JOINN (06127) surged over 4% in morning trading, with its shares accumulating a gain of more than 30% this month. At the time of writing, the stock was up 4.23% to HK$22.18, with a trading volume of HK$211 million.

Recent reports indicate that the price of laboratory monkeys has accelerated its upward trend, reaching approximately RMB140,000 per monkey as of December 9. According to analysis by securities firms, laboratory monkeys are a critical resource for preclinical safety evaluations. With steady recovery in preclinical CRO orders, demand has increased. Meanwhile, supply-side expansion remains challenging in the short term, with some monkey farms reporting capacity fully booked until Q1 2026. This tight supply-demand dynamic is expected to persist, potentially driving prices higher in the near term.

One securities firm estimates that, using JOINN as an example, if the average price of laboratory monkeys in 2024 is factored into fair value at RMB84,900 per monkey and rises to RMB140,000 by Q4 2025, with a farm output rate of 17%, the fair value increase could reach approximately RMB220 million in 2025 (based on an existing stock of 23,200 monkeys, excluding newly added or juvenile/aged monkeys).