Market Overview - The animal health sector experienced a slight decline of 0.03% on August 26, with Shenlian Biological leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Key stocks in the animal health sector showed varied performance: - KQ Bio (688526) rose by 6.80% to close at 19.33, with a trading volume of 167,100 shares and a turnover of 327 million yuan [1] - Huisheng Biological (300871) increased by 1.48% to 24.00, with a trading volume of 160,900 shares and a turnover of 387 million yuan [1] - Shenlian Biological (688098) fell by 8.41% to 13.28, with a trading volume of 313,100 shares and a turnover of 433 million yuan [2] Capital Flow - The animal health sector saw a net outflow of 68.22 million yuan from institutional investors, while retail investors had a net inflow of 76.14 million yuan [2][3] - Notable capital flows for specific stocks include: - Huisheng Biological had a net outflow of 56.08 million yuan from institutional investors [3] - Zhongmu Co. (600195) experienced a net inflow of 3.88 million yuan from institutional investors [3] - KQ Bio had a net outflow of 20.91 million yuan from institutional investors [3]

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a significant decline in net profit, indicating challenges in a competitive market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 620 million yuan, a year-on-year increase of 1.28% [1] - The net profit attributable to the parent company was 123 million yuan, a year-on-year decrease of 50.84% [1] - The company experienced increased expense ratios, particularly in sales expenses (+3.63 percentage points) and management expenses (+4.77 percentage points), impacting overall performance [1] Group 2: Market Strategy and Product Performance - The company adopted a price-for-volume strategy to maintain market share in key products, including various vaccines for pigs, with non-key products seeing revenue growth of over 20% [1] - The poultry vaccine segment saw a nearly 40% year-on-year revenue increase due to a professional technical service team targeting key clients [1] - The pet vaccine segment experienced rapid growth in sales of the cat trivalent vaccine through online and offline channel collaboration [1] Group 3: R&D and Innovation - The company focused on R&D, investing 84 million yuan in the first half of 2025, which accounted for 13.51% of its revenue [2] - Significant advancements were made in non-African swine fever vaccines, with a clinical trial approval received for a new vaccine, marking a first in the country [2] - The company also received clinical trial approval for a new mRNA vaccine for feline infectious peritonitis, expected to be launched in 2027-2028, addressing a significant market need [2] - The company obtained new veterinary drug certificates for several vaccines, including a first-of-its-kind live vaccine for bovine mycoplasma [2] Group 4: Future Outlook - The company is expected to see growth in net profit from 137 million yuan in 2025 to 324 million yuan in 2027, with corresponding EPS increasing from 0.12 to 0.29 yuan [3] - The company’s PE ratios are projected to decrease from 73 in 2025 to 31 in 2027, reflecting potential growth and improved market conditions [3] - The company’s innovation capabilities and the anticipated launch of major products are viewed positively for future growth potential [3]

Core Points - The company has reported on the status of its fundraising and usage of funds for the first half of 2025, ensuring compliance with relevant regulations and guidelines [1][27][28] Fundraising Overview - The company raised a total of RMB 122,745.00 million through the issuance of 105 million shares at a price of RMB 11.69 per share, with a net amount received of RMB 115,825.79 million after deducting underwriting fees [1][2] - As of December 31, 2024, the cumulative amount used from the raised funds was RMB 85,401.36 million, leaving a balance of RMB 33,787.48 million [3] Fund Usage in 2025 - In the first half of 2025, the company directly invested RMB 8,922.68 million into fundraising projects and incurred a total of RMB 0.52 million in settlement fees [4][5] - The company generated a total of RMB 1,341.72 million from cash management of idle funds, which includes RMB 12.98 million in interest income [5] Fund Management - The company has established a management system for the raised funds, including a dedicated account for fund storage and strict approval processes to ensure proper usage [7] - As of June 30, 2025, the company had a remaining balance of RMB 26,206.00 million in raised funds, with RMB 3,206.00 million in the dedicated account [5][6] Changes in Fund Investment Projects - The company terminated the "Animal Biological Product Workshop Technical Transformation Project" and redirected the remaining funds of RMB 28,713.72 million to a new project, "High-level Animal Vaccine Industrialization Base Construction Project (Phase I)" [13][14] Compliance and Reporting - The company has adhered to all relevant regulations regarding the storage and usage of raised funds, ensuring timely and accurate disclosures [16][27][28]

Core Viewpoint - The chairman of Beihai Guofa Chuanshan Biological Co., Ltd., Mr. Jiang Ye, has completed a share buyback plan, acquiring a total of 4.8049 million shares for approximately RMB 30.0166 million, which was executed through the Shanghai Stock Exchange [1][2][3]. Summary by Sections Previous Buyback Plan - The chairman planned to increase his holdings between December 25, 2024, and June 24, 2025, with a minimum investment of RMB 30 million and a maximum of RMB 60 million [1]. - Due to various factors, including reporting periods and market conditions, the buyback plan was extended by two months to August 24, 2025 [1]. Implementation Results - From December 25, 2024, to August 24, 2025, Mr. Jiang acquired a total of 4.8049 million shares, amounting to RMB 30.0166 million (excluding transaction fees) [2][3]. - The actual number of shares purchased met the minimum target set in the original buyback plan [3]. Compliance and Regulations - The buyback plan adheres to relevant laws and regulations, including the Securities Law of the People's Republic of China and the Management Measures for the Acquisition of Listed Companies [4]. - The implementation of this buyback will not result in changes to the company's controlling shareholder or actual controller [4].

证券代码：688739 证券简称：成大生物 公告编号：2025-044 辽宁成大生物股份有限公司 关于以集中竞价交易方式回购公司股份的 首次回购公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 回购方案首次披露日 2025/6/19 回购方案实施期限 2025 年 6 月 19 日~2026 年 6 月 18 日 预计回购金额 1,000 万元~2,000 万元 □减少注册资本 √用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 本次回购股份符合相关法律法规及公司回购股份方案的规定。 三、其他事项说明 费用） 实际回购价格区间 29.20 元/股~29.61 元/股 一、回购股份的基本情况 公司于2025年6月19日召开第五届董事会第十九次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》。公司拟使用不低于人民币1,000 万元（含）且不超过人民币2,000万元（含）的超募资金以集中竞价交易方式回购 公司人民币普通股股票，用于实施员工持股计划或股权激 ...

Core Viewpoint - Wuhan Keqian Biology Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by increased sales of veterinary biological products, particularly vaccines for pigs and poultry [2][12]. Company Overview and Financial Indicators - The company achieved a revenue of approximately 487.29 million yuan, representing a 21.67% increase compared to the same period last year [2]. - Total profit reached approximately 253.57 million yuan, marking a 46.63% increase year-on-year [2]. - Net profit attributable to shareholders was approximately 219.90 million yuan, up 44.09% from the previous year [2]. - The company's net assets at the end of the reporting period were approximately 4.05 billion yuan, a 2.86% increase from the end of the previous year [2]. Industry Situation - The veterinary biological products industry in China is experiencing rapid growth, with the market size increasing from 13.29 billion yuan in 2018 to 16.28 billion yuan in 2023, reflecting a compound annual growth rate of 4.13% [12]. - The industry is characterized by a high concentration of large enterprises, with the top 10 companies accounting for 45.2% of total sales in 2023 [12]. - The market for non-mandatory immunization products is growing faster than that for mandatory immunization products, with the market share of non-mandatory products increasing from 40% in 2015 to 68.18% in 2023 [12][13]. - The demand for veterinary vaccines, particularly for pigs and poultry, remains strong, with sales of these vaccines accounting for over 85% of the total sales in the veterinary biological products sector [13]. Business Model and R&D - The company focuses on innovation-driven development, continuously launching new products that meet market demands [18]. - A specialized technical service team supports the sales strategy, enhancing customer engagement and service delivery [9]. - The company has established a comprehensive R&D platform, investing in advanced technologies such as mRNA vaccines and innovative delivery systems to improve product efficacy and reduce stress during administration [20]. Product Portfolio - The company offers a diverse range of veterinary biological products, including over 80 types of vaccines for pigs and poultry, positioning itself as one of the most comprehensive providers in the industry [11][12]. - Recent product developments include new vaccines for swine and poultry, as well as diagnostic kits for various animal diseases [19][20].

武汉科前生物股份有限公司2025 年半年度报告摘要 公司代码：688526 公司简称：科前生物 武汉科前生物股份有限公司 武汉科前生物股份有限公司2025 年半年度报告摘要 第一节 重要提示 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。 报告期内不存在对公司生产经营产生实质性影响的重大风险，公司已在报告中详细描述可能存在 的相关风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因素"部分内容，敬请投资者 注意投资风险。 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。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 | 股票种类 | 股票上市交易所 股票简称 | | 股票代码 | 变更前股票简称 | | | | --- | --- | --- | --- | --- | --- | --- | | A股 | 上海证券交易所科创板 科前生物 | | 688526 不适用 | | | | | 公司存托凭证简况 | | | | | | | | □适用 √不适用 | | | | | | | | 联系人和联系方式 | | | | | ...

第四届监事会第十三次会议决议公告 本公司监事会及全体监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、准确性和完整性依 法承担法律责任。 一、监事会会议召开情况 证券代码：688526 证券简称：科前生物 公告编号：2025-043 武汉科前生物股份有限公司 监事会认为：2025 年半年度报告的编制和审议程序符合相关法 律法规、《公司章程》及公司管理制度的有关规定。报告的内容与格 式符合有关规定，公允地反映了公司 2025 年半年度的财务状况和经 营成果等事项。报告披露的信息真实、准确、完整，不存在任何虚假 记载、误导性陈述或重大遗漏。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 本议案所述内容详见公司同日刊登在上海证券交易所网站 （www.sse.com.cn）的《武汉科前生物股份有限公司 2025 年半年度 报告》及《武汉科前生物股份有限公司 2025 年半年度报告摘要》。 （二）审议通过《关于<2025 年半年度募集资金存放与实际使用 情况的专项报告>的议案》 监事会认为：公司按照募集资金存放与使用的相关法律法规和规 范性文件及公司《募集资金管理制度》的规定， ...

Core Viewpoint - The report provides a detailed account of Wuhan Keqian Biological Co., Ltd.'s fundraising activities, including the total amount raised, usage of funds, and management practices, ensuring compliance with regulatory requirements [1][2][3][4][5] Fundraising Overview - The company raised a total of RMB 1,227.45 million through the issuance of 105 million shares at a price of RMB 11.69 per share, with net proceeds amounting to RMB 1,158.26 million after deducting underwriting fees [1] - As of December 31, 2024, the cumulative amount invested from the raised funds was RMB 854.01 million, leaving a balance of RMB 337.87 million [1][2] Fund Usage and Management - The company has established a dedicated account for managing the raised funds, adhering to the "Three-party Supervision Agreement" with the bank and sponsor to ensure proper usage [1][2] - As of June 30, 2025, the company had directly invested RMB 89.23 million into fundraising projects and incurred a total of RMB 5.20 million in handling fees [2][3] Cash Management - The company has utilized idle funds for cash management, achieving a total return of RMB 13.42 million from interest and investment income [1][3][5] - The total amount of idle funds managed was RMB 365 million, with a cash management balance of RMB 230 million as of June 30, 2025 [5] Project Changes - The company terminated the "Animal Biological Product Workshop Technical Renovation Project" and redirected the remaining funds of RMB 287.14 million to the "High-level Animal Vaccine Industrialization Base Construction Project (Phase I)" [4][5] - The decision to change the project was approved by the board and the supervisory committee, ensuring compliance with regulatory requirements [4][5] Fund Usage Reporting - The report includes detailed tables showing the usage of raised funds, with a total of RMB 94.32 million invested in various projects by the end of the reporting period [4][5] - The company has not encountered any issues in disclosing the usage of funds, maintaining transparency in accordance with regulatory guidelines [4]

Core Viewpoint - The report outlines Wuhan Keqian Bio Co., Ltd.'s commitment to enhancing quality and efficiency while returning value to shareholders through innovation, operational optimization, governance, and investor communication. Group 1: Innovation and Business Development - The company is focusing on strengthening its core competitiveness by expanding into new business areas such as vaccines for ruminants and pets, diagnostic reagents, and insect protein development, achieving a revenue of 487.29 million yuan, a year-on-year increase of 21.67% [1] - Research and development expenses amounted to 45.50 million yuan, with six new veterinary drug certificates obtained and five clinical approvals applied for [2] Group 2: Operational Management and Efficiency - The company has implemented an integrated office approval system and is advancing a new ERP project to enhance operational efficiency and cost management [2] - Inventory strategies have been optimized to accelerate turnover and reduce capital occupation, while accounts receivable management has been strengthened to improve collection efficiency [2][3] Group 3: Governance and Management - The company emphasizes the importance of a sound governance structure and effective internal controls, holding three shareholder meetings and four board meetings in the first half of 2025 [3] - An employee stock ownership plan was implemented, involving 55 key personnel, to align interests between shareholders and employees [3] Group 4: Investor Returns and Communication - Since its listing, the company has maintained a cash dividend policy, distributing a total of 711.10 million yuan from 2020 to 2024, with an average cash dividend ratio of 32.23% [4] - The company has repurchased 2.21 million shares for a total of 35.84 million yuan, reinforcing its commitment to shareholder returns [5] - The company prioritizes timely and transparent information disclosure, having released two regular reports and 69 announcements in the first half of 2025 [5][6]