Market Overview - The animal health sector experienced a decline of 0.5% on August 29, with *ST Lvkang leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - The top performer in the animal health sector was Qudongli (code: 838275), with a closing price of 11.87 and an increase of 7.23% [1] - Other notable gainers included Yongshun Biological (code: 839729) with a 1.34% increase and Ruipu Biological (code: 300119) with a 0.81% increase [1] - Conversely, *ST Lvkang (code: 002868) saw a significant decline of 3.24%, closing at 26.32 [2] Trading Volume and Capital Flow - The total net outflow of main funds in the animal health sector was 53.36 million yuan, while retail funds saw a net inflow of 29.48 million yuan [2] - The trading volume for Qudongli was 92,700 hands, with a transaction amount of 108 million yuan [1] Fund Flow Analysis - *ST Lvkang experienced a net outflow of 11.85 million yuan from main funds, representing a 24.27% net share [3] - In contrast, retail funds for *ST Lvkang saw a net inflow of 7.44 million yuan, accounting for 15.25% of its total [3] - Other companies like Shenglian Biological and Zhongmu Co. also faced net outflows from main funds, indicating a trend of capital withdrawal in the sector [3]

Core Insights - Zhongmu Industrial Co., Ltd. reported a revenue of 2.793 billion yuan for the first half of 2025, representing a year-on-year growth of 12.63% [1] - The net profit attributable to shareholders reached 81.762 million yuan, up 30.19% year-on-year, while the net profit excluding non-recurring gains and losses was 81.667 million yuan, reflecting a 39.35% increase [1] Group 1: Business Performance - The company faced intensified competition and a challenging market environment but managed to improve its operational performance through cost reduction and efficiency enhancement measures [1] - Zhongmu's market share in the product sector remained resilient, supported by strategic initiatives in the government procurement market [1] Group 2: Sector-Specific Developments - In the pharmaceutical sector, Zhongmu strengthened its data-driven management approach and implemented a closed-loop management mechanism to enhance cost management and reduce losses [2] - The sales revenue for both formulation products and raw materials saw significant growth during the first half of the year [2] Group 3: Brand and Market Expansion - The premix feed segment focused on enhancing brand influence and expanding customer development, while the trading segment effectively navigated price trends to avoid risks [2] - In the pet business, the company increased efforts in building its main and sub-brands, with the high-end pet food brand "Dazhua" making progress in terminal sales [2] Group 4: Export Growth - Zhongmu's export business experienced substantial growth, maintaining a positive trend in existing markets while also achieving breakthroughs in new market expansions [2]

