Core Viewpoint - The company, Keqian Bio (688526.SH), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine against Porcine Seneca Valley Virus (HB16 strain), marking a significant advancement in veterinary medicine [1] Group 1 - The vaccine is specifically designed for the prevention of Porcine Seneca Valley Virus disease [1] - The immunization period begins 21 days after the second vaccination and lasts for 6 months [1] - The approval is in accordance with the "Veterinary Drug Management Regulations" and "Veterinary Drug Registration Measures" [1]

证券代码：688526 证券简称：科前生物 公告编号：2025-050 武汉科前生物股份有限公司 新兽药名称：猪塞内卡病毒病灭活疫苗（HB16 株，悬浮培养） 英文名：Porcine Senecavirus A Vaccine, Inactivated (Strain HB16, Suspension Culture) 新兽药注册证书号：（2025）新兽药证字 109 号 注册分类：一类 研制单位：华中农业大学、武汉科前生物股份有限公司、山西维 尔富生物科技有限公司、安徽东方帝维生物制品股份有限公司 监测期：5 年 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，批准公司申报的猪塞内卡病毒病灭活疫苗 （HB16 株，悬浮培养）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 二、该兽药产品研发及市场背景情况 前每头份病毒含量为 10 9.0TCID50。 作用与用途：用于预防 ...

Core Viewpoint - The company, Keqian Bio (688526), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine against Porcine Seneca Valley Virus (HB16 strain) as a new veterinary drug [1] Group 1 - The approval is in accordance with the "Veterinary Drug Management Regulations" and the "Veterinary Drug Registration Measures" [1] - The company has been issued a "New Veterinary Drug Registration Certificate" for the vaccine [1]

Core Viewpoint - The company, Keqian Bio (688526.SH), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine for Seneca virus A (HB16 strain) as a new veterinary drug [1] Group 1: Company Developments - Keqian Bio has been granted a new veterinary drug registration certificate for its inactivated vaccine targeting Seneca virus A, which is significant for the company's product portfolio [1] - The approval aligns with the regulations set forth in the Veterinary Drug Administration Regulations and the Veterinary Drug Registration Measures [1] Group 2: Industry Context - Seneca virus disease, caused by Seneca virus A, primarily affects pigs and is characterized by lesions that can be confused with other diseases such as foot-and-mouth disease and vesicular stomatitis [1] - The disease has been reported in countries like Canada, Brazil, and the United States, indicating its prevalence and the potential market need for effective vaccines [1]

Core Viewpoint - The company, Keqian Bio (688526.SH), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine against Seneca virus disease in pigs, marking a significant advancement in veterinary medicine [1] Group 1: Company Developments - Keqian Bio has been granted a new veterinary drug registration certificate for its inactivated vaccine (HB16 strain, suspension culture) [1] - The approval is in accordance with the Veterinary Drug Administration Regulations and the Veterinary Drug Registration Measures [1] Group 2: Industry Context - Seneca virus disease, caused by Seneca virus A (SVA), is a viral infectious disease primarily affecting pigs, characterized by lesions similar to foot-and-mouth disease and other diseases [1] - The disease is transmitted mainly through contact and has been reported in countries such as Canada, Brazil, and the United States [1]

Summary of the Pet Medical Industry Conference Call Industry Overview - The pet market in China is expanding, with the urban dog and cat consumption market expected to exceed 300 billion yuan in 2024, with an average annual spending of over 2,000 yuan per pet driven by demographic changes, single economy, aging population, and consumption upgrades [1][2] Key Drivers of Pet Medical Market - The pet medical market is primarily driven by: - Aging pets, with 27% of dogs and 18% of cats over 6 years old, incurring annual medical costs of 2,400 yuan, double that of younger pets [3][4] - Expansion of disease spectrum requiring more specialized treatments [4] - Increased awareness of preventive medicine, with a significant rise in vaccine and deworming product consumption [4] Growth of Pet Hospitals - The number of pet hospitals in China has significantly increased from 13,000 in 2014 to 34,000 in 2024, with a slowdown in growth rate observed in recent years [5] - The expansion is more pronounced in lower-tier cities, with first-tier cities showing a 12% growth rate, while new first-tier, second-tier, and third-tier cities have growth rates of 17% and over 20% respectively [5][7] - The chain rate of pet hospitals has increased from 5% in 2017 to 25% in 2024 [5] Competitive Landscape - The market share of leading chain veterinary hospitals remains low, with the top three brands (New Ruipeng, Ruipai, and New Rui Rui Chen) holding only 7% of the market [6] - Increased competition has led these top institutions to enhance their customer acquisition capabilities [6] Current Challenges in the Industry - Overall customer spending per visit has slightly decreased, while the profit margin has narrowed, with the loss ratio increasing to 26% [8] - The industry faces significant challenges, including a shortage of qualified veterinary professionals [8] Characteristics of Pet Owners - The pet owner demographic is becoming younger and more professional, with a focus on high-quality care and a willingness to invest in their pets' health [9] - Pet owners are increasingly informed and expect high standards in veterinary services [9] Regulatory and Economic Support - The development of the pet medical industry is supported by policies, capital investment, and a favorable economic environment [10] - The introduction of regulations has improved industry standards and reduced the shortage of veterinary medicines [10] Future Trends - The pet medical market is expected to evolve towards standardization, specialization, digitalization, and localization [11] - Addressing the needs of aging pets and the last-mile issues in lower-tier markets will be crucial for future growth [11] Notable Companies to Watch - Companies with core competencies in preventive medicine and elderly pet care, such as Ruipeng Bio, and those excelling in R&D like Keqian Bio, Laike Bio, and Zhongmu Bio, are recommended for attention [13]

