Core Logic - The company has strong R&D barriers and a rich pipeline of new products, with the non-epidemic vaccine having received clinical approval, which could become the largest growth engine in the next 3-5 years if progress is smooth [1] Industry Dynamics - The animal health sector is expected to maintain a volume increase but price decrease trend due to weak recovery in the breeding industry and profit compression, with overall gross margins declining amid intense competition and product homogenization [2] Product Development - The company is a leader in the foot-and-mouth disease vaccine market, transitioning its core product logic to the subunit non-epidemic vaccine, which has a broad market potential. The market size is expected to reach 1.75 billion yuan in the first year and 3.5 billion yuan in the second year post-launch. The subunit non-epidemic vaccine is set to enter clinical trials in July 2025, with potential revenue contributions starting from late 2027 to early 2028 [3] Marketing Strategy - The company focuses on "big products + big clients," providing comprehensive solutions and building a multi-layered marketing system. Online and overseas market expansions are showing initial success, with pet direct sales increasing over fourfold year-on-year in the first half of 2025. The company has registered sales of foot-and-mouth products in countries like Pakistan and Vietnam, with plans for deeper market penetration in Mongolia and Central Asia [4] Financial Forecast - The company expects overall revenue of 1.604 billion, 2.035 billion, and 2.521 billion yuan for 2025-2027, with year-on-year growth rates of 27.74%, 26.91%, and 23.85%. The net profit attributable to shareholders is projected to be 304 million, 398 million, and 491 million yuan, with growth rates of 178.44%, 31.04%, and 23.55%, corresponding to P/E ratios of 64, 49, and 39 times [5]

农林牧渔 2026 年 01 月 11 日 | 陈雪丽（分析师） | 王高展（分析师） | | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | 周观察：春节备货尚未启动，下游利润仍待修复 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 农林牧渔 沪深300 相关研究报告 《牛肉进口"国别配额及配额外加征 关税"落地，利多国内牛价—行业周 报》-2026.1.4 《肥猪供给偏紧年前猪价上行，宠物 食品出口环比改善 —行业周报》- 2025.12.28 《年前猪价存在供需双重支撑，蛋鸡 存栏高位淘鸡延续 —行业周报》- 2025.12.21 10 春节备货尚未启动，下游利润仍待修复 ——行业周报 行 业 周 报 本周猪价小幅回落但屠宰量维持高位，二育进场积极性抬升，春节备货尚未启 动下游利润仍待修复。据涌益咨询，截至 2026 年 1 月 9 日，全国生猪均 ...

Core Viewpoint - The animal health sector experienced a rise of 1.55% on January 9, with significant contributions from leading stocks like Biological Shares, which surged by 4.76% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up by 0.92%, while the Shenzhen Component Index closed at 14120.15, up by 1.15% [1]. - The top-performing stock in the animal health sector was Biological Shares (600201), closing at 17.40 with a gain of 4.76% and a trading volume of 683,900 shares, amounting to a transaction value of 1.179 billion yuan [1]. Group 2: Stock Performance Summary - Other notable stocks included: - Shunlian Biological (688098) at 9.67, up by 1.90% with a trading volume of 64,900 shares [1]. - Zhongmu Shares (600195) at 8.10, up by 1.25% with a trading volume of 138,100 shares [1]. - Ruipu Biological (300119) at 19.90, up by 1.12% with a trading volume of 154,700 shares [1]. - Haili Biological (603718) at 6.48, up by 0.78% with a trading volume of 124,600 shares [1]. Group 3: Capital Flow Analysis - The animal health sector saw a net outflow of 27.3879 million yuan from institutional investors, while retail investors contributed a net inflow of 90.8993 million yuan [2]. - The capital flow for specific stocks showed: - Haili Biological had a net inflow of 10.2913 million yuan from institutional investors [3]. - Jinhe Biological experienced a net inflow of 2.8449 million yuan from institutional investors [3]. - *ST Green Kang (002868) had a net inflow of 1.8780 million yuan from institutional investors [3].

格隆汇1月9日｜开源证券研报指出，生物股份为我国动保龙头，产品涵盖猪、禽、反刍、宠物四大类百 余种疫苗，常规疫苗新品多点开花持续成长，非瘟疫苗打开成长新空间。公司非瘟疫苗上市确定性逐步 增强，维持公司2025年盈利预测不变，上调2026-2027年盈利预测，预计公司2025-2027年归母净利润分 别为1.88/7.12/12.11（原2026-2027年预测分别为3.52/5.08）亿元，EPS分别为0.17/0.64/1.09元，当前股价 对应PE分别为98.5/25.9/15.3。公司非瘟疫苗全球首发在即，成长动能强劲，维持"买入"评级。 ...

