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, sales, and related technology transfer of veterinary biological products, chemical drugs, and traditional veterinary medicine [1][2]. Financial Performance - For the first half of 2025, Pulaike achieved operating revenue of 559 million yuan, representing a year-on-year growth of 15.79%. The net profit attributable to the parent company was 116 million yuan, reflecting a significant increase of 57.12% [2]. - Since its A-share listing, Pulaike has distributed a total of 1.057 billion yuan in dividends, with 500 million yuan distributed over the past three years [3]. Stock Performance - As of September 16, Pulaike's stock price decreased by 2.07% to 14.21 yuan per share, with a total market capitalization of 4.918 billion yuan. The stock has seen a year-to-date increase of 14.92%, but has declined by 1.93% over the last five trading days and 6.76% over the last twenty days [1]. - The stock's trading volume on September 16 was 32.122 million yuan, with a turnover rate of 0.65% [1]. Shareholder Information - As of June 30, 2025, Pulaike had 18,000 shareholders, an increase of 4.27% from the previous period. The average circulating shares per person decreased by 4.09% to 19,234 shares [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF (159865) ranked as the seventh largest, holding 3.4499 million shares, an increase of 141,400 shares from the previous period [3]. Business Segments - Pulaike's main business 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 [1].

Core Insights - The animal health sector experienced a 1.14% increase on September 15, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - BioShares (600201) closed at 8.82, up 7.17% with a trading volume of 624,100 shares and a turnover of 539 million yuan [1] - Dayu Biological (871970) closed at 11.50, up 6.09% with a trading volume of 124,300 shares and a turnover of 139 million yuan [1] - Other notable performers include: - Jinhai Biological (002688) at 7.20, up 3.00% [1] - Ruipu Biological (300119) at 21.98, up 1.76% [1] - Zhongmu Co. (600195) at 7.50, up 1.63% [1] Capital Flow - The animal health sector saw a net outflow of 25.577 million yuan from institutional investors, while retail investors contributed a net inflow of 6.5625 million yuan [2] - The capital flow for individual stocks indicates: - Jinhai Biological had a net inflow of 32.1651 million yuan from institutional investors [3] - Zhongmu Co. had a net inflow of 6.8986 million yuan from institutional investors [3] - Ruipu Biological experienced a net outflow of 1.1475 million yuan from institutional investors [3]

Market Overview - The animal health sector experienced a decline of 0.21% on September 12, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Shunlian Biological (688098) closed at 11.85, up 2.07% with a trading volume of 85,100 shares and a turnover of 99.05 million yuan [1] - KQ Biological (688526) closed at 18.63, up 0.70% with a trading volume of 19,700 shares and a turnover of 36.27 million yuan [1] - Huisheng Biological (300871) closed at 22.55, up 0.53% with a trading volume of 54,100 shares and a turnover of 122 million yuan [1] - Dayu Biological (871970) led the decline, closing at 10.73, down 3.85% with a trading volume of 76,600 shares and a turnover of 82.31 million yuan [2] Capital Flow Analysis - The animal health sector saw a net outflow of 15.44 million yuan from institutional investors, while retail investors experienced a net outflow of 9.04 million yuan [2] - Speculative funds recorded a net inflow of 24.47 million yuan [2] Detailed Capital Flow for Selected Stocks - Shunlian Biological had a net inflow of 14.94 million yuan from institutional investors, but a net outflow of 21.09 million yuan from retail investors [3] - Huisheng Biological experienced a net outflow of 7.83 million yuan from institutional investors, while retail investors had a net inflow of 9.81 million yuan [3] - KQ Biological saw a net outflow of 1.73 million yuan from institutional investors, with a minor net inflow from retail investors [3]

Core Viewpoint - The animal health sector experienced a rise of 0.92% on September 11, with Dayu Biological leading the gains, while the overall market indices also showed significant increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3875.31, up 1.65%, and the Shenzhen Component Index closed at 12979.89, up 3.36% [1]. - Dayu Biological's stock price increased by 3.81% to 11.16, with a trading volume of 140,500 shares and a transaction value of 158 million [1]. Group 2: Individual Stock Performance - Other notable performers included: - Houfeng Holdings, up 2.75% to 4.11, with a trading volume of 326,800 shares and a transaction value of 133 million [1]. - Keqian Biological, up 2.15% to 18.50, with a trading volume of 32,400 shares and a transaction value of 59.27 million [1]. - Yongshun Biological, up 1.69% to 10.80, with a trading volume of 48,100 shares and a transaction value of 52.46 million [1]. Group 3: Capital Flow Analysis - The animal health sector saw a net outflow of 70.71 million from institutional investors, while retail investors contributed a net inflow of 77.65 million [2][3]. - The capital flow for individual stocks showed varied trends, with significant outflows from stocks like Zhongmu Co., which had a net outflow of 11.86 million from institutional investors [3].