Core Viewpoint - The animal health sector experienced a rise of 1.59% on September 26, with Bio-Pharmaceuticals leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.65% and 1.76% respectively [1] Group 1: Market Performance - The animal health sector's individual stock performance showed significant variations, with Bio-Pharmaceuticals closing at 9.34, up by 7.23%, and a trading volume of 1.0367 million shares, resulting in a turnover of 973 million yuan [1] - Other notable performers included Huisheng Biological at 20.68, up by 1.87%, and Ruipu Biological at 20.93, up by 1.60% [1] Group 2: Capital Flow - The animal health sector saw a net inflow of 86.5157 million yuan from institutional investors, while retail investors experienced a net outflow of 44.7995 million yuan [2] - The capital flow data indicates that major stocks like Bio-Pharmaceuticals had a net inflow of 12.63% from institutional investors, despite a significant outflow from retail and speculative investors [3]

Market Overview - On September 25, the animal health sector declined by 1.62% compared to the previous trading day, with the leading stock, Driveline, experiencing a drop of 4.04% [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - The following stocks in the animal health sector showed notable declines: - Driveline (Code: 838275) closed at 9.50, down 4.04% with a trading volume of 19,300 lots [1] - Shunlian Bio (Code: 688098) closed at 10.43, down 3.43% with a trading volume of 76,300 lots [1] - Yongshun Bio (Code: 839729) closed at 9.74, down 2.89% with a trading volume of 20,800 lots [1] - Other notable declines include *ST Green Health (Code: 002868) down 2.39% and Shoufeng Holdings (Code: 002141) down 2.33% [1] Capital Flow - The animal health sector saw a net outflow of 113 million yuan from institutional investors, while retail investors experienced a net inflow of 61.16 million yuan [1] - The following stocks had significant capital flow: - Zhongmu Co. (Code: 600195) had a net inflow of 986,800 yuan from institutional investors [2] - Pulaike (Code: 603566) saw a net inflow of 764,200 yuan from retail investors [2] - *ST Green Health (Code: 002868) experienced a net outflow of 6.71 million yuan from institutional investors [2]

Core Insights - The report indicates a narrowing profitability in pig farming while the pet food sector continues to grow [1][5] - The investment rating is maintained as "positive" for the sector [1] Pig Farming - Supply pressure has led to a decline in pig prices, with the average price in July-August 2025 at 14.63 CNY/kg, down from 14.96 CNY/kg in Q2 2025 [5] - The average profitability for self-breeding and purchased piglets in the industry has shifted to losses, with figures of 53.0 CNY/head for self-breeding and -106.7 CNY/head for purchased piglets as of September 19 [5] - The outflow of pigs from listed companies has shown a growth rate of 26.2% in Q2 2025 and 20.0% in July-August 2025 [5] - The report suggests that the ongoing policy guidance for capacity adjustment and weight reduction will likely elevate the price center of pigs in the future [5] - Recommended companies for investment include Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Juxing Agriculture, Shennong Group, Tiankang Biological, and Tangrenshen [5] Animal Health - Demand for animal health products is on the rise, with significant year-on-year growth in various vaccines, such as a 30% increase for swine fever vaccines in July-August 2025 [5] - Companies like Keqian Biological and Ruipu Biological are highlighted for their strong internal growth potential due to new product launches [5] Poultry Farming - The price of white feather chickens has rebounded due to seasonal demand and tighter supply, with an average price of 6.92 CNY/kg as of September 19, 2025 [5] - The report notes a 17.66% year-on-year decrease in the number of breeding chickens updated in the first eight months of 2025, indicating potential long-term benefits for the white feather chicken industry [5] - Recommended companies include Shennong Development and Yisheng Livestock [5] Pet Food Sector - Domestic sales of pet food are driven by consumption upgrades and domestic substitution, with a reported growth rate of 11% across major e-commerce platforms from January to August 2025 [5] - The report highlights the introduction of new products and the strengthening of brand power among leading companies [5] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co. [5]

关于部分募集资金账户注销的公告 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、准确性和完整性依 法承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意武汉科前生物股份有限公 司首次公开发行股票注册的批复》（证监许可（2020）1909 号）， 并经上海证券交易所同意，本公司由主承销商招商证券股份有限公司 采用向战略投资者定向配售、网下向符合条件的投资者询价配售和网 上向持有上海市场非限售 A 股股份和非限售存托凭证市值的社会公 众投资者定价发行相结合的方式，发行了普通股（A 股）股票 10,500.00 万股，发行价为每股人民币 11.69 元。本次发行募集资金 总额为人民币 122,745.00 万元，扣除承销及保荐费后实际收到的募 集资金为 115,825.79 万元。截至 2020 年 9 月 17 日，本公司共募集 资金 122,745.00 万元，扣除发行费用 8,571.72 万元后，募集资金净 额为 114,173.28 万元。 上述募集资金净额已经致同会计师事务所（特殊普通合伙）致同 验字(2020)第 420ZC00 ...