Group 1 - The stock price of Bio Co., Ltd. increased by 5.06% on January 9, reaching 17.45 CNY per share, with a trading volume of 918 million CNY and a turnover rate of 4.80%, resulting in a total market capitalization of 19.4 billion CNY [1] - Bio Co., Ltd. has experienced a continuous increase in stock price for five consecutive days, with a cumulative increase of 10.73% during this period [1] - The company, established on March 13, 1993, and listed on January 15, 1999, is primarily engaged in the research, production, and sales of veterinary biological products, with main business revenue composition being 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1] Group 2 - E Fund's fund under management has a significant position in Bio Co., Ltd., with the E Fund CSI Modern Agriculture Theme ETF (562900) increasing its holdings by 19,600 shares in the third quarter, totaling 239,100 shares, which accounts for 2.79% of the fund's net value, ranking it as the eighth largest holding [2] - The estimated floating profit from the recent stock price increase is approximately 200,800 CNY, with a total floating profit of 385,000 CNY during the five-day increase [2] - The E Fund CSI Modern Agriculture Theme ETF (562900) was established on December 2, 2021, with a latest scale of 82.62 million CNY, and has reported a year-to-date return of 0.38%, ranking 5235 out of 5509 in its category [2]

2025 年 10 月底，开源证券给出的 2025 - 2027 年归母净利润预测分别为 1.88 亿元、3.52 亿元和 5.08 亿 元，那时的判断还相对谨慎。然而，仅仅两个多月后的 2026 年 1 月 8 日，最新报告横空出世，2025 年 预测维持不变，可 2026 - 2027 年预测却大幅上调至 7.12 亿元和 12.11 亿元。2026 年预测值近乎翻番， 2027 年预测值更是增长超 138%，这调整幅度，就像坐了火箭，令人咋舌。 二、非瘟疫苗：核心驱动的"王炸" 这一重大调整，关键在于非洲猪瘟亚单位疫苗研发的超预期进展。2025 年 7 月，生物股份成为国内首 家获批开展非瘟亚单位疫苗临床试验的企业，而且还是唯一承担单位，这独一份的"特权"，就像拿到了 通往财富宝藏的钥匙。截至 2025 年 12 月底，首轮攻毒试验已经启动，疫苗有望在 2026 年下半年至 2027 年上市。开源证券保守估计，非瘟疫苗在国内可能带来约 84 亿元的增量市场规模，生物股份凭借 先发优势，无疑将成为这场财富盛宴的最大受益者之一。 在资本市场，时间就是试金石，短短不到三个月，开源证券对生物股份（600201. ...

Group 1 - South Africa is experiencing the most severe foot-and-mouth disease outbreak in its history, with rapid virus transmission and strong infectivity, posing an unprecedented disaster for the livestock industry [1] - The outbreak began in April 2025 in KwaZulu-Natal province and has spread to other key agricultural areas, prompting the South African Department of Agriculture to procure vaccines for emergency vaccination of 930,000 animals [1] - The outbreak highlights the importance of global animal disease prevention and presents overseas market expansion opportunities for domestic animal health companies with technological advantages [1] Group 2 - The animal health industry has a tightly linked upstream and downstream, with upstream raw material drug companies providing essential support for vaccine production, while downstream demand from farming recovery and overseas epidemic prevention needs drive industry growth [2] - Companies like Reap Bio focus on veterinary biological products, including foot-and-mouth disease vaccines, covering multiple sectors such as pigs, poultry, and pets [3] - Bio Company is a leading domestic animal health enterprise with designated production qualifications for strong immunity foot-and-mouth disease vaccines, consistently ranking first in the industry for vaccine batch approvals [4]

Group 1: AI Chip Industry - The AI chip market in China is projected to grow from CNY 142.54 billion in 2024 to CNY 1,336.79 billion by 2029, driven by government support and technological advancements in the domestic AI industry [5][6]. - The domestic AI industry is categorized into three stages: the first focuses on self-sufficient AI computing, storage, and power chips; the second on chip manufacturing processes like wafer fabrication and packaging; and the third on foundational technologies such as materials and EDA [6][8]. - Key players in the AI chip market include Huawei, Cambricon, and Haiguang Information, with significant growth expected in AI storage and computing chips [6][7]. Group 2: Banking Sector - The banking sector is expected to see a steady growth of CNY 3.8 trillion in wealth management products by 2026, with a year-on-year increase of 11.46% [11]. - The demand for short-term wealth management products is rising, particularly non-current management products with a duration of less than one month, which are expected to yield annualized returns close to 3-year fixed deposit rates [12]. - Major banks like Citic Bank and Everbright Bank are recommended for their diversified product lines and strong research capabilities, while other banks such as SPDB and Bank of Beijing are also seen as beneficiaries [15]. Group 3: High-end Membrane Materials - The Chinese high-end membrane materials industry is poised for rapid growth due to geopolitical tensions and the shift of the global optoelectronic industry towards China, with a focus on breaking Japan's technological monopoly [19][20]. - Key domestic companies in this sector include Dongcai Technology and Jiemai Technology, which are expanding their production capacities and entering supply chains of major clients [20]. - The market for optical films and release films is characterized by high technical barriers, with significant opportunities for domestic manufacturers to capture market share from established foreign competitors [20][21]. Group 4: Semiconductor Equipment and Materials - The semiconductor materials and equipment sector is expected to accelerate its domestic capabilities due to increased geopolitical risks and supply chain security concerns, with a focus on self-sufficiency [29][30]. - Key areas for growth include photoresists and coating equipment, where domestic companies are beginning to establish a foothold in high-end markets [31][32]. - Beneficiaries in this sector include companies like Tongcheng New Materials and Changchuan Technology, which are positioned to capitalize on the growing demand for domestic semiconductor solutions [33]. Group 5: Animal Health Industry - The company is a leading player in the animal health sector, with a strong pipeline of vaccines, including the upcoming launch of a novel African swine fever vaccine, which is expected to significantly enhance profitability [34][36]. - The company has a robust R&D framework, with a focus on innovation and a diverse range of vaccine products, which positions it well for future growth [35]. - The anticipated market for the African swine fever vaccine could reach CNY 8.4 billion annually, providing a substantial growth opportunity for the company [36].

根据北交所披露的信息，近日，化妆品功效原料商上海珈凯生物股份（600201）有限公司(以下简称"珈凯生物"或"发行人")披露了北交所IPO第一轮问询 的回复文件，针对股权变动合规性及控制权稳定性、业务模式及产品技术先进性、化妆品原料资质合规性及产品质量风险、业绩增长持续性及产能消化能 力以及供应商集中度较高及采购定价公允性等问题作出解释说明和回应。 股权变动与控制权： 业绩与产能： 营收净利双增，产能消化能力待验证 财务数据显示，报告期内公司业绩呈现稳步增长态势。2022年～2024年，营收从1.83亿元增至2.42亿元，净利润从0.55亿元增至0.57亿元。绿色天然功效原 料产品产能利用率分别为151.15%、61.19%、49.87%，生物合成功效原料产品产能利用率分别为93.09%、19.32%、25.33%。 报告期内，公司向前五大客户的销售占比分别为36.61%、32.30%和32.88%，报告期内主要客户销售金额存在一定波动。北交所请发行人量化说明报告期 内及期后收入增长的原因及合理性。进一步分析说明公司报告期内收入、净利润波动与可比公司差异的原因及合理性，选取可比公司相同或相近业务业绩 数据进一 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600201 | 生物股份 | 16.61 | 3.10% | 51.74万 | 8.53亿 | | 300871 | 回盛生物 | 22.46 | 2.23% | 8.60万 | 1.93亿 | | 920970 | 大禹生物 | 8.02 | 2.17% | 1.99万 | 1580.85万 | | 603566 | 普莱柯 | 12.85 | 1.90% | 5.22万 | 6664.59万 | | 688098 | 申联生物 | 9.49 | 1.71% | 6.29万 | 5990.11万 | | 002688 | 金河生物 | 6.14 | 1.15% | 13.74万 | 8417.82万 | | 300119 | 瑞普生物 | 19.68 | 0.87% | 4.16万 | 8181.56万 | | 920275 | 驱动力 | 8.97 | 0.79% | 1.83万 | 1618.02万 | | 603718 | 海利生物 | ...