Core Viewpoint - The animal health sector experienced a decline of 0.48% on December 1, with *ST Lvkang leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.65% and the Shenzhen Component Index increasing by 1.25% [1][2]. Market Performance - The closing price of *ST Lvkang was 39.35, reflecting a decrease of 3.41% with a trading volume of 30,400 shares and a transaction value of 122 million yuan [2]. - Other notable stocks in the animal health sector included: - Dayu Biological: Closing price 8.26, up 2.10% [1] - Haili Biological: Closing price 6.86, up 1.03% [1] - Qihua Biological: Closing price 15.85, up 0.51% [1] - Repu Biological: Closing price 19.83, down 0.10% [1][2]. Capital Flow - The animal health sector saw a net outflow of 29.57 million yuan from institutional investors, while retail investors contributed a net inflow of 3.27 million yuan [2][3]. - Specific stock capital flows included: - Jinhai Biological: Net inflow from institutional investors of 3.13 million yuan [3]. - Haili Biological: Net inflow from institutional investors of 2.06 million yuan [3]. - Repu Biological: Net inflow from retail investors of 2.81 million yuan [3].

北京金诚同达律师事务所 北京金诚同达律师事务所 关于中牧实业股份有限公司 2025 年第三次临时股东会的 关于 中牧实业股份有限公司 2025 年第三次临时股东会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 法律意见书 金证法意[2025]字 1201 第 1008 号 致：中牧实业股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受中牧实业股份有限公司 （以下简称"中牧股份"或"公司"）的聘请，指派本所律师出席公司 2025 年 第三次临时股东会（以下简称"本次股东会"）并对会议的相关事项出具法律意 见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 （试行）》等有关法律、法规和规范性文件的要求以及《中牧实业股份有限公司 章程》（以下简称"《公司章程》"）的规定，对本次股东会的召集、召开程序， 出席会 ...

股票代码：600195 股票简称：中牧股份 编号：临 2025-039 中牧实业股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 12 月 1 日 (二)股东会召开的地点：北京市丰台区南四环西路 188 号总部基地 8 区 16 号楼 8 层公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 237 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 520,560,947 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 50.9779 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合的方式召开。 现场会议由公司董事长吴冬荀先生主持，公司董 ...

Core Insights - The avian influenza concept sector experienced a decline of 0.76%, ranking among the top losers in the market, with major stocks like Zhongsheng Pharmaceutical hitting the limit down, while a few stocks like Wens Foodstuff and Weilan Biology saw gains of 1.80% each [1][2] Market Performance - The top-performing concept sectors included Titanium Dioxide with a gain of 4.31%, and Hainan Free Trade Zone with a gain of 3.54%, while the avian influenza sector was among the worst performers [1] - The avian influenza sector saw a net outflow of 784 million yuan, with 18 stocks experiencing net outflows, led by Zhongsheng Pharmaceutical with a net outflow of 684 million yuan [1] Stock Performance - Stocks with significant net outflows included: - Zhongsheng Pharmaceutical: -10.00% with a turnover rate of 18.78% and a net outflow of 683.65 million yuan - Yiling Pharmaceutical: -2.40% with a net outflow of 35.71 million yuan - Lianhuan Pharmaceutical: -1.79% with a net outflow of 25.69 million yuan - Hualan Biological: -6.60% with a net outflow of 18.13 million yuan [1] - Conversely, stocks with net inflows included: - Tiankang Biological: +1.26% with a net inflow of 16.52 million yuan - Shanghai Kaibao: -1.70% with a net inflow of 5.06 million yuan - Jinhai Biological: +0.16% with a net inflow of 3.82 million yuan [2]

Core Insights - The horse racing concept sector has seen a rise of 1.95%, making it the top-performing sector on the market as of November 26 [1][2] - Within this sector, three stocks experienced gains, with Xinhua Dou reaching the daily limit, while Hainan Rubber and Zhujiang Piano also posted increases of 0.87% and 0.58% respectively [1][2] Sector Performance - The horse racing concept sector led the market with a daily increase of 1.95%, while other sectors such as the shipbuilding system and military equipment restructuring saw declines of -5.09% and -3.05% respectively [2] - Other notable sectors included duty-free shops with a rise of 1.72% and Guangdong Free Trade Zone increasing by 1.50% [2] Capital Flow - The horse racing concept sector attracted a net inflow of 6.056 million yuan, with Xinhua Dou receiving the highest net inflow of 36.1033 million yuan [2][3] - Other stocks in the sector, such as Zhongti Industry and Zhujiang Piano, also saw net inflows of 1.6268 million yuan and 300,700 yuan respectively [2][3] Stock Performance - Xinhua Dou led the sector with a daily increase of 9.99% and a turnover rate of 1.05%, while Zhongti Industry and Zhujiang Piano had declines of -1.17% and an increase of 0.58% respectively [3] - The net inflow ratios for Xinhua Dou, Zhongti Industry, and Zhujiang Piano were 48.75%, 1.48%, and 0.22% respectively, indicating strong interest in Xinhua Dou [3]

