证券之星消息，8月20日动物保健板块较上一交易日上涨0.27%，贤丰控股领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002141 | 后丰控股 | 4.66 | 9.91% | 128.85万 | | 5.73亿 | | 688526 | 科前生物 | 17.75 | 1.02% | 3.69万 | | 6491.03万 | | 838275 | 驱动力 | 10.24 | 0.69% | 2.68万 | | 2725.11万 | | 603566 | 普莱柯 | 15.30 | 0.39% | 5.28万 | | 8055.89万 | | 600195 | 中牧股份 | 7.70 | 0.39% | 10.24万 | | 7851.28万 | | 871970 | 大禹生物 | 10.27 | 0.39% | 3.79万 | | 3888. ...

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [5][63]. Core Insights - The report highlights the ongoing recovery in the pig farming sector, the potential for valuation reassessment, and the strong growth in the pet economy, particularly for domestic brands [5][63]. Summary by Sections 1. Swine Industry - The average price of pigs as of August 14, 2025, is 13.74 CNY/kg, with a week-on-week decrease of 0.28 CNY/kg. The price of 15 kg piglets is 484 CNY/head, down 33 CNY/head from the previous week [12]. - The report suggests that the swine industry is moving towards a self-regulatory and stabilizing phase, with top companies like Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture being recommended for investment [12][5]. 2. Poultry Industry - The report notes a decline in poultry prices, with the average price of broiler chickens at 3.60 CNY/kg, remaining stable week-on-week. The report recommends companies like San Nong Development and Lihua Shares [21][22]. 3. Animal Health - The animal health sector is experiencing a recovery, with companies like Huayuan Biological, Reap Biological, and Placo showing improved performance. The approval of mRNA vaccines for veterinary use is seen as a significant technological advancement [33][5]. 4. Planting Industry - The report indicates an increase in soybean meal prices, with the average price reaching 3092 CNY/ton, up 2.8% week-on-week. Companies involved in transgenic seed commercialization are recommended for investment [38][42]. 5. Feed Industry - Feed prices are fluctuating, with the price for fattening pig feed at 3.34 CNY/kg, down 0.3% month-on-month. The report suggests that the feed industry is likely to see increased concentration, recommending companies like Haida Group [44][46]. 6. Pet Industry - The pet economy is booming, with the market size for pet consumption in urban areas projected to reach 300.2 billion CNY in 2024, growing by 7.5%. Companies like Guobao Pet, Zhongchong Shares, and Petty Shares are recommended for investment [53][54].

证券之星消息，8月18日动物保健板块较上一交易日上涨2.2%，申联生物领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688098 | 申联生物 | 12.83 | 20.02% | 13.27万 | 1.69 Z | | 300871 | 回盛生物 | 24.26 | 7.87% | 30.00万 | 7.20亿 | | 838275 | 驱动力 | 10.02 | 6.60% | 4.35万 | 4273.62万 | | 002141 | 贤丰控股 | 3.91 | 4.27% | 1 85.59万 | 3.38亿 | | 839729 | 永顺生物 | 9.95 | 3.65% | 3.11万 | 3066.40万 | | 871970 | 大禹生物 | 9.98 | 3.42% | 2.96万 | 2928.24万 | | 300119 | 瑞普生物 | ...

