Core Viewpoint - Zhongmu Co., Ltd. has shown a mixed performance in stock price and financial results, with a slight decline in stock price year-to-date but significant growth in revenue and net profit for the first nine months of 2025 [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 February 24, Zhongmu Co., Ltd. saw its stock price rise by 2.09%, reaching 7.83 yuan per share, with a trading volume of 63.725 million yuan and a turnover rate of 0.80% [1]. - The company has experienced a year-to-date stock price decline of 0.51%, with a 5-day drop of 1.26%, a 20-day drop of 7.77%, and a 60-day drop of 0.13% [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.45% to 36,900, while the average number of tradable shares per person increased by 6.90% to 27,706 shares [2]. - The top ten circulating shareholders include notable entities such as Guotai Junan Zhongzheng Livestock Breeding ETF and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]. Business Overview - Zhongmu Co., Ltd. specializes in animal health products, including vaccines, diagnostic liquids, and veterinary drugs, with its main business revenue composition being: chemical drugs (35.78%), trade (27.87%), feed (19.21%), and biological products (16.10%) [1]. - The company is classified under the agricultural and animal husbandry sector, specifically in animal health [1].

Core Viewpoint - The Chinese feed acidifier industry is experiencing growth as the country reduces antibiotic use in livestock farming, with feed acidifiers emerging as a safe and effective alternative, supported by government regulations and market demand for cost-effective solutions [1][9]. Industry Overview - Feed acidifiers are environmentally friendly additives that lower the pH in animal digestive tracts, improving gut health and nutrient absorption, and are composed of organic and inorganic acids [3][8]. - The industry is transitioning towards "quality improvement and efficiency enhancement," with increasing demands for refined and specialized feed formulations [1][9]. Market Size and Growth - The market size of China's feed acidifier industry is projected to reach 4.612 billion yuan by 2025, representing a year-on-year increase of 12.65% [1][9]. - The production volume of feed acidifiers is expected to reach 399,100 tons in 2025, with a year-on-year growth of 11.4%, while demand is anticipated to reach 395,100 tons, increasing by 11.5% [8]. Competitive Landscape - The feed acidifier market is fragmented, with no dominant players, but competition is expected to intensify, leading to increased market concentration in the future [9][12]. - Key companies in the industry include Weifang Jiayijia Biotechnology Co., Ltd., Shanghai Meinong Biotechnology Co., Ltd., and others [10][11]. Industry Trends - The demand for feed acidifiers is on the rise, particularly in poultry and livestock sectors, as they enhance feed digestibility and animal performance [12]. - The industry is moving towards green and sustainable production practices, incorporating bio-based organic acids and optimizing manufacturing processes to reduce waste [13]. - Product innovation is focusing on composite and precise formulations to meet diverse needs across different animal species and growth stages, enhancing the effectiveness of feed acidifiers [14].

中牧股份 2026 年第二次临时股东会会议资料 议案一：关于拟处置公司持有的厦门金达威集团股份有限公司可转换公 司债券的议案 各位股东及股东代表： 中牧实业股份有限公司 2026 年第二次临时股东会 会 议 资 料 2026 年 3 月 4 日 目 录 | 议案一：关于拟处置公司持有的厦门金达威集团股份有限公司可 | | --- | | 转换公司债券的议案 1 | | 议案二：关于选举公司第九届董事会董事候选人的议案 2 | 中牧实业股份有限公司（以下简称"公司"）于 2026 年 2 月 12 日召 开第九届董事会 2026 年第二次临时会议，审议通过了《关于拟处置公司 持有的厦门金达威集团股份有限公司可转换公司债券的议案》，公司董事 会同意将该议案提交股东会审议，并提请股东会授权公司经营管理层及其 授权人士根据市场行情择机处置公司所持有的厦门金达威集团股份有限 公司可转换公司债券，授权范围包括但不限于交易方式、交易时机、交易 价格、交易数量以及签署相关协议等事项，授权自股东会审议通过之日起 至 2026 年 12 月 31 日。 该议案具体内容详见公司于 2026 年 2 月 13 日刊登在上海证券交易 ...