Group 1 - The SW Agricultural, Forestry, Animal Husbandry, and Fishery industry outperformed the CSI 300 index, with an overall increase of 16.36% from January to November 2025, surpassing the index by approximately 3.18 percentage points [12][13][14] - All sub-sectors within the industry recorded positive returns, with significant increases in animal health (36.27%), fishery (35.22%), agricultural product processing (21.88%), feed (12.48%), breeding (11.53%), and planting (8.49%) [13] - Approximately 83% of stocks in the industry achieved positive returns, with around 5% of stocks increasing by over 100%, and 17% recording negative returns [14][17] Group 2 - The breeding industry is experiencing a gradual reduction in the number of breeding sows, with a current stock of 40.35 million heads, which is 1.1% lower than the previous year [23][24] - The price of live pigs has shown a downward trend in 2025, with an average price of 11.65 yuan/kg as of November 24, down 26% from the beginning of the year, but is expected to gradually recover in 2026 [26] - The profitability of pig farming has turned negative, with self-breeding losses at 135.9 yuan per head and external piglet purchases at 234.63 yuan per head, but a recovery is anticipated in 2026 [31] Group 3 - The meat chicken breeding sector faced challenges in profitability during 2025, with the average price of broiler chicks fluctuating and a significant decline in profitability [33][35] - The supply of yellow feathered chickens is expected to remain relatively abundant in 2026, with a high stock of breeding chickens [45][47] - The overall feed production in China is projected to continue its recovery, with a total production of 15.85 million tons in the first half of 2025, reflecting a year-on-year increase of 7.7% [50] Group 4 - The prices of feed raw materials such as corn and soybean meal have shown fluctuations, with corn prices recovering from a low of 2115.59 yuan/ton to around 2300.88 yuan/ton by late November 2025 [52][53] - The global supply of corn is expected to remain ample, with a projected production of 128.6 million tons for the 2025/26 season, indicating limited price recovery potential [55] - The overall market for pet food in China is anticipated to grow, with an increase in exports and a rising domestic market [38][40]

Group 1 - The horse racing concept has seen an increase of 2.98%, ranking 7th among concept sectors, with five stocks rising, including Xinhua Dou reaching the daily limit, and others like Zhujiang Piano and Zhongmu Co., Ltd. increasing by 3.17%, 0.65%, and 0.59% respectively [1] - The horse racing concept sector experienced a net inflow of 4.4 million yuan from main funds today, with Xinhua Dou leading the inflow at 25.3 million yuan, followed by Zhujiang Piano and Zhongmu Co., Ltd. with net inflows of 4.4 million yuan and 1.6 million yuan respectively [2] - In terms of fund inflow ratios, Xinhua Dou, Zhujiang Piano, and Zhongmu Co., Ltd. had the highest net inflow ratios at 66.95%, 3.10%, and 2.02% respectively [3] Group 2 - The top-performing concept sectors today included F5G concept with a rise of 4.52%, while the shipbuilding system saw a decline of 0.95% [2] - Other notable sectors included the optical packaging concept increasing by 3.62% and the fiber optic concept rising by 3.61% [2] - The overall market sentiment reflected a mixed performance across various sectors, with some experiencing significant gains while others faced declines [2]

Core Viewpoint - The animal health sector experienced a slight decline of 0.2% on November 24, with *ST Lvkang leading the drop [1][2] Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05% - The Shenzhen Component Index closed at 12585.08, up 0.37% [1] Individual Stock Performance - Notable gainers in the animal health sector included: - Shenlian Biological (688098) with a closing price of 9.57, up 2.57% on a trading volume of 55,100 shares and a turnover of 52.32 million yuan - Yongshun Biological (920729) at 8.95, up 1.59% with a trading volume of 15,900 shares and a turnover of 14.22 million yuan - Xianfeng Holdings (002141) at 3.98, up 1.53% with a trading volume of 694,200 shares and a turnover of 275 million yuan [1] Capital Flow Analysis - The animal health sector saw a net outflow of 35.49 million yuan from institutional investors, while retail investors contributed a net inflow of 31.36 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [3] Stock-Specific Capital Flow - Key stocks with significant capital flow include: - Dayu Biological (920970) with a net inflow of 1.55 million yuan from institutional investors - Pulaike (603566) with a net inflow of 0.99 million yuan from institutional investors - Shenlian Biological (688098) faced a net outflow of 2.88 million yuan from institutional investors [3]

Core Viewpoint - The animal health sector experienced a significant decline of 4.0% on November 21, with Shunlian Biological leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3834.89, down 2.45% - The Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Shunlian Biological (688098) closed at 9.33, down 5.85% with a trading volume of 58,100 shares and a turnover of 55.30 million yuan - Huisheng Biological (300871) closed at 19.33, down 5.71% with a trading volume of 65,400 shares and a turnover of 130 million yuan - Yongshun Biological (920729) closed at 8.81, down 5.47% with a trading volume of 23,700 shares and a turnover of 21.71 million yuan - *ST Green Health (002868) closed at 41.88, down 4.99% with a trading volume of 5,569 shares and a turnover of 23.32 million yuan - Biological Shares (600201) closed at 11.76, down 4.85% with a trading volume of 491,800 shares [1] Capital Flow Analysis - The animal health sector saw a net outflow of 128 million yuan from institutional investors, while retail investors had a net inflow of 87.82 million yuan [1] - The following stocks had notable capital flows: - Shunlian Biological: net outflow of 11.71 million yuan from institutional investors [2] - *ST Green Health: net outflow of 6.34 million yuan from institutional investors, but a net inflow of 990,000 yuan from retail investors [2] - Huisheng Biological: net outflow of 8.69 million yuan from institutional investors, with a net inflow of 432,630 yuan from retail investors [2]

一、审计意见 我们审计了中普生物制药有限公司（以下简称中普生物公司）财务报表，包 括 2025 年 6 月 30 日的资产负债表，2025 年 1-6 月的利润表、现金流量表、所 有者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则，我们独立于中普生物公司，并履行了职业道 德方面的其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审 计意见提供了基础。 目 录 | 一、审计报告……………………………………………………… | 第 | 1—3 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 4—8 | 页 | | （一）资产负债表………………………………………………… | | 第 4 | 页 | | （二）利润表……………………………………………………… | | 第 5 ...