曾在新三板退市的鼎泰药研转战港股，再次冲刺IPO。近日，江苏鼎泰药物研究（集团）股份有限公司（以下简称"鼎泰药研"）向港交所递交IPO申请，拟 登陆香港主板上市。从业绩数据来看，近几年鼎泰药研虽营收稳定，但净利润仍处亏损状态，其中2023年、2024年分别亏损0.52亿元和2.52亿元。业绩波动 的背后，"实验猴"成为影响鼎泰药研财务表现的关键变量。随着实验猴价格的回落，鼎泰药研也面临生物资产公允价值变动压力，现金流持续承压。此外， 急于IPO的鼎泰药研，更因高达27.27亿元的赎回负债而存在结构性风险。这意味着，如果本次港交所IPO未能成功，鼎泰药研或将面临巨额股份回购的现金 压力。 | | | | | | 最至12月31日止年度 | | | | | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2022年 | | | 2023年 | | | 2024年 | | | 2024年 | | | | | 生物資產 | 生物資產 | | 生 ...

实验猴市场近况更新 20250923 过去几年实验用猴的价格经历了显著波动。2020 年，由于新冠疫苗研发中大 量使用猴子，导致价格从 3 万元迅速上涨至 2022 年中旬的最高约 20 万元。 随后，市场价格开始迅速下降，到 2023 年中旬最低降至约 6 万至 7 万元左右。 2023 年下半年出现小幅反弹，直到 2024 年稳定在 8 万至 9 万元之间。今年 摘要 （2025 年），从一月份开始，部分地区的价格已经突破 10 万元，例如广东地 区较高，而海南和广西相对较低，目前平均价约为 95,000 元左右，有些单位 甚至达到 10.5 万元。未来三年的趋势预计会保持相对稳定，但具体涨跌仍需 关注市场供需变化。 2020 年后实验猴供应持续短缺，主因是前期库存耗尽、疫情限制进出 口及种猴老化导致繁殖率下降，目前年供应量约 3 万只，缺口超 4 万只， 2025 年虽有缓解但适龄猴仍紧缺。 近三年实验猴生产量稳定在 3 万只左右，2025 年预计略增，但质检后 实际可用量约为 2.5 万只以上。使用量方面，2023 年显著减少，2024 年回升，2025 年预计增至 3.5 万只以上，市场需求逐步恢复 ...

Group 1 - The core viewpoint of the article emphasizes the critical role of non-human primates, particularly monkeys, in the drug development process, highlighting their necessity in preclinical trials and the increasing demand for them due to the surge in pharmaceutical research [4][10][24] - The cost of developing a new drug is substantial, with estimates indicating that it can reach up to $25.58 billion when accounting for capital time and opportunity costs [1] - The demand for experimental monkeys surged during the COVID-19 pandemic, leading to a dramatic increase in their prices, with some reaching as high as 230,000 yuan (approximately $35,000) per monkey in 2020 [12][14][20] Group 2 - The supply of experimental monkeys is constrained by their slow reproduction rates and the high standards required for them to be used in research, which has led to a significant supply-demand imbalance [18][28] - China is the largest producer and exporter of experimental monkeys, with a significant portion of the global supply coming from this region, particularly before the export ban implemented during the pandemic [26][28] - The classification of the crab-eating macaque as an endangered species by the IUCN has raised concerns about the future availability of these primates for research, as international trade regulations will become stricter [24][28]

Summary of the Conference Call for Zhaoyan New Drug Industry Overview - The CXO industry is performing well, driven by the concentration of early orders towards leading companies, benefiting firms like Zhaoyan New Drug, Weiya Bio, and WuXi AppTec among others [2][3] - The demand recovery in domestic R&D and growth in clinical outsourcing business are key factors for the positive outlook in the CRO sector [2][5] Company Performance - Zhaoyan New Drug, as a leading safety evaluation CRO in China, is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.7 billion, 2 billion, and 2.23 billion RMB respectively, and net profits of 370 million, 550 million, and 570 million RMB [2][5] - The company experienced rapid revenue growth from 2018 to 2022, but faced a slowdown in 2023 due to a cooling investment environment and increased competition [4][10] - In the first half of 2025, Zhaoyan New Drug signed new orders worth 1.02 billion RMB, a 13% year-on-year increase, with a backlog of 2.3 billion RMB [4][11] Market Dynamics - The experimental monkey market is currently facing a supply-demand imbalance, leading to rising prices. The aging population of existing monkeys and strict import policies exacerbate this issue [6][7] - The demand for experimental monkeys is particularly high for large molecule drug development, which uses monkeys in over 70% of cases, compared to 20%-30% for small molecules [8] Strategic Initiatives - Zhaoyan New Drug has invested in building an experimental animal base since 2018 and acquired monkey breeding facilities to mitigate supply shortages and stabilize operations [9] - The company has successfully expanded its overseas business, leveraging competitive advantages in cost and efficiency, particularly in offshore outsourcing [12] Future Outlook - The company is expected to maintain a strong growth trajectory, with a projected compound annual growth rate of 54% from 2018 to 2022, despite facing challenges in 2023 and 2024 [10][13] - Investors are advised to consider potential risks including market demand fluctuations, increased competition, and changes in import/export policies [13]

