# financial management

China CRO Pumps Profits by Stockpiling Lab Monkeys and Cash — but Sustainability Is in Doubt

Zhaoyan New Drug posted a paradoxical 2025 outlook: lower revenue but sharply higher net profit driven mainly by fair‑value gains on biological assets — chiefly experimental monkeys — and returns from cash management. The company’s core laboratory services remain under pressure, and the profitability bump has prompted scrutiny about the sustainability of relying on asset revaluation and financial income rather than scientific capabilities.