Market Overview - The animal health sector experienced a decline of 0.5% on September 10, with Yongshun Biological leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers included: - Qudongli (838275) with a closing price of 11.21, up 2.75% [1] - *ST Lvkang (002868) at 26.42, up 1.62% [1] - Houfeng Holdings (002141) at 4.00, up 0.76% [1] - Major decliners included: - Yongshun Biological (839729) at 10.62, down 3.28% [2] - Shilian Biological (688098) at 11.72, down 1.76% [2] - Huai Sheng Biological (300871) at 22.20, down 1.60% [2] Capital Flow Analysis - The animal health sector saw a net outflow of 81.6 million yuan from institutional investors, while retail investors contributed a net inflow of 53.0 million yuan [2] - The detailed capital flow for key stocks showed: - Repu Biological (300119) had a net inflow of 1.12 million yuan from retail investors [3] - Kexian Biological (688526) saw a net inflow of 14.78 thousand yuan from institutional investors [3] - Hai Li Biological (603718) experienced a significant net outflow of 22.66 million yuan from institutional investors [3]

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, sales, and related technology transfer of veterinary biological products, chemical drugs, and traditional veterinary medicine [1][2]. Financial Performance - For the first half of 2025, Pulaike achieved operating revenue of 559 million yuan, representing a year-on-year growth of 15.79%. The net profit attributable to the parent company was 116 million yuan, reflecting a significant increase of 57.12% [2]. - Since its A-share listing, Pulaike has distributed a total of 1.057 billion yuan in dividends, with 500 million yuan distributed over the past three years [3]. Stock Performance - As of September 8, Pulaike's stock price increased by 2.01% to 14.74 yuan per share, with a total market capitalization of 5.101 billion yuan. The stock has risen by 19.21% year-to-date, but has seen a decline of 3.41% over the past 20 days [1]. - The stock's trading volume on September 8 was 27.6557 million yuan, with a turnover rate of 0.55% [1]. Shareholder Information - As of June 30, 2025, Pulaike had 18,000 shareholders, an increase of 4.27% from the previous period. The average number of circulating shares per shareholder was 19,234, which decreased by 4.09% [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF ranked as the seventh largest, holding 3.4499 million shares, an increase of 141,400 shares compared to the previous period [3]. Business Segmentation - The company's main revenue sources include poultry vaccines and antibodies (41.19%), pig vaccines (32.25%), chemical drugs (21.37%), functional health products (1.79%), and pet vaccines (1.38%). Other income sources include technology licensing (0.94%) and vaccines for ruminants (0.25%) [1].

Core Viewpoint - The report highlights significant growth in poultry vaccines and the potential for the pet segment, with a "buy" rating for the company [1][5]. Financial Performance - In H1 2025, the company achieved a net profit of 116 million yuan, a year-on-year increase of 57.12% [2]. - The total revenue for H1 2025 was 559 million yuan, reflecting a 15.79% increase compared to the previous year [2]. - The company's non-recurring net profit was 100 million yuan, up 50.79% year-on-year [2]. - The sales expense ratio and management expense ratio were 22.2% and 6.7%, respectively, down 5.6 percentage points and 2.5 percentage points year-on-year [2]. Product Performance - The animal health industry faced increased competition, particularly in the swine vaccine segment, which saw a revenue decline of 11.49% to 131 million yuan [3]. - Poultry vaccine revenue grew by 30.01% to 259 million yuan, driven by the new production base in Nanjing and a nearly 60% increase in high pathogenic avian influenza vaccine revenue [3]. - The revenue from pet-related products reached 10.07 million yuan, with significant growth in functional health products, which increased by 124.47% [4]. Market Strategy - The company is focusing on both offline and online marketing strategies for its pet products, achieving over threefold growth in online sales [4]. - Various marketing activities and partnerships with distributors are being utilized to promote key products like the cat trivalent inactivated vaccine [4]. Future Outlook - The company is projected to achieve revenues of 1.216 billion yuan, 1.414 billion yuan, and 1.596 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.6%, 16.3%, and 12.8% [5]. - Corresponding net profits are expected to be 181 million yuan, 234 million yuan, and 259 million yuan, with growth rates of 95.4%, 29.2%, and 10.5% [5].

