Core Viewpoint - The stock price of Pulaike has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 11.28% [1][2]. Company Overview - Pulaike Bioengineering Co., Ltd. is located in Luoyang, Henan Province, established on June 22, 2002, and listed on May 18, 2015. The company primarily engages in the research, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine [2]. - The revenue composition includes: poultry vaccines and antibodies (41.19%), pig vaccines (32.25%), chemical drugs (21.37%), functional health products (1.79%), pet vaccines (1.38%), and other income sources [2]. Financial Performance - For the period from January to September 2025, Pulaike achieved operating revenue of 823 million yuan, representing a year-on-year growth of 8.04%. The net profit attributable to the parent company was 157 million yuan, reflecting a significant increase of 47.86% [2]. - Cumulative cash dividends since the A-share listing amount to 1.125 billion yuan, with 568 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders is 16,700, a decrease of 7.26% from the previous period. The average circulating shares per person increased by 7.83% to 20,739 shares [2]. - Among the top ten circulating shareholders, Guotai Zhongzheng Livestock Breeding ETF ranks sixth with 5.4716 million shares, an increase of 2.0217 million shares from the previous period. Hong Kong Central Clearing Limited is the eighth largest shareholder with 3.832 million shares, marking a new entry [3].

Core Viewpoint - On November 20, 2023, the stock of Pulaike experienced a decline of 0.58%, with a trading volume of 43.79 million yuan, indicating a negative trend in market performance [1] Financing Summary - On the same day, Pulaike had a financing buy-in amount of 4.09 million yuan and a financing repayment of 12.67 million yuan, resulting in a net financing outflow of 8.58 million yuan [1] - As of November 20, the total financing and securities lending balance for Pulaike was 135 million yuan, which is 2.82% of its circulating market value, indicating a low financing balance compared to the past year [1] - The company repaid 100 shares of securities lending and sold 700 shares, with a selling amount of 9,674 yuan, while the remaining securities lending volume was 25,700 shares, with a balance of 355,200 yuan, which is above the 50th percentile of the past year [1] Company Overview - Pulaike Bioengineering Co., Ltd. was established on June 22, 2002, and listed on May 18, 2015, primarily engaged in the research, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine [2] - The revenue composition includes poultry vaccines and antibodies (41.19%), pig vaccines (32.25%), chemical drugs (21.37%), functional health products (1.79%), pet vaccines (1.38%), and other income sources [2] - As of September 30, 2023, the number of shareholders was 16,700, a decrease of 7.26%, while the average circulating shares per person increased by 7.83% to 20,739 shares [2] Financial Performance - For the period from January to September 2023, Pulaike achieved an operating income of 823 million yuan, representing a year-on-year growth of 8.04%, and a net profit attributable to shareholders of 157 million yuan, reflecting a significant increase of 47.86% [2] Dividend Information - Since its A-share listing, Pulaike has distributed a total of 1.125 billion yuan in dividends, with 568 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2023, the sixth largest circulating shareholder was the Guotai Zhongzheng Livestock Breeding ETF, holding 5.4716 million shares, an increase of 2.0217 million shares from the previous period [3] - The Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 3.832 million shares as a new shareholder [3]

Core Viewpoint - The animal health sector experienced a slight decline of 0.31% on November 19, with Xianfeng Holdings leading the losses, while the Shanghai Composite Index rose by 0.18% to close at 3946.74 [1]. Group 1: Market Performance - The animal health sector's individual stock performance varied, with notable gainers including Qudongli (up 3.98% to 10.71) and ST Lvkang (up 3.80% to 46.40) [1]. - Conversely, several stocks faced declines, such as Jinhai Biological (down 0.96% to 6.19) and Shunlian Biological (down 1.08% to 10.12) [1][2]. Group 2: Trading Volume and Capital Flow - The total trading volume for the animal health sector was significant, with Qudongli achieving a volume of 34,000 hands and a transaction value of approximately 35.9 million yuan [1]. - The sector saw a net outflow of 49.13 million yuan from institutional investors, while retail investors contributed a net inflow of 548.09 million yuan [2]. Group 3: Individual Stock Capital Flow - Among individual stocks, Shengong Holdings experienced a net outflow of 31.56 million yuan from retail investors, while Biotech Holdings saw a net inflow of 555.72 million yuan from retail investors [3]. - The stock with the highest net inflow from retail investors was Biotech Holdings, with 555.72 million yuan, while the largest net outflow was from Yongshun Biological, totaling 408.61 million yuan [3].

