公告指出，本期业绩变动的主要原因是生物资产市场价格上涨及自身自然生长增值，推动了公允价值的 正向变动，为公司业绩做出了积极贡献。然而，实验室服务业务的利润贡献下降，受到前期行业竞争激 烈的影响，履约合同的收入和毛利率同比降低。 近日，昭衍新药（603127）发布公告称，预计2025年实现营业收入约15.73亿元到17.38亿元，同比减少 约13.9%到22.1%。同时，预计2025年归母净利润约为2.33亿元到3.49亿元，同比增加约214.0%到 371.0%。此外，预计扣除非经常性损益的净利润约为2.46亿元到3.7亿元，同比增加约945.2%到 1467.7%。 ...

Core Viewpoint - Zhaoyan New Drug (603127.SH) forecasts a net profit attributable to shareholders of approximately RMB 233 million to RMB 349 million for the year 2025, representing a year-on-year increase of about 214% to 371% [1] Group 1: Financial Performance - The increase in fair value is driven by a rise in market prices of biological assets and natural growth appreciation [1] - The laboratory operations have maintained a stable performance during the reporting period [1] Group 2: Revenue and Profitability - Due to the previous intense industry competition, the revenue and gross margin from performance contracts have decreased year-on-year [1] - The contribution of laboratory service business profits has declined [1]

Core Insights - The company reported a revenue of 10.086 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.4%, while the net profit attributable to shareholders decreased by 19.8% to 1.141 billion yuan [1] - The company raised its revenue growth target for 2025 to 12%-16% from the previous 10%-15%, indicating confidence in performance growth [1] Financial Performance - In Q3 2025, the company achieved a revenue of 3.645 billion yuan, a year-on-year increase of 13.4% and a quarter-on-quarter increase of 9.1%, marking a recent high for quarterly revenue [1] - The adjusted net profit margin for Q3 2025 was 10.89%, the best level since Q1 2024, reflecting improved operational efficiency as revenue scales up [1] Business Segment Analysis - The laboratory services segment generated revenue of 6.004 billion yuan in the first three quarters of 2025, with a gross margin of 45.1%, an increase of 0.3 percentage points year-on-year [2] - The CMC segment reported revenue of 2.293 billion yuan, with a gross margin of 32.1%, up 1.3 percentage points year-on-year, and is expected to see further improvements in Q4 2025 [2] Profit Forecast and Valuation - Revenue projections for 2025 to 2027 are set at 14.053 billion yuan, 16.034 billion yuan, and 18.090 billion yuan, with year-on-year growth rates of 14.5%, 14.1%, and 12.8% respectively [3] - Net profit forecasts for the same period are 1.669 billion yuan, 2.140 billion yuan, and 2.565 billion yuan, with growth rates of -6.9%, +28.2%, and +19.9% respectively [3]

Core Viewpoint - Zhaoyan New Drug (603127) reported a significant decline in revenue for the first three quarters of 2025, indicating potential challenges in its business operations [1] Financial Performance - The company's operating revenue for the first three quarters reached 985 million yuan, representing a year-on-year decrease of 26.23% [1] - The net profit attributable to shareholders was 80.7061 million yuan [1] - The net profit excluding non-recurring items was 29.0447 million yuan [1] Business Segments - The decline in net profit is primarily attributed to the laboratory service business, changes in the fair value of biological assets, and the impact of fund management income [1]

Core Viewpoint - The company is expected to achieve a turnaround in net profit for the first half of 2025, despite a decline in revenue compared to the previous year [2][4]. Financial Performance Summary - The estimated operating revenue for the period from January to June 2025 is approximately RMB 635.15 million to RMB 702.00 million, representing a decrease of about RMB 147.35 million to RMB 214.21 million, or a year-on-year decline of approximately 17.3% to 25.2% [2][4]. - The estimated net profit attributable to shareholders for the same period is expected to be around RMB 50.32 million to RMB 75.49 million, indicating a return to profitability compared to a loss in the previous year [2][4]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be approximately RMB 18.83 million to RMB 28.25 million [2][4]. Previous Year Comparison - In the same period last year, the company reported operating revenue of RMB 849.36 million [10]. - The net profit attributable to shareholders was a loss of RMB 169.74 million, with a net loss of RMB 198.39 million after deducting non-recurring gains and losses [11]. - The previous year's net profit from laboratory services was a loss of RMB 15.24 million, while the loss from changes in the fair value of biological assets was RMB 235.36 million [11]. Performance Drivers - The decline in revenue is attributed to increased competition in the industry, which has compressed profit margins and led to a decrease in net profit from laboratory services [13]. - Positive contributions to performance are expected from the fair value changes of biological assets, which have not experienced significant market fluctuations during the reporting period [13].