Within one month, its share price rose more than 40%. Why has Joinn Laboratories' (06127) H-shares embarked on a more resilient independent market trend?

After the market closed on August 28, Joinn Laboratories (06127) released its 26H1 earnings flash report. During the reporting period, the company achieved operating revenue of 704 million yuan, up 5.27% year-on-year; net profit attributable to shareholders of 748 million yuan, up 1,126.80% year-on-year; corresponding non-GAAP net profit attributable to shareholders rose 2,931.69% year-on-year. But the market did not give this paper profit under the "monkey cycle" more premium. The next day after the announcement, Joinn Laboratories' H-share price closed down 3.32%, and the decline continued until September 11, with the stock price falling 16.21% over the period. However, when Joinn Laboratories officially disclosed its 26H1 financial report on September 29, its H-share price surged 15.62% the next day. Driven by the rally in both volume and price, the company's stock price touched a high of HK$32.58 intraday on October 6, setting a new three-year high for its Hong Kong stock price. Why would the same financial report data bring different market reactions to Joinn Laboratories? When the "Monkey Moutai" meets industry beta Joinn Laboratories carved out a "V-shaped" trend during the two periods of disclosing its 2026 interim earnings flash report and its official interim report. From a technical perspective, from August 10 to September 11, Joinn Laboratories' H-share closing price fell from HK$26.64 to HK$21.20, a cumulative decline of 20.42% over the period. During this time, its moving averages showed a standard bearish alignment structure; in terms of momentum indicators, both RSI and KDJ entered a clear short-term oversold zone in the latter half of the trend, but the conditions for a short-term rebound failed to receive bottom confirmation on the MACD trend, and the MACD indicator did not show a bullish divergence with rising momentum at that time. In terms of volume, Joinn Laboratories' stock price generally showed a shrinking-volume decline from August 10 to September 11. During the main decline phase from August 28 to September 11, the company's trading volume was significantly lower than in the earlier period, indicating that selling pressure in the latter half of the trend did not see extreme release; on September 11, its intraday turnover rate was as low as 1.99%, below the period's average daily turnover rate of 4.13%. Such low turnover and insufficient volume also indicated that funds had not yet formed a consensus on bottom-fishing. Therefore, this round of decline in Joinn Laboratories' stock price was clearly not a panic liquidation by on-market funds, but rather more like continued position reduction and insufficient absorption after institutional risk appetite declined. Industry beta factors were clearly one of the important factors guiding Joinn Laboratories' trend during the above period. It was observed that from August 10 to September 11, the Hang Seng Healthcare Index shifted from its earlier uptrend to high-level consolidation, with the index falling 4.43% over the period; at the same time, the pharmaceutical R&D outsourcing index fell 10.52%; and technically, Joinn Laboratories' relative strength curve continued to stay below the industry curve. Joinn Laboratories' H-share price clearly underperformed the industry during the above period, which on the other hand also showed that industry beta factors only guided its downward direction to a certain extent. The core catalyst that caused it to enter the main decline phase was still the earnings flash report the company disclosed on August 28. In interpreting this earnings flash report at that point, the market clearly focused on "paper profit brought by monkey price revaluation." Although investors saw "high profit growth," the earnings flash report also showed that the safety evaluation business, the company's core main business, was still in a loss-recovery stage. Combined with the downward guidance of industry beta factors at the time, the market first priced Joinn Laboratories at a "profit quality discount," so after the company disclosed its interim earnings flash report, its stock price still continued its earlier downward trend. Under positive catalysts, H-shares showed stronger elasticity As mentioned above, after nearly a month of stock price decline, Joinn Laboratories' stock price had already shown clear oversold indicators on the technical front on September 11, and short-term momentum was simultaneously extremely compressed. At that time, its trading volume had dropped from over 16 million shares on August 10 to less than 2.5 million shares. As oversold signals became more obvious and on-market short-selling significantly exhausted, the "ignition" of industry beta sounded the horn for a new round of rebound for Joinn Laboratories. On September 14, Hong Kong biopharmaceutical and CXO sectors led gains, and Asymchem Laboratories surged 14% that day while driving share price gains in Pharmaron Beijing, Hangzhou Tigermed Consulting, and Joinn Laboratories. Under the transmission of industry beta, Joinn Laboratories' H-shares closed up 5.38% that day, bringing the first recovery bullish candle after oversold conditions on its chart. When market sentiment reversed, investors also began to price in the positive factors in Joinn Laboratories' performance. In the earnings flash report disclosed on August 28, Joinn Laboratories not only showed its exaggerated profit growth affected by the "monkey cycle," but also disclosed that its net cash flow from operating activities for the period was 457 million yuan, up 180.89% year-on-year. It is understood that as one of the domestic CROs with the largest experimental monkey reserves, about 90% of Joinn Laboratories' experimental monkeys are self-bred and self-used, so the company's cash flow performance is less affected by monkey price fluctuations and instead becomes an important window reflecting the performance of its safety evaluation main business. On the other hand, rising monkey prices further elevated Joinn Laboratories' "scarcity capacity moat of self-owned monkey sources," so some investors chose to value the company as a safety evaluation platform possessing scarce non-human primate model resources. After the official 26H1 financial report was disclosed on September 29, it also verified the above view: in Q1 2026, newly signed orders were approximately 910 million yuan, up 111.6% year-on-year; cumulative orders in hand were approximately 3.1 billion yuan, up 40.9% year-on-year. In other words, the volume and price level of Joinn Laboratories' Q1 orders had smoothly extended into Q2. High order growth meant that the company's "monkey price elasticity" had a clear path to operational realization. On the news front, on September 29, Jiangsu Hengrui Pharmaceuticals announced a US$2.6 billion BD transaction with Novo Nordisk, which further raised market expectations for demand in outsourcing service segments such as drug R&D and safety evaluation. Driven by both news and fundamentals, the above two logics directly supported Joinn Laboratories' single-day stock price rallies on September 18 and September 30. It is worth mentioning that in this round of market movement since September 14, Joinn Laboratories' H-shares showed stronger elasticity. Data showed that the period gain in Hong Kong-listed Joinn Laboratories' stock price reached 40.2%, significantly higher than the 22.9% gain in its A-share price and the 9.34% gain in the A-share pharmaceutical R&D outsourcing index over the same period. The correlation coefficient between Joinn Laboratories' A/H daily returns during the period reached 0.818. To a certain extent, this indicated that Joinn Laboratories' A-shares were linked to sector sentiment, but its H-shares had clearly excess returns, showing stronger independent pricing characteristics. From the perspective of external factors, around September 30, domestic innovative drug overseas BD transactions remained active, and the simultaneous strengthening of the Hang Seng Stock Connect Innovative Drug Index, Hong Kong innovative drugs, and CXO names undoubtedly laid a better market environment advantage for Joinn Laboratories' H-share trend. From the perspective of stock price performance, because Joinn Laboratories had long had an AH discount, when the company showed an order inflection point, biological asset revaluation, and resonance between GLP qualification and AI pharmaceutical narratives, Joinn Laboratories' A-share stock price gains clearly tended to be more stable under the condition that the overall A-share CXO valuation anchor was more solid, while its H-shares were instead more likely to stage a "low base + high elasticity" trend. In addition, after the official disclosure of the 26H1 financial report, the recovery of Joinn Laboratories' safety evaluation main business was further confirmed by the financial report. Hong Kong stock funds' willingness to allocate to Joinn Laboratories, a high-elasticity alpha target with the scarce advantages of "rising monkey prices + rigid experimental monkey supply + order inflection point," would clearly be stronger.