Joinn Laboratories (China) Co.,Ltd., often dubbed the "monkey stock" for its leadership in non-human primate research models, is drawing intense investor scrutiny over the trajectory of laboratory monkey prices. In the company's 2026 interim results briefing held on September 8, Director, General Manager, and Board Secretary Gao Dapeng addressed this pivotal concern, offering a measured view on the forces shaping the market.
During the first half of 2026, JOINN reported revenue of 704 million yuan, a modest 5.27% year-on-year increase, while net profit surged to 748 million yuan—a staggering 1,126.8% jump that actually eclipsed its top-line revenue. The bulk of this profitability stemmed from a 735 million yuan net gain in fair value changes of biological assets. Stripping out those non-operating gains, the laboratory services and other businesses posted a 36.61 million yuan loss, narrowing by 43.5% from the prior year, signaling that the core operations remain in the red but are steadily reducing losses.
Addressing future price movements and the sustainability of biological asset gains, Gao explained that non-human primate price shifts are primarily a function of supply-demand dynamics. On the demand side, the recovery of innovative drug financing and BD licensing deals in China during 2026 has significantly boosted the need for non-human primate models. On the supply side, breeding rates for these animals are relatively stable, and the industry's supply elasticity is low, making it difficult to rapidly expand capacity in response to demand. This mismatch has created a tight supply-demand balance, pushing prices higher.
However, Gao cautioned, "With the liberalization of import policies for non-human primates, combined with other uncertain factors, future price trends still require ongoing observation." He elaborated that the fair value changes of biological assets comprise two components: fluctuations in market prices, which are hard to predict given the numerous influencing factors, and natural growth appreciation of the assets. Under stable monkey prices, this appreciation contributes roughly 100 million yuan per quarter, with future growth potential adjusting in tandem with market price movements.
On import policies and supply constraints, Gao noted that import channels have now been reopened, allowing both breeding monkeys and commercial monkeys to enter the country. This year, imports have predominantly consisted of commercial monkeys. He stressed that final prices hinge on the supply-demand balance and the size of the gap, adding, "Even if CITES quotas are significantly raised, import volumes are not entirely determined by quotas alone. Two hard constraints remain: first, overseas monkey farms meeting stringent standards are scarce. Lab monkeys must comply with rigorous experimental criteria, making it challenging to find qualified farms or suppliers abroad, and establishing stable partnerships is a prerequisite for imports. Second, domestic quarantine facility capacity is tight, with a limited number of facilities meeting new construction standards. Currently, all quarantine stations face waiting lists, and this hardware limitation constitutes the second critical bottleneck for imports."
Looking ahead, Gao indicated that as high-priced orders continue to land and be recognized, the profitability of the laboratory services business will gradually recover, returning to a stable and reasonable margin level. In the third quarter, the company expects to maintain a steady improvement trend, and in the fourth quarter, a concentrated recognition of high-value orders should drive a notable enhancement in both revenue scale and profit margins. Overall, the company's earnings are on track to progressively return to normal operating levels.
On September 8, JOINN shares closed at 43.62 yuan per share, placing the latest market valuation at 29.8 billion yuan.