Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The animal health industry is undergoing structural changes driven by the transformation of the breeding structure, making innovation in products imperative. The company is positioned to leverage its leading research and development capabilities to create competitive animal health products, with three core products leading the market in terms of market share. The company has a comprehensive pipeline of products under development, with a rich reserve of combination vaccines, including the imminent launch of the pig fever and pseudorabies combination vaccine. The report is optimistic about the company's second growth phase driven by multi-valent vaccines and recommends it as a key investment opportunity [2][4][13]. Summary by Sections Industry Overview - Since 2010, the animal health industry has rapidly grown due to the implementation of mandatory immunization policies and the market release of large single products. The industry scale reached 16.3 billion yuan in 2023, significantly influenced by breeding cycles. The industry faces challenges such as severe price pressure due to product homogeneity and declining profitability. Innovation is identified as the biggest challenge, with a pressing need for differentiated products with high added value [5][14][16]. Company Strengths - The company has established itself as a leader in the animal vaccine industry, with comprehensive R&D capabilities that place it in the top tier. It has successfully implemented a collaborative model with higher education institutions, enhancing its research capabilities. The management team has extensive experience in vaccine R&D, production, and sales, contributing to the company's competitive edge [6][46]. Product Pipeline and Innovations - The company has a robust pipeline of products under development, focusing on multi-valent vaccines, genetic engineering vaccines, and pet vaccines. The pig fever and pseudorabies combination vaccine is set to launch in 2025, with expectations for significant market penetration and revenue growth. The company is also preparing to introduce additional combination vaccines targeting other diseases in the coming years [7][40][41]. Market Dynamics - The market for animal vaccines is evolving, with a notable shift towards multi-valent and genetic engineering vaccines. The company is well-positioned to capitalize on these trends, as it has a strong reserve of combination vaccine projects and is entering a period of intensive new product launches. The increasing scale of pig farming has strengthened the bargaining power of breeding enterprises, leading to a more favorable competitive landscape for leading animal health companies [20][27][36].

证券代码：688526 证券简称：科前生物 公告编号：2025-006 新兽药名称：牛支原体活疫苗（HB150 株） 英文名：Mycoplasma bovis Vaccine, Live (Strain HB150) 新兽药注册证书号：（2025）新兽药证字 11 号 武汉科前生物股份有限公司 关于获批新兽药注册证书的自愿性信息披露公告 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。 根据《兽药管理条例》和《兽药注册办法》规定，经中华人民共 和国农业农村部审查，批准公司申报的牛支原体活疫苗（HB150 株） 为新兽药，并核发《新兽药注册证书》，具体详情如下： 一、新兽药的基本信息 牛支原体（Mycoplasma bovis，M. bovis）是一种导致牛呼吸系 统疾病的重要病原；除肺炎外，还可导致乳腺炎、关节炎、中耳炎、 角膜结膜炎、生殖道炎症、流产与不孕等。该病在世界范围内存在， 欧洲每年约有 1/3 的犊牛肺炎是由牛支原体引起的。我国于 2008 年 首次报道肉牛的牛支原体肺炎，至今已发现在全国普遍流行，肉牛和 奶牛 ...

Financial Performance - In 2024, the company achieved total operating revenue of RMB 947.87 million, a decrease of 10.92% compared to the previous year[4] - The net profit attributable to shareholders was RMB 375.08 million, down 5.27% year-on-year[4] - Basic earnings per share decreased to RMB 0.80, down 5.88% from RMB 0.85 in the previous year[4] Assets and Equity - The company's total assets at the end of the reporting period were RMB 4.49 billion, a decrease of 3.96% from the beginning of the year[5] - Shareholders' equity attributable to the company increased by 2.56% to RMB 3.93 billion[5] Market Conditions - The company is facing intensified market competition, leading to a decline in revenue and net profit[6] - As of the end of 2024, the national pig inventory was 427.43 million heads, a decrease of 1.6% year-on-year[6] Research and Development - The company is increasing its R&D efforts to accelerate new product development and enhance market competitiveness[6] Financial Reporting - The financial data presented are preliminary and unaudited, with final figures to be disclosed in the annual report[9] - Investors are advised to be aware of potential risks related to the preliminary financial data[9]

证券代码：688526 证券简称：科前生物 公告编号：2025-004 武汉科前生物股份有限公司 关于股份回购实施结果暨股份变动的公告 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： | 回购方案首次披露日 | 2024/2/3，由实际控制人何启盖先生、方六荣女士、 | | --- | --- | | | 吴美洲先生、吴斌先生提议 | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 3,000 万元~5,000 万元 | | 回购价格上限 | 19.57 元/股 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 2,211,573 股 | | 实际回购股数占总股本比例 | 0.4745% | | 实际回购金额 | 3,583.58 万元 | | 实际回购价格区间 | 12.80 元/股~18.90 元/股 | 注：回购方案披露时的回购价格上限为 20 元/股 ...

