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Summary of Conference Call on Monkey Price Trends Industry Overview - The conference call discusses the domestic monkey breeding industry, particularly focusing on the demand for experimental monkeys and the factors influencing their prices [1][2]. Key Points and Arguments Demand and Supply Dynamics - There is a strong demand for experimental monkeys from domestic DL companies, leading to a significant increase in orders, particularly from November and December 2023 [2]. - The supply of monkeys is constrained due to a shortage of animal resources, resulting in a market characterized by scattered orders rather than long-term contracts [3]. - The average price of experimental monkeys is expected to stabilize between 12-13 million yuan, with potential fluctuations up to 12-16 million yuan [4][13]. Quality and Quantity of Domestic Monkey Population - The overall population of monkeys remains stable, but the quality is declining, affecting both the output quantity and quality [5]. Importation of Monkeys - Cambodia began exporting experimental monkeys to China in December 2023, with Vietnam expected to follow in 2025 and Indonesia in 2026 [6]. - Imported monkeys are primarily for breeding purposes, but some meet experimental standards and can be sold as commercial monkeys [7]. Cost of Production - The cost of producing monkeys has increased due to additional testing requirements, raising the cost by approximately 700-800 yuan per monkey [8]. Future Supply Trends - A supply gap for commercial monkeys is anticipated to persist from 2026 to 2028, particularly severe in 2026 and 2027, with improvements expected by 2029 [9]. Impact of Overseas Demand - The price of experimental monkeys in the U.S. is significantly higher than in China, influencing domestic pricing strategies. For instance, when domestic prices are below 100,000 yuan, U.S. prices are around 140,000-150,000 yuan [10]. Revenue from Non-Standard Monkeys - The increase in output for 2025 is attributed to the sale of non-standard monkeys, which do not significantly boost revenue due to their lower price points [11]. Industry Pricing Levels - The current average market price for monkeys is between 110,000 and 120,000 yuan, with the company maintaining a competitive pricing strategy [12]. Challenges in Breeding Programs - Although breeding plans exist, the actual implementation is challenging due to the strong demand for immediate returns, making it difficult to retain breeding stock [16]. Influence of Domestic Innovation - The growth of domestic innovative pharmaceuticals is driving demand for monkeys, with usage surpassing that in the U.S. and a higher number of original drugs compared to Western countries [17]. Additional Important Insights - The market is shifting towards more flexible purchasing arrangements, with clients actively seeking monkeys rather than relying on long-term contracts [3]. - The potential for exporting monkeys is limited due to regulatory constraints, as they are considered a strategic resource [14]. - The cost of imported monkeys varies based on the gender ratio and country of origin, with Cambodian imports costing around 70,000-80,000 yuan per monkey [14]. This summary encapsulates the critical insights from the conference call regarding the monkey breeding industry, highlighting the interplay between demand, supply, pricing, and the impact of domestic and international factors.