Core Viewpoint - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025, discussing its business transformation plans and financial performance [1][2]. Group 1: Meeting Details - The performance briefing took place on May 13, 2025, from 11:00 to 12:00 via the Shanghai Stock Exchange Roadshow Center [1]. - Key attendees included the Chairman, CEO, CFO, and independent directors, who engaged with investors through an interactive online format [1]. Group 2: Business Transformation and Progress - The company is focusing on deepening its industrial layout and enhancing market competitiveness, particularly in the judicial IVD sector, with plans for independent R&D and market penetration of DNA testing products [2]. - In the pharmaceutical distribution sector, the company aims to optimize hospital channel management and expand its chain franchise business [2]. - The pharmaceutical manufacturing segment will enhance operational efficiency through organizational restructuring and brand building, with a focus on core products like eye drops [2]. Group 3: Revenue Structure and Performance - The company reported a total revenue of 78.61 million for Q1 2025, with a net profit of 3.14 million, marking a turnaround from losses [9]. - The revenue contributions from different business segments for 2024 were as follows: - Pharmaceutical distribution: 182 million, down 9.34% year-on-year - Judicial IVD: 119 million, up 1.6% year-on-year - Pharmaceutical manufacturing: 35.45 million, down 20% year-on-year [5][6]. Group 4: Future Growth and Market Strategy - The company plans to continue optimizing its business structure, focusing on high-tech development and core biotechnology [8]. - Future growth will be driven by expanding into the health and judicial IVD sectors, leveraging both internal and external growth strategies [10]. - The company is also addressing potential impacts from the US-China trade war by seeking non-US suppliers and promoting domestic product alternatives [12].

开源证券股份有限公司 关于江苏四环生物股份有限公司 详式权益变动报告书 之 (一)本意见所依据的文件、资料及其他相关材料基于的假设前提是上述资料 和意见真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏；本财务顾 问未对上述资料和意见作出任何承诺或保证。 (二)本意见不构成对四环生物的任何投资建议，对投资者根据本意见所做出 的任何投资决策而产生的相应风险，本财务顾问不承担任何责任。 (三)本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的工 作程序，旨在就本持续督导期发表意见，发表意见的内容仅限本意见正文所列内 容，除非中国证监会另有要求，并不对与本次权益变动有关的其他方面发表意见。 财务顾问 二零二五年五月 声明 开源证券股份有限公司(以下简称"开源证券"或"本财务顾问")接受碧水 农业投资的委托，担任碧水农业投资本次权益变动的财务顾问。2025年1月23日， 上市公司公告了《江苏四环生物股份有限公司详式权益变动报告书》。根据《上 市公司收购管理办法》，本财务顾问持续督导期为2025年1月23日至收购完成后12 个月。 四环生物于2025年4月30日披露了《2025年第一季度报告》。通过日常沟 ...

Core Insights - The recent technology appraisal meeting organized by Shandong Light Industry Association recognized two significant scientific achievements from Furuida Biopharmaceuticals, marking them as "internationally leading" and "internationally advanced" in the fields of functional skin microbiome and zinc hyaluronate research [1][7]. Group 1: Research Achievements - The project on "Preparation of Zinc Hyaluronate and Its Application in Skincare Products" has successfully overcome technical bottlenecks over a five-year research period, establishing the first domestic detection standard and demonstrating effective targeting of 5α-reductase [3]. - The project has resulted in the publication of 2 scientific papers and the granting of 3 invention patents, filling a research gap in the precise oil control and soothing skincare direction for zinc hyaluronate derivatives [3]. Group 2: Functional Skin Microbiome Research - The project "Research on Functional Skin Microbiome and Development of Functional Care Products" has created a correlation database linking skin microbiome distribution to physiological parameters across different populations, establishing a functional skin microbiome screening platform [5]. - This project has led to the application for 10 invention patents, with 4 granted, and the publication of 7 scientific papers, including 5 in SCI journals, thereby setting a standard in the field of microbiome science in skincare [5]. Group 3: Future Directions - Furuida Biopharmaceuticals aims to continue its deep exploration in the fields of zinc hyaluronate and skin microbiome, establishing itself as a benchmark in the hyaluronate industry and leading the scientific skincare sector [9].

Core Viewpoint - The livestock farming index in China has shown a slight decline, with specific stocks experiencing mixed performance, while external factors such as foot-and-mouth disease in South Africa are impacting the industry [1][3]. Group 1: Market Performance - As of May 13, 2025, the China Livestock Farming Index (930707) decreased by 0.38%, with stocks like Luyouli (300381) and Jinxinnong (002548) showing gains of 1.07% and 1.05% respectively, while Ruipubio (300119) led the decline with a drop of 2.66% [1]. - The Livestock ETF (516760) fell by 0.80%, with a latest price of 0.62 yuan, but it ranked first in weekly performance among comparable funds as of May 12, 2025 [1]. - The Livestock ETF had a turnover rate of 1.07% during the trading session, with a total transaction value of 1.4475 million yuan, and an average daily transaction of 4.6547 million yuan over the past year [3]. Group 2: Industry Insights - The South African Department of Agriculture confirmed the spread of foot-and-mouth disease to provinces like KwaZulu-Natal, prompting China's Ministry of Agriculture to urge livestock farmers to restrict animal transport and implement a 28-day quarantine for new animals [1]. - Everbright Securities identified three main investment themes: (1) Planting: Rising prices of staple crops like corn and wheat are expected to benefit major planting companies; (2) Seeds: Improved demand in the seed industry due to favorable planting conditions; (3) Agricultural Chemicals: Improved planting profits are likely to reduce agricultural input cost pressures, expanding the agricultural chemicals market [1]. Group 3: Valuation Metrics - The Livestock ETF closely tracks the China Livestock Farming Index, which includes companies involved in animal feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [3]. - As of May 12, 2025, the Livestock Farming Index's price-to-earnings ratio (PE-TTM) was 12.26, indicating it is at a historical low, being below 99.43% of the time over the past year [3]. - The top ten weighted stocks in the Livestock Farming Index accounted for 69.38% of the index, with Hai Da Group (002311) having the highest weight at 11.24% [3][5].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Core Viewpoint - The investigation into Liu Datao, the chairman and general manager of Maiwei Biotech, by the China Securities Regulatory Commission (CSRC) for suspected short-term trading does not significantly impact the company's daily operations [1][2] Company Overview - Maiwei Biotech was established in 2017, focusing on the research, production, and sales of innovative drugs and biosimilars, primarily targeting oncology and age-related diseases [1][2] - The company has three products on the market: Junmaikang, Mailishu, and Maiweijian, but remains unprofitable with cumulative losses [3] Financial Performance - For 2024, Maiwei Biotech reported revenue of 200 million yuan, with 145 million yuan from drug sales and 55.03 million yuan from technical services [3] - The company experienced a 33.7% year-on-year decline in revenue for Q1 2025, with net losses increasing from 206 million yuan to 292 million yuan [4] - R&D expenses remain high, with 783 million yuan spent in the previous year, despite a 6.33% decrease compared to the prior year [3] Shareholding and Management - Liu Datao holds a 3.78% stake in the company, amounting to 15.1 million shares, all of which are subject to lock-up agreements [2] - The actual controllers of Maiwei Biotech are Tang Chunshan and Chen Shanna, with Tang being one of the founders and currently serving as an executive director [2] Debt and Financing Strategy - The company's debt ratio increased significantly from 42.24% at the end of 2023 to 63.61% at the end of 2024 [4] - To address funding issues, Maiwei Biotech has applied for a listing on the Hong Kong Stock Exchange and plans to issue up to 500 million yuan in targeted debt financing tools [4]

Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

Core Viewpoint - The company faced significant challenges in 2024 due to a deep adjustment in the breeding industry, leading to a decline in both revenue and profit, prompting a strategic shift to maintain market share [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.255 billion yuan, a year-on-year decrease of 21.45%, and a net profit attributable to shareholders of 109 million yuan, down 61.57% [1]. - In Q1 2025, the company reported revenue of 352 million yuan, a year-on-year increase of 1.06%, while net profit attributable to shareholders was 76 million yuan, a decrease of 27.57% [1]. Group 2: Industry Dynamics - The breeding industry is experiencing a downturn, with strong cost-cutting demands from downstream customers, leading to intensified competition in the animal health sector and a decline in product prices [1][2]. - The company’s core product, the foot-and-mouth disease vaccine, maintains a stable market share but faces pricing pressures [2]. Group 3: Product Performance - The swine vaccine segment is under pressure due to intense competition, although the company saw a significant year-on-year sales increase of 52.17% for the pig circovirus vaccine, despite facing price challenges [2]. - The ruminant vaccine segment showed resilience even in a sluggish breeding market, while the company has a competitive advantage in brucellosis prevention with a diverse product range [2]. Group 4: Research and Development - The company invested 179 million yuan in R&D in 2024, accounting for 14.25% of its revenue, achieving significant breakthroughs in non-epidemic vaccine development [3]. - The company received four new veterinary drug registration certificates and production approvals in 2024, bolstering its product pipeline for long-term growth [3]. Group 5: Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.23 yuan, 0.28 yuan, and 0.33 yuan, with corresponding dynamic PE ratios of 30, 25, and 21 times, respectively, maintaining a "hold" rating [3].

金宇生物技术股份有限公司 2024 年年度股东大会会议资料 二○二五年五月 金宇生物技术股份有限公司 2024 年年度股东大会会议资料 金宇生物技术股份有限公司 2024 年年度股东大会会议议程 会议时间：2025 年 5 月 28 日（星期三）14：00 会议地点：公司会议室 主 持 人：董事长张翀宇 | 序号 | 会议议程 | 文件号 | | --- | --- | --- | | | 主持人介绍出席会议人员到会情况及会议召开的合法有效 | | | | 性,介绍会议主要议题，宣布会议正式开始 | | | 1 | 公司 2024 年度董事会工作报告 | 文件之一 | | 2 | 公司 2024 年度监事会工作报告 | 文件之二 | | 3 | 公司 2024 年年度报告及摘要 | 文件之三 | | 4 | 公司 2024 年度财务工作报告 | 文件之四 | | 5 | 公司 2024 年度利润分配预案 | 文件之五 | | 6 | 公司 年度独立董事述职报告 2024 | 文件之六 | | 7 | 关于公司为子公司银行综合授信提供担保的议案 | 文件之七 | | 8 | 关于续聘公司 2025 年度审计机构 ...