Pricer Biological 2025 Semi-Annual Performance Forecast Analysis [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts significant H1 2025 performance growth, with net profit attributable to shareholders expected to increase by **44.70% to 64.98%** 2025 Semi-Annual Performance Forecast Details | Performance Indicator | 2025 Semi-Annual Estimate (RMB) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Net profit attributable to shareholders of the parent company | 107 million yuan - 122 million yuan | 44.70% - 64.98% | | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | 93 million yuan - 106 million yuan | 40.05% - 59.63% | - This performance forecast represents preliminary calculations by the company's finance department and has not been audited[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In H1 2024, the company reported net profit attributable to shareholders of **73.95 million yuan** and non-recurring net profit of **66.40 million yuan** 2024 Semi-Annual Key Financial Data | Indicator (H1 2024) | Amount (RMB) | | :--- | :--- | | Net profit attributable to shareholders of the parent company | 73.95 million yuan | | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | 66.40 million yuan | | Earnings per share | 0.21 yuan/share | [Analysis of Main Reasons for Performance Increase](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) Performance growth is driven by new vaccine product launches, sustained high growth in pet product sales, and optimized marketing and production management - New product launches, including the **Porcine Pseudorabies Live Vaccine (HN1201-R1 strain)** and **Adenovirus Series Poultry Pentavalent Vaccine**, contributed new performance growth points[7](index=7&type=chunk) - Sales revenue from pet-related products continued to maintain a high growth trend[7](index=7&type=chunk) - The company focused on marketing system reform, strengthening process management and performance appraisal to ensure sales target achievement[7](index=7&type=chunk) - Unit costs were optimized through lean production management, and sales expense control was strengthened, achieving high-quality and efficient development[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties in this forecast, reminding investors that these are preliminary figures subject to the final 2025 semi-annual report - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) - The above forecast data are preliminary calculations, and investors are advised to be aware of investment risks, with specific financial data subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk)

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

Core Viewpoint - The financial performance of Pulaike Company shows significant growth in revenue and net profit for the first quarter, indicating strong operational efficiency and profitability despite a decline in annual figures for 2024. Financial Performance Summary - For Q1, Pulaike's operating revenue reached 278.62 million yuan, an increase of 18.32% year-on-year [1] - The net profit attributable to shareholders was 52.91 million yuan, reflecting a 93.75% increase compared to the same period last year [1] - The net profit after deducting non-recurring gains and losses was 48.90 million yuan, up 84.27% year-on-year [1] - The basic earnings per share were 0.16 yuan, doubling from 0.08 yuan in the previous year [1] - The net cash flow from operating activities was 46.90 million yuan, a significant turnaround from a negative cash flow of 4.39 million yuan in the previous year, marking a 1,167.15% increase [1] Profitability Metrics - The gross profit margin for the reporting period was 59.71%, down 4.70% year-on-year but up 4.19% quarter-on-quarter [2] - The net profit margin was 18.99%, which increased by 7.39% year-on-year and 23.78% quarter-on-quarter [2] Expense Management - Total expenses for the reporting period were 102 million yuan, a decrease of 15.73 million yuan compared to the previous year [2] - The expense ratio was 36.50%, down 13.37% year-on-year [2] - Sales expenses decreased by 2.09%, while management expenses saw a significant reduction of 44.70% [2] - Research and development expenses increased by 2.24%, and financial expenses rose by 63.81% [2] Annual Performance Overview - For the full year 2024, Pulaike reported an operating revenue of 1.043 billion yuan, a decline of 16.77% year-on-year [5] - The net profit attributable to shareholders was 92.81 million yuan, down 46.82% compared to the previous year [5] - The basic earnings per share for the year were 0.27 yuan [5] Company Background - Pulaike Company, established on June 22, 2002, specializes in the research, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine [5]

