Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Views - The company's 1H25 revenue and net profit attributable to shareholders were CNY 66.9 million and CNY 6.1 million respectively, showing a year-on-year decline of 21.3% in revenue but a significant increase of 135.9% in net profit, aligning with performance forecasts [1]. - The overall order backlog stands at approximately CNY 2.3 billion, with new orders amounting to CNY 1.02 billion, reflecting a year-on-year increase of 13.3%, and a notable recovery in new orders in 2Q25 with an 18.0% year-on-year growth [1][4]. - The company is expected to benefit from a continued recovery in industry demand and a well-structured overseas business expansion, indicating strong long-term growth potential [1][4]. Financial Performance - The gross margin for 1H25 was 24.0%, down 6.3 percentage points year-on-year, primarily due to pressure on domestic order volume and the completion of high-margin long-term projects by the end of 2024 [2]. - Operating cash flow for 1H25 was CNY 163 million, representing a year-on-year increase of 3.2%, indicating stable cash flow performance [2]. Business Segments - Non-clinical drug research services generated revenue of CNY 639 million, down 21.1% year-on-year, attributed to short-term pressures in domestic business, while overseas revenue in this segment grew by 7.1% [3]. - Clinical services and others reported revenue of CNY 29.02 million, down 26.8% year-on-year, with several service varieties progressing through NMPA inspections [3]. - The experimental model supply segment generated revenue of CNY 480,000, with ongoing development in non-human primate models and small animal models [3]. Geographic Revenue Breakdown - Overseas revenue reached CNY 252 million, up 7.1% year-on-year, accounting for 37.7% of total revenue, with expectations for continued growth in this area [4]. - Domestic revenue was CNY 417 million, down 32.2% year-on-year, primarily due to historical pressures on order volume and pricing, but there are expectations for marginal improvement in domestic business [4]. Profit Forecast and Valuation - The profit forecast remains unchanged, with expected net profits attributable to shareholders of CNY 292 million, CNY 360 million, and CNY 445 million for 2025-2027 [5]. - The company is positioned as a leader in the domestic non-clinical safety evaluation industry, with a solid technical foundation and active overseas expansion, leading to a target price of CNY 37.02 and HKD 27.34 for A and H shares respectively [5].

Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. primarily engages in non-clinical safety evaluation services for drugs, preclinical research services, and sales of laboratory animals and related products [1] - The main products include non-clinical research services, clinical services, and supply of experimental models [1] Financial Performance - For Q1 2025, the company reported revenue of 287 million yuan, a year-on-year decrease of 11.54% [1] - The net profit for the same period was 41.12 million yuan, showing a significant year-on-year increase of 115.11% [1] - The sales gross margin stood at 28.61% [1] Market Position - As of August 20, the company's stock closed at 31.14 yuan, down 3.26%, with a rolling PE ratio of 60.24 times [1] - The total market capitalization is 23.339 billion yuan [1] - In terms of industry comparison, the average PE ratio for the medical services sector is 49.21 times, with a median of 65.65 times, placing Zhaoyan New Drug at the 28th position in the industry [1][2] Institutional Holdings - As of Q1 2025, 17 institutions hold shares in Zhaoyan New Drug, all of which are funds, with a total holding of 10.9687 million shares valued at 231 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Zhaoyan New Drug, which closed at 32.19 yuan with a PE ratio of 62.27 times, indicating a decline of 2.87% [1] - The company operates primarily in the field of non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1] - As of the first quarter of 2025, Zhaoyan New Drug reported a revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.12 million yuan, reflecting a significant increase of 115.11% [1] Group 2 - In terms of industry comparison, the average PE ratio for the medical services sector is 49.81 times, with a median of 65.60 times, positioning Zhaoyan New Drug at the 28th rank within the industry [1][2] - The total market capitalization of Zhaoyan New Drug is 24.126 billion yuan, with 17 institutions holding a total of 10.9687 million shares valued at 231 million yuan [1] - The company's sales gross margin stands at 28.61% as per the latest financial report [1]

Company Overview - Beijing Zhaoyan New Drug Research Center Co., Ltd. primarily engages in non-clinical safety evaluation services for drugs, preclinical research services, and sales of laboratory animals and related products [1] - The main products include non-clinical research services, clinical services, and supply of experimental models [1] Financial Performance - For Q1 2025, the company reported revenue of 287 million yuan, a year-on-year decrease of 11.54% [1] - The net profit for the same period was 41.12 million yuan, showing a significant year-on-year increase of 115.11% [1] - The gross profit margin was recorded at 28.61% [1] Market Position - As of August 15, the company's stock closed at 32.96 yuan, reflecting a 2.33% increase, with a rolling PE ratio of 63.76 times [1] - The total market capitalization of the company is 24.703 billion yuan [1] - In terms of industry comparison, the average PE ratio for the medical services sector is 49.76 times, with a median of 64.18 times, placing Zhaoyan New Drug at the 28th position in the industry [1][2] Institutional Holdings - As of Q1 2025, 17 institutions hold shares in Zhaoyan New Drug, all of which are funds, with a total holding of 10.9687 million shares valued at 231 million yuan [1]

Core Viewpoint - The company, Zhaoyan New Drug, has shown a significant increase in net profit despite a decline in revenue, indicating potential resilience in its business model within the pharmaceutical services industry [1][2]. Company Summary - Zhaoyan New Drug's closing price on August 11 was 31.22 yuan, reflecting a 3.38% increase, with a rolling PE ratio of 60.40 times and a total market capitalization of 23.399 billion yuan [1]. - The company operates primarily in non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1]. - For the first quarter of 2025, Zhaoyan New Drug reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.1195 million yuan, a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1]. Industry Summary - The average PE ratio for the medical services industry is 48.03 times, with a median of 60.62 times, positioning Zhaoyan New Drug at the 29th rank within the industry [1][2]. - The company is among 17 institutions holding shares, with a total of 10.9687 million shares valued at 231 million yuan [1].

Core Viewpoint - The company, Zhaoyan New Drug, has experienced a decline in stock price and revenue, while showing significant growth in net profit, indicating mixed performance in the current market environment [1]. Company Summary - Zhaoyan New Drug's closing stock price on July 2 was 21.95 yuan, down 1.57%, with a rolling PE ratio of 42.46 times and a total market capitalization of 16.451 billion yuan [1]. - The company operates primarily in non-clinical safety evaluation services for drugs, clinical research services, and sales of experimental animals and related products [1]. - For the first quarter of 2025, Zhaoyan New Drug reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, while net profit reached 41.1195 million yuan, reflecting a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1]. Industry Summary - The average PE ratio for the medical services industry is 41.66 times, with a median of 43.69 times, placing Zhaoyan New Drug at the 29th position within the industry [1]. - As of the first quarter of 2025, 22 institutions held shares in Zhaoyan New Drug, including 20 funds, with a total holding of 72.9482 million shares valued at 1.484 billion yuan [1]. - The industry comparison shows that Zhaoyan New Drug's PE ratio is higher than the industry average but lower than the median, indicating a competitive yet challenging market position [2].

Core Viewpoint - The company, Zhaoyan New Drug, has experienced a stock price increase of 2.89% to 16.35 yuan, with a rolling PE ratio of 31.63, marking a new low in 16 days, and a total market capitalization of 12.254 billion yuan [1] Company Summary - Zhaoyan New Drug focuses on non-clinical safety evaluation services for drugs, preclinical research services, and sales of laboratory animals and related products [1] - The main products include non-clinical research services, clinical services, and experimental model supply [1] - As of the first quarter of 2025, the company reported revenue of 287 million yuan, a year-on-year decrease of 11.54%, and a net profit of 41.1195 million yuan, a year-on-year increase of 115.11%, with a gross profit margin of 28.61% [1] Industry Summary - The average PE ratio for the medical services industry is 38.86, with a median of 38.36, placing Zhaoyan New Drug at the 24th position within the industry [1] - As of the first quarter of 2025, 22 institutions hold shares in Zhaoyan New Drug, including 20 funds, with a total holding of 72.9482 million shares valued at 1.484 billion yuan [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Zhaoyan New Drug, indicating a significant decline in revenue and profit for the year 2024 [1][2] - Zhaoyan New Drug's closing price on March 31 was 20.34 yuan, reflecting a decrease of 4.24%, with a rolling PE ratio of 205.80 times, and a total market capitalization of 15.244 billion yuan [1] - The company operates primarily in the field of non-clinical safety evaluation services for drugs, with its main products including non-clinical research services and experimental model supply [1] Group 2 - As of the 2024 annual report, 115 institutions hold shares in Zhaoyan New Drug, including 113 funds, 1 brokerage, and 1 other entity, with a total holding of 66.2129 million shares valued at 1.101 billion yuan [1] - The latest financial results for 2024 show that Zhaoyan New Drug achieved operating revenue of 2.018 billion yuan, a year-on-year decrease of 15.07%, and a net profit of 74.0754 million yuan, down 81.34% year-on-year, with a gross profit margin of 28.43% [1] - In comparison to the industry, Zhaoyan New Drug's PE ratio is significantly higher than the industry average of 51.10 times and the industry median of 44.61 times, ranking 42nd in the medical services sector [2]