Summary of Conference Call on Biopharmaceutical Company Company and Industry Overview - **Company**: Biopharmaceutical Company (生物股份) - **Industry**: Animal Vaccines, specifically focusing on African Swine Fever (ASF) vaccines Key Points and Arguments Clinical Progress and Results - The clinical progress of the ASF subunit vaccine is on track, achieving a 100% protection rate in the first round of challenge tests, exceeding the Ministry's standard of 80% [2][4] - A second challenge test is scheduled for April 12, 2026, with results expected in early May 2026. If successful, the company could receive a temporary production license by Q3 2026 [4][11] Competitive Advantages - Biopharmaceutical Company is the only GCP (Good Clinical Practice) contractor for the ASF vaccine, providing a competitive edge with a validated process and a potential market exclusivity of 1 to 1.5 years [2][6] - The company has invested nearly 600 million yuan in the project, including 200 million yuan for a P3 laboratory and another 200 million yuan for the production line, establishing high entry barriers in the industry [2][7] Production Capacity and Pricing - The company has established a production line capable of producing 300 million doses annually, with an expected price of around 25 yuan per dose and a target market penetration of 20%-30% [2][5] Technical Coverage and Efficacy - The subunit vaccine is effective against both type I and type II ASF strains, with a reserve of mRNA vaccine technology soon to be submitted for approval [2][8] - The challenge dose for the vaccine was set at 8,000 HAD, and the vaccine has shown effectiveness against the majority of circulating strains [8] Market Dynamics and Future Outlook - The ASF vaccine market may face competition in the future, but any new entrants are expected to emerge in two to three years. The market will likely be shared among a few companies, with a stable demand from China's 700 million pigs [9][10] - Even if prices decrease due to competition, the company anticipates maintaining profit margins through economies of scale as production volumes increase [10] Customer Engagement and Market Acceptance - The company is engaging with both large-scale farms and smallholders, with notable interest from major players like Zhengda Group. The involvement of significant shareholders indicates strong market demand for the vaccine [10] Upcoming Milestones - Key upcoming milestones include the second challenge test on March 12, 2026, with results expected in May 2026. Following successful results, the company anticipates receiving a temporary production license by Q3 2026 [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the current supply pressure in the live pig market is accelerating, with prices continuing to decline, reaching a new low of 9.37 CNY/kg as of March 27, 2026, down 0.50 CNY/kg from the previous week [3][14] - The report indicates that the demand side remains weak, with the national frozen product inventory rate rising to 19.57%, reflecting a shift from destocking to restocking [4][18] - The profitability of piglet farming has entered a loss zone, with the average profit per piglet sold dropping to -29 CNY, indicating a negative trend in market expectations for future restocking [5][26] Summary by Sections Weekly Observation - The report notes that the low pig prices are leading to increased slaughtering activity, with daily slaughter volumes up by 2.25% compared to the previous week, indicating strong willingness from farmers to sell [3][14] - The average weight of pigs being sold shows significant differentiation, with smallholders reporting an average weight of 145.68 kg, which is 9.04 kg higher year-on-year [3][14] Market Performance - The agricultural sector underperformed the broader market by 1.85 percentage points, with the agricultural index declining by 2.94% during the week [7][34] - Notable stock performances include West King Food (+13.88%), Huadong Holdings (+13.37%), and Yuehai Feed (+8.62%) leading the gains [7][34] Price Tracking - As of March 27, 2026, the national average price for live pigs was 9.39 CNY/kg, down 0.60 CNY/kg from the previous week, while piglet prices fell to 21.60 CNY/kg, a decrease of 1.52 CNY/kg [8][46] - The report also notes that the average profit for self-bred pigs was -344.24 CNY per head, reflecting a significant decline in profitability [8][47] Key News - A joint warning was issued by the Ministry of Agriculture and Rural Affairs and the China Meteorological Administration regarding the risk of farmland flooding due to expected heavy rainfall [6][42] - The report includes data on national feed production, which reached 5.185 million tons in January-February 2026, marking a year-on-year increase of 3.4% [6][42]