Group 1 - Beixin Road and Bridge's application for issuing shares to specific targets has been approved by the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [1] - Wangbian Electric's shareholders plan to reduce their holdings by a total of up to 2.99% of the company's shares, with specific reductions detailed for each shareholder [1] - Guotou Zhonglu is planning a major asset restructuring, leading to a suspension of its stock trading for up to 10 trading days [2] Group 2 - Baiotai has signed a licensing agreement with SteinCares for the commercialization of BAT2406 in Brazil and Latin America, with total payments potentially reaching up to $10 million [3] - Dongfang Bio has obtained two medical device registration certificates for its products, which are valid until June 1, 2030 [4] - Pulaike's subsidiary has received a new veterinary drug registration certificate [5] Group 3 - Wanyi Technology has signed an agreement to establish a joint laboratory with the Energy Research Institute, with a total research and development budget of 6 million yuan [6] - Yingboer plans to use up to 300 million yuan of idle funds for financial management [7] - Blue Biological has received two new veterinary drug registration certificates [8] Group 4 - Jinkai New Energy intends to inject up to 1.247 billion yuan into its wholly-owned subsidiary to enhance its operational capabilities [9] - China Pacific Insurance's assistant general manager's qualification has been approved [10] - Zhaoyan New Drug is reducing its registered capital and notifying creditors [11] Group 5 - Weili Medical plans to invest 37.5 million yuan in establishing a medical industry investment fund [12] - Hongbai New Materials has signed a deposit agreement for idle raised funds [13] - Tongyou Technology is applying for a credit limit of 10 million yuan from a bank [14] Group 6 - Warner Pharmaceutical's subsidiary has received approval for its magnesium sulfate raw material drug [15] - Fuda Co. plans to establish a wholly-owned subsidiary with a capital contribution of 475 million yuan [16] - Yabao Pharmaceutical has obtained a loan commitment letter for stock repurchase of up to 90 million yuan [17] Group 7 - Zhongyin Securities' chairman has resigned due to work adjustments [18] - Aili Home has terminated its share reduction plan ahead of schedule [19] - Samsung New Materials has appointed a new financial officer [20] Group 8 - Guobang Pharmaceutical's subsidiary has received EU GMP certification for its product [21] - Yipin Hong has received a drug registration certificate for its injection solution [22] - Wenzhou Hongfeng's subsidiary has obtained a utility model patent certificate [23] Group 9 - Cangge Mining plans to sign a financial service agreement with Zijin Mining Group [24] - Naipu Mining's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [25] - Shenyang Machine Tool has completed its major asset restructuring [26] Group 10 - Xinlaifu plans to distribute a cash dividend of 5 yuan per 10 shares [27] - Jiashitang plans to distribute a cash dividend of 1.7 yuan per 10 shares [28] - Manbuer plans to distribute a cash dividend of 2.5 yuan per 10 shares [29] Group 11 - Guo Wang Yingda plans to distribute a cash dividend of 0.51 yuan per 10 shares [30] - Changsha Bank's shareholder plans to reduce holdings by up to 0.92% [31] - Hu Nong Commercial Bank plans to distribute a cash dividend of 1.93 yuan per 10 shares [32] Group 12 - Huaxiang Co. plans to distribute a cash dividend of 1.17 yuan per 10 shares [33]

新兽药名称：鸡新城疫、传染性支气管炎、传染性法氏囊病、病毒性关节炎 四联灭活疫苗（La Sota 株+M41 株+VP2 蛋白+AV2311 株） 证券代码：603566 证券简称：普莱柯 公告编号：2025-026 普莱柯生物工程股份有限公司 关于子公司获得新兽药注册证书的公告 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、准确性和完整性承担法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，经农业农村部审查，批准 普莱柯生物工程股份有限公司（以下简称"公司"）全资子公司洛阳惠中生物技 术有限公司（以下简称"惠中生物"）与其他单位联合申报的"鸡新城疫、传染 性支气管炎、传染性法氏囊病、病毒性关节炎四联灭活疫苗（La Sota 株+M41 株+VP2 蛋白+AV2311 株）"为新兽药，并于 2025 年 6 月 23 日公示了核发《新 兽药注册证书》（中华人民共和国农业农村部公告第 920 号）事项。详情如下： 注册分类：三类 一、新兽药的基本信息 三、新兽药上市前仍需履行的程序 按照《兽药管理条例》《兽药产品批准文号管理办法》等相关规定，该新兽 ...

Investment Strategy Overview - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook for the sector [3][5][6] Market Performance - From the beginning of 2025 to June 16, the agriculture, forestry, animal husbandry, and fishery index achieved an absolute return of +12.81%, outperforming the CSI 300 index by 14.5 percentage points [10][13] - The pet food sector has shown the highest growth, while the aquatic processing sector has also performed well [13][14] Swine Breeding Sector - The swine breeding industry is expected to enter a phase of simultaneous supply and demand growth in the second half of 2025, driven by a sufficient supply of piglets and an increase in domestic slaughtering due to reduced imports from the U.S. [15][30] - The number of breeding sows and total swine stock remains high, with a notable increase in piglet supply observed from January to April 2025 [18][30] - Major companies like Muyuan Foods have reported significant increases in piglet sales, indicating strong market dynamics [17][30] Animal Health Sector - The animal health market is experiencing steady growth, with a market size increase from 472.29 billion yuan in 2016 to 696.51 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [35][36] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [41][48] Seed Industry - The seed industry is undergoing significant transformation, with a focus on the commercialization of biotechnology breeding, which is expected to enhance market concentration and profitability for related companies [4][16][19] - The regulatory environment is becoming clearer, and companies that have passed initial reviews are now obtaining operational licenses, positioning them to benefit from the industry's growth [4][19] Pet Food Sector - China's pet food market is projected to continue growing, driven by demographic changes and rising living standards, with the market size expected to expand significantly [5][23] - The domestic pet food industry is seeing a shift towards increased online sales and domestic product substitution, indicating a robust growth trajectory [5][23][26] Investment Recommendations - The report suggests focusing on leading companies in the sector, including Muyuan Foods, Pulaike, Qiule Seed Industry, Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from favorable market conditions and valuation recovery [5][32]