Core Insights - The poultry vaccine industry is crucial for preventing infectious diseases in poultry and is the foundation of modern poultry farming disease control [1] - China, as a major poultry producer and consumer, has a stable poultry production growth, which provides a solid demand base for the poultry vaccine market [1][8] - The market for poultry vaccines is expected to expand due to increased investment in disease prevention and a shift towards precision immunization models [1][9] Industry Overview - Poultry vaccines are biological agents developed specifically for birds such as chickens, ducks, and turkeys, aimed at inducing specific immune responses to prevent or control infectious diseases [2][3] - The poultry vaccine market can be categorized based on technology, pathogen type, usage characteristics, and vaccination methods [3][4] Market Dynamics - The Chinese poultry vaccine industry has a complete and interconnected supply chain, with high technical barriers in R&D and core raw material supply [5][6] - The demand is driven by government procurement of high-pathogenic avian influenza vaccines and market purchases from large farming groups and small farms [6][8] Policy Environment - The Chinese government has implemented strict management regulations to ensure the quality of veterinary biological products, including several guidelines and policies from 2022 to 2025 [6][7] - The mandatory immunization policy for major diseases has stabilized the vaccine coverage rate at over 98.7%, reinforcing the foundation for disease control in poultry [8] Market Growth Projections - The poultry meat production in China is projected to grow from 23.61 million tons in 2020 to 28.37 million tons by 2025, with a compound annual growth rate of 3.74% [9] - The poultry vaccine market is expected to recover and grow to 69.5 billion yuan in 2024, driven by increasing poultry output and vaccination demand [11][12] Vaccine Segmentation - The poultry vaccine market is primarily composed of inactivated vaccines, live vaccines, and other types, with inactivated vaccines holding over 65% market share [12] - The market for inactivated vaccines is projected to reach 4.65 billion yuan in 2024, while the segment for other vaccines, including genetically engineered and multivalent vaccines, is expected to grow significantly [12] Future Trends - The poultry vaccine industry is anticipated to achieve high-quality development driven by technological innovation, market consolidation, and demand upgrades [13] - Multi-valent vaccines will become the main focus of research and development, with new technologies like mRNA and viral vector vaccines accelerating commercialization [14] - The industry is expected to transition from a single vaccine supply model to a comprehensive service model that includes vaccines, diagnostics, and customized immunization plans [16]

Core Points - The company held its second extraordinary board meeting of the ninth session on February 12, 2026, to discuss various proposals [1][2][4][10][12][13][14][16][17]. Group 1: Board Meeting Resolutions - The board approved the performance evaluation results for the management team for the year 2024 with a unanimous vote of 5 in favor [2]. - The board also approved the total compensation for the management team for 2024, again with a unanimous vote of 5 in favor [5]. - A significant operational risk assessment report for 2026 was approved with a unanimous vote of 7 in favor [8][9]. - The board agreed to propose the disposal of the company's convertible bonds held in Xiamen Jindawei Group Co., Ltd. to the shareholders for approval, with a unanimous vote of 7 in favor [10]. - The board nominated Mr. Sha Beibei as a candidate for the ninth board of directors, with a unanimous vote of 7 in favor [13]. - The board agreed to convene the third extraordinary shareholders' meeting of 2026, with a unanimous vote of 7 in favor [14]. Group 2: Management Changes - Mr. Chen Zhangrui submitted his resignation from the board due to work changes, effective immediately upon submission of his resignation [17][18]. - The company confirmed that Chen's resignation would not affect the board's operations as it would not reduce the number of board members below the legal minimum [18]. Group 3: Convertible Bonds Disposal - The company plans to dispose of 2,414,012 convertible bonds of Xiamen Jindawei Group, which were acquired at a total cost of 241.40 million yuan, representing 18.68% of the total issuance [19][23]. - The board's decision to dispose of the bonds aims to optimize the company's asset structure and improve liquidity [29]. - The disposal proposal will be submitted to the shareholders' meeting for approval, and the management is authorized to decide on the timing and method of the disposal [10][24].

（编辑 丛可心） 证券日报网讯 2月12日，中牧股份在互动平台回答投资者提问时表示，公司及所属企业统一使用专业财 务软件，完成了公司财务核算，实现了财务数据的集中管理。通过财务数据统一规范，进一步提升数据 分析能力，促进公司准确掌握企业运营情况。目前公司正在积极推进信息系统的升级与融合，助力公司 未来长远发展。 ...

Group 1 - The company, Zhongmu Co., stated that some of its product manufacturing technologies align with characteristics of synthetic biology [2]

Core Viewpoint - The company maintains stable and orderly production operations, with a resilient market share and vitality in its products [1] Group 1: Company Operations - The company is actively responding to multiple pressures by optimizing its marketing structure and deeply exploring customer needs [1] - The company is focused on developing new products and expanding new business opportunities [1] - There is an emphasis on strengthening overall management of daily operations to promote cost reduction and efficiency improvement [1] Group 2: Financial Data - Specific financial data will be disclosed in the company's upcoming audited annual report [1]

证券日报网讯 2月12日，中牧股份在互动平台回答投资者提问时表示，公司第八届董事会审议通过了 《关于收购成都中牧生物药业有限公司65%股权的议案》，收购成都中牧65%股权，进一步丰富了公司 产品结构，布局新赛道，拓展新领域，具体内容详见公司公告。公司始终以开放的心态关注行业优质合 作机会，高度重视资源整合与优势互补机会，将持续关注国家及行业相关政策，力争实现新发展、新突 破。同时，公司始终注重价值创造和股东回报，向资本市场传递经营情况和投资价值，并将严格按照相 关规定及时履行信息披露义务。 （编辑 楚丽君） ...

（记者 曾健辉） 每经AI快讯，中牧股份2月12日晚间发布公告称，中牧实业股份有限公司于2026年2月11日收到陈章瑞 先生的书面辞职报告，陈章瑞先生因工作变动原因提出辞去公司董事、董事会战略与ESG 委员会及董 事会合规委员会成员职务，辞职后不再担任公司任何职务。 每经头条（nbdtoutiao）——打造百万元级尊界的江淮，迎来葛卫东、方文艳联手投资：两人各掏10亿 元，公司股价应声大涨！复盘历史：牛散参与定增有赚也有亏 ...