公司本次拟与华中农大签订合作研发协议，有利于提高公司在生 物制品领域的核心竞争力，加快公司在生物制品行业的发展，并且履 行了《公司章程》、《合作研发管理制度》以及《华中农业大学与武汉 科前生物股份有限公司之合作研发框架协议》规定的程序。本次交易 构成关联交易，本次关联交易表决程序合法，交易价格公允，上述交 易不存在损害公司、全体股东的情形。我们一致同意本次公司与华中 农大签署合作研发协议事项。 独立董事：罗飞 王晖 罗知 武汉科前生物股份有限公司 独立董事关于第四届董事会第十八次会议 相关事项的独立意见 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 海证券交易所科创板股票上市规则》等有关法律、法规和规范性文件 以及《武汉科前生物股份有限公司章程》（下称"《公司章程》"） 等有关规定。我们作为武汉科前生物股份有限公司（以下简称"公司"） 的独立董事，基于独立判断的立场，本着对公司、全体股东负责的态 度，秉持实事求是的原则，对公司第四届董事会第十八次会议审议的 《关于公司拟与华中农大签订合作研发协议暨关联交易的议案》进行 了认真调查和核查，并发表独立意见如下： 2026 年 3 月 24 日 ...

证券代码：688526 证券简称：科前生物 公告编号：2026-003 武汉科前生物股份有限公司 关于拟与华中农大签订合作研发协议暨关联交易的 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。 重要内容提示： 关联交易简要内容：武汉科前生物股份有限公司（下称"科 前生物"或"公司"）经与华中农业大学（下称"华中农大"）竞争 性谈判，取得了"猫四联（猫瘟病毒、猫杯状病毒、猫疱疹病毒、猫 支原体）灭活疫苗与猫支原体灭活疫苗"项目的合作研发，现拟与华 中农大签订联合开发协议书，公司就上述研发项目需向华中农大支付 100 万元人民币。合作研发项目产生的技术成果及知识产权归公司及 华中农大共同所有； 本次交易构成关联交易，不构成《上市公司重大资产重组管 理办法》规定的重大资产重组； 本次关联交易实施不存在重大法律障碍； 本次关联交易已经公司第四届董事会独立董事 2026 年第一次 林现任华中农业大学教授，本次交易构成关联交易，不构成《上市公 司重大资产重组管理办法》规定的重大资产重组。 截止本公告日，在过去 12 个 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, indicating a positive outlook compared to the benchmark index [43]. Core Insights - The report highlights that the international regional conflicts are driving an upward trend in agricultural product prices, particularly affecting planting costs due to disruptions in fertilizer supply [3]. - In the livestock sector, pig prices are at a low point, with a current price around 10 CNY/kg, and the supply pressure is greater than the recovery in demand [4]. - The pet industry is expected to grow, supported by large domestic exhibitions and increasing revenue growth from local brands [2]. Summary by Sections Planting - The Middle East conflicts are causing global agricultural supply and demand fluctuations, with significant impacts on fertilizer supply and increased planting costs. Recent price increases include corn at 2,447 CNY/ton (up 1.2%), wheat at 2,578 CNY/ton (up 1.4%), and soybean meal at 3,439 CNY/ton (up 8%). The report remains optimistic about the agricultural price boom benefiting planting companies and recommends leading corn seed company Kangnong Seed [3]. Livestock - Pig prices continue to decline, currently around 10.2 CNY/kg, with increasing average weights at slaughter. The demand recovery is insufficient to counterbalance supply pressures, leading to continued price pressure. The report notes that while piglet sales are still profitable, prices are gradually decreasing, and the expectation of capacity reduction will persist [4]. Pet Industry - The report notes the successful launch of major pet exhibitions, such as the Shenzhen Pet Expo, which featured 10,000 brands. The growth of domestic pet brands is a key indicator of investment value in this sector [5]. Key Company Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and New Hope. For the agricultural product chain, recommended stocks include Morning Light Bio, Noposion, and Kangnong Seed. In the pet sector, recommended stocks include Guobao Pet and Petty Holdings [5][37].

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights opportunities in the agricultural sector due to rising agricultural product prices, particularly in planting and pet sectors, while the pig farming sector is facing challenges due to low prices [2][3][5] Summary by Sections Planting Sector - The report is optimistic about the improvement in planting sector conditions, with corn prices reaching 2418 CNY/ton, a weekly increase of 1.5%, and wheat prices at 2542 CNY/ton, up 0.3% week-on-week. The report anticipates that the favorable grain price environment will benefit planting companies through 2026. It continues to recommend leading corn seed company Kangnong Seed Industry [3][4]. Breeding Sector - The pig farming sector is currently experiencing low prices, with the national average price at a historically low level. The report expects a continued weak demand post-holiday and an oversupply situation, leading to an accelerated reduction in breeding capacity in March. Data shows a limited decline in breeding sows, with a slight increase of 0.39% month-on-month in February [4][12]. Pet Sector - The report notes that exchange rate factors may impact short-term export performance, but domestic market growth remains promising. The pet market is expected to benefit from upcoming large pet exhibitions in cities like Beijing and Shenzhen. Key indicators for evaluating pet companies include revenue growth and gross margin levels [5][30]. Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Shennong Group. For the post-cycle sector, recommended stocks include Keqian Biology and Haida Group. In the agricultural product supply chain, recommended stocks are Morning Light Bio, Noposion, and Kangnong Seed Industry. In the pet sector, recommended stocks include Guibao Pet and Zhongchong Co. [5][30][31].

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Viewpoints - The report indicates that the pork price is expected to fluctuate weakly in the short term due to weak post-holiday consumption and sufficient supply [21][22] - The poultry market is experiencing fluctuations, with an increase in slaughter capacity post-holiday, while the white feather broiler market is in a downward trend [36] - The aquaculture sector shows stable prices for various fish species, but a decline in shrimp prices [43] Summary by Sections 1. Weekly Market Review - The agricultural sector increased by 4.01% during the latest trading week, outperforming the Shanghai and Shenzhen indices [14] - The fishery sector saw a slight decline, while other sub-sectors such as planting, feed, and livestock showed increases [17] 2. Industry Data Tracking 2.1. Swine Farming - The average price of live pigs is 10.93 CNY/kg, down 7.06% week-on-week and 5.73% over two weeks [20] - The average daily slaughter volume is 137,600 pigs, a decrease of 45.81% week-on-week [21] 2.2. Poultry Farming - The average price of white feather broilers is 7.47 CNY/kg, down 0.13% week-on-week [36] - The price of broiler chicks is 2.87 CNY/chick, up 2.40% week-on-week [36] 2.3. Planting Sector - The average price of corn is 2381.80 CNY/ton, up 0.46% week-on-week [39] - The average price of domestic wheat is 2532.59 CNY/ton, up 0.07% week-on-week [39] 2.4. Aquaculture Sector - The average price of carp is 20.00 CNY/kg, stable week-on-week, with a year-on-year increase of 11.11% [43] - The average price of shrimp is 300.00 CNY/kg, down 6.25% week-on-week [43]

Investment Rating - The report assigns an "Accumulate" rating for the industry [8]. Core Insights - The report highlights the contrasting price trends in livestock, with pig prices declining post-Chinese New Year while chicken prices are expected to rise due to limited supply and potential demand increases [4]. - It expresses optimism regarding the planting sector, anticipating an improvement in planting sentiment driven by rising grain prices in 2025 [5]. - The pet industry is influenced by exchange rate fluctuations affecting short-term export performance, but domestic market growth is expected to continue [6]. Summary by Sections Livestock - Post-Chinese New Year, pig prices have decreased, with daily average prices hovering around the low of 9,920 yuan/ton for the futures contract, indicating a surplus in supply and weak demand [4]. - Yellow chicken prices have increased post-holiday, contrasting with the downward trend observed after the previous two Chinese New Years, suggesting proactive inventory management in the industry [4]. Planting - The report notes that low grain prices in 2025 have negatively impacted some companies' performance, but a recovery in grain prices is expected to boost the planting sector [5]. - Companies with high-density planting varieties are projected to perform well, as evidenced by 康农种业's revenue and net profit growth of 7% and 16% respectively in 2025 [5]. Pet Industry - The report indicates that while the pet company 路斯股份 saw an 11% increase in revenue, net profit declined by 21% due to the appreciation of the RMB affecting gross margins [6]. - The domestic pet market is growing rapidly, and companies with overseas production capacity and increasing orders are expected to perform well [6]. Animal Health - The animal health sector is facing intense competition, but companies that continue to innovate and differentiate their products are likely to perform well despite potential profit pressures in the first half of 2026 [7]. - 科前生物 reported a 1% increase in revenue and a 9% increase in net profit, maintaining a strong market position in the vaccine sector [7]. Investment Recommendations - Recommended stocks in the pig sector include 牧原股份 and 温氏股份, while 科前生物 and 海大集团 are suggested for the post-cycle investment [7]. - In the agricultural product chain, stocks like 晨光生物 and 诺普信 are highlighted, along with pet industry stocks such as 乖宝宠物 and 中宠股份 [7].

Core Viewpoint - The company reported a steady growth in revenue and net profit for the fiscal year 2025, indicating resilience in a competitive market environment [1] Financial Performance - The company achieved an operating revenue of 950 million yuan in 2025, representing an increase of 0.89% compared to the previous year [1] - The net profit attributable to the parent company was 416 million yuan, reflecting an increase of 8.70% year-on-year [1] Industry Context - As of the end of 2025, the national pig inventory reached 42.967 million heads, an increase of 2.24 million heads, or 0.5% year-on-year [1] - The company has been focusing on enhancing its market competitiveness through increased research and development efforts and accelerating the progress of new product development [1]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the fiscal year 2025, indicating resilience in a competitive market environment [1] Financial Performance - The company achieved an operating revenue of 950 million yuan in 2025, representing an increase of 0.89% compared to the previous year [1] - The net profit attributable to the parent company's shareholders was 416 million yuan, reflecting an increase of 8.70% year-on-year [1] Industry Context - As of the end of 2025, the national pig inventory reached 42.967 million heads, an increase of 2.24 million heads, or 0.5% year-on-year [1] - The company has been focusing on enhancing its market competitiveness through increased research and development efforts and accelerating the progress of new product development [1]

Financial Performance - In 2025, the company achieved total operating revenue of RMB 950.29 million, an increase of 0.89% compared to the previous year[4] - The net profit attributable to shareholders of the listed company reached RMB 415.60 million, reflecting an increase of 8.70% year-on-year[4] - Basic earnings per share increased to RMB 0.90, representing a growth of 9.76% from the previous year[4] - The company reported a net profit after deducting non-recurring gains and losses of RMB 350.28 million, an increase of 12.31% year-on-year[4] - The weighted average return on net assets was 10.16%, an increase of 0.27 percentage points compared to the previous year[4] Assets and Equity - Total assets at the end of the reporting period amounted to RMB 4.79 billion, a growth of 6.55% from the beginning of the year[5] - Shareholders' equity attributable to the listed company was RMB 4.24 billion, up 7.64% compared to the start of the year[5] Research and Development - The company has intensified its R&D efforts and accelerated new product development to enhance market competitiveness[6] Financial Data Integrity - There were no financial data items with a change of 30% or more during the reporting period[6] - The company emphasizes the importance of investor awareness regarding potential risks due to preliminary financial data not yet audited[8]

Group 1 - The core growth driver of the "pet economy" is the consumption of seasonal holiday products, with the search term "New Year pet gift box" on Tmall showing a year-on-year growth of over 20% [1][2] - Sales of pet clothing for the New Year increased by 330%, while sales of pet New Year dinners grew by 290% according to Tmall data [1][2] - The pet product category has formed a comprehensive matrix covering "food + clothing + decoration + services," extending from cats and dogs to exotic pets [2] Group 2 - There has been a 46% month-on-month increase in demand for pet boarding services as reported by 58 Daojia [2] - The pilot program for pet transportation on high-speed trains has expanded to cover 110 stations and 170 trains, while the "pet in cabin" service for airlines now includes 31 airports and 110 flight routes [2] - Major pet exhibitions in South China and North China are scheduled for March, with leading domestic brands expected to launch new products at these events [2] Group 3 - After the Spring Festival, it is anticipated that pig prices will enter a seasonal decline due to decreased demand and increased supply [3] - The price is expected to drop into a low phase, leading to potential losses in the breeding sector as slaughterhouses resume operations after the holiday [3] Group 4 - Recommended stocks in the pig breeding sector include Muyuan Foods (002714.SZ) and Wens Foodstuff Group (300498.SZ) [4] - Other recommended stocks in the agricultural product supply chain include Morning Light Bio (300138.SZ) and Noposion (002215.SZ) [4] - In the pet sector, recommended stocks include Guibao Pet (301498.SZ) and Zhongchong Co., Ltd. (002891.SZ) [4]