Market Overview - On September 16, the animal health sector declined by 0.41%, with *ST Lvkang leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Key stocks in the animal health sector showed mixed performance, with the following notable movements: - Xianfeng Holdings (002141) increased by 2.27% to close at 4.06 [1] - Haili Biological (603718) rose by 1.27% to 7.17 [1] - *ST Lvkang (002868) fell by 4.34% to 23.81, leading the decline [2] - The trading volume and turnover for selected stocks were significant, with Xianfeng Holdings achieving a turnover of 1.02 billion [1] Capital Flow Analysis - The animal health sector experienced a net outflow of 15.97 million from institutional investors, while retail investors saw a net inflow of 11.29 million [2][3] - Notable capital flows included: - Biological Shares (600201) had a net inflow of 12.28 million from institutional investors [3] - *ST Lvkang (002868) saw a net outflow of 2.89 million from institutional investors [3] - Retail investors contributed positively to several stocks, including a net inflow of 12.59 million into Shenyuan Biological (688098) [3]

Core Insights - The animal vaccine sector saw a rise of 1.30%, ranking 9th among concept sectors, with 14 stocks increasing in value, led by TianKang Biological, BioShares, and Jinhe Biological, which rose by 8.20%, 7.17%, and 3.00% respectively [1][2] - The sector experienced a net inflow of 190 million yuan from main funds, with 10 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Hengtong Co. with 71.08 million yuan [2][3] Sector Performance - The animal vaccine sector's performance was highlighted by the following stocks: - Hengtong Co.: 2.41% increase, 4.20% turnover rate, 71.08 million yuan net inflow, 15.05% net inflow ratio - Jinhe Biological: 3.00% increase, 5.44% turnover rate, 30.31 million yuan net inflow, 10.35% net inflow ratio - Kanghua Biological: 2.14% increase, 4.54% turnover rate, 44.90 million yuan net inflow, 10.14% net inflow ratio [3][4] Stock Movements - The top gainers in the animal vaccine sector included: - TianKang Biological: 8.20% increase - BioShares: 7.17% increase - The stocks with the largest declines included: - Shenlian Biological: 1.51% decrease - Dongfang Biological: 1.31% decrease - Xianfeng Holdings: 1.24% decrease [1][4]

Core Insights - The animal health sector experienced a 1.14% increase on September 15, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - BioShares (600201) closed at 8.82, up 7.17% with a trading volume of 624,100 shares and a turnover of 539 million yuan [1] - Dayu Biological (871970) closed at 11.50, up 6.09% with a trading volume of 124,300 shares and a turnover of 139 million yuan [1] - Other notable performers include: - Jinhai Biological (002688) at 7.20, up 3.00% [1] - Ruipu Biological (300119) at 21.98, up 1.76% [1] - Zhongmu Co. (600195) at 7.50, up 1.63% [1] Capital Flow - The animal health sector saw a net outflow of 25.577 million yuan from institutional investors, while retail investors contributed a net inflow of 6.5625 million yuan [2] - The capital flow for individual stocks indicates: - Jinhai Biological had a net inflow of 32.1651 million yuan from institutional investors [3] - Zhongmu Co. had a net inflow of 6.8986 million yuan from institutional investors [3] - Ruipu Biological experienced a net outflow of 1.1475 million yuan from institutional investors [3]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 8.96 CNY over the next six months, up from the previous rating [1][10]. Core Insights - The company has shown significant performance recovery, with a notable increase in revenue and net profit driven by its pet business and ongoing research and development efforts [1][7]. - The revenue for the first half of 2025 reached 2.793 billion CNY, reflecting a year-on-year growth of 12.63%, while the net profit attributable to the parent company was 82 million CNY, up 30.19% year-on-year [7]. - The company is focusing on large customer development and synergistic services in the animal health sector, which is expected to enhance its profitability [7]. Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 6,017 million CNY, 6,569 million CNY, 7,190 million CNY, and 7,798 million CNY respectively, with growth rates of 11.30%, 9.17%, 9.46%, and 8.46% [2][9]. - The net profit attributable to the parent company is forecasted to be 71 million CNY in 2024A, increasing to 287 million CNY in 2025E, 351 million CNY in 2026E, and 386 million CNY in 2027E, with growth rates of -82.41%, 305.33%, 22.12%, and 9.99% respectively [2][9]. - The company’s earnings per share (EPS) are projected to be 0.07 CNY in 2024A, rising to 0.28 CNY in 2025E, 0.34 CNY in 2026E, and 0.38 CNY in 2027E [2][9]. Business Segment Performance - The pharmaceutical segment reported strong performance with sales revenue of 999 million CNY, while the biological products segment faced a decline in revenue to 450 million CNY due to increased competition [7]. - The feed segment generated revenue of 536 million CNY, indicating stable performance despite some pricing pressures [7]. - The company is actively investing in the pet health product market, with significant advancements in product development and brand promotion [7]. Research and Development - The company invested 60 million CNY in R&D in the first half of 2025, representing a year-on-year increase of 4.73%, with a research expense ratio of 2.14% [7]. - The company is focusing on developing vaccines and pharmaceuticals for pets, with several new products launched during the reporting period [7]. Valuation and Market Position - The company is valued at a PE ratio of 32 times for 2025, which is competitive compared to its peers in the animal health industry, which have an average PE of 31 times [10][11]. - The company’s market capitalization is approximately 7.577 billion CNY, with a total asset value of 8.882 billion CNY [5].

