Joinn Laboratories' first-half net profit forecast to surge over eightfold; single lab monkey price nears 200,000 yuan

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Joinn Laboratories issued a profit forecast, expecting attributable net profit for the first half of 2026 to reach 600 million to 900 million yuan, a year-on-year surge of 884.9% to 1,377.4%. The main reason is the rising market price of its biological assets — lab monkeys — coupled with their natural growth appreciation, driving a positive change in fair value. The company expects revenue for the same period to be approximately 669 million to 739 million yuan, a slight year-on-year increase of 0% to 10.5%. Due to the lagging impact of intense industry competition earlier, gross margins still need to recover. Lab monkey prices have continued to climb recently. A bid-winning announcement from the National Institutes for Food and Drug Control on June 16 showed that 40 cynomolgus monkeys were awarded for 7.12 million yuan, averaging 178,000 yuan each, while the budgeted unit price in the tender at the end of May was 190,000 yuan. A July 14 tender announcement from the Shandong Academy of Pharmaceutical Sciences showed a budget of 7 million yuan for 100 lab monkeys, or 70,000 yuan per monkey. The industry believes the supply-demand gap for lab monkeys continues to widen, with an annual shortfall of about 10,000 monkeys. The long breeding cycle and population discontinuity have intensified supply tightness, and monkey prices have become an important indicator of innovation drug R&D activity. At its first-quarter 2026 results briefing, Joinn Laboratories stated that rising monkey prices can gradually be passed on to new orders, driving up product selling prices, but will also raise procurement costs, exerting phased pressure on gross margins.

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