Core Viewpoint - The animal health sector experienced a slight decline of 0.23% on January 30, with Jinhe Biological leading the drop. The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1]. Group 1: Stock Performance - The closing prices and performance of key stocks in the animal health sector showed varied results, with Huisheng Biological rising by 3.51% to 29.46, while Jinhe Biological fell by 2.98% to 6.51 [1][2]. - The trading volume for Huisheng Biological was 303,100 shares, with a transaction value of 901 million yuan, indicating strong market interest [1]. Group 2: Capital Flow - The animal health sector saw a net inflow of 59.82 million yuan from institutional investors, while retail investors experienced a net outflow of 81.83 million yuan, indicating a shift in investor sentiment [2][3]. - Among individual stocks, Huisheng Biological attracted a significant net inflow of 1.23 billion yuan from institutional investors, while Jinhe Biological faced a net outflow of 543.32 million yuan [3].

Core Viewpoint - The animal health sector experienced a slight decline of 0.2% on January 28, with Yongshun Biological leading the drop, while the overall market indices showed minor gains [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up by 0.27% [1]. - The Shenzhen Component Index closed at 14342.9, up by 0.09% [1]. - The animal health sector's performance is summarized in a table showing individual stock movements, with notable gainers including Biological Shares and Jinhai Biological, which rose by 1.51% and 1.49% respectively [1]. Group 2: Stock Performance - Yongshun Biological saw a significant decline of 7.49%, closing at 10.13, with a trading volume of 141,500 shares and a turnover of 145 million yuan [2]. - Other notable decliners included Shoufeng Holdings and Haili Biological, which fell by 2.21% and 2.08% respectively [2]. - The trading volume and turnover for various stocks in the animal health sector are detailed, indicating varied investor interest [2]. Group 3: Capital Flow - The animal health sector experienced a net inflow of 18.02 million yuan from institutional investors, while retail investors saw a net inflow of 9.33 million yuan [2]. - However, there was a net outflow of 27.35 million yuan from speculative funds, indicating a mixed sentiment among different investor types [2]. - A detailed table shows the net capital flow for individual stocks, highlighting significant movements in and out of various companies [3].

Market Overview - The animal health sector experienced a decline of 2.78% on January 27, with Huisheng Biological leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Key stocks in the animal health sector showed varied performance, with the following notable changes: - Huisheng Biological (300871) closed at 29.89, down 8.37% with a trading volume of 376,900 shares and a transaction value of 1.148 billion [2] - Other significant declines included: - ST Lvkang (002868) down 3.86% to 35.40 [1] - Kexin Biological (688526) down 3.88% to 17.10 [1] - Haili Biological (603718) down 4.13% to 6.73 [1] Capital Flow - The animal health sector saw a net outflow of 45.7033 million from institutional investors, while retail investors experienced a net outflow of 59.3359 million [2] - Conversely, speculative funds recorded a net inflow of 105 million [2] Individual Stock Capital Flow - Notable capital flow for specific stocks included: - ST Lvkang (002868) had a net inflow of 29.8876 million from institutional investors, but a net outflow of 40.6641 million from speculative funds [3] - Zhongmu Co. (600195) saw a net inflow of 21.2767 million from institutional investors, with a significant net outflow of 66.5383 million from retail investors [3] - Jinhe Biological (002688) had a net inflow of 19.2937 million from institutional investors, but also faced a net outflow from retail investors [3]

