JOINN (06127) rose more than 4% during trading, and as of the latest update, the stock was up 1.85% at HK$22.08, with a turnover of HK$56.8494 million. A research report from Changjiang Securities indicated that the safety assessment industry may be entering a phase of simultaneous growth in both volume and price. From a volume perspective, improved financing conditions for innovative drug companies and the emergence of outbound business development activities have increased willingness to invest in R&D, driving the innovative drug supply chain into a new cycle of prosperity. On the price front, the supply of laboratory monkeys continues to decline while demand stabilizes and recovers, potentially widening the supply-demand gap and pushing up monkey prices. This benefits safety assessment businesses that heavily rely on laboratory monkey resources. JOINN is a leading non-clinical safety evaluation CRO in China. For its 2025 performance, JOINN reported revenue of RMB 1.658 billion, down 17.87% year-on-year, but net profit attributable to shareholders rose 302.08% to RMB 298 million. Non-GAAP net profit reached RMB 311 million, surging 1,221.30% year-on-year. Changjiang Securities noted that changes in the fair value of biological assets significantly boosted profits, contributing RMB 476 million for the full year. In terms of business highlights, new contract value saw explosive growth in Q4 2025. The single-quarter new contract value reached RMB 960 million, up 118.2% year-on-year, approaching the historical quarterly peak. Throughout Q1–Q4 2025, new contract value showed continuous quarter-on-quarter growth and accelerating year-on-year expansion.