Market Overview - The animal health sector experienced a decline of 0.21% on September 12, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Shunlian Biological (688098) closed at 11.85, up 2.07% with a trading volume of 85,100 shares and a turnover of 99.05 million yuan [1] - KQ Biological (688526) closed at 18.63, up 0.70% with a trading volume of 19,700 shares and a turnover of 36.27 million yuan [1] - Huisheng Biological (300871) closed at 22.55, up 0.53% with a trading volume of 54,100 shares and a turnover of 122 million yuan [1] - Dayu Biological (871970) led the decline, closing at 10.73, down 3.85% with a trading volume of 76,600 shares and a turnover of 82.31 million yuan [2] Capital Flow Analysis - The animal health sector saw a net outflow of 15.44 million yuan from institutional investors, while retail investors experienced a net outflow of 9.04 million yuan [2] - Speculative funds recorded a net inflow of 24.47 million yuan [2] Detailed Capital Flow for Selected Stocks - Shunlian Biological had a net inflow of 14.94 million yuan from institutional investors, but a net outflow of 21.09 million yuan from retail investors [3] - Huisheng Biological experienced a net outflow of 7.83 million yuan from institutional investors, while retail investors had a net inflow of 9.81 million yuan [3] - KQ Biological saw a net outflow of 1.73 million yuan from institutional investors, with a minor net inflow from retail investors [3]

Core Points - The horse racing concept sector experienced a decline of 0.07% as of the market close on September 11, with notable declines in stocks such as Xinhua Duh and Zhongti Industry [1] - Among the horse racing concept stocks, *ST Zhengping, Zhujiang Piano, and Hainan Rubber saw increases of 2.05%, 1.30%, and 0.56% respectively [1] Sector Performance - The top-performing sectors today included: - Co-packaged optics (CPO) with a rise of 6.64% - Copper cable high-speed connection up by 5.89% - AI PC increasing by 5.20% - Chinese AI 50 up by 5.15% - F5G concept rising by 5.10% [2] - Conversely, the horse racing concept was among the sectors with the largest declines, alongside dairy and football concepts [2] Capital Flow - The horse racing concept sector saw a net outflow of 162 million yuan, with five stocks experiencing significant outflows. Zhongti Industry led with a net outflow of 73.03 million yuan, followed by Xinhua Duh with 63.69 million yuan [2] - Stocks with net inflows included Zhujiang Piano and Hainan Rubber, with inflows of 8.65 million yuan and 8.37 million yuan respectively [2] Individual Stock Performance - The following stocks had notable capital flows: - Zhongti Industry: -2.56% change with a turnover rate of 8.21% and a net outflow of 73.03 million yuan - Xinhua Duh: -2.72% change with a turnover rate of 17.71% and a net outflow of 63.69 million yuan - *ST Zhengping: +2.05% change with a turnover rate of 7.41% and a net outflow of 5.25 million yuan [2]

