格隆汇11月14日丨中牧股份(600195.SH)公布，公司与普莱柯生物工程股份有限公司(以下简称"普莱 柯")、中信农业科技股份有限公司(以下简称"中信农业")共同出资成立中普生物制药有限公司(以下简 称"中普生物")，截至目前中牧股份对其持股48.99%、普莱柯对其持股46.97%、中信农业对其持股 4.04%，中普生物为公司控股子公司。近日，中信农业将其持有中普生物4.04%的股权以不低于人民币 1,751.43万元的价格进行挂牌出让。为进一步优化、布局公司业务，同时根据自身发展规划，公司拟放 弃上述出让股权的优先购买权，由普莱柯或其他第三方摘牌受让股权。同时，公司收到普莱柯的函件， 普莱柯拟行使上述出让股权的认购权，如普莱柯认购成功，中普生物将不再为公司控股子公司。 ...

格隆汇11月14日丨中牧股份(600195.SH)公布，公司与普莱柯生物工程股份有限公司(以下简称"普莱 柯")、中信农业科技股份有限公司(以下简称"中信农业")共同出资成立中普生物制药有限公司(以下简 称"中普生物")，截至目前中牧股份对其持股48.99%、普莱柯对其持股46.97%、中信农业对其持股 4.04%，中普生物为公司控股子公司。近日，中信农业将其持有中普生物4.04%的股权以不低于人民币 1,751.43万元的价格进行挂牌出让。为进一步优化、布局公司业务，同时根据自身发展规划，公司拟放 弃上述出让股权的优先购买权，由普莱柯或其他第三方摘牌受让股权。同时，公司收到普莱柯的函件， 普莱柯拟行使上述出让股权的认购权，如普莱柯认购成功，中普生物将不再为公司控股子公司。 ...

股票代码：600195 股票简称：中牧股份 编号：临 2025-034 (一) 股东会召开的时间：2025 年 11 月 13 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： 中牧实业股份有限公司 2025年第二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 | 1、出席会议的股东和代理人人数 | 304 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 521,385,342 | | 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 | | | 份总数的比例（%） | 51.0587 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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 ...

中牧实业股份有限公司 北京金诚同达律师享务所 关于 2025 年第二次临时股东会的 法律意见书 JT&N 金诚同达律师事务所 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 北京金诚同达律师事务所 关于中牧实业股份有限公司 2025 年第二次临时股东会的 法律意见书 金证法意[2025]字 1113 第 0964 号 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 第二次临时股东会(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 ...

Core Insights - The animal health sector experienced a slight increase of 0.14% on November 12, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - *ST Lvkang (002868) closed at 36.77, up 5.00% with a trading volume of 62,400 shares and a transaction value of 226 million [1] - Other notable performers included: - Qudongli (920275) at 10.76, up 3.86% [1] - Yongshun Biological (920729) at 10.15, up 1.81% [1] - Biological Shares (600201) at 10.76, up 1.22% [1] - Zhongmu Shares (600195) at 7.98, up 0.50% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 35.94 million from institutional investors, while retail investors contributed a net inflow of 20.57 million [2] - The capital flow for individual stocks showed: - KQ Bio (688526) had a net inflow of 7.99 million from institutional investors [3] - Biological Shares (600201) had a net inflow of 6.25 million from institutional investors [3] - However, KQ Bio (688526) also experienced a net outflow of 16.05 million from retail investors [3]

Core Insights - The animal health sector experienced a 1.04% increase on November 11, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - *ST Lvkang (002868) closed at 35.02, up 5.01% with a trading volume of 1196 lots and a transaction value of 4.1884 million yuan [1] - Other notable performers included: - Qudongli (920275) at 10.36, up 4.65% [1] - Yongshun Biological (920729) at 9.97, up 2.15% [1] - Biological Shares (600201) at 10.63, up 1.24% [1] - Plai Ke (603566) at 14.42, up 1.19% [1] Capital Flow - The animal health sector saw a net outflow of 2.5437 million yuan from institutional investors and 7.7575 million yuan from speculative funds, while retail investors had a net inflow of 10.3012 million yuan [1] - Specific stock capital flows included: - Biological Shares (600201) with a net inflow of over 9.2092 million yuan from institutional investors [2] - *ST Lvkang (002868) had a net inflow of 1.1031 million yuan from retail investors [2] - Huayi Biological (603718) experienced a net outflow of 4.1338 million yuan from institutional investors [2]