普莱柯生物工程股份有限公司 2025 年第二次临时股东大会会议资料 普莱柯生物工程股份有限公司 2025 年第二次临时股东大会会议须知 为维护投资者的合法权益，确保普莱柯生物工程股份有限公司（以下简称"公 司"）2025 年第二次临时股东大会的正常秩序和议事效率，根据《中华人民共和 国公司法》《公司章程》《公司股东大会议事规则》等有关规定，特制定本次股东 大会会议须知： 普莱柯生物工程股份有限公司 2025 年第二次临时股东大会会议资料 普莱柯生物工程股份有限公司 2025 年第二次临时股东大会会议资料 二 O 二五年十一月 1 一、会议组织 1、公司负责本次会议的程序安排和会务工作，出席会议人员应当听从工作 人员安排，共同维护好会议秩序。 2、为保证本次会议的正常秩序，除出席会议的股东及股东代表、董事、监 事、董事会秘书、高级管理人员以及见证律师以外，公司有权拒绝其他人员进入 会场。对于影响本次会议秩序和损害其他股东合法权益的行为，公司将按规定加 以制止。 3、出席本次会议的股东及股东代表应当按照公司《关于召开 2025 年第二次 临时股东大会的通知》要求，持相关证件办理签到手续。在大会主持人宣布现场 出席 ...

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Views - The report highlights a continued decline in pig prices and strong performance in pet food sales during the "Double Eleven" shopping festival [1]. - The industry is currently trading at lower price-to-earnings (P/E) and price-to-book (P/B) ratios compared to historical averages, indicating potential for valuation recovery [1]. Summary by Sections Market Review - In October 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.19%, outperforming the CSI 300 index, which had a return of approximately 0% [8][11]. - The pet food sector experienced a decline, while the wood processing sector showed strong gains [11]. Livestock Farming Data Tracking - Pig prices continued to decline in October 2025, with an average price of 11.52 yuan/kg, down 11.46% month-on-month and 34.77% year-on-year [16]. - The average price for white feather broilers was 3.38 yuan/jin, showing a slight decrease of 0.29% month-on-month and 7.65% year-on-year [26]. Pet Food Sales Performance - During the "Double Eleven" period in 2025, total sales of pet food reached 9.4 billion yuan, a year-on-year increase of 59.3% [35]. - Pet food exports in September 2025 totaled 30,500 tons, up 18.78% year-on-year, while the cumulative export amount from January to September was 1.057 billion USD, down 3.73% year-on-year [32][35]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, QiuLe Seed Industry, GuaiBao Pet, ZhongChong Co., and Petty Co., all rated as "Buy" [1].

Core Insights - The animal health sector experienced a decline of 0.24% on November 17, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Qudongli (code: 920275) with a closing price of 10.68, up 5.12% [1] - *ST Lvkang (code: 002868) with a closing price of 42.57, up 5.01% [1] - Houfeng Holdings (code: 002141) with a closing price of 3.91, up 2.62% [1] - Major decliners included: - Dayu Biological (code: 920970) with a closing price of 8.70, down 3.87% [2] - Ruipu Biological (code: 300119) with a closing price of 20.61, down 2.92% [2] - Zhongmu Co., Ltd. (code: 600195) with a closing price of 7.94, down 1.98% [2] Capital Flow - The animal health sector saw a net outflow of 10.15 million yuan from institutional investors, while retail investors experienced a net outflow of 20.76 million yuan [2] - Conversely, speculative funds recorded a net inflow of 30.91 million yuan [2] Individual Stock Capital Flow - Notable capital flows included: - Biological Shares (code: 600201) with a net inflow of 12.08 million yuan from institutional investors [3] - Xianfeng Holdings (code: 002141) with a net inflow of 9.50 million yuan from institutional investors [3] - Ruipu Biological (code: 300119) with a net inflow of 1.05 million yuan from speculative funds [3] - Decliners in capital flow included: - *ST Lvkang (code: 002868) with a net outflow of 0.79 million yuan from institutional investors [3] - Hai Li Biological (code: 603718) with a net outflow of 2.82 million yuan from institutional investors [3]

