JOINN (06127) surged more than 7% again, with its stock price accumulating a gain of nearly 60% over the past month. As of the time of writing, the stock was up 7.02%, trading at HKD 25.92, with a turnover of HKD 203 million.

On the news front, Guohai Securities pointed out that during the safety assessment phase, new technology platforms such as large molecules (multi-antibodies, ADCs), small nucleic acids, peptides, and cell and gene therapies all require crab-eating macaques to simulate the human body for safety evaluation tests to collect drug safety data. Currently, the price for 3-5 year old crab-eating macaques has risen to RMB 140,000 each, and a supply shortage has emerged within the year, further evidencing the recovery in the prosperity of domestic innovative drug research and development. Furthermore, the fair value changes resulting from the rising monkey prices will also directly contribute to profits.

According to calculations by Founder Securities, using JOINN as an example, assuming the average price of experimental monkeys in 2024 is recognized at a fair value of RMB 84,900 each, and the price increases to RMB 140,000 each by Q4 2025, with an assumed farm turnover rate of 17%, a rough estimate based on the known 23,200 monkeys suggests an approximate RMB 220 million increase in fair value for 2025, not accounting for the impact of newly introduced monkeys or juvenile & elderly monkeys.