JOINN (06127) rose over 11% again, reaching HK$19.8 by the time of writing, with a trading volume of HK$129 million. Recent reports indicate that the price of cynomolgus monkeys exceeded RMB 100,000 in early December. Investigations reveal supply shortages in Guangdong, Guangxi, and Yunnan, driving prices up to RMB 120,000–130,000. Some breeding facilities confirmed that monkeys are already booked through the first half of next year.

Huatai Securities noted that as the supply-demand gap widens, monkey prices may enter a new upward cycle (reaching RMB 150,000–200,000 per monkey in 2022). The firm highlighted JOINN as a leader in non-clinical safety evaluation, strengthening its global market presence through high-quality services. After rapid growth from 2018–2022 and order adjustments in 2023–2025, JOINN is expected to enter a new growth phase starting in 2026, driven by domestic recovery (rising BD overseas expansion and IND applications) and offshore outsourcing. Rising monkey prices and improving new orders could serve as key catalysts.

Founder Securities suggested monitoring safety evaluation CROs with stabilizing performance and order recovery, anticipating a sector inflection point next year.