JOINN (06127) rose more than 8%, reaching HK$22.14 by the time of writing, with a trading volume of HK$39.862 million. The recent market focus has been on preclinical safety assessment assets, particularly crab-eating macaques. Reports indicate that lab monkey prices accelerated on December 9, 2025, reaching approximately RMB 140,000 per monkey.

A research note from a securities firm on December 15 highlighted that lab monkeys, as a critical resource for preclinical safety evaluations, face rising demand amid steady recovery in preclinical CRO orders. Meanwhile, supply-side expansion remains challenging in the short term, with some monkey farms reporting capacity booked through Q1 2026. The tight supply-demand balance is expected to persist, potentially driving further price increases in the near term.

The report suggests that leading CROs with strategic resource reserves, such as JOINN, stand to benefit from both industry recovery and fair value gains from rising monkey prices. For instance, assuming an average lab monkey price of RMB 84,900 per head in 2024 and a Q4 2025 price increase to RMB 140,000, with a 17% farm output rate and an estimated 23,200 monkeys, JOINN could see an approximate RMB 220 million increase in fair value (excluding newly acquired or immature/aged monkeys).