Core Insights - The animal health sector experienced a slight increase of 0.46% on September 29, with Shenlian Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Shenlian Biological (688098) closed at 10.59, up 1.92% with a trading volume of 68,700 shares and a turnover of 72.32 million yuan [1] - Other notable performers included: - Biological Shares (600201) at 9.48, up 1.50% with a turnover of 503 million yuan [1] - Pulaike (603566) at 13.78, up 1.03% with a turnover of 54.30 million yuan [1] - Zhongmu Shares (600195) at 7.12, up 0.85% with a turnover of 49.02 million yuan [1] Capital Flow - The animal health sector saw a net outflow of 7.69 million yuan from institutional investors, while retail investors contributed a net inflow of 8.08 million yuan [2] - The detailed capital flow for key stocks includes: - Shenlian Biological: net outflow of 5.50 million yuan from retail investors [3] - Biological Shares: net outflow of 7.67 million yuan from retail investors [3] - Pulaike: net outflow of 4.08 million yuan from retail investors [3]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 8.7 yuan [2][10]. Core Insights - The company reported a revenue of 2.793 billion yuan for the first half of 2025, representing a year-on-year growth of 12.63%. The net profit attributable to shareholders was 81.76 million yuan, up 30.18% year-on-year, while the net profit excluding non-recurring items was 81.67 million yuan, reflecting a 39.35% increase [2][10]. - The pharmaceutical segment continues to show growth, significantly contributing to the overall revenue improvement. The revenue from the pharmaceutical segment reached 999 million yuan, a substantial increase of 57.36% year-on-year, driven by the performance of its subsidiary, Shengli Biological, which generated 321 million yuan, up 28.2% [10]. - The vaccine segment faced slight pressure, with revenue of 450 million yuan, down 7.86% year-on-year. However, the subsidiary Qianyuanhao in the poultry vaccine sector saw a revenue increase of 6.3% [10]. - The animal nutrition segment reported a revenue of 1.31 billion yuan, a slight decline of 2.31% [10]. Financial Performance Summary - The company achieved a gross margin of 17.20% in the first half of 2025, a decrease of 0.64 percentage points year-on-year. However, the second quarter showed signs of stabilization with a gross margin of 15.31%, up 0.18 percentage points year-on-year [10]. - The net profit margin improved to 3.19%, an increase of 0.84 percentage points year-on-year, marking the first positive growth after seven consecutive quarters of decline [10]. - The report projects net profits for 2025-2027 to be 232 million, 295 million, and 350 million yuan respectively, with corresponding earnings per share (EPS) of 0.23 yuan, 0.29 yuan, and 0.34 yuan [10]. Business Outlook - The livestock and poultry health business is expected to continue improving, supported by a strong profitability cycle in the breeding industry. The company is focusing on cost reduction and efficiency enhancement to drive traditional business growth [10]. - New business initiatives, particularly in the pet health sector, are gaining traction with the introduction of new products and brands aimed at end consumers [10]. - The export business is also showing positive growth, benefiting from the synergy of "medicinal materials and seedlings" and successful market expansion efforts [10].

Core Viewpoint - The company has approved several key resolutions during its board meeting, including the government acquisition of idle assets and the establishment of a high-end formulation production and R&D base, which are aimed at optimizing asset structure and enhancing operational efficiency [1][2][3][4][6][10]. Group 1: Government Acquisition of Idle Assets - The board approved the acquisition of idle assets from the Lanzhou Biological Pharmaceutical Factory and Lanzhou Zhongmu Pharmaceutical Technology Co., Ltd. by the Lanzhou Chengguan District People's Government, with a total compensation amount of 228.9782 million yuan [2][10][12]. - The assets being acquired include state-owned land, buildings, and equipment located at No. 2 Yanchang Road, Chengguan District, Lanzhou, which have been assessed as idle [10][12][32]. - The compensation amount is based on an evaluation report from Gansu Fangjia Real Estate Asset Appraisal Co., Ltd., with the land and buildings valued at 218.1045 million yuan and equipment at 10.8737 million yuan [12][20]. Group 2: High-end Formulation Production and R&D Base - The board approved the implementation of a high-end formulation production and R&D base project by its wholly-owned subsidiary, Zhongmu Nanjing Animal Pharmaceutical Co., Ltd., with a total planned investment of 299.6186 million yuan [3][6]. - The funding for the project will come from the subsidiary's own funds and self-raised funds, aimed at enhancing the company's product structure and promoting the development of its pet business [3][6]. Group 3: Governance and Management Updates - The board approved the revision of the Comprehensive Budget Management Measures, which aims to improve the company's financial management practices [4][5]. - The board also agreed to adjust the Strategic Committee to include ESG (Environmental, Social, and Governance) responsibilities, enhancing the company's governance structure and commitment to sustainable development [6][7]. - A new Market Value Management System was also approved to better manage the company's market capitalization [7].

