昭衍新药 20251229 摘要 昭衍生物凭借自有猴场在实验猴供给受限的市场中占据战略优势，尤其 在 F2 代猴子培育周期长、供给有限的情况下，确保了稳定的实验猴供 应。 昭衍生物通过生物资产增值和服务费提升，实现了归母净利润的增长， 具备估值提升潜力。从临床前到临床阶段的过渡，性价比高，能显著提 高公司估值。 昭衍生物深耕安评行业 30 年，是国内龙头企业之一，拥有中国 NMPA、美国 FDA、OECD 等多地 GLP 资质，能够满足全球同步报批 IND 需求，质量管理体系符合国际规范。 安评行业准入门槛高，GLP 实验室建设成本高且周期长，外包率高。昭 衍生物凭借其资质和经验，在市场竞争中处于有利地位。 昭衍生物利用国内实验猴资源和人力承接海外高价订单，加强美国 BD 团队建设，离岸外包订单同比增长 60%，有望进一步扩大市场份额。 当前安评行业面临供需错配，实验猴供给因中美价差和培养周期等原因 下降，老龄化导致生育率下降，而创新药研发、港股 IPO 加速推进增加 了对实验猴和安评服务的需求。 未来，创新药研发投入增加、实验猴资源紧张持续以及离岸外包市场拓 展将是安评行业的主要发展趋势，掌握优质实验猴资源 ...

Group 1 - The stock price of Zhaoyan New Drug (603127) reached a new high of 19.49 HKD, surpassing the previous high in March and marking the highest price since September 2023 [1] - The stock experienced significant volatility, with a nearly 30% drop in April due to market turbulence and regulatory changes, followed by a recovery of over 40% in May [1][4] - After peaking on June 17, the stock faced a three-day decline, dropping to a low of 13.89 HKD, a decrease of 28.73% from the peak [1] Group 2 - The Hang Seng Healthcare Index also rebounded after a five-day decline, indicating continued upward momentum in the Hong Kong pharmaceutical sector [2] - Investors are closely watching whether Zhaoyan New Drug can achieve new highs amid ongoing market fluctuations [2] Group 3 - Since the beginning of the year, southbound funds have accumulated a net purchase of nearly 700 billion HKD in Hong Kong stocks, with the healthcare sector showing significant gains [4] - The holding ratio of southbound funds in Zhaoyan New Drug increased from 37.58% to 40.64% in 2025, indicating a trend of increased investment [4][6] - The investment behavior of northbound funds shifted from "buying on dips" to "buying on rises" and back to "buying on dips" again, reflecting changing market dynamics [6] Group 4 - The recent surge in the Hong Kong innovative drug sector is driven by improved performance, policy optimization, and low valuations [4] - The financing environment for the domestic biopharmaceutical sector has improved, with a notable increase in investment cases and amounts in Q1 2025 [7] - The number of clinical approvals for new drugs in China has significantly increased, with 186 first-class new drugs receiving clinical approval in Q1 2025 [8][10] Group 5 - Zhaoyan New Drug reported a 115.11% year-on-year increase in net profit for Q1 2025, indicating strong financial performance despite market fluctuations [10] - The National Medical Products Administration's recent announcement aims to optimize the clinical trial review process, potentially accelerating the approval timeline for innovative drugs [10][12] - The average duration for new drug IND tasks in China is currently 71 days, with plans to reduce this to 30 working days, which could stimulate demand for Zhaoyan New Drug's services [12]