Core Viewpoints - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, with a focus on potential investment opportunities in the sector [1][3] - The market performance over the last 12 months shows a decline of 11% for the agriculture sector compared to a 4% decline in the CSI 300 index, indicating relative underperformance [2][10] Livestock Farming Data Tracking - Pig prices have been declining due to increased supply pressure, with the average price of live pigs at 13.74 CNY/kg as of August 14, reflecting a week-on-week decrease of 2.00% [6][29] - The number of breeding sows showed a slight increase in July, with a month-on-month growth of 0.28% [20] - Profitability for self-bred pigs remains positive at 28.85 CNY per head, while purchased piglets show a loss of 157.05 CNY per head [35] Poultry Farming Data Tracking - The average price of white feather broilers was 7.20 CNY/kg as of August 15, with a week-on-week increase of 0.84% [36][39] - The ongoing avian influenza outbreaks in Europe and the U.S. are expected to benefit the white feather chicken industry by stabilizing prices [36] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant year-on-year growth in vaccine issuance for various diseases, including a 76% increase for circovirus vaccines in June [45] - The development of African swine fever vaccines is progressing, with clinical trials expected to enhance market interest in the sector [45] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of August 15 are 2438 CNY/ton, 3097 CNY/ton, and 2394 CNY/ton, respectively, with soybean meal prices increasing by 2.7% week-on-week [48] - The USDA's August report indicates a decrease in global corn and soybean stocks for the 2025/26 season compared to the previous year, which may impact pricing and availability [49][51] Pet Industry Data Tracking - Pet food exports totaled 4.999 billion CNY in the first half of 2025, showing a year-on-year increase of 0.4% [53] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 5% across major e-commerce platforms in July [56] - Companies with strong domestic sales growth and supply chain advantages are expected to enhance their market share [56]

Core Insights - The animal health sector experienced a significant increase of 3.86% on August 15, with Shenlian Biological leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - Shenlian Biological (688088) saw a closing price of 10.69, with a remarkable increase of 19.98% and a trading volume of 435,300 shares, amounting to a transaction value of 441 million yuan [1] - Other notable performers included: - Biological Shares (600201) with a closing price of 8.93, up 6.06% [1] - Ruipu Biological (300119) with a closing price of 22.78, up 5.56% [1] - KQ Biological (688526) with a closing price of 17.24, up 2.44% [1] Capital Flow - The animal health sector saw a net inflow of 49.48 million yuan from institutional investors, while retail investors contributed a net inflow of 40.08 million yuan [1] - Notably, retail funds experienced a net outflow of 89.56 million yuan [1] Detailed Capital Flow Analysis - Shenlian Biological had a net inflow of 54.78 million yuan from institutional investors, while it faced a net outflow of 41.10 million yuan from speculative funds [2] - Biological Shares had a net inflow of 14.26 million yuan from institutional investors, with a net outflow of 33.08 million yuan from speculative funds [2] - Ruipu Biological recorded a net inflow of 1.78 million yuan from institutional investors, while speculative funds saw a net outflow of 16.93 million yuan [2]

Investment Rating - The report does not explicitly state an investment rating for the animal health industry, but it highlights potential growth areas such as pet pharmaceuticals and international expansion [1]. Core Insights - The animal health industry is experiencing a slowdown in growth, with increasing competition leading to a "Matthew Effect" where larger companies gain more market share at the expense of smaller firms [3][39]. - The industry is shifting back to a research and development-driven model, with innovation becoming crucial for future growth [4][83]. - The pet pharmaceutical market and international expansion are identified as key areas for long-term growth, with pet medical consumption projected to reach approximately 84 billion yuan in 2024 [5][78]. Summary by Sections 1. Overview of the Animal Health Industry - The animal health industry, also known as the veterinary drug industry, includes a wide range of products such as vaccines, antibiotics, and feed additives [11][12]. - The market size has grown from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, with a CAGR of 8.43% [3][12]. 2. Increasing Competition and Market Dynamics - The industry is facing a slowdown in growth, with sales increasing from 62.095 billion yuan in 2020 to 69.651 billion yuan in 2023, while average gross profit has decreased from 21.998 billion yuan to 21.297 billion yuan [3][39]. - The "Matthew Effect" is evident as larger companies leverage their product portfolios and R&D investments to capture more market share [3][52]. 3. Shift Towards R&D and Innovation - The industry is moving away from its cyclical nature, with a focus on integrated strategies and innovation to counteract competitive pressures [4][69]. - The average profit per head in self-breeding pig farming is expected to improve significