每经记者｜章光日 每经编辑｜吴永久 近期，昭衍新药发布2025年年度业绩预告，预计扣非净利润同比增幅最低为945%。2025年公司股价也表现强势，全年涨幅高达110.9%。而 在股价大幅上涨后，昭衍新药实际控制人也计划进行减持，就在前几天，其已经减持超1000万股，套现超过3.7亿元。 业绩反转背后：2025年下半年实验猴涨价 昭衍新药建立了独具特色的药物非临床服务、药物临床服务及相关服务，优质实验模型的繁殖和销售以及基因编辑实验模型定制服务的高 附加值产业链，可为客户提供一站式的优质服务。 2026年1月21日，昭衍新药发布了2025年度业绩预告。公司预计实现营业收入约15.73亿元到17.38亿元，较2024年减少约13.9%到22.1%；实 现净利润约2.33亿元到3.49亿元，较2024年增加约214%到371%；实现扣非净利润2.46亿元到3.70亿元，较2024年增加约945.2%到1467.7%。 实控人已套现不低于3.7亿元 减持计划尚未结束 在发布2025年业绩预告后，昭衍新药的股价表现较为平淡。不过，2025年全年昭衍新药股价表现强势，涨幅高达110.9%。截至2026年1月 26日，昭衍 ...

昭衍新药（603127）(06127)涨超5%，截至发稿，涨5.06%，报25.74港元，成交额1.16亿港元。 今年1月，粤开证券资深投资顾问尹红飞在接受媒体采访时指出，一款新药从实验室到临床，平均要消 耗60只(实验猴)，大分子药物用量还要翻倍。此外，他还提到，据近期市场报道和方正证券的测算，核 心品种食蟹猴单只价格一个月内就飙升到12万~13万元，部分紧俏货源已经报至15万元，比两个月前涨 了30%以上。 消息面上，近日，昭衍新药发布年报业绩预告称，预计2025年实现归属于上市公司股东的净利润约2.33 亿元到3.49亿元，同比增长约214.0%到371.0%。对于净利润上涨的原因，昭衍新药在公告中指出，本报 告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公司业 绩做出积极贡献。具体来看，生物资产公允价值变动贡献的净利润约4.52亿元到5亿元。 ...

智通财经APP获悉，昭衍新药(06127)涨超5%，截至发稿，涨5.06%，报25.74港元，成交额1.16亿港元。 消息面上，近日，昭衍新药发布年报业绩预告称，预计2025年实现归属于上市公司股东的净利润约2.33 亿元到3.49亿元，同比增长约214.0%到371.0%。对于净利润上涨的原因，昭衍新药在公告中指出，本报 告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值正向变动，为公司业 绩做出积极贡献。具体来看，生物资产公允价值变动贡献的净利润约4.52亿元到5亿元。 今年1月，粤开证券资深投资顾问尹红飞在接受媒体采访时指出，一款新药从实验室到临床，平均要消 耗60只（实验猴），大分子药物用量还要翻倍。此外，他还提到，据近期市场报道和方正证券的测算， 核心品种食蟹猴单只价格一个月内就飙升到12万~13万元，部分紧俏货源已经报至15万元，比两个月前 涨了30%以上。 ...

Core Viewpoint - The company Zhaoyan New Drug (603127.SH, 06127.HK) is expected to achieve a net profit attributable to shareholders of approximately 233 million to 349 million yuan in 2025, representing a year-on-year increase of about 214.0% to 371.0% despite a projected revenue decline of 13.9% to 22.1% [3][4]. Group 1: Financial Performance - Zhaoyan New Drug anticipates a revenue of 1.573 billion to 1.738 billion yuan for 2025, which reflects a year-on-year decrease [3]. - The significant increase in net profit is primarily attributed to changes in the fair value of biological assets rather than revenue growth [3][4]. - The rise in fair value is driven by an increase in market prices of biological assets and natural growth, contributing positively to the company's performance [3]. Group 2: Biological Assets - The biological assets referred to by Zhaoyan New Drug mainly consist of experimental monkeys, which are crucial for preclinical evaluations of drugs [4]. - Over 70% of large molecule drugs require monkeys for preclinical trials, and approximately 20%-30% of small molecule chemical drugs also utilize them [4]. - The price of experimental monkeys is closely linked to the innovation and development of new drugs, with prices having fluctuated significantly in recent years [5]. Group 3: Market Dynamics - Following the COVID-19 pandemic, the demand for experimental monkeys surged, leading to prices exceeding 200,000 yuan per monkey in 2022, but prices fell below 100,000 yuan in 2023 due to reduced R&D spending by pharmaceutical companies [5]. - As the pharmaceutical capital market recovers and domestic innovative drugs gain traction, the price of experimental monkeys is expected to rise again, surpassing 100,000 yuan each in 2025 [5][6]. - The current market conditions indicate a supply-demand imbalance for experimental monkeys, with prices for 3-5 year old monkeys reaching 140,000 yuan each, reflecting a recovery in the domestic innovative drug development landscape [6].

实验动物是药物临床前评价的主要实验对象，实验猴更是临床前研究的重要品种。公开资料显示：70% 以上大分子药物都需要用猴做临床前试验，而小分子化学药也约有20%-30%会用到猴。食蟹猴是实验用 猴中用量最大的品种，占比接近70%。食蟹猴与人类的遗传相似性超过90%，这使其在现有实验动物中 显得尤为珍贵，常被用于各类复杂的医学研究。 昭衍新药的业务涵盖药物非临床服务、药物临床服务、实验模型研究三方面。早在2022年，昭衍新药不 惜累计斥资18亿元收购了广西玮美生物和云南英茂生物这两家实验猴公司。除了并购外，公司还自建了 梧州实验猴繁殖基地。 昭衍新药表示，本报告期内，生物资产市场价格上涨叠加自身自然生长增值，双重因素驱动其公允价值 正向变动，为公司业绩做出积极贡献。 昭衍新药所谓的生物资产，主要是实验猴。 1月20日晚间，CRO（医药研发外包）公司昭衍新药（603127.SH、06127.HK）发布年报业绩预告称， 预计2025年实现归属于上市公司股东的净利润约2.33亿元到3.49亿元，同比增长增加约214.0%到 371.0%。 实验猴的价格，与创新药研发的景气度密切相关。2020年新冠疫情出现后，随着多款新 ...

Core Insights - The price of experimental monkeys, particularly the crab-eating macaque, has surged dramatically, reaching prices between 120,000 to 150,000 yuan, marking a 30% increase over the past two months and nearing historical peaks [1][2] - The supply-demand imbalance in the experimental monkey market is expected to persist due to long breeding cycles and a significant aging population of breeding monkeys, leading to a projected annual shortfall of approximately 10,000 monkeys from 2025 to 2027 [2][3] - The demand for experimental monkeys is closely tied to the recovery of the innovative drug industry, driven by an increase in overseas licensing deals and a growing need for research related to aging populations and chronic diseases [3][4] Supply and Demand Dynamics - The breeding cycle for experimental monkeys is lengthy, requiring around 6-7 years before they can be used in research, which limits the ability to quickly scale supply [2] - A significant portion of the breeding population is aging, with only 40% survival rates for breeding mothers, exacerbating the supply issues [2] - The demand for experimental monkeys is projected to reach between 51,300 to 62,600 annually, while supply is only expected to be between 49,000 to 52,400, indicating a growing gap [2] Market Response and Investment Opportunities - The capital market has reacted positively, with innovative drug-related sectors seeing over a 50% increase in stock prices, significantly outperforming the broader market [4] - The net profit of the pharmaceutical R&D outsourcing sector has increased by 56.96% year-on-year, indicating strong performance driven by rising research demands [4] - Companies that have secured monkey resources through acquisitions are positioned to withstand cost fluctuations and maintain research progress, making them attractive investment opportunities [6] Risks and Challenges - There is a notable internal differentiation within the pharmaceutical sector, with many companies facing revenue declines due to slow R&D progress and commercialization challenges [5] - Rising costs associated with the increased price of experimental monkeys may hinder the progress of smaller companies, potentially leading to pipeline stagnation [5] - Ongoing policy pressures and competition in the market may further complicate the landscape for innovative drug development [5]

Core Viewpoint - The price of experimental monkeys, particularly for the 3-5 year old crab-eating macaques, has surged to 140,000 yuan each, indicating a supply-demand imbalance in the market. This trend is expected to benefit companies like Zhaoyan New Drug, which possess valuable resources in this area [1] Company Summary - Zhaoyan New Drug's stock has seen an increase of over 4%, currently trading at 24 Hong Kong dollars with a transaction volume of 108 million Hong Kong dollars [1] - The company has access to high-quality and scarce experimental monkey resources, which contribute to a stable profit base through annual sales of a certain number of monkeys for internal use [1] - In the context of tightening supply of experimental monkeys, Zhaoyan New Drug may gain stronger bargaining power, potentially leading to increased order rates and the ability to charge premium service fees [1] Industry Summary - The supply of experimental monkeys is declining while demand is stabilizing and recovering, driven by new technologies such as small nucleic acids and CAR-T, which require the use of experimental monkeys [1] - The gap between supply and demand for experimental monkeys is widening, leading to an upward trend in monkey prices [1]

Group 1 - The core viewpoint of the article highlights the rising price of experimental monkeys, particularly for the species used in research, which has reached 140,000 yuan each, indicating a supply-demand imbalance in the market [1] - Changjiang Securities reports that the supply of experimental monkeys is decreasing while demand is stabilizing and increasing, particularly due to new technologies like small nucleic acids and CAR-T that require these monkeys, leading to a widening supply-demand gap [1] - The company, Zhaoyan New Drug, possesses valuable and scarce resources of experimental monkeys, which not only contributes to a stable profit base through annual sales but also enhances its bargaining power in a tightening supply environment, potentially leading to increased order rates and service fee premiums [1]

Core Viewpoint - The stock price of Zhaoyan New Drug (06127) increased by 5.17%, currently trading at HKD 22.38, with a transaction volume of HKD 121 million, indicating a recovery in demand for preclinical CRO clients and a tight supply of experimental monkeys [5]. Group 1: Market Dynamics - There is a resurgence in demand for preclinical CRO services, particularly for new technology platforms such as large molecules (monoclonal antibodies, ADCs), small nucleic acids, peptides, and cell gene therapies, which require the use of macaques for safety evaluation tests [5]. - The price of 3-5 year old macaques has risen to HKD 140,000 each, reflecting a supply-demand imbalance in the market, which further supports the recovery of domestic innovative drug research and development [5]. Group 2: Financial Implications - According to estimates from Founder Securities, if Zhaoyan New Drug accounts for an average fair value of HKD 84,900 per monkey in 2024, and the price increases to HKD 140,000 by Q4 2025, the estimated new fair value addition for 2025 could be approximately HKD 220 million, based on a known population of 23,200 monkeys and an output rate of 17% [5].

Core Viewpoint - The stock of Zhaoyan New Drug (603127) has increased by over 5%, currently trading at 22.38 HKD with a transaction volume of 116 million HKD, indicating a positive market response to recent developments in the preclinical CRO sector [1] Group 1: Market Demand and Supply Dynamics - There is a recovery in demand from preclinical CRO clients, while the supply of experimental monkeys is tight, leading to increased prices [1] - The price of the food crab monkey, essential for safety evaluation tests in drug development, has risen to 140,000 RMB per monkey, reflecting a supply-demand imbalance [1] Group 2: Impact on Drug Development - New technology platforms such as large molecules (multi-antibodies, ADC), small nucleic acids, peptides, and cell gene therapies require food crab monkeys for safety evaluation, highlighting the importance of this resource in innovative drug development [1] - The increase in monkey prices will directly contribute to profit through fair value changes, supporting the recovery of domestic innovative drug research and development [1] Group 3: Financial Projections - According to estimates from Founder Securities, if the average price of experimental monkeys is accounted for at 84,900 RMB in 2024 and increases to 140,000 RMB by Q4 2025, the estimated new fair value addition for Zhaoyan New Drug in 2025 could be approximately 220 million RMB, based on a known population of 23,200 monkeys [1]