证券研究报告 华泰研究 中报点评 2025 年 8 月 27 日│中国内地/中国香港 医疗服务 公司 1H25 实现收入/归母净利 6.69/0.61 亿元（yoy-21.3%/+135.9%），符 合业绩预告预期；历史期国内行业新签订单量价承压背景下，公司 1H25 收 入有所下滑，但期内资金管理收益及生物资产公允价值变动助力公司利润端 显著改善。公司 1H25 整体在手订单金额约 23 亿元，新签订单金额约 10.2 亿元（yoy+13.3%），其中 2Q25 新签订单金额 yoy+18.0%，新签订单趋势 持续向好。考虑行业需求持续回暖，叠加公司海外业务布局有序推进，看好 公司业务中长期成长性。公司 A、H 股均维持"买入"评级。 内外因素影响下毛利率有所下降，现金流水平稳中向好 公司 1H25 毛利率为 24.0%（yoy-6.3pct），我们推测主因国内订单量价短 期承压叠加部分毛利率较高的长周期项目到 24 年底已结项。公司 1H25 销 售/管理/研发费用率分别为 2.2%/20.1%/6.5%（yoy+0.8/+1.7/+0.9pct），公 司收入规模短期下降但费用持续投入，公司三大费用率有所 ...

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]

8月15日，昭衍新药今日收盘32.96元，上涨2.33%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到63.76倍，总市值247.03亿元。 从行业市盈率排名来看，公司所处的医疗服务行业市盈率平均49.76倍，行业中值64.18倍，昭衍新药排 名第28位。 截至2025年一季报，共有17家机构持仓昭衍新药，其中基金17家，合计持股数1096.87万股，持股市值 2.31亿元。 北京昭衍新药研究中心股份有限公司的主营业务是从事以药物非临床安全性评价服务为主的药物临床前 研究服务和实验动物及附属产品的销售业务。公司的主要产品是药物非临床研究服务、临床服务及其 他、实验模型供应。 最新一期业绩显示，2025年一季报，公司实现营业收入2.87亿元，同比-11.54%；净利润4111.95万元， 同比115.11%，销售毛利率28.61%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)12昭衍新药63.76333.483.05247.03亿行业平均 49.7662.264.41205.68亿行业中值64.1868.703.2173.35亿1药明康德20.9730.554.822887.22亿2 ...

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]