Core Viewpoint - Zhongmu Co., Ltd. has shown a positive stock performance with an 18.29% increase year-to-date and a significant rise in net profit for the first nine months of 2025, indicating strong operational growth in the animal health sector [1][2]. Financial Performance - As of September 30, 2025, Zhongmu Co., Ltd. achieved a revenue of 4.442 billion yuan, representing a year-on-year growth of 6.32% [2]. - The net profit attributable to shareholders reached 225 million yuan, marking a substantial increase of 175.49% compared to the previous year [2]. Stock Market Activity - On November 10, 2025, Zhongmu's stock price rose by 2.06% to 7.91 yuan per share, with a trading volume of 71.25 million yuan and a turnover rate of 0.89% [1]. - The company has a total market capitalization of 8.077 billion yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.45% to 36,900, while the average number of circulating shares per person increased by 6.90% to 27,706 shares [2][3]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among major ETFs [3]. Business Overview - Zhongmu Co., Ltd. specializes in animal health products, including vaccines, diagnostic liquids, and veterinary drugs, with a revenue composition of 35.78% from chemical drugs, 27.87% from trade, 19.21% from feed, and 16.10% from biological products [1]. - The company is categorized under the agricultural and animal health sectors, with involvement in various concepts such as small-cap stocks and rural revitalization [1].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Core Insights - The animal health sector experienced a slight increase of 0.55% on November 7, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - *ST Lvkang (002868) closed at 31.76, up 4.99% with a trading volume of 12,000 hands and a transaction value of 37.6483 million yuan [1] - Other notable stocks included: - Biological Shares (600201) at 10.52, up 1.64% with a trading volume of 234,300 hands [1] - Driving Force (920275) at 9.88, up 1.13% with a trading volume of 7,484 hands [1] - Zhongmu Shares (600195) at 7.75, up 0.65% with a trading volume of 77,200 hands [1] Capital Flow - The animal health sector saw a net outflow of 5.144 million yuan from institutional investors, while retail investors experienced a net outflow of 11.0652 million yuan [2] - Conversely, speculative funds recorded a net inflow of 16.2092 million yuan [2] Detailed Capital Flow Analysis - Major stocks and their capital flow included: - Biological Shares (600201) with a net inflow of 20.3753 million yuan from institutional investors [3] - *ST Lvkang (002868) had a net inflow of 2.9042 million yuan from institutional investors [3] - Huisheng Biological (300871) faced a significant net outflow of 18.6925 million yuan from institutional investors [3]

Core Insights - The animal health sector experienced a slight increase of 0.36% on November 6, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - *ST Lvkang (002868) closed at 30.25, with a rise of 5.00% and a trading volume of 32,200 hands, amounting to a transaction value of 96.94 million yuan [1] - Other notable stocks include: - KQ Bio (688526) at 16.07, up 0.69% [1] - Biological Shares (600201) at 10.35, up 0.68% with a transaction value of 153 million yuan [1] - Ruipu Biological (300119) at 20.46, up 0.20% [1] - Pulaike (603566) at 14.09, up 0.14% [1] Capital Flow - The animal health sector saw a net outflow of 17.47 million yuan from institutional investors, while retail investors contributed a net inflow of 8.89 million yuan [2] - The capital flow for individual stocks indicates: - *ST Lvkang had a net inflow of 7.56 million yuan from institutional investors [3] - KQ Bio experienced a net inflow of 4.84 million yuan [3] - Biological Shares had a net inflow of 2.64 million yuan [3]