The market for experimental monkeys is heating up significantly.
On the afternoon of July 14th, Zhaoyan New Drug (603127.SH) announced its forecast for the first half of 2026. The company expects net profit attributable to shareholders to reach between 600 million and 900 million yuan, representing a staggering year-on-year increase of 884.9% to 1377.4%. This dramatic surge in performance is primarily attributed to rising market prices for biological assets, coupled with their natural growth, driving a positive change in their fair value. The company's laboratory operations remained stable, though revenue saw only a slight increase.
The biological assets referenced in the announcement are, notably, experimental monkeys, with cynomolgus monkeys (crab-eating macaques) being a prime example. Zhaoyan New Drug is currently one of the Contract Research Organizations (CROs) in China with the largest proprietary monkey resources.
Where to Begin Understanding the Market?
A supply shortage for cynomolgus monkeys has been reported. Industry sources indicate that prices vary based on the monkey's age, breed, and intended use in experiments. For adult female monkeys specifically, the price is firmly above 200,000 yuan per head.
What Drives the High Value of These Monkeys?
Monkeys have a slow reproductive rate, typically giving birth to single offspring. Artificially bred experimental monkeys must undergo pathogen testing and be at least three years old before they can be used in research. Among commonly used species, rhesus macaques are generally larger than cynomolgus monkeys at the same age, requiring higher doses of test drugs during experiments, which increases costs. Consequently, cynomolgus monkeys have become the primary choice for laboratory use.
Tracking the Price Surge
The price for experimental monkeys, led by cynomolgus monkeys, rebounded past the 100,000 yuan mark in the second half of 2025. The upward trend has continued into 2026. Data from the Chinese Government Procurement Network shows a clear price escalation. A procurement project by the Shanghai Institute of Materia Medica on March 5th resulted in the purchase of 450 specific pathogen-free cynomolgus monkeys (aged 2.8 to 5 years) for 58.95 million yuan, averaging 131,000 yuan per monkey.
By June 16th, a procurement result for 40 cynomolgus monkeys by the National Institutes for Food and Drug Control showed the unit price had risen to 178,000 yuan. A subsequent tender announcement on June 29th from the same institute, with a budget of 7.6 million yuan for 40 monkeys (20 male, 20 female, aged 3-5), pushed the indicated unit price to 190,000 yuan.
Analyzing the Supply-Demand Imbalance
Research from Zheshang Securities highlights the structural gap. Using 2024 data as a reference, China's domestic stock of experimental monkeys was approximately 220,000, with an annual output of around 30,000. However, the industry's annual demand has already exceeded 40,000, creating a consistent shortfall of nearly 10,000 monkeys. The firm predicts that from 2026 to 2028, the domestic supply-demand gap for experimental monkeys will be at least 15,000 to 20,000, suggesting prices may remain elevated.
Market Reaction to the News
Following the announcement, shares of Zhaoyan New Drug surged 7% in A-share trading, closing at 46.02 yuan per share. The company's market capitalization stands at approximately 31.2 billion yuan, with its stock having accumulated a gain of 31.9% year-to-date.
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