证券代码：600201 证券简称：生物股份 公告编号：临 2026-005 金宇生物技术股份有限公司 关于子公司取得新兽药注册证书的公告 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。 根据国家《兽药管理条例》和《兽药注册办法》规定，经国家农业农村部审 查，批准金宇生物技术股份有限公司（以下简称"公司"）全资子公司金宇优邦 生物科技（江苏）有限公司（以下简称"金宇优邦"）与其他单位联合研制的鹅新 城疫、小鹅瘟二联灭活疫苗（A-VII 株+GPVP3/Bac 株）为新兽药，详情如下： 用法与用量：胸部肌肉注射。种鹅开产前 5 周注射 1.0ml，3 周后以相同剂量 加强免疫一次。 贮藏与有效期：2～8℃保存，有效期为 12 个月。 二、新兽药产品研发情况 新城疫、小鹅瘟病毒，是危害水禽业的两大重要疫病，给养禽业造成了巨大 损失。公司与其他单位联合开发的鹅新城疫、小鹅瘟二联灭活疫苗（A-VII 株 +GPVP3/Bac 株），采用胚毒生产工艺及杆状病毒表达工艺，应用昆虫表达系统 可高效表达蛋白，具有免疫原性好、抗体产生快、可大规模 ...

- The report focuses on the investment value of the CSI All Index Agriculture, Forestry, Animal Husbandry, and Fishery Index (930910.CSI), which is a secondary industry index under the CSI All Index series, reflecting the overall performance of the agriculture sector in the A-share market[39][40][42] - The index adopts a fully replicated method to construct the investment portfolio, aiming to minimize tracking deviation and annualized tracking error, with a target of absolute daily tracking deviation not exceeding 0.2% and annualized tracking error not exceeding 2%[9][89] - The index's sample adjustment rules include semi-annual adjustments implemented on the next trading day after the second Friday of June and December each year, and temporary adjustments in special circumstances such as delisting or corporate restructuring[41][45] - The weighting and weight rules use adjusted market capitalization weighting, with a single stock weight cap of 15%, and the top two weighted stocks are highly concentrated[46][47] - The index's industry distribution is characterized by "core focus and diversified collaboration," with a significant tilt towards two popular sub-sectors: pig farming (47.41%) and seed planting (15.52%), reflecting the core value and investment potential of these sectors[51][52] - The index demonstrates strong cyclical attributes, with a long-term annualized return exceeding 12% over the past 20 years, significantly outperforming broader indices like the Shanghai Composite Index and CSI 300[67][68] - The agriculture sector's valuation is currently in a low-to-neutral range, with a PE-TTM of 24.56x as of March 2026, corresponding to a historical percentile of 27.06%, providing a certain safety margin[76][85]

Core Viewpoint - Four Seasons Pharmaceutical (00460.HK) announced that its non-wholly owned subsidiary, Xuanzhu Biotechnology Co., Ltd. ("Xuanzhu Bio"), has been included in the Hong Kong Stock Connect and Shenzhen Stock Connect eligible securities list, effective from March 9, 2026. This inclusion is expected to enhance Xuanzhu Bio's shareholder base and improve the liquidity of its shares, benefiting the group's valuation and market performance in the innovative drug sector [1]. Group 1 - Xuanzhu Bio has been added to the eligible securities list for both Hong Kong Stock Connect and Shenzhen Stock Connect [1] - The inclusion is expected to expand Xuanzhu Bio's shareholder base and enhance share trading liquidity [1] - The group anticipates direct benefits from the revaluation of Xuanzhu Bio and its improved market performance [1]

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Viewpoints - The report indicates that the pork price is expected to fluctuate weakly in the short term due to weak post-holiday consumption and sufficient supply [21][22] - The poultry market is experiencing fluctuations, with an increase in slaughter capacity post-holiday, while the white feather broiler market is in a downward trend [36] - The aquaculture sector shows stable prices for various fish species, but a decline in shrimp prices [43] Summary by Sections 1. Weekly Market Review - The agricultural sector increased by 4.01% during the latest trading week, outperforming the Shanghai and Shenzhen indices [14] - The fishery sector saw a slight decline, while other sub-sectors such as planting, feed, and livestock showed increases [17] 2. Industry Data Tracking 2.1. Swine Farming - The average price of live pigs is 10.93 CNY/kg, down 7.06% week-on-week and 5.73% over two weeks [20] - The average daily slaughter volume is 137,600 pigs, a decrease of 45.81% week-on-week [21] 2.2. Poultry Farming - The average price of white feather broilers is 7.47 CNY/kg, down 0.13% week-on-week [36] - The price of broiler chicks is 2.87 CNY/chick, up 2.40% week-on-week [36] 2.3. Planting Sector - The average price of corn is 2381.80 CNY/ton, up 0.46% week-on-week [39] - The average price of domestic wheat is 2532.59 CNY/ton, up 0.07% week-on-week [39] 2.4. Aquaculture Sector - The average price of carp is 20.00 CNY/kg, stable week-on-week, with a year-on-year increase of 11.11% [43] - The average price of shrimp is 300.00 CNY/kg, down 6.25% week-on-week [43]

Financial Performance Summary - In 2025, the company reported a total operating revenue of 139,028.74 million RMB, representing a year-on-year decrease of 17.06% [1] - The net profit attributable to the parent company was 13,761.67 million RMB, down 59.86% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 4,599.98 million RMB, a decline of 85.79% year-on-year [1] - Basic earnings per share were 0.33 RMB, reflecting a decrease of 60.24% compared to the previous year [1] Asset and Equity Overview - As of the end of the reporting period, total assets amounted to 975,181.82 million RMB, a decrease of 2.98% from the beginning of the period [2] - The equity attributable to the parent company was 935,998.52 million RMB, down 2.12% from the beginning of the period, primarily due to dividend distribution and stock buybacks [2] Factors Affecting Performance - The decline in operating revenue was mainly influenced by changes in the domestic rabies vaccine market, including regulatory policy changes and intensified market competition, leading to reduced market demand [2] - Increased asset impairment losses were due to the company's strategic adjustment in R&D, specifically the termination of the hib vaccine project, resulting in full impairment of capitalized R&D investments [2] - The increase in fair value changes was attributed to the recovery in asset valuations within the innovative drug sector of the private equity investments [2] - The company experienced growth in overseas sales and managed to control selling and administrative expenses effectively, which helped mitigate some downward pressure on performance [2]

Financial Data and Indicators - The company reported total revenue of approximately 1,067.91 million yuan, representing a year-on-year increase of 26.18% [1][2] - The net profit attributable to the parent company was approximately 27.87 million yuan, marking a turnaround from a loss to profit compared to the same period last year [1][2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was approximately -92.50 million yuan [1] Operational Performance and Financial Condition - The company has implemented a development strategy focused on innovation and commercialization, leading to sustained revenue growth from its first quadrivalent meningococcal vaccine, Manhaixin [2] - Cost reduction and efficiency improvement measures have been effectively managed, contributing to enhanced overall profitability [2] - The company received government subsidies and international research funding, which were recognized as non-recurring gains during the reporting period [2] Changes in Key Financial Metrics - Operating profit, total profit, and net profit attributable to the parent company all achieved a turnaround from loss to profit year-on-year [3] - Basic earnings per share and weighted average return on net assets turned positive [3] - The net loss attributable to the parent company, excluding non-recurring gains and losses, narrowed year-on-year due to increased revenue and cost-saving measures [3]

Group 1 - The company received approval from the National Medical Products Administration to expand the age range for its ACYW135 meningococcal polysaccharide conjugate vaccine (CRM197 carrier) from "3 months to 3 years (47 months) children" to "3 months to 6 years (83 months) children" [1] - The product, branded as "Mankai Xin," is the first quadrivalent meningococcal conjugate vaccine approved in China, which was launched in December 2021, addressing the gap in high-end vaccines in the country and providing a better solution for preventing meningococcal disease in children under 6 years old [2] - The expansion of the age range for Mankai Xin is expected to positively impact the company's performance by facilitating further promotion and use of the vaccine, with the company committed to advancing production, batch release, and market sales [2]

Core Viewpoint - The company has received a drug registration certificate for its lyophilized human rabies vaccine (human diploid cells) from the National Medical Products Administration, marking a significant advancement in its vaccine product portfolio and competitive position in the rabies vaccine market [1][3]. Group 1: Drug Information - The drug is a lyophilized human rabies vaccine (human diploid cells) with an injection form, and each bottle contains 1.0ml, with a minimum potency of 2.5 IU per dose [1]. - The vaccine is classified as a preventive biological product and has been approved for domestic production, with a registration number valid until February 9, 2031 [1]. - Rabies is a highly fatal infectious disease with a near 100% mortality rate once symptoms appear, affecting approximately 60,000 people globally each year [1]. Group 2: Product Features and Competitive Advantage - The vaccine utilizes the MRC-5 human diploid cell line, recommended by the World Health Organization, ensuring excellent safety, immunogenicity, and durability, particularly for vulnerable populations such as the elderly and children [2]. - It is the first domestic human diploid cell rabies vaccine to include three immunization schedules: "simple 4-dose," "2-1-1," and "5-dose," enhancing adaptability for different exposure levels and patient compliance [2]. - The approval of the "simple 4-dose" immunization schedule represents a breakthrough in the adaptability of the vaccine, potentially increasing the completion rate of immunizations and optimizing post-exposure prevention strategies [2]. Group 3: Impact on the Company - The approval of the human diploid rabies vaccine will enhance the company's vaccine product layout, strengthen its core competitiveness, and solidify its market position in the rabies vaccine sector, providing new growth momentum for future development [3].