（文章来源：证券日报） 证券日报网讯 11月14日晚间，中牧股份发布公告称，公司于2025年11月13日召开第九届董事会2025年 第十三次临时会议审议通过《关于放弃控股子公司股权优先购买权的议案》。公司与普莱柯生物工程股 份有限公司（简称"普莱柯"）、中信农业科技股份有限公司（简称"中信农业"）共同出资成立中普生物 制药有限公司（简称"中普生物"），截至目前中牧股份对其持股48.99%、普莱柯对其持股46.97%、中 信农业对其持股4.04%，中普生物为公司控股子公司。近日，中信农业将其持有中普生物4.04%的股权 以不低于人民币1，751.43万元的价格进行挂牌出让。为进一步优化、布局公司业务，同时根据自身发 展规划，公司拟放弃上述出让股权的优先购买权，由普莱柯或其他第三方摘牌受让股权。同时，公司收 到普莱柯的函件，普莱柯拟行使上述出让股权的认购权，如普莱柯认购成功，中普生物将不再为公司控 股子公司。 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [48]. Core Viewpoints - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 4.87% from October 31, 2025, to November 13, 2025, exceeding the index by approximately 5.04 percentage points [11]. - All sub-sectors within the industry recorded positive returns during the same period, with notable increases in agricultural product processing (9.03%), fishery (8.12%), animal health (5.57%), planting (4.57%), breeding (2.94%), and feed (2.45%) [12]. - Over 90% of individual stocks in the industry achieved positive returns, indicating strong overall market performance [13]. - The industry valuation has rebounded, with the overall price-to-book (PB) ratio at approximately 2.94 times as of November 13, 2025, which is still relatively low compared to historical levels [17]. Industry Important Data - **Pig Farming**: The average price of external three yuan pigs decreased from 12.52 CNY/kg to 11.74 CNY/kg during the reporting period. The cost of corn and soybean meal showed fluctuations, with corn priced at 2260.39 CNY/ton and soybean meal at 3072 CNY/ton as of November 13, 2025 [21][23]. - **Profitability**: As of November 14, 2025, self-breeding pig farming reported a loss of 114.81 CNY per head, while purchasing piglets resulted in a loss of 205.64 CNY per head, indicating a decline in profitability [26]. - **Poultry Farming**: The average price of broiler chicks was 3.49 CNY per chick, slightly down from the previous week, while the average price of white feather broilers increased to 7.12 CNY/kg, with a loss of 0.95 CNY per bird [28][31]. Industry Important News - The Ministry of Agriculture and Rural Affairs emphasized accelerating the self-reliance and controllability of seed technology during a recent meeting, highlighting the importance of domestic seed sources and innovation in the seed industry [35]. Company Important News - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others, which are positioned to benefit from industry trends and potential recovery in profitability [48][49].

Core Viewpoint - The animal health sector experienced a slight increase of 0.89% on November 14, with *ST Green Kang leading the gains, while the overall market indices, including the Shanghai Composite Index and Shenzhen Component Index, saw declines of 0.97% and 1.93% respectively [1] Group 1: Market Performance - The closing price of *ST Green Kang was 40.54, reflecting a rise of 5.00% with a trading volume of 204,000 shares and a transaction value of 8.27 million yuan [1] - Other notable performers included Ruipu Biology with a closing price of 21.23, up 1.87%, and Biological Shares at 11.93, up 1.62% [1] - The overall trading volume and transaction values for various companies in the animal health sector were significant, with Biological Shares recording a transaction value of 954 million yuan [1] Group 2: Capital Flow - The animal health sector saw a net outflow of 57.68 million yuan from institutional investors, while retail investors contributed a net inflow of 60.01 million yuan [2] - The capital flow data indicates that *ST Green Kang had a net inflow of 1.42 million yuan from institutional investors, despite a net outflow from retail investors [3] - Other companies like Biological Shares and Ruipu Biology experienced significant net outflows from institutional investors, indicating a shift in investment sentiment [3]

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]