Investment Rating - The report maintains a positive outlook on leading agricultural companies, suggesting investment opportunities in the sector [5]. Core Insights - The agricultural sector has shown resilience, with the industry index outperforming the broader market by 0.4 percentage points during the week of December 8-12, 2025 [13]. - The report highlights significant growth in the pet food segment, with online sales increasing by 27.9% year-on-year during October and November 2025, driven by new consumer brands [34][36]. - The livestock industry is facing challenges, with a 5.5% decrease in the number of pigs marketed in November compared to the previous month, raising concerns about animal disease outbreaks [30]. Summary by Sections Industry Dynamics - The agricultural sector index increased by 0.3%, outperforming the market [13]. - Key stocks such as Zhengbang Technology, Biological Shares, and Luoniushan saw significant gains of 19%, 17%, and 14% respectively [18]. Livestock Industry - In November, the number of pigs marketed decreased by 5.5% month-on-month, with a year-on-year increase of 16.7% [30]. - Prices for live pigs increased by 2.1% week-on-week, while the average weight of marketed pigs decreased by 0.2% [30]. - The utilization rate of fattening barns in 17 provinces dropped by 6.5 percentage points [30]. Poultry Industry - Prices for chicken chicks and broilers increased by 1.4% and 0.8% respectively, amid ongoing global avian influenza outbreaks [37][38]. - The price of chicken products rose by 0.6%, driven by supply constraints and increased export orders [37]. Pet Food Industry - Online sales of pet food reached 8.45 billion yuan, with significant growth from brands like Maifudi and Fresh Lang, which saw increases of 36% and 112.6% respectively [34]. - Chewy reported a 30.9% increase in EBITDA, with active customer numbers growing by 4.9% [35]. Feed Industry - Feed raw material prices showed mixed trends, with soybean meal prices increasing by 1.5% while corn prices slightly decreased [41]. - The price of South American white shrimp increased by 4.3% week-on-week [41]. Animal Health - The veterinary drug price index decreased by 0.2%, with a year-on-year increase of 2.4% [43]. - Merck's imported pet antibiotics were launched on JD Health, marking a significant development in the pet healthcare sector [43].

Core Insights - The animal health sector experienced a decline of 0.31% on December 10, with *ST Lvkang leading the drop [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index rose by 0.29% to 13316.42 [1] Stock Performance - The following stocks in the animal health sector showed varied performance: - **Biological Shares (600201)**: Closed at 14.53, up 1.18% with a trading volume of 395,300 shares and a turnover of 560 million yuan [1] - **Ruipu Biological (300119)**: Closed at 19.24, up 0.79% with a trading volume of 26,900 shares and a turnover of 51.56 million yuan [1] - **Xianfeng Holdings (002141)**: Closed at 3.82, up 0.53% with a trading volume of 177,700 shares and a turnover of 67.70 million yuan [1] - **Qudongli (920275)**: Closed at 8.71, up 0.23% with a trading volume of 9,815 shares and a turnover of 8.47 million yuan [1] - **Jinhe Biological (002688)**: Closed at 6.05, down 0.17% with a trading volume of 67,700 shares and a turnover of 40.90 million yuan [1] - **Hui Sheng Biological (300871)**: Closed at 19.24, down 0.52% with a trading volume of 23,700 shares and a turnover of 45.48 million yuan [1] - **Dayu Biological (920970)**: Closed at 7.70, down 0.65% with a trading volume of 11,700 shares and a turnover of 892,880 yuan [1] - **KQ Biological (688526)**: Closed at 15.36, down 0.65% with a trading volume of 17,600 shares and a turnover of 26.94 million yuan [1] - **Placo (603566)**: Closed at 12.95, down 0.69% with a trading volume of 27,200 shares and a turnover of 35.32 million yuan [1] - **Shenlian Biological (688098)**: Closed at 8.96, down 1.10% with a trading volume of 31,800 shares and a turnover of 28.66 million yuan [1] Capital Flow - On the same day, the animal health sector saw a net outflow of 13.98 million yuan from institutional investors and 18.34 million yuan from retail investors, while individual investors contributed a net inflow of 32.32 million yuan [3]

Core Viewpoint - The company, Pulaike (603566.SH), emphasizes its research and development capabilities in the veterinary medicine sector, despite concerns about its lag in vaccine development for major diseases like African swine fever compared to competitors. Group 1: R&D Infrastructure - The company has established multiple national and provincial-level innovation platforms, including the National Engineering Research Center for Veterinary Drugs and the National Key Laboratory for Animal Infectious Disease Diagnosis and Vaccine Development [1] - It has built a biosafety level 3 laboratory that is operational and has received approval for activities involving certain pathogenic microorganisms [1] Group 2: Technological Capabilities - The company has developed a comprehensive set of technical platforms over the years, including reverse genetics, prokaryotic and eukaryotic expression technologies, multivalent vaccine technology, high-density fermentation technology, and antigen concentration and purification technology [1] - These platforms enable the company to develop a series of genetically engineered vaccines [1] Group 3: Innovation and Achievements - The company has produced several innovative products that fill gaps in both international and domestic markets, including various inactivated vaccines for poultry and swine [1] - As of now, the company has obtained 81 national new veterinary drug registration certificates, filed over 600 invention patent applications, and received 340 invention patent grants, along with three second-class National Science and Technology Progress Awards [1]

Core Insights - The animal health sector experienced a rise of 1.81% on December 8, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - BioShares (600201) closed at 14.39, with a significant increase of 7.39% and a trading volume of 717,500 shares, amounting to a turnover of 1.014 billion yuan [1] - Other notable stocks included: - Zhongmu Co. (600195) at 8.09, up 1.25% [1] - Deyu Bio (920970) at 7.88, up 0.90% [1] - Yongshun Bio (920729) at 8.85, up 0.80% [1] - Ruipu Bio (300119) at 19.37, up 0.73% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 27.984 million yuan from institutional investors, while retail investors contributed a net inflow of 4.809 million yuan [2] - The main capital flow for BioShares (600201) showed a net inflow of 26.5384 million yuan from institutional investors, despite a net outflow of 35.9123 million yuan from retail investors [3] - Other stocks like *ST Lvkang (002868) and Huisheng Bio (300871) also experienced varied capital flows, with institutional and retail investors showing different trends [3]

Core Viewpoint - The company, Pulaike, plans to acquire a 4.04% stake in Zhongpu Biological from CITIC Agriculture, which will make Pulaike the controlling shareholder of Zhongpu Biological, a company currently facing continuous losses in the production of foot-and-mouth disease vaccines [1][9]. Company Overview - Zhongpu Biological, formerly known as Baoshan Biological Pharmaceutical Factory, specializes in the research, production, and technical services of foot-and-mouth disease vaccines. It has been in a loss-making state due to declining industry conditions and overcapacity [1][10]. - Pulaike currently holds a 46.97% stake in Zhongpu Biological, while CITIC Agriculture holds 4.04%. After the acquisition, Pulaike's stake will increase to 51.01%, surpassing the current largest shareholder, Zhongmu Co., Ltd. [1][10]. Financial Performance - Zhongpu Biological is projected to generate revenue of 37.01 million yuan in 2024, with a loss of 26.21 million yuan. In the first half of 2025, it is expected to achieve revenue of 18.85 million yuan, with a loss of 18.24 million yuan [2][10]. - Pulaike's revenue for 2024 is expected to decline by 16.77% to 1.043 billion yuan, with a net profit drop of 46.82% to 92.81 million yuan. The gross margin has decreased by 4.32 percentage points, and the net margin has fallen by 13.32 percentage points to 8.9% [4][13]. Industry Challenges - The animal health industry is facing challenges due to a decline in market conditions and overcapacity, with the number of manufacturers producing foot-and-mouth disease vaccines increasing from 7 to 10, leading to an estimated total capacity exceeding 13 billion milliliters per year [2][11]. - The utilization rate of vaccine manufacturers is low, with some companies reporting as low as 20.83% utilization [2][11]. Operational Issues - Pulaike's core business of pig vaccines has been under pressure, with revenue from this segment declining by 22.6% to 336 million yuan in 2024, despite having a gross margin of 83.89% [4][13]. - The company has invested heavily in new production facilities, resulting in a significant increase in depreciation expenses, which rose by 20.65% in 2024 [5][14]. Recent Developments - In the first three quarters of the year, Pulaike's revenue grew by 8.04% to 823 million yuan, and net profit increased by 47.86% to 157 million yuan. However, the growth in net profit is attributed to cost-cutting measures rather than revenue growth [6][15]. - Despite some recovery in new business segments, the overall revenue has started to decline, with a 5.39% drop in the third quarter [7][16]. Accounts Receivable Concerns - As of the end of the third quarter, Pulaike's accounts receivable reached 335 million yuan, accounting for 41% of its revenue, indicating potential cash flow issues [7][16].

Core Viewpoint - The company, Pulaike Biological Engineering Co., Ltd., plans to acquire a 4.04% equity stake in Zhongpu Biological Pharmaceutical Co., Ltd. from CITIC Agriculture Technology Co., Ltd. This acquisition aims to gain control over Zhongpu Biological and improve its operational efficiency and sustainable development capabilities [2][4][5]. Transaction Overview - The transaction does not constitute a related party transaction or a major asset restructuring. It has been approved by the company's board of directors and does not require shareholder approval [3][4]. - The stake being acquired corresponds to an assessed value of 17.5143 million yuan, with the company having a priority purchase right upon the agreement of other shareholders [4][6]. Counterparty Information - CITIC Agriculture is a non-listed joint-stock company with a registered capital of approximately 11.14 billion yuan, established on December 15, 2014. It operates independently from the company in terms of assets and liabilities [5][6]. Target Asset Information - The target asset for this transaction is the 4.04% equity stake in Zhongpu Biological, which is free from any encumbrances or legal disputes [6][7]. - Zhongpu Biological was established in June 2018 with a registered capital of 432.72 million yuan, primarily engaged in the production and sale of veterinary vaccines [7]. Valuation and Pricing - The valuation of the equity stake was conducted by Beijing Zhongqi Hua Asset Appraisal Co., Ltd., using both asset-based and market approaches, with the market approach being favored for its objectivity and relevance to current market conditions [8][9]. Impact on the Company - If the transaction is completed, the company will gain control over Zhongpu Biological, which aligns with its strategic development goals and benefits shareholder interests. The transaction is not expected to lead to management changes or non-operational fund occupation by major shareholders [9].

Core Viewpoint - The company, Pulaike (普莱柯), plans to acquire a 4.04% stake in Zhongpu Biopharmaceutical Co., Ltd. (中普生物) from CITIC Agricultural Technology Co., Ltd. (中信农业), which will enhance its control over the veterinary vaccine market, particularly in foot-and-mouth disease vaccines, aligning with its long-term development strategy [1][2]. Group 1 - The acquisition will allow Pulaike to gain control over Zhongpu Biopharmaceutical, improving its product matrix and business synergy in the livestock vaccine sector [1][2]. - Zhongpu Biopharmaceutical was established in June 2018 by Pulaike, China Animal Husbandry Industry Co., Ltd. (中牧股份), and CITIC Agricultural, with current ownership stakes of 46.97%, 48.99%, and 4.04% respectively [1]. - The stake being acquired is valued at 17.5143 million yuan (approximately 2.5 million USD) [1]. Group 2 - Zhongpu Biopharmaceutical reported net losses of 26.2074 million yuan (approximately 3.7 million USD) for 2024 and 18.237 million yuan (approximately 2.6 million USD) for the first half of the year [3]. - Pulaike aims to improve Zhongpu's operational efficiency and sustainability through this acquisition, which is in line with its strategic planning and shareholder interests [3]. - The acquisition may require Pulaike to invest additional resources to optimize Zhongpu's business model, which could have a short-term impact on its profits [3].

Core Viewpoint - The announcement by Pulaike (603566) regarding the potential acquisition of a 4.04% stake in Zhongpu Biological by the company, which would lead to control over Zhongpu Biological if the stake is acquired [1] Group 1: Company Information - Zhongpu Biological was established in June 2018 with investments from the company, Zhongmu Co., Ltd. (600195), and CITIC Agriculture, primarily focusing on foot-and-mouth disease vaccine business [1] - The company currently holds a 46.97% stake in Zhongpu Biological [1] Group 2: Share Transfer Details - CITIC Agriculture is offering its 4.04% stake in Zhongpu Biological for transfer at a base price of 17.5143 million yuan [1] - The company has a priority purchase right for this stake, which it may exercise depending on whether a third party acquires the stake [1] - If no third party acquires the stake, the company will proceed to acquire it, thereby gaining control over Zhongpu Biological [1]

证券代码：603566 证券简称：普莱柯 公告编号：2025-049 普莱柯生物工程股份有限公司 关于拟认购中信农业所持中普生物股权暨购买资产的公告 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。 重要内容提示： 一、交易概述 中普生物由普莱柯、中牧实业股份有限公司（以下简称"中牧股份"）和中 信农业于 2018 年 6 月共同出资成立，经营范围主要为口蹄疫疫苗业务；截至目 前，普莱柯持股比例为 46.97%，中牧股份持股比例为 48.99%，中信农业持股比 例为 4.04%。 近日，中信农业将其持有的中普生物 4.04%股权在上海联合产权交易所挂牌 转让，转让标的对应评估值和转让底价为 1,751.43 万元。公司为改善中普生物经 营状况，根据长远发展需要，拟受让该部分股权。根据中普生物股东协议，经中 牧股份同意后，公司拥有对该部分股权的优先购买权。近日，公司收到中牧股份 函件，同意解除对公司购买该部分股权的限制。如有第三方摘牌，公司将视情况 决定是否行使优先购买权；如无第三方摘牌，公司将受让该部分股权，并获得中 交易内容概 ...

格隆汇12月2日丨普莱柯(603566.SH)公布，近日，中信农业将其持有的中普生物4.04%股权在上海联合 产权交易所挂牌转让，转让标的对应评估值和转让底价为1,751.43万元。公司为改善中普生物经营状 况，根据长远发展需要，拟受让该部分股权。根据中普生物股东协议，经中牧股份同意后，公司拥有对 该部分股权的优先购买权。近日，公司收到中牧股份函件，同意解除对公司购买该部分股权的限制。如 有第三方摘牌，公司将视情况决定是否行使优先购买权；如无第三方摘牌，公司将受让该部分股权，并 获得中普生物的控制权。 ...