement trend. The company reported a revenue of 985 million yuan for the first three quarters of 2025, a year-on-year decrease of 26.23%, but achieved a net profit attributable to shareholders of 81 million yuan, marking a return to profitability [1][2]. Financial Performance Summary - In Q3 2025, the company achieved a revenue of 316 million yuan, a year-on-year decline of 34.87%, with a gross margin of 16.32%. The overall financial data remains under pressure due to a decline in new orders in 2023-2024 [2]. - Cumulative new orders for the first three quarters of 2025 amounted to approximately 1.64 billion yuan, a year-on-year increase of 17%. In Q3 2025, new orders were 620 million yuan, up 24% year-on-year and 5% quarter-on-quarter, benefiting from improved client demand [2]. - The net profit for Q3 2025 was 20 million yuan, with the laboratory business contributing a loss of 60 million yuan, while asset management income contributed 13 million yuan. The fair value change of biological assets was 52 million yuan, indicating a decline in the net profit margin of the core laboratory service business to -18.9% due to intense competition [2]. Earnings Forecast and Investment Recommendations - Adjustments have been made to the earnings forecast for 2025-2027, with revenue estimates revised from 1.651 billion, 1.678 billion, and 1.762 billion yuan to 1.577 billion, 1.604 billion, and 1.684 billion yuan respectively. The EPS estimates were adjusted from 0.21 yuan to 0.14 yuan, 0.21 yuan to 0.15 yuan, and 0.21 yuan to 0.14 yuan for the respective years [3]. - The price-to-earnings ratio (PE) for 2025 is projected to be 230 times, 223 times for 2026, and 236 times for 2027, based on the closing price of 33.07 yuan per share on November 12, 2025 [3].

Group 1 - The core point of the news is that Medisi has announced the completion of a share reduction plan by shareholder Lin Changqing, who has reduced his holdings by approximately 1.15% of the company's total shares, totaling around 1.54 million shares [1] - As of the latest report, Medisi's market capitalization stands at 9.2 billion yuan [3] - The company's revenue composition for the year 2024 indicates that the preclinical CRO business accounts for 99.96% of total revenue, while other businesses contribute only 0.04% [2]

Group 1 - Medisi announced that shareholder Lin Changqing holds approximately 4.11 million shares, accounting for 3.06% of the total share capital [1] - After the release of the pledge, Lin Changqing has pledged a total of 2.4 million shares, which is 58.34% of his total holdings and 1.79% of the company's total share capital [1] - For the year 2024, Medisi's revenue composition is projected to be 99.96% from preclinical CRO business and 0.04% from other businesses [1] Group 2 - As of the report, Medisi's market capitalization is 9.3 billion yuan [1]

Group 1 - The core point of the article is that Medisi (SH 688202) announced a board meeting to discuss the first grant of restricted stock under the 2025 incentive plan, highlighting its focus on employee incentives and future growth strategies [1] - For the fiscal year 2024, Medisi's revenue composition shows that 99.96% comes from preclinical CRO (Contract Research Organization) business, indicating a strong reliance on this segment for income [1] - As of the report, Medisi's market capitalization stands at 10.9 billion yuan, reflecting its valuation in the market [1] Group 2 - The article mentions a significant breakthrough in a new drug recognized by both Chinese and American authorities for its breakthrough efficacy, which has generated excitement at the World Lung Cancer Conference [1]