证券代码：688098 证券简称：申联生物 公告编号：2026-002 申联生物医药（上海）股份有限公司 关于取得《兽药GMP证书》和《兽药生产许可证》 的自愿性披露公告 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、准确性和完整性依法承担法律责任。 申联生物医药（上海）股份有限公司（以下简称"公司"）兰州分公司于近 日通过了兽药GMP验收并取得甘肃省农业农村厅核发的《兽药GMP证书》和《 兽药生产许可证》，具体情况如下： 一、《兽药GMP证书》和《兽药生产许可证》相关信息 1.《兽药GMP证书》 生产范围：细胞悬浮培养口蹄疫病毒灭活疫苗、合成肽疫苗、细胞悬浮培 养病毒灭活疫苗（含细胞悬浮培养病毒亚单位疫苗）（2条）、细胞悬浮培养亚 单位疫苗、细菌灭活疫苗、细胞悬浮培养病毒活疫苗、细菌活疫苗 证号：（2026）兽药GMP证字28001号 企业名称：申联生物医药（上海）股份有限公司兰州分公司 生产地址：甘肃省兰州市兰州新区昆仑山大道中段2398号 验收范围：细胞悬浮培养口蹄疫病毒灭活疫苗、合成肽疫苗、细胞悬浮培 养病毒灭活疫苗（含细胞悬浮培养病毒亚单位疫 ...

Core Viewpoint - The company has successfully passed the veterinary drug GMP acceptance and obtained the Veterinary Drug GMP Certificate and Production License, indicating an expansion in its production capabilities and product range in the vaccine and biological products sector [1][2]. Group 1: GMP Certificate and Production License - The company’s Lanzhou branch has received the Veterinary Drug GMP Certificate, which covers the production of various vaccines including inactivated vaccines for foot-and-mouth disease and live vaccines [1]. - The effective period for both the GMP Certificate and the Production License is from January 14, 2026, to January 13, 2031 [1]. Group 2: Production Capabilities and Product Development - The newly approved production lines for cell suspension culture live vaccines and bacterial live vaccines will be utilized for producing vaccines such as the live vaccine for pseudorabies in pigs and the live vaccine for piglet paratyphoid [1]. - The company is in the process of applying for the veterinary product approval numbers for the pseudorabies live vaccine and the piglet paratyphoid live vaccine to expedite their market launch [1]. - The acquisition of the GMP Certificate and Production License signifies that the production lines meet the regulatory requirements, enhancing the company’s core competitiveness and profitability by diversifying its product offerings [2].

Core Viewpoint - The company has successfully passed the veterinary drug GMP acceptance and obtained the relevant certificates, enhancing its production capabilities and accelerating the launch of new vaccines [1] Group 1: Certification Achievements - The company's Lanzhou branch has received the Veterinary Drug GMP Certificate (Certificate No.: (2026) Veterinary Drug GMP Certificate No. 28001) and the Veterinary Production License (Certificate No.: Veterinary Production License No. 28018) from the Gansu Provincial Department of Agriculture and Rural Affairs [1] - Both certificates are valid from January 14, 2026, to January 13, 2031, indicating a long-term compliance with regulatory standards [1] Group 2: Production Capabilities - The certification signifies that the company's production lines for cell suspension culture viral live vaccines and bacterial live vaccines are officially qualified for production [1] - This development will help diversify the product range, enhance production capacity, and expedite the process of bringing new vaccines to market [1]

申联生物表示，2025年度，公司持续拓展生物医药技术应用新领域，多措并举提升产品市场竞争力，公 司营销布局不断优化提升，产品进入大型养殖集团供应链体系取得积极进展，产品销售量增加。但由于 动保行业整体竞争较为激烈，疫苗产品单价下降，导致公司销售收入和毛利率较上年同期均略有下降。 由于客户延迟支付货款导致公司应收账款余额增大，公司计提的信用减值损失上升。另外，随着公司新 疫苗车间投入使用并转固，相关固定资产折旧额增加。 北京商报讯（记者 丁宁）1月23日晚间，申联生物（688098）发布2025年业绩预告显示，公司预计2025 年度实现归属净利润约-2000万元，与上年同期相比，减少亏损约2474万元，亏损幅度同比收窄约 55%。 ...

Market Overview - The animal health sector experienced a decline of 0.32% on January 23, with BioShares leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the animal health sector included: - Qudongli (920275) with a closing price of 9.68, up 4.09% on a trading volume of 36,300 shares and a turnover of 34.72 million yuan [1] - Haili Biological (603718) closed at 6.55, up 1.24% with a trading volume of 95,100 shares and a turnover of 61.91 million yuan [1] - Deyu Biological (920970) closed at 8.44, up 1.20% with a trading volume of 19,200 shares and a turnover of 16.26 million yuan [1] - Conversely, BioShares (600201) closed at 17.35, down 1.42% with a trading volume of 315,700 shares and a turnover of 551 million yuan [2] Capital Flow - The animal health sector saw a net outflow of 142 million yuan from institutional investors, while retail investors experienced a net inflow of 124 million yuan [2][3] - Specific stock capital flows included: - Zhongmu Shares (600195) with a net inflow of 14.27 million yuan from institutional investors [3] - Qudongli (920275) had a net inflow of 2.44 million yuan from retail investors [3] - Deyu Biological (920970) faced a net outflow of 1.04 million yuan from institutional investors [3]

Core Viewpoint - The company expects a net profit of approximately -20 million yuan for the year 2025, which represents a reduction in losses of about 24.74 million yuan compared to the previous year, indicating a year-on-year loss reduction of approximately 55% [1] Group 1: Financial Performance - The company's net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses are both expected to show losses for 2025 [1] - The overall sales revenue and gross margin have slightly decreased compared to the same period last year due to intense competition in the animal health industry and a decline in vaccine product prices [1] - The increase in accounts receivable due to delayed customer payments has led to a rise in credit impairment losses [1] - The depreciation of fixed assets has increased following the commissioning of a new vaccine workshop [1] Group 2: Strategic Developments - The company is actively expanding into new areas of biopharmaceutical technology and optimizing its marketing layout, resulting in increased product sales volume [1] - The company has made significant progress in the research and development of multi-valent vaccines, with new products such as the swine fever genetic engineering subunit vaccine and the swine streptococcus disease/infectious pleuropneumonia bivalent vaccine being launched [1] - The total period expenses have significantly decreased compared to the previous year, contributing to a reduction in net profit losses by approximately 55% [1] Group 3: Investment and Future Plans - The company has invested in a stake in the innovative drug company Yangzhou Shizhi Yuan Biotechnology Co., Ltd., which is conducting clinical research on innovative drugs [2] - The company plans to acquire a controlling stake in Shizhi Yuan to synergize its human and animal health businesses, leveraging its advanced biotechnology and production advantages in the human innovative drug sector [2] - The company aims to expedite the research and development and market launch of several innovative drugs, including monoclonal antibodies for AIDS [2]

Core Viewpoint - The company expects a net profit of approximately -20 million yuan for the year 2025, which represents a reduction in losses by about 24.74 million yuan compared to the previous year, indicating a year-on-year loss reduction of approximately 55% [1] Group 1: Financial Performance - The company's net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses both showed losses during the reporting period [1] - The overall sales revenue and gross margin slightly decreased compared to the same period last year due to intense competition in the animal health industry and a decline in vaccine product prices [1] - The increase in accounts receivable due to delayed customer payments led to a rise in credit impairment losses [1] Group 2: Strategic Developments - The company is actively expanding into new areas of biopharmaceutical technology and optimizing its marketing layout, resulting in increased product sales volume [1] - The company has made significant progress in the research and development of multi-valent vaccines, with new products such as the swine fever genetic engineering subunit vaccine and the swine streptococcus disease/infectious pleuropneumonia bivalent vaccine being launched [1] - The total period expenses have significantly decreased compared to the previous year, contributing to a reduction in net profit losses by approximately 55% [1] Group 3: Investment and Future Plans - The company has invested in a stake in the innovative drug company Yangzhou Shizhi Yuan Biotechnology Co., Ltd., which is conducting clinical research on innovative drugs [2] - The company plans to acquire a controlling stake in Shizhi Yuan to synergize its human medicine and animal health businesses, leveraging its advanced biotechnological and production capabilities for the development of innovative drugs [2] - The company aims to expedite the research and market launch of several innovative drugs, including monoclonal antibodies for AIDS [2]