Summary of the Pet Medical Industry Conference Call Industry Overview - The pet market in China is expanding, with the urban dog and cat consumption market expected to exceed 300 billion yuan in 2024, with an average annual spending of over 2,000 yuan per pet driven by demographic changes, single economy, aging population, and consumption upgrades [1][2] Key Drivers of Pet Medical Market - The pet medical market is primarily driven by: - Aging pets, with 27% of dogs and 18% of cats over 6 years old, incurring annual medical costs of 2,400 yuan, double that of younger pets [3][4] - Expansion of disease spectrum requiring more specialized treatments [4] - Increased awareness of preventive medicine, with a significant rise in vaccine and deworming product consumption [4] Growth of Pet Hospitals - The number of pet hospitals in China has significantly increased from 13,000 in 2014 to 34,000 in 2024, with a slowdown in growth rate observed in recent years [5] - The expansion is more pronounced in lower-tier cities, with first-tier cities showing a 12% growth rate, while new first-tier, second-tier, and third-tier cities have growth rates of 17% and over 20% respectively [5][7] - The chain rate of pet hospitals has increased from 5% in 2017 to 25% in 2024 [5] Competitive Landscape - The market share of leading chain veterinary hospitals remains low, with the top three brands (New Ruipeng, Ruipai, and New Rui Rui Chen) holding only 7% of the market [6] - Increased competition has led these top institutions to enhance their customer acquisition capabilities [6] Current Challenges in the Industry - Overall customer spending per visit has slightly decreased, while the profit margin has narrowed, with the loss ratio increasing to 26% [8] - The industry faces significant challenges, including a shortage of qualified veterinary professionals [8] Characteristics of Pet Owners - The pet owner demographic is becoming younger and more professional, with a focus on high-quality care and a willingness to invest in their pets' health [9] - Pet owners are increasingly informed and expect high standards in veterinary services [9] Regulatory and Economic Support - The development of the pet medical industry is supported by policies, capital investment, and a favorable economic environment [10] - The introduction of regulations has improved industry standards and reduced the shortage of veterinary medicines [10] Future Trends - The pet medical market is expected to evolve towards standardization, specialization, digitalization, and localization [11] - Addressing the needs of aging pets and the last-mile issues in lower-tier markets will be crucial for future growth [11] Notable Companies to Watch - Companies with core competencies in preventive medicine and elderly pet care, such as Ruipeng Bio, and those excelling in R&D like Keqian Bio, Laike Bio, and Zhongmu Bio, are recommended for attention [13]

智通财经APP讯，中牧股份(600195.SH)公告，兰州市城关区人民政府决定对公司的分支机构中牧实业 股份有限公司兰州生物药厂(简称"中牧股份兰州厂")和公司全资子公司兰州中牧药械科技有限公司(简 称"兰州中牧")所属位于兰州市城关区盐场路2号范围内国有土地、地上建(构)筑物和设备实施征收，由 兰州市城关区住房和城乡建设局组织实施，并委托兰州市城关区人民政府盐场路街道办事处具体实施补 偿安置工作，负责与公司签订征收补偿协议。上述资产为中牧股份兰州厂和兰州中牧原厂区的土地、房 产和生产设备，资产均属于闲置状态。经甘肃方家房地产资产评估有限公司对以上资产进行评估，本次 征收的土地、地上建(构)筑物和设备涉及金额为2.29亿元。 ...

