Core Points - The company held its first extraordinary general meeting of shareholders on November 13, 2025, where no resolutions were rejected [2] - The meeting was chaired by the financial director due to the absence of the chairman and general manager [3] - The company approved the proposal to abolish the supervisory board and amend the articles of association, transferring the supervisory powers to the audit committee of the board [9] Meeting Details - The meeting took place at the company's innovation park in Qingdao [2] - The voting method combined on-site and online voting, complying with the Company Law and the company's articles of association [2] - Out of 5 current directors, 3 attended the meeting, while 1 supervisor attended out of 3 [3] Resolutions Passed - The following proposals were approved: - Abolishment of the supervisory board and amendment of the articles of association [4] - Amendments to various governance documents, including the rules for shareholder meetings, board meetings, independent director systems, and management of fundraising [4][5][6] - The proposals requiring special resolutions received over two-thirds of the votes from participating shareholders [6] Legal Confirmation - The meeting was witnessed by Beijing Hairun Tianrui Law Firm, confirming that the meeting's procedures complied with legal requirements [6]

Core Insights - The animal health sector experienced a rise of 2.65% on November 13, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - BioShares (600201) closed at 11.74, with a significant increase of 9.11% and a trading volume of 1.153 million shares, amounting to a turnover of 1.3 billion yuan [1] - Other notable performers included *ST Green Health (002868) with a 5.00% increase, and Haili Biological (603718) with a 1.72% increase [1] - The overall trading volume and turnover for the animal health sector showed varied performance among individual stocks [1][2] Capital Flow - The animal health sector saw a net outflow of 32.7945 million yuan from institutional investors, while retail investors contributed a net inflow of 22.6275 million yuan [2][3] - The capital flow analysis indicates that while institutional investors withdrew funds, retail investors were more active in purchasing shares [2][3] Individual Stock Capital Flow - BioShares (600201) had a net inflow of 26.5431 million yuan from institutional investors, while retail investors showed a net outflow of 51.2945 million yuan [3] - *ST Green Health (002868) experienced a net inflow of 6.8361 million yuan from institutional investors, but a net outflow from retail investors [3] - The capital flow data highlights the contrasting behaviors of different investor types within the sector [3]

Core Viewpoint - The trading volume of BioShares reached 1.142 billion yuan, marking the highest level since July 9, 2021, with a stock price increase of 8.46% and a turnover rate of 9.15% [2] Summary by Category - **Trading Performance** - BioShares achieved a trading volume of 1.142 billion yuan, the highest since July 9, 2021 [2] - The stock price increased by 8.46% [2] - The turnover rate was recorded at 9.15% [2] - The previous trading day's volume was 332 million yuan [2]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.43% as of November 13, 2025, with notable gains in constituent stocks such as Bio-Stock (600201) up 8.27%, Huaying Agriculture (002321) up 4.82%, and others [1] - The price difference between standard pigs and fat pigs is currently larger than the same period last year, with a standard fat price difference of -0.68 yuan/kg as of November 7, indicating potential seasonal benefits for fat pigs as temperatures drop [1] - The weekly slaughter volume in the downstream market has shown a slight recovery of 0.27% compared to the previous week, suggesting a stabilization in demand [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 65.58% of the index, including companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index tracks companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock breeding sector [2]

Core Insights - The animal health sector experienced a slight increase of 0.14% on November 12, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - *ST Lvkang (002868) closed at 36.77, up 5.00% with a trading volume of 62,400 shares and a transaction value of 226 million [1] - Other notable performers included: - Qudongli (920275) at 10.76, up 3.86% [1] - Yongshun Biological (920729) at 10.15, up 1.81% [1] - Biological Shares (600201) at 10.76, up 1.22% [1] - Zhongmu Shares (600195) at 7.98, up 0.50% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 35.94 million from institutional investors, while retail investors contributed a net inflow of 20.57 million [2] - The capital flow for individual stocks showed: - KQ Bio (688526) had a net inflow of 7.99 million from institutional investors [3] - Biological Shares (600201) had a net inflow of 6.25 million from institutional investors [3] - However, KQ Bio (688526) also experienced a net outflow of 16.05 million from retail investors [3]

Core Viewpoint - The stock of Jinyu Biological Technology Co., Ltd. has shown significant price movements, with a year-to-date increase of 58.86% and a recent trading volume indicating active market participation [1][2]. Company Overview - Jinyu Biological Technology Co., Ltd. is located in Hohhot, Inner Mongolia, and was established on March 13, 1993, with its stock listed on January 15, 1999. The company primarily engages in the research, production, and sales of veterinary biological products [1]. - The main revenue composition includes 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1]. Financial Performance - For the period from January to September 2025, the company achieved an operating income of 1.042 billion yuan, representing a year-on-year growth of 7.38%. However, the net profit attributable to shareholders decreased by 4.85% to 161 million yuan [2]. - Cumulatively, the company has distributed 2.219 billion yuan in dividends since its A-share listing, with 189 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 10.70% to 49,000, while the average number of tradable shares per person increased by 11.12% to 22,673 shares [2]. - Notable institutional holdings include the Guotai Zhongzheng Livestock Breeding ETF, which is the fourth-largest shareholder with 25.0398 million shares, an increase of 9.0897 million shares from the previous period [3].

