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]

一份净利润暴增172.28%的2024年成绩单，却因93.82%利润来自非经常性损益引发监管问询——老牌兽 用生物制品企业海利生物（603718.SH）的转型之路正面临严峻拷问。 "断臂"与"输血"的资本腾挪术 2024年第四季度，海利生物完成两笔关键交易： 口腔骨修复材料持证企业从8家激增至23家 口腔修复膜持证企业从15家扩至30家 2025年Q1产品单价同比暴跌30%，Q2环比再降25% 监管三问转型可持续性 上交所问询直指核心矛盾： 甩卖"包袱"：以1元对价向控股股东出售连续亏损5年的杨凌金海（口蹄疫疫苗业务），同步剥离2.45亿 元债务。该子公司净资产估值-3461万元，2025年一季度仍处亏损； 套现离场：以1.085亿美元出售药明海德30%股权，实现超1亿元投资收益。此前三年，该项投资年均回 报仅423万元，累计收益率4.42%。 凭借上述操作，公司2024年归母净利润飙升至1.71亿元，但扣非净利润仅1058万元，同比下滑10.49%。 更值得关注的是，2025年一季度在营收同比下降背景下，公司竟实现扭亏为盈，净利润同比增加1400万 元。 豪赌"人保"：7.82亿商誉埋雷 彻底剥离动物保健业 ...

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.35% and 0.65% respectively [2] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [2] - The Electronic sector saw the largest net outflow, amounting to 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [2] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The Agriculture, Forestry, Animal Husbandry, and Fishery sector rose by 0.65% despite a net capital outflow of 437 million yuan [3] - Out of 103 stocks in this sector, 40 stocks increased, with one hitting the daily limit, while 55 stocks declined [3] - The top three stocks with net inflows were Xinwufeng (31.4665 million yuan), Haida Group (28.3706 million yuan), and Juxing Agriculture (21.9941 million yuan) [3][4] Top Gainers and Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - **Top Gainers**: - Xinwufeng: +0.65%, 4.20% turnover, 31.4665 million yuan inflow [4] - Juxing Agriculture: +0.76%, 4.49% turnover, 21.9941 million yuan inflow [4] - **Top Losers**: - Muyuan Foods: -3.27%, 1.81% turnover, 71.5922 million yuan outflow [5] - Guolian Aquatic Products: -1.76%, 8.74% turnover, 45.2607 million yuan outflow [5]

证券代码：603718 证券简称：海利生物 公告编号：2025-033 每股分配比例 A 股每股现金红利0.0784元 相关日期 | 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 | 2025/7/14 | － | 2025/7/15 | 2025/7/15 | 上海海利生物技术股份有限公司 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。 重要内容提示： 差异化分红送转： 否 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 15 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. 分配方案： 本次利润分配以方案实施前的公司总股本655,662,200股为基数，每股派发现金红利 0.0784元（含税）， ...

Core Insights - The company, Haili Biological (603718.SH), reported a significant net profit increase of 172.28% in 2024, with non-recurring gains accounting for 93.82% of net profit, despite a revenue decline in Q1 2025 [2][5][8] - Haili Biological has transitioned from animal health products to human health products, leading to a substantial restructuring of its business model [2][9] Financial Performance - In 2024, Haili Biological's net profit reached approximately 1.71 billion yuan, with a notable increase attributed to asset disposals and acquisitions [4][5] - The company achieved an investment return exceeding 1 billion yuan from the sale of a 30% stake in WuXi Vaccines, which had previously generated low returns [5][6] - The sale of Yangling Jinhai at a nominal price of 1 yuan was a strategic move to eliminate ongoing losses, with the company recovering all debts owed by Yangling Jinhai [6][8] Asset Management - Haili Biological completed the acquisition of a 55% stake in Shaanxi Ruisheng Biotechnology, which is focused on oral tissue repair and regeneration materials, resulting in a goodwill of approximately 782 million yuan [9][10] - The company has prioritized finding quality projects in the oral and IVD sectors following the restructuring, although it acknowledges the challenges in identifying such opportunities [3][9] Market Dynamics - The oral vaccine market, particularly for foot-and-mouth disease, is facing increased competition and declining profitability, prompting Haili Biological to divest from Yangling Jinhai [7][8] - The revenue from Ruisheng Biotechnology in 2024 was approximately 265 million yuan, slightly below expectations, but the net profit exceeded targets [11]

Core Viewpoint - The report provides a detailed analysis of Shanghai Haili Biotechnology Co., Ltd.'s financial performance, highlighting significant revenue growth and profit fluctuations, as well as the impact of asset restructuring on the company's operational capabilities [1][10]. Financial Performance - In 2024, the company achieved a revenue of 271.04 million yuan, representing a year-on-year increase of 12.59%, while the net profit attributable to shareholders reached 171.18 million yuan, up 172.28% [1]. - The first quarter of 2025 saw a revenue of 61.79 million yuan, a decline of 12.11% year-on-year, with net profits of 10.90 million yuan and 9.20 million yuan before and after deducting non-recurring gains, respectively [1][2]. Business Segmentation - The IVD business is primarily operated by the wholly-owned subsidiary Shanghai Jiemen Biotechnology Co., Ltd., while the oral tissue repair and regeneration materials business is managed by the controlling subsidiary Shaanxi Ruisheng Biotechnology Co., Ltd. [2]. - Key performance indicators for these subsidiaries include revenue, operating costs, net profit, gross margin, and sales expense ratio, with specific figures provided for comparison over two years [3][5]. Asset Restructuring Impact - The company undertook significant asset restructuring, including the sale of a 30% stake in Cayman Pharma and the divestiture of a loss-making subsidiary, Yangling Jinhai, which improved financial metrics and operational efficiency [10][12]. - The sale of Cayman Pharma generated over 100 million yuan in investment returns, enhancing the company's liquidity and financial strength [8][10]. - The divestiture of Yangling Jinhai, which had been in a state of long-term losses, allowed the company to report a net profit of 10.90 million yuan in Q1 2025, marking a turnaround from previous losses [9][10]. Acquisition of Ruisheng Biotechnology - The company acquired a 55% stake in Shaanxi Ruisheng Biotechnology Co., Ltd. in October 2024, which contributed significantly to the net profit, amounting to 20.99 million yuan for the reporting period [13][25]. - Ruisheng's projected revenues for 2024 and 2025 are 270.04 million yuan and 320.00 million yuan, respectively, with gross margins of 90.07% and 87.63% [13][25]. Market Trends and Competitive Landscape - The medical device market is expected to grow significantly, driven by an aging population and increasing healthcare demands, with the global market projected to reach 75.38 billion USD by 2028 [17][20]. - The oral repair materials market is also expanding, with a compound annual growth rate of 30.1% from 2016 to 2019, and expected to maintain a growth rate of 15-20% through 2025 [19][20]. Sales and Revenue Dynamics - Despite a competitive market leading to price reductions, Ruisheng's proactive cost control measures resulted in a net profit of 139.25 million yuan in 2024, despite revenues falling short of projections [24][25]. - The company is focusing on maintaining market share amidst increasing competition, with strategies to optimize its distributor network and enhance operational efficiency [27][30].

关于对上海海利生物技术股份有限公司 2024年年度报告的信息披露监管 问询函回复的专项核查意见 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a t i o n ） ： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 2 0 层 2 0 / F, To w e r B,L i z e SO H O , 2 0 Li z e Ro a d , F e n g t a i Distri c t ,B e i j i n g PR Ch i n a 电 话 （ t e l ） ： 0 1 0 - ...

证券代码：603718 证券简称：海利生物 公告编号：2025-032 上海海利生物技术股份有限公司 关于对上海证券交易所《关于上海海利生物技术股份 有限公司 2024 年年度报告的信息披露监管问询函》的 回复公告 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个别及连带责任。 2025 年 5 月 28 日，上海海利生物技术股份有限公司（以下简称"公司""上 市公司"或"海利生物"）收到上海证券交易所上市公司管理一部下发的《关于 上海海利生物技术股份有限公司 2024 年年度报告的信息披露监管问询函》（上证 公函【2025】0068 号）（以下简称"问询函"）。根据《问询函》的要求，公司 会同中兴华会计师事务所（特殊普通合伙）年审会计师对《问询函》所列事项逐 一复核落实，现就《问询函》所列事项逐项回复并说明如下。 本回复的字体代表以下含义： | 字体 | 含义 | | --- | --- | | 黑体（加粗） | 问询函所列问题 | | 宋体 | 对问询函所列问题的回复 | 本问询函回复中，若出现总数与各分项数值之和尾数不符的情况，均 ...

Summary of Key Points Core Viewpoint - The announcement details the results of the share reduction plan by the company's director and general manager, Han Benyi, indicating that he did not execute any share reductions during the specified period [1][2][3]. Shareholding Information - Before the reduction plan, Han Benyi held 3,000,000 shares, representing 0.4560% of the company's total share capital [1]. - Following the completion of a stock repurchase and cancellation plan, his shareholding decreased to 2,730,000 shares, which is 0.4164% of the adjusted total share capital of 655,662,200 shares [2]. Reduction Plan Implementation - The reduction plan was announced on February 20, 2025, with a proposed reduction of up to 750,000 shares, or 0.1140% of the total share capital, scheduled from March 14, 2025, to June 13, 2025 [1][2]. - As of the announcement date, Han Benyi did not reduce any shares, resulting in a total reduction of 0 shares and a remaining shareholding of 2,730,000 shares [2][3].

Summary of Key Points - The core viewpoint of the article is that Han Benyi, the director and general manager of Shanghai Haili Biotechnology Co., Ltd., did not execute his planned share reduction by the deadline, resulting in no shares being sold [1]. Group 1: Shareholding Situation Before Reduction - Before the planned reduction, Han Benyi held 3 million shares, accounting for 0.4560% of the company's original total share capital [2]. - Following the company's repurchase and cancellation of restricted shares on April 15, 2025, the total share capital changed to 655,662,200 shares, and Han Benyi's holdings were reduced to 2.73 million shares, representing 0.4164% of the total share capital [2]. Group 2: Details of the Reduction Plan - On February 20, 2025, the company announced Han Benyi's share reduction plan, which was set to occur from March 14, 2025, to June 13, 2025, allowing for a maximum reduction of 750,000 shares, or 0.1140% of the total share capital, and not exceeding 25% of his holdings [3]. - Due to the repurchase of restricted shares, Han Benyi's available shares for reduction were adjusted to a maximum of 682,500 shares [3]. Group 3: Results of the Reduction Implementation - As of June 14, 2025, the announcement date, Han Benyi did not reduce any shares, with a total reduction of 0 shares and a reduction price range of 0 - 0 CNY/share, resulting in a total amount of 0 CNY [4]. - The actual reduction situation aligned with the previously disclosed reduction plan, and the reduction period expired without any shares being sold, nor was the reduction plan terminated early [4].