2026-01-21 02:15Company and Industry Summary Company: Zhaoyan New Drug (昭衍新药) Key Financial Projections - 2025 Annual Revenue: Expected to be between 1.573 billion to 1.738 billion CNY, representing a year-over-year decline of 13.9% to 22.1% [1] - Net Profit: Projected to be between 233 million to 349 million CNY, indicating a significant year-over-year increase of 214.0% to 317.0% [1] - Net Profit Excluding Non-recurring Items: Expected to be between 246 million to 370 million CNY, showing a substantial year-over-year growth of 945.2% to 1467.7% [1] Q4 2025 Financial Expectations - Q4 Revenue: Anticipated to be between 588 million to 753 million CNY, with a year-over-year decline of 14.0% but a quarter-over-quarter increase of 10.2% [1] - Q4 Net Profit: Expected to range from 152 million to 268 million CNY, reflecting a year-over-year growth of 5.2% to 85.8% [1] - Q4 Net Profit Excluding Non-recurring Items: Projected to be between 217 million to 341 million CNY, indicating a year-over-year increase of 58.6% to 148.5% [1] Profit Margin Insights - Q4 Laboratory Services and Other Business Profit Margin: Noted to have narrowed [2] - Quarterly Laboratory Services and Other Business Profits: Reported as -25 million, -40 million, -46 million, and -57 million CNY for Q1 to Q4 respectively, with profit margins of -9%, -11%, -15%, and -8% [2] Biological Assets Valuation - Q4 Biological Assets Fair Value Change: Significant increase expected, with a fair value change of 312 million to 359 million CNY, which is substantially higher than the average of 47 million CNY in previous quarters [2] - Market Price Increase for Biological Assets: The valuation of 3-5 year old monkeys is projected to rise by 20,000 to 40,000 CNY, with the end-of-year valuation for these assets expected to reach 100,000 to 120,000 CNY [2] Additional Insights - Overall Performance: Q4 revenue exceeded expectations, indicating a positive outlook despite the anticipated decline in annual revenue [1][2] - Market Dynamics: The increase in biological asset values is attributed to both market price increases and natural growth factors [2]