Core Viewpoint - The CRO leader, Zhaoyan Pharmaceutical, has nearly doubled in value, with a more than 50% increase in July, driven by signs of recovery in the CXO market and successful turnaround due to the value of laboratory monkeys [1][2]. Group 1: Market Recovery Signals - The market has observed a recovery signal in the CXO sector, with Zhaoyan Pharmaceutical successfully turning losses into profits by leveraging the value of laboratory monkeys [2][3]. - The increase in monkey prices is attributed to a tightening supply and recovering demand, indicating a potential new cycle in the market [12][24]. Group 2: Financial Performance - Zhaoyan Pharmaceutical's mid-year performance forecast indicates expected revenue between 630 million to 702 million yuan, a year-on-year decline of approximately 17.3% to 25.2%, but a net profit turnaround with estimates between 50.32 million to 75.49 million yuan, largely driven by biological asset value changes [8][9]. Group 3: Supply and Demand Dynamics - The supply of laboratory monkeys is constrained by long breeding cycles and an aging population, with a significant increase in the proportion of breeding females over 8 years old, leading to a decline in reproductive rates [17][20]. - The current supply of laboratory monkeys is around 25,000 to 28,000 annually, while actual demand approaches 40,000, indicating a significant supply-demand gap [25]. Group 4: Future Outlook - The industry faces challenges in increasing monkey supply due to aging populations and long breeding cycles, with any potential recovery in supply expected to take several years [26][27]. - The interplay between biological cycles and market demand suggests that the industry may be on the brink of a new cycle, but significant hurdles remain in achieving a sustainable supply of laboratory monkeys [32][33].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **CRO (Contract Research Organization) industry** in China, specifically focusing on the **supply and demand analysis of laboratory monkeys** from 2022 to 2024 [1][4][15]. Core Insights and Arguments - **Total Population Growth**: The total population of laboratory monkeys in China is expected to see slight growth from 2022 to 2024, with the number of **crab-eating macaques** increasing steadily, while the **rhesus monkey** population shows fluctuations due to price volatility [1][4]. - **Market Demand Pressure**: The demand for laboratory monkeys remains high, with a significant gap between supply and demand, particularly for crab-eating macaques, which are the primary growth point in breeding populations [1][4][15]. - **Price Fluctuations**: The price of laboratory monkeys peaked in 2022 and has since declined, currently stabilizing around **100,000 RMB** (approximately **$14,000**). Future prices are expected to stabilize between **80,000 to 90,000 RMB** [2][42]. - **Sales Volume Variability**: The sales volume of laboratory monkeys has shown significant fluctuations, with a notable drop in 2023 due to cautious customer sentiment, followed by a rebound in 2024 [9][10]. - **Age Distribution Impact**: The age distribution of the monkey population affects breeding rates, with a high proportion of older monkeys (over 12 years) leading to a tight supply of newborn monkeys [11][22]. Additional Important Insights - **Breeding Challenges**: The breeding cycle of crab-eating macaques is lengthy, with a low birth rate that decreases with age. This poses challenges for maintaining a stable supply [3][11]. - **Regulatory Environment**: The Chinese government has strict regulations regarding the breeding and trading of laboratory monkeys, which limits the ability to expand breeding populations [24][31]. - **International Supply Dynamics**: The U.S. has shifted its sourcing of laboratory monkeys from China to countries like Cambodia and Mauritius due to regulatory changes, impacting the global supply chain [14][20][37]. - **Market Risks**: The market faces risks from illegal sales and non-compliance, which can lead to severe legal consequences for involved parties [43]. Conclusion - The laboratory monkey market in China is characterized by a tight supply, fluctuating prices, and regulatory challenges. The demand is driven by the rapid development of the biopharmaceutical industry, particularly in innovative drug research. Future supply may struggle to meet demand unless significant changes occur in breeding practices and regulatory frameworks.