Core Viewpoint - The animal health sector experienced a rise of 0.92% on September 11, with Dayu Biological leading the gains, while the overall market indices also showed significant increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.31, up 1.65%, and the Shenzhen Component Index closed at 12979.89, up 3.36% [1]. - Dayu Biological's stock price increased by 3.81% to 11.16, with a trading volume of 140,500 shares and a transaction value of 158 million [1]. Group 2: Individual Stock Performance - Other notable performers included: - Houfeng Holdings, up 2.75% to 4.11, with a trading volume of 326,800 shares and a transaction value of 133 million [1]. - Keqian Biological, up 2.15% to 18.50, with a trading volume of 32,400 shares and a transaction value of 59.27 million [1]. - Yongshun Biological, up 1.69% to 10.80, with a trading volume of 48,100 shares and a transaction value of 52.46 million [1]. Group 3: Capital Flow Analysis - The animal health sector saw a net outflow of 70.71 million from institutional investors, while retail investors contributed a net inflow of 77.65 million [2][3]. - The capital flow for individual stocks showed varied trends, with significant outflows from stocks like Zhongmu Co., which had a net outflow of 11.86 million from institutional investors [3].

Group 1 - The horse racing concept sector increased by 2.40%, ranking second in terms of growth among concept sectors, with five stocks rising, including Xinhua Du reaching the daily limit, and *ST Zhengping, Luoniushan, and Zhongti Industry showing notable increases of 4.60%, 1.92%, and 1.45% respectively [1] - The leading stocks in terms of net inflow of main funds in the horse racing concept sector included Xinhua Du with a net inflow of 1.58 billion yuan, followed by Luoniushan and *ST Zhengping with net inflows of 1912.78 million yuan and 724.64 million yuan respectively [1] - The overall market performance showed that the horse racing concept sector attracted a net inflow of 1.52 billion yuan from main funds today [1] Group 2 - In terms of fund inflow ratios, Xinhua Du, Luoniushan, and *ST Zhengping had the highest net inflow rates of 21.21%, 9.48%, and 3.39% respectively [2] - The horse racing concept sector's fund inflow rankings highlighted Xinhua Du with a daily increase of 10.05% and a turnover rate of 14.14%, while Luoniushan and *ST Zhengping had increases of 1.92% and 4.60% respectively [2]

Market Overview - The animal health sector experienced a decline of 0.5% on September 10, with Yongshun Biological leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers included: - Qudongli (838275) with a closing price of 11.21, up 2.75% [1] - *ST Lvkang (002868) at 26.42, up 1.62% [1] - Houfeng Holdings (002141) at 4.00, up 0.76% [1] - Major decliners included: - Yongshun Biological (839729) at 10.62, down 3.28% [2] - Shilian Biological (688098) at 11.72, down 1.76% [2] - Huai Sheng Biological (300871) at 22.20, down 1.60% [2] Capital Flow Analysis - The animal health sector saw a net outflow of 81.6 million yuan from institutional investors, while retail investors contributed a net inflow of 53.0 million yuan [2] - The detailed capital flow for key stocks showed: - Repu Biological (300119) had a net inflow of 1.12 million yuan from retail investors [3] - Kexian Biological (688526) saw a net inflow of 14.78 thousand yuan from institutional investors [3] - Hai Li Biological (603718) experienced a significant net outflow of 22.66 million yuan from institutional investors [3]

股票代码：600195股票简称：中牧股份编号：临2025-026 中牧实业股份有限公司关于 行使优先配售权参与认购厦门金达威集团股份有限公司 向不特定对象发行可转换公司债券的结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年8月18日，中牧实业股份有限公司（以下简称"公司"）召开第九届董事会2025年第十次临时会 议、第九届监事会2025年第一次临时会议审议通过了《关于公司行使优先配售权参与认购厦门金达威集 团股份有限公司向不特定对象发行可转换公司债券的议案》。具体内容详见2025年8月20日刊登在《上 海证券报》以及上海证券交易所网站（www.sse.com.cn）的《中牧实业股份有限公司关于行使优先配售 权参与认购厦门金达威集团股份有限公司向不特定对象发行可转换公司债券的公告》（编号：临2025- 022）。 2025年9月5日，金达威披露了《向不特定对象发行可转换公司债券上市公告书》，金达威本次发行的可 转换公司债券将于2025年9月8日起在深圳证券交易所上市交易。 公司将严格遵守《证券法》《可转换公司 ...