Core Insights - The animal health sector experienced a 1.04% increase on November 11, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - *ST Lvkang (002868) closed at 35.02, up 5.01% with a trading volume of 1196 lots and a transaction value of 4.1884 million yuan [1] - Other notable performers included: - Qudongli (920275) at 10.36, up 4.65% [1] - Yongshun Biological (920729) at 9.97, up 2.15% [1] - Biological Shares (600201) at 10.63, up 1.24% [1] - Plai Ke (603566) at 14.42, up 1.19% [1] Capital Flow - The animal health sector saw a net outflow of 2.5437 million yuan from institutional investors and 7.7575 million yuan from speculative funds, while retail investors had a net inflow of 10.3012 million yuan [1] - Specific stock capital flows included: - Biological Shares (600201) with a net inflow of over 9.2092 million yuan from institutional investors [2] - *ST Lvkang (002868) had a net inflow of 1.1031 million yuan from retail investors [2] - Huayi Biological (603718) experienced a net outflow of 4.1338 million yuan from institutional investors [2]

Investment Rating - The report maintains a "positive" outlook on the agricultural, forestry, animal husbandry, and fishery sectors, with specific attention to the potential for value reassessment in leading pig farming companies [2][3]. Core Insights - The agricultural sector's net profit for the first three quarters of 2025 increased by 11% year-on-year, with five sub-sectors showing profit growth, including animal health (+96%) and agricultural processing (+50%) [11][12]. - The pig farming industry is experiencing significant challenges, with a notable decline in pig prices leading to widespread losses among companies, although some are still managing to maintain profitability due to cost advantages [3][19]. - The pet food sector continues to show strong domestic sales growth, while exports are negatively impacted by increased tariffs, highlighting a divergence in performance between domestic and international markets [3][6]. Summary by Sections 1. Agricultural Sector Overview - The agricultural sector's net profit for Q1-Q3 2025 reached CNY 369.4 billion, reflecting an 11% increase year-on-year, with most sub-sectors reporting profit growth [11][12]. - In Q3 2025, the sector's net profit dropped by 58% year-on-year, with significant declines in the feed and breeding industries [13][14]. 2. Key Sub-Sectors Performance 2.1 Pig Farming - The pig farming sector saw a 30% increase in the number of pigs slaughtered in the first three quarters of 2025, but Q3 prices fell sharply, leading to a 68.4% drop in net profit for the quarter [21][16]. - The average profit per pig for self-breeding operations was approximately CNY 60 per head, but this dropped to CNY 43 in Q3, indicating a significant decline in profitability [32][33]. 2.2 Chicken Farming - The white feather chicken segment is facing price declines, but downstream companies are seeing profit recovery due to improved cost structures [53][59]. - The yellow feather chicken segment is experiencing a significant downturn, with profits down by 75.2% year-on-year for the two listed companies in this category [3][59]. 2.3 Pet Food - The domestic pet food market remains robust, with a 17.7% increase in revenue for the first three quarters of 2025, while exports to the U.S. fell by 25.6% due to tariffs [3][6]. - Leading domestic brands are gaining market share, with significant growth in online sales [5][6]. 2.4 Animal Health - The animal health sector reported a 70.2% increase in net profit, driven by high livestock inventory levels and the introduction of new products [4][3].

Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]

Core Points - The major shareholder, Zhu Rongjuan, and the action party Guangxi Guofa Investment Group Co., Ltd. have had part of their shares frozen by the Nanning Qingxiu District People's Court due to a legal dispute [1][2] - As of November 7, 2025, Guangxi Guofa holds 691,376 shares, accounting for 0.13% of the total share capital, with 512,005 shares pledged and 691,376 shares frozen [1][2] - The total shares held by the major shareholder and its action parties amount to 56,181,961 shares, representing 10.72% of the total share capital, with 33,835,005 shares pledged and 43,858,961 shares frozen [1][2] Summary of Judicial Freezing - Guangxi Guofa's shares were marked and frozen due to a debt recovery dispute with Guangxi Investment Group Co., Ltd., involving a debt amount of 7,351,765.56 yuan [2][3] - The total number of shares frozen or marked for Guangxi Guofa and its action parties is significant, with 512,005 shares marked and 179,371 shares frozen [2][3] Debt Default and Litigation - Zhu Rongjuan and Peng Tao have faced financial disputes with Guangxi Beibu Gulf Bank, leading to the freezing of 38,556,320 shares and 3,370,953 shares respectively [3] - The ongoing legal issues and high percentage of frozen shares may pose risks to the company's governance and operational stability [4] Company Operations and Governance - The company maintains independence from its major shareholder and action parties in terms of assets, business, finance, personnel, and institutions [4] - The company reports normal operational conditions despite the high percentage of frozen shares and ongoing legal disputes [4] - There is a potential risk of changes in actual control of the company if the major shareholder's shares continue to be judicially disposed of [4]