Group 1 - The SW Agricultural, Forestry, Animal Husbandry and Fishery industry rose by 5.02% from January to May 2025, outperforming the CSI 300 index by approximately 7.43 percentage points [13][14] - Most sub-sectors recorded positive returns, with only planting and fishery sectors showing negative returns of -1.58% and -0.07% respectively [14] - Approximately 70% of stocks in the industry achieved positive returns, with three stocks increasing over 100%, the highest being Yizhi Magic Yam at 209.66% [15] Group 2 - The overall PB of the SW Agricultural, Forestry, Animal Husbandry and Fishery industry increased from a low of 2.31 times at the beginning of the year to 2.68 times, with a current PB of approximately 2.66 times as of June 13, 2025, reflecting a 15% recovery from the low [20] - The pig breeding sector is expected to see a gradual recovery in supply, with the number of breeding sows reaching 40.38 million heads by the end of April 2025, slightly above the normal holding capacity [21][23] - The average price of pigs as of June 13, 2025, was 14.04 yuan/kg, down 10.8% from the beginning of the year and 26.1% year-on-year, with expectations for a price rebound in Q4 2025 [27] Group 3 - The total feed production in China is expected to rebound in 2025 after a decline in 2024, with a total production of 49.2 million tons in the first two months of 2025, a year-on-year increase of 9.6% [54] - The average price of corn in China rose from approximately 2,122 yuan/ton at the beginning of the year to over 2,400 yuan/ton, reflecting a 13.3% increase [56] - The pet health market is anticipated to grow rapidly, with significant expansion potential in the domestic market for pet food and supplies, benefiting quality domestic leaders [5][6]

普莱柯生物工程股份有限公司 关于获得新兽药注册证书的公告 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、准确性和完整性承担法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，经农业农村部审查，批准 普莱柯生物工程股份有限公司（以下简称"公司"）与其他单位联合申报的"鸡 滑液囊支原体灭活疫苗（HN01 株）"为新兽药，并于 2025 年 6 月 10 日公示了 核发《新兽药注册证书》（中华人民共和国农业农村部公告第 917 号）事项。详 情如下： 一、新兽药的基本信息 新兽药名称：鸡滑液囊支原体灭活疫苗（HN01 株） 注册分类：三类 主要成分：含鸡滑液囊支原体 HN01 株，每毫升疫苗灭活前菌数 1× 10 9.0CCU。 证券代码：603566 证券简称：普莱柯 公告编号：2025-025 选用我国鸡群优势流行菌株，产品抗原含量高、免疫原性好，接种 30 天后即可 产生有效的免疫保护，可有效预防鸡滑液囊炎，提高养禽业的生产性能和经济效 益。 经查询国家兽药基础数据库信息，截至目前，国内仅有鸡滑液支原体灭活疫 苗（YBF-MS1 株）获批兽药产品批准 ...

Core Points - The company announced a cash dividend of 0.40 yuan per share (including tax) for the fiscal year 2024 [1][3] - The profit distribution plan was approved at the annual general meeting held on May 16, 2025 [1][2] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [2] - The total number of shares eligible for the dividend is 341,919,373 shares, after excluding 4,142,900 shares held in the company's repurchase account [3] Dividend Calculation - The cash dividend per share is calculated as follows: (Total eligible shares × Cash dividend per share) ÷ Total share capital = (341,919,373 shares × 0.40 yuan) = 136,767,749.20 yuan in total [3][4] - The reference price for ex-dividend trading is calculated based on the previous closing price minus the cash dividend [4] Implementation Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders who have completed designated transactions [5] - For individual shareholders holding unrestricted circulating shares, the actual cash dividend after tax is 0.40 yuan per share, with specific tax implications based on holding periods [5][6] Taxation Details - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax [5] - For shares held for less than one year, the tax will be calculated upon the transfer of shares, with a potential effective tax rate of 10% for certain holding periods [6] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.36 yuan per share [6][7] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's securities affairs department at the provided phone number [8]

证券代码：603566 证券简称：普莱柯 公告编号：2025-024 普莱柯生物工程股份有限公司 2024年年度权益分派实施公告 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、准确性和完整性承担法律责任。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的有关规定, 上市公司回购专用账户中的股份，不享有利润分配的权利。根据公司 2024 年年度股东大会 决议， ...