证券代码：688526 证券简称：科前生物 公告编号：2025-003 武汉科前生物股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份情况公告如下： 截至 2025 年 1 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 2,211,573 股，占公司总股本 466,128,056 股的比例为 0.4745%，回购成交的最高价为 18.90 元/股，最低价为 12.80 元/股，支付的资金 总额为人民币 35,835,843.30 元（不含印花税、交易佣金等交易费用）。 本次回购股份进展符合法律法规的规定及公司回购股份方案。 重要内容提示： | 回购方案首次披露日 | 2024/2/3，由实际控制人何启盖先生、方 ...

一、监事会会议召开情况 证券代码：688526 证券简称：科前生物 公告编号：2024-063 武汉科前生物股份有限公司 第四届监事会第六次会议决议公告 本公司监事会及全体监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。 特此公告。 武汉科前生物股份有限公司监事会 武汉科前生物股份有限公司（下称"公司"）于 2024 年 12 月 9 日以通讯表决的形式召开第四届监事会第六次会议（下称"本次会 议"）。本次会议通知于 2024 年 12 月 4 日以邮件、电话的方式向各 位监事发出，本次会议由监事会主席吴斌先生主持，本次会议应参与 表决监事 3 人，实际参与表决监事 3 人。本次会议的召集、召开程序 均符合《公司法》、《证券法》等法律、法规和规范性文件以及《公 司章程》的规定。 二、监事会会议审议情况 体发展方向，本次关联交易的审批程序合法合规，不存在损害公司及 股东利益的情形。 具 体 内 容 详 见 公 司 于 同 日 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《武汉科前生物股份有限公司关于拟与华 ...

证券代码：688526 证券简称：科前生物 公告编号：2024-064 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，取得了鸡传染性鼻炎（A 型+B 型+C 型，重组蛋白）、鸡滑液囊 支原体、鸡毒支原体三联灭活疫苗（HB03 株+HB15 株），重组新城疫 病毒、传染性支气管炎病毒、禽流感病毒（H9 亚型）、传染性法氏囊 病重组杆状病毒、禽腺病毒（I 群，4 型）五联灭活疫苗（VII XF 株 +rRBD 蛋白+JS 株+WF 株+HB-2 株），鸡滑液囊支原体、鸡毒支原体、 鸡传染性支气管炎三联灭活疫苗，鸭副黏病毒病、禽流感（H9 亚型）、 鸭坦布苏病毒病、鸭腺病毒病（3 型）四联灭活疫苗（AN20 株+HB19 株+DF2 株+rFiber2），鸡滑液囊支原体、鸡毒支原体二联灭活疫苗， 新型 ...

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 农大签订合作研发协议事项。 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七次会议 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七次会议审议的《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： 独立董事：罗飞 王宏林 王晖 2024 年 12 月 9 日 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY over the next six months [1][13]. Core Insights - The company's revenue showed a quarter-on-quarter improvement, with expectations for growth in the breeding sector. The report highlights that the demand for animal health products is influenced by the cyclical nature of the breeding industry, particularly the changes in livestock inventory [2][4]. - The company has increased its R&D investment, which is crucial for enhancing its core competitiveness. The R&D expenditure reached 20.79 million CNY in Q3 2024, accounting for 7.85% of revenue, indicating a focus on innovation [3][4]. - The report anticipates a recovery in pig supply and prices in Q4 2024, which is expected to boost the demand for animal health products, particularly vaccines [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 666 million CNY, a year-on-year decrease of 19.57%. The net profit attributable to the parent company was 261 million CNY, down 27.09% year-on-year. In Q3 2024, revenue was 265 million CNY, a year-on-year decline of 10.35% but a quarter-on-quarter increase of 35.2% [1][2]. Market Dynamics - The report notes a decrease in the number of breeding pigs, which has led to reduced demand for vaccines and other animal health products. However, it also points out that the demand for vaccines is expected to rise as the breeding industry recovers [2][4]. R&D and Innovation - The company has made significant strides in R&D, obtaining 49 new veterinary drug registration certificates. The focus on developing new vaccine platforms is expected to enhance its product offerings and market position [3][4]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected to be 0.83 CNY, 1.04 CNY, and 1.28 CNY, respectively. The report suggests a dynamic price-to-earnings (PE) ratio of 18, 15, and 12 for these years [4][10].

证券代码：688526 证券简称：科前生物 公告编号：2024-062 武汉科前生物股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/3，由实际控制人何启盖先生、方六荣 女士、吴美洲先生、吴斌先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 3,000 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 2,091,573 | | 累计已回购股数占总股本比例 | 0.4487% | | 累计已回购金额 | 万元 3,418.20 | | 实际回购价格区间 | 元/股~18.90 元/股 13.29 | 一、 回购股份的基本情况 2024 年 2 月 20 日，公司召开第三届第三十五次董事会会议，审议通过了《武 汉科前生物股份有限公司关于以集中竞价交易方式回购公司股份的议案》，同意公 司 ...