智通财经APP讯，中牧股份(600195.SH)公告，兰州市城关区人民政府决定对公司的分支机构中牧实业 股份有限公司兰州生物药厂(简称"中牧股份兰州厂")和公司全资子公司兰州中牧药械科技有限公司(简 称"兰州中牧")所属位于兰州市城关区盐场路2号范围内国有土地、地上建(构)筑物和设备实施征收，由 兰州市城关区住房和城乡建设局组织实施，并委托兰州市城关区人民政府盐场路街道办事处具体实施补 偿安置工作，负责与公司签订征收补偿协议。上述资产为中牧股份兰州厂和兰州中牧原厂区的土地、房 产和生产设备，资产均属于闲置状态。经甘肃方家房地产资产评估有限公司对以上资产进行评估，本次 征收的土地、地上建(构)筑物和设备涉及金额为2.29亿元。 ...

格隆汇9月28日丨中牧股份(600195.SH)公布，为进一步盘活存量闲置资产，优化资产结构，降低管理成 本，实现股东利益最大化，经公司多次协调、沟通，兰州市城关区人民政府同意对中牧股份兰州厂和兰 州中牧所属位于兰州市城关区盐场路2号范围内的国有土地、地上建（构）筑物和设备进行征收。经甘 肃方家房地产资产评估有限公司出具评估报告，涉及土地使用权和房屋建筑物的评估价值为21,810.45万 元，涉及设备的评估价值为1,087.37万元，本次征收涉及的金额共计为22,897.82万元，采用货币方式补 偿。 ...

Group 1 - Company Zhongmu Co., Ltd. (SH 600195) held its 12th temporary board meeting on September 28, 2025, to discuss the proposal regarding the government's expropriation of some idle assets of the company and its wholly-owned subsidiaries [1] - For the fiscal year 2024, Zhongmu's revenue composition is 99.56% from agriculture and 0.44% from other businesses [1] - As of the report date, Zhongmu's market capitalization is 7.2 billion yuan [2]

中牧实业股份有限公司 董事会战略与 ESG 委员会议事规则 （2025 年修订） 第一章 总则 第一条 为明确中牧实业股份有限公司（以下简称"公司"） 董事会战略与ESG 委员会（以下简称"战略与ESG 委员会"或"委 员会"）职责，提高重大投资决策的效益和决策的质量，提升公司 环境（Environmental）、社会（Social）和治理（Governance）（以 下简称"ESG"）的管理水平，规范工作程序，根据《中华人民共 和国公司法》《上市公司治理准则》《上市公司独立董事管理 办法》《上海证券交易所上市公司自律监管指引第 1 号--规 范运作》《中牧实业股份有限公司章程》《董事会议事规则》 等有关规定，制定本规则。 第二条 战略与ESG 委员会是董事会设立的专门工作机 构，向董事会负责并报告工作，在董事会领导下负责对公司 发展规划、重大投资决策和 ESG 战略等进行研究并提出建议。 第三条 战略与ESG 委员会全体人员对公司及全体股东 负有诚信与勤勉尽职义务，应当按照相关法律法规、公司章程 及本议事规则的要求，认真履行职责，维护公司利益，特别 是中小股东的合法权益。战略与ESG 委员会中独立董事应当 ...

股票代码：600195 股票简称：中牧股份 公告编号：临 2025-028 中牧实业股份有限公司 关于政府征收公司及全资子公司部分闲置资产的公告 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： 兰州市城关区人民政府决定对中牧实业股份有限公司（以下简称"公 司"）的分支机构中牧实业股份有限公司兰州生物药厂（以下简称"中牧股份兰 州厂"）和公司全资子公司兰州中牧药械科技有限公司（以下简称"兰州中牧"） 所属位于兰州市城关区盐场路 2 号范围内国有土地、地上建（构）筑物和设备实 施征收，由兰州市城关区住房和城乡建设局组织实施，并委托兰州市城关区人民 政府盐场路街道办事处具体实施补偿安置工作，负责与公司签订征收补偿协议。 上述资产为中牧股份兰州厂和兰州中牧原厂区的土地、房产和生产设备，资产均 属于闲置状态。经甘肃方家房地产资产评估有限公司对以上资产进行评估，本次 征收的土地、地上建（构）筑物和设备涉及金额为 22,897.82 万元。 本次交易不构成关联交易和重大资产重组。 本事项已经公司第九届董事会 2025 年第十 ...