2025财年初步业绩显示2025年四季度改善速报

EQUITY: HEALTH CARE & PHARMACEUTICALS FY25 preliminary results show 4Q25 improvementQuick Note 4Q25 an inflection point: topline improved, earnings jumped On 20 January 2026, after market close, Joinn Lab released FY25 preliminary results:revenue retreated 13.9~22.1% y-y to CNY15.7bn-17.4bn in FY25, which suggests that4Q25 revenue ranged between CNY588mn and CNY 753mn (-14.0%~10.2% y-y, much Research Analysts China Health Care &Pharmaceuticals This indicates improved performance of the lab safety testing business in China in 4Q25.Considering the improving overall biotech funding environment in China, we expect the Jialin Zhang, CFA, CPA - NIHKjialin.zhang@nomura.com+852 2252 6134 FY25 net profit-to-shareholders went up 213%~369% to CNY233mn-349mn, mainly drivenby higher gains on the fair value change of biological assets (gain of CNY452mn-499mnvs a loss of CNY114mn in FY24), offsetting the net loss from lower-priced laboratory By our calculation, net profit-to-shareholders and net profit-to-shareholders-on-a-recurring-basis, rose 5-85%/59-149% y-y to CNY152mn-268mn and CNY217-341mn in 4Q25, Maintain Neutral and TP of CNY12.60We maintain our Neutral rating and DCF-based TP of CNY12.60 (assuming a WACC of 10.8% and terminal growth of 4.0%). The stock currently trades at 82.3x/70.8x FY25/26F Appendix A-1 This report has been produced by Nomura International (Hong Kong) Ltd. (NIHK), Hong Kong.SeeDisclaimersfor Nomura Group entity details. Analyst Certification I, Jialin Zhang, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment Issuer Specific Regulatory Disclosures The terms "Nomura" and "Nomura Group" used herein refer to Nomura Holdings, Inc. and its affiliates and subsidiaries, including NomuraSecurities International, Inc. ('NSI') and Instinet, LLC ('ILLC'), U. S. registered broker dealers and members of SIPC. Materially mentioned issuers Risks that may impede the achievement of the target priceDownside risks include: (1) deteriorating financing environment,(2) potential goodwill impairment. Upside risks include: (1) favorable policy support, (2) a better-than-expected recovery. Valuation MethodologyWe derive our target price of HKD6.87 based on DCF model, assuming WACC of 10.1% and terminalgrowth of 4.0%. The benchmark index for the stock is Hang Seng Index.Risks that may impede the achievement of the target priceDownside risks include: (1) deteriorating financing environment,(2) potential goodwill impairment. Upside risks include: (1) favorable policy support, (2) a better-than-expected recovery. Important Disclosures Online availability of research and conflict-of-interest disclosures Nomura Group research is available onwww.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG. Important disclosures may be read athttp://go.nomuranow.com/research/m/Disclosuresor requested from Nomura Securities International, Inc.If you have any difficulties with the website, please emailgrpsupport@nomura.comfor help. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenot registered/qualified as research analysts under FINRA rules, may not be associated persons of NSI, and may not be subject to FINRA Rule Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered withthe Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are Distribution of ratings (Nomura Group) The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 56% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 36% of companies with thisrating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA) 42% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 56% of companies withthis rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the 2% have been assigned a Reduce rating which, for purposes of mandatory disclosures, are classified as a Sell rating; 0% of companies with thisrating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to