Industry Overview - The 27th Asia Pet Expo attracted over 510,000 visitors, showcasing the robust growth of China's pet economy, with a market size projected to reach 811.4 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 25.4% from 2015 to 2023 [1] - The pet-related business market in China has expanded from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, indicating a significant upward trend [1] Company Performance - The pet sector achieved revenue of 6.381 billion yuan in the first half of 2025, a year-on-year increase of 22.03%, with net profit reaching 660 million yuan, up 20.28% [1] - Leading company Guobao Pet reported revenue of 3.221 billion yuan and net profit of 378 million yuan, with growth rates of 32.72% and 22.55% respectively [2] - Zhongchong Co. followed closely with revenue of 2.432 billion yuan and net profit of 203 million yuan, marking a 42.56% increase in net profit, the highest in the industry [2] - Petty Co. experienced a decline in both revenue and net profit, reporting 728 million yuan and 79 million yuan, down 13.94% and 19.23% respectively, attributed to U.S. tariff policies affecting overseas orders [3] - Lusi Co. reported an 11.32% increase in revenue to 391 million yuan but a 12.07% decrease in net profit to 30.46 million yuan due to falling product prices [3] Market Trends - The pet economy is driven by a generational shift in consumer attitudes, with younger generations (90s and 00s) becoming the primary pet owners, leading to a growing "it economy" around pets [5] - The pet food market holds a 52.8% share, followed by pet medical services at 28.0%, with increasing penetration rates in pet diagnosis, training, insurance, and travel [5] - The average cost of pet medical services is rising due to advancements in medical technology and diversified drug supply [5] Regulatory Environment - Recent policies from the Ministry of Agriculture and Rural Affairs and the State Administration for Market Regulation have focused on establishing standards for the pet industry [6] - Local governments are incorporating pet industry development into their plans, with initiatives aimed at promoting collaboration across various sectors [6] Investment Activity - The pet industry has seen 634 financing events as of the first quarter of 2025, with online platforms being the most active [6] - The pet economy concept index has risen by 43.21% year-to-date, indicating strong interest from the capital market [7]

Market Overview - The animal health sector increased by 1.25% on September 5, with Yongshun Biological leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Yongshun Biological (839729) closed at 10.82, up 4.14% with a trading volume of 44,500 shares and a turnover of 47.80 million yuan [1] - Shilian Biological (688098) closed at 11.76, up 3.16% with a trading volume of 114,100 shares and a turnover of 132 million yuan [1] - Other notable performers include: - Houfeng Holdings (002141): closed at 3.96, up 2.33% [1] - KQ Biological (688526): closed at 18.00, up 2.16% [1] - Dayu Biological (871970): closed at 10.25, up 2.09% [1] Capital Flow - The animal health sector experienced a net outflow of 37.19 million yuan from institutional investors, while retail investors saw a net inflow of 13.24 million yuan [2] - Notable capital flows include: - Shilian Biological: net inflow of 500.11 thousand yuan from institutional investors [3] - Houfeng Holdings: net inflow of 91.15 thousand yuan from retail investors [3] - KQ Biological: net outflow of 297.54 thousand yuan from institutional investors [3]

Market Overview - The animal health sector experienced a decline of 0.2% on September 4, with Shunlian Biological leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the animal health sector included: - Qudongli (code: 838275) with a closing price of 11.96, up 6.50% [1] - Dayu Biological (code: 871970) with a closing price of 10.04, up 3.40% [1] - Yongshun Biological (code: 839729) with a closing price of 10.39, up 2.26% [1] - Conversely, Shunlian Biological (code: 688098) saw a decline of 2.98%, closing at 11.40 [2] Trading Volume and Capital Flow - The total trading volume for the animal health sector showed a net outflow of 85.41 million yuan from institutional investors, while retail investors saw a net inflow of 74.17 million yuan [2] - The capital flow for individual stocks indicated significant movements, with Shunlian Biological experiencing a net outflow of 10.12 million yuan from institutional investors [3] Individual Stock Analysis - Shunlian Biological had a total trading volume of 131,200 shares, with a net inflow of 7.73 million yuan from retail investors [3] - Other stocks like Huisheng Biological (code: 300871) and ST Green Kang (code: 002868) also showed varied capital flows, with Huisheng experiencing a net outflow of 12.50 million yuan from speculative funds [3]