Investment Rating - The report maintains an investment rating of "Outperform" for the agricultural, forestry, animal husbandry, and fishery industry [1][9]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry is currently experiencing weak market demand and low prices for livestock and poultry, particularly in the pig farming sector, which has seen a significant price drop [9][12]. - The report highlights that the industry is currently undervalued, with price-to-earnings (P/E) and price-to-book (P/B) ratios below historical averages, suggesting potential for valuation recovery [9][12]. Summary by Sections Market Review - In June 2025, the agricultural, forestry, animal husbandry, and fishery index rose by 1.13%, underperforming the CSI 300 index, which increased by 2.50%, resulting in a relative underperformance of 1.37 percentage points [9][12]. - The planting sector showed the highest gains, while the animal health processing sector experienced the largest declines [12]. Livestock Farming Data Tracking - **Pig Farming**: The average trading price for pigs in June 2025 was 14.28 yuan/kg, down 2.16% month-on-month and 21.81% year-on-year. The market shifted to a surplus situation, leading to price declines [9][17]. - **Broiler Chickens**: The average price for broiler chicks in June 2025 was 2.15 yuan/chick, reflecting a slight decrease. The cautious replenishment of chicks due to declining prices further pressured the market [9][27]. Pet Food Sector - In May 2025, pet food exports totaled 28,900 tons, a year-on-year decrease of 5.52%. The cumulative export value for the first five months was $581 million, up 4.59% year-on-year [9][34]. Major Agricultural Product Price Tracking - The report includes tracking of key agricultural product prices, indicating fluctuations in corn, wheat, and soybean meal prices during June 2025 [9][39]. Industry Dynamics and Company News - The report outlines significant events in the industry, including a decrease in grain imports and ongoing developments in the seed industry aimed at enhancing agricultural productivity [9][46]. - Key announcements from listed companies in the sector include various asset restructuring and financing activities [9][48].

注册分类：三类 主要成分：疫苗中含鸡新城疫病毒 La Sota 株≥10 6.0EID50/羽份；含鸡传染性 支气管炎病毒 SZ160 株≥10 3.5EID50/羽份。 作用与用途：用于预防鸡新城疫和鸡传染性支气管炎。接种后 7 日产生免疫 力，免疫期为 3 个月。 证券代码：603566 证券简称：普莱柯 公告编号：2025-028 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 新城疫、传染性支气管炎二联耐热保护剂活疫苗（La Sota 株+SZ160 株）"为新 兽药，并于 2025 年 7 月 17 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 930 号）事项。详情如下： 一、新兽药的基本信息 新兽药名称：鸡新城疫、传染性支气管炎二联耐热保护剂活疫苗（La Sota 株+SZ160 株） 经查询国家兽 ...

Core Viewpoint - The company, Pulaike (603566.SH), has received a new veterinary drug registration certificate for a combined vaccine effective against Newcastle disease and infectious bronchitis in chickens, which is expected to enhance its product offerings and market competitiveness [1] Group 1: Product Development - The new veterinary drug, "LaSota strain + SZ160 strain" vaccine, has been officially registered as a new veterinary drug as of July 17, 2025 [1] - The SZ160 strain used in the vaccine is a domesticated attenuated strain of the prevalent QX type, characterized by high reproductive performance, safety, rapid immune response, and long-lasting immunity [1] Group 2: Market Impact - The introduction of this product will diversify the company's poultry vaccine portfolio, thereby improving its market competitiveness [1] - The new vaccine is anticipated to provide a new growth point for the company's performance by effectively preventing the currently prevalent infectious bronchitis disease in domestic chickens [1]

Group 1: Industry Overview - The animal vaccine sector has seen a significant rise, with a market increase of approximately 2.91% as of July 16, 2023 [1] - The animal vaccine market is divided into two main categories: pet vaccines and livestock vaccines [1] - The pet vaccine market is experiencing rapid growth, driven by an increase in pet ownership and rising consumer spending, with the market size expected to exceed 345.3 billion yuan in 2024 [1] - The penetration rate of pet vaccines remains low, indicating substantial growth potential as pet owners become more health-conscious [1] Group 2: Livestock Vaccine Insights - In the context of the current "anti-involution" trend in pig farming, about 30% of pig companies have achieved over 50% of their annual output targets [2] - Major pig companies are implementing policies such as reducing breeding sows and controlling weight to enhance efficiency and disease prevention [2] - The demand for vaccines is expected to grow steadily alongside the development of the livestock industry, particularly due to the need for disease control against outbreaks like African swine fever [2] Group 3: Company Profiles - **Shengwu Co., Ltd.**: Focuses on the research, production, and sales of veterinary biological products, including vaccines for pigs, ruminants, poultry, and pets [2] - **Reap Bio**: A high-tech enterprise dedicated to providing solutions for disease prevention, treatment, and healthy breeding in the animal health industry [2] - **Kexing Pharmaceutical**: Engaged in animal vaccine research and development with a focus on zoonotic disease prevention [3] - **Puleke**: Specializes in the research, production, and sales of veterinary biological products and chemical drugs [4] - **Zhongmu Co., Ltd.**: Offers a wide range of vaccines, including poultry, veterinary, and special vaccines, with nearly 170 varieties [4] - **Shenlian Bio**: Primarily involved in the research, production, and sales of veterinary biological products, with pig vaccines as a major revenue source [4] - **Haizheng Pharmaceutical**: Its subsidiary focuses on the research, production, and sales of veterinary biological drugs [5] - **Haili Bio**: Engages in the research, production, and sales of animal vaccines [6]

Group 1 - The A-share animal vaccine sector experienced a significant rally, with Bio-Pharmaceuticals hitting the daily limit up [1] - Other companies such as Sinovac Biotech, Luoyang Agricultural, China Animal Husbandry, and Prilaco also saw increases in their stock prices [1]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Core Viewpoint - The company, Pulaike Biological Engineering Co., Ltd., forecasts a significant increase in net profit for the first half of 2025, driven by new product launches and strong sales in pet-related products [1][4]. Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 107 million yuan and 122 million yuan, representing a year-on-year increase of 44.70% to 64.98% [2][4]. - The forecasted net profit, excluding non-recurring gains and losses, is anticipated to be between 93 million yuan and 106 million yuan, reflecting a year-on-year increase of 40.05% to 59.63% [2][4]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders was 73.9463 million yuan, and the net profit after excluding non-recurring gains and losses was 66.4035 million yuan [2]. Reasons for Performance Increase - The launch of new products, such as the joint vaccine, has contributed to new growth points for the company. Sales revenue from pet-related products continues to show high growth [2]. - The company is focusing on marketing system reform, strengthening process management, and ensuring performance implementation to meet sales targets amid intense market competition [2]. - Lean production management has optimized unit costs, and enhanced control over sales expenses has been implemented to achieve high-quality and efficient development goals [2].

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]