Market Overview - The animal health sector experienced a decline of 1.01% on August 28, with *ST Lvkang leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers included: - Qudongli (838275) with a closing price of 11.07, up 5.23% [1] - Xianfeng Holdings (002141) at 4.19, up 1.21% [1] - Zhongmu Co. (600195) at 7.63, up 0.66% [1] - Major decliners included: - *ST Lvkang (002868) at 27.20, down 3.51% [2] - Shenyuan Bio (688098) at 12.59, down 2.70% [2] - KQ Bio (688526) at 18.40, down 1.55% [2] Capital Flow - The animal health sector saw a net outflow of 136 million yuan from institutional investors, while retail investors contributed a net inflow of 101 million yuan [2] - The detailed capital flow for key stocks showed: - Zhongmu Co. had a net outflow of 18.59 million yuan from institutional investors [3] - *ST Lvkang experienced a significant net outflow of 7.31 million yuan from institutional investors [3] - Retail investors showed a net inflow of 5.64 million yuan into *ST Lvkang [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue increase of 12.63% year-on-year in the first half of 2025, achieving a total revenue of 2.793 billion yuan and a net profit of 82 million yuan, reflecting a 30.19% increase year-on-year [7] - The performance of the biological products segment is recovering, while the chemical medicine segment is experiencing rapid growth [7] - The company is expected to achieve revenues of 6.443 billion yuan, 6.834 billion yuan, and 7.264 billion yuan from 2025 to 2027, with net profits of 194 million yuan, 242 million yuan, and 317 million yuan respectively [7] Financial Performance Summary - Revenue (in million yuan): 2023A: 5,406, 2024A: 6,017, 2025E: 6,443, 2026E: 6,834, 2027E: 7,264 [6] - Net profit (in million yuan): 2023A: 403, 2024A: 71, 2025E: 194, 2026E: 242, 2027E: 317 [6] - EPS (in yuan): 2023A: 0.39, 2024A: 0.07, 2025E: 0.19, 2026E: 0.24, 2027E: 0.31 [6] - PE ratios: 2025E: 39.8, 2026E: 32.0, 2027E: 24.4 [6] Business Segment Performance - The biological products segment saw a revenue decline of 7.86% to 450 million yuan in the first half of 2025, while the chemical medicine segment's revenue increased by 57.36% to 999 million yuan [7] - The company launched six new products in the pet business during the first half of 2025 [7] - Export revenue increased by 24.5% to 195 million yuan in the first half of 2025 [7] Profitability Metrics - Gross margin for the first half of 2025 was 17.20%, with a net margin of 3.19% [7] - The company expects to improve its profitability with projected net profit margins of 2.6%, 3.1%, and 3.8% from 2025 to 2027 [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司代码：600195 公司简称：中牧股份 第一节 重要提示 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Zhongmu Co., which reported a revenue increase and profit growth in the first half of the year [1] - On August 27, Zhongmu Co.'s stock price closed at 7.58 yuan, down 0.17 yuan or 2.19% from the previous trading day [1] - The company achieved an operating income of 2.793 billion yuan in the first half of the year, representing a year-on-year growth of 12.63% [1] Group 2 - The net profit attributable to shareholders was 81.762 million yuan, reflecting a year-on-year increase of 30.19% [1] - The basic earnings per share were reported at 0.0801 yuan [1] - The main funds experienced a net outflow of 2.2301 million yuan on August 27, accounting for 0.03% of the circulating market value [1] Group 3 - Over the past five days, the cumulative net outflow of main funds reached 15.1393 million yuan, which is 0.2% of the circulating market value [1] - Zhongmu Co. is a key player in the domestic animal health products industry, with a product line that covers the entire cycle of disease prevention in livestock and poultry farming [1]

股票代码：600195 股票简称：中牧股份 编号：临 2025-024 报告全文详见上海证券交易所网站 www.sse.com.cn。 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。 中牧实业股份有限公司（以下简称"公司"或"中牧股份"）第九届董事会第 三次会议通知于 2025 年 8 月 15 日通过公司电子办公系统、电子邮件等形式发出， 会议于 2025 年 8 月 26 日在北京市丰台区总部基地八区 16 号楼 801 会议室以现场 结合视频的方式召开，会议应到董事 7 名，实到董事 7 名。公司监事、高管人员列 席本次会议。会议由董事长吴冬荀先生主持，符合《公司法》《公司章程》的规定。 经与会董事审议，会议表决通过如下议案： 一、中牧股份 2025 年半年度报告 表决结果：7 票同意，0 票反对，0 票弃权。 本报告在提交董事会前已经公司董事会审计委员会审议通过。 同意《中牧股份 2025 年半年度报告》。 中牧实业股份有限公司 第九届董事会第三次会议决议公告 二、关于修订《中牧实业股份有限公司投资管理办法》的议案 表 ...

中牧实业股份有限公司2025 年半年度报告 公司代码：600195 公司简称：中牧股份 中牧实业股份有限公司 2025 年半年度报告 1 / 135 中牧实业股份有限公司2025 年半年度报告 重要提示 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 √适用 □不适用 本报告中所涉及的发展战略和未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 详见本报告"第三节 管理层讨论与分析"之"五、其他披露事项"之"（一）可能面对的风险"的相 关内容。 六、前瞻性陈述的风险声明 十一、 其他 □适用 √不适用 2 / 135 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人吴冬 ...

Group 1 - The company reported a revenue of 2.79 billion yuan, representing a year-on-year growth of 12.63% [1] - The net profit attributable to shareholders of the listed company was 81.76 million yuan, showing a year-on-year increase of 30.19% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 81.67 million yuan, reflecting a year-on-year growth of 39.35% [1]

中牧股份公告，2025年上半年营业收入27.93亿元，同比增长12.63%。净利润8176.2万元，同比增长 30.19%。 ...