Core Viewpoint - Zhaoyan New Drug reported a decline in revenue for 2025, with total operating income at 1.66 billion yuan, a year-on-year decrease of 17.9%, while net profit attributable to shareholders increased significantly by 302.1% to 298 million yuan [1] Financial Performance - Operating income for the year was 1.66 billion yuan, down 17.9% year-on-year [1] - Net profit attributable to shareholders reached 298 million yuan, up 302.1% year-on-year [1] - Non-recurring net profit attributable to shareholders was 311 million yuan, showing a substantial increase of 1221.3% year-on-year [1] - Net cash flow from operating activities was 445 million yuan, reflecting a growth of 31.2% year-on-year [1] - Earnings per share (EPS) on a fully diluted basis was 0.3974 yuan [1] Business Segments - The main business areas include non-clinical drug services, clinical drug services, and experimental model research [1] - Non-clinical drug services remained the primary revenue source, but net profit from this segment declined due to intensified industry competition [1] - Laboratory services and other business segments reported a net profit contribution of -164 million yuan, a significant decline of 219.61% year-on-year, primarily due to the lagging effects of prior competition, leading to decreased revenue and gross margins [1] Strategic Developments - In clinical drug services, the company expanded its service offerings to include early clinical trials and real-world clinical research, enhancing collaboration with clients to advance related projects [1] - The experimental model research business is continuously being optimized to meet market demands for high-quality experimental models [1] - Despite facing challenges, the company is committed to ongoing innovation in technical capabilities and service models to maintain its competitive edge in the industry [1]

Core Viewpoint - The stock price of Zhaoyan New Drug fell sharply due to a significant share reduction plan by major shareholders, which exceeded market expectations [3][4]. Shareholder Reduction Plan - Shareholders Gu Xiaolei and Gu Meifang plan to reduce their holdings by approximately 30.74 million shares, accounting for 4.1026% of the company's total share capital [4]. - The reduction will occur over three months, starting three trading days after the announcement [4]. - Gu Xiaolei and Gu Meifang hold approximately 20.42 million shares (2.7251%) and 10.32 million shares (1.3775%) respectively, and their reduction will not change the company's control [4]. Previous Shareholder Actions - The actual controller Zhou Zhiwen previously announced a reduction plan to sell up to 14.98 million shares, which is 20.0466% of his holdings, but he terminated the plan early after selling 14.979 million shares [5]. Financial Performance Expectations - Zhaoyan New Drug expects a revenue decline of 13.9% to 22.1% in 2025, projecting revenues between 1.573 billion to 1.738 billion yuan [8]. - The company anticipates a significant increase in net profit, forecasting a rise of 214% to 371%, with net profit expected to be between 233 million to 349 million yuan [8]. - The increase in net profit is largely attributed to the fair value changes of biological assets, particularly the rising prices of monkeys used in experiments [8][9]. Market Demand and Asset Valuation - There is a strong demand for experimental monkeys in clinical trials, leading to increased interest from various companies in this sector [9]. - The valuation of experimental monkeys is subject to significant fluctuations, raising questions about the sustainability of Zhaoyan New Drug's investment logic [9].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 承董事會命 北京昭衍新藥研究中心股份有限公司 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 附件為本公司於上海證券交易所網站刊登之 北京昭衍新藥研究中心股份有限公司 (1) 關於召開2025年半年度業績說明會的公告 (2) 2025年半年度報告 (3) 2025年半年度報告摘要 馮宇霞 董事長 中 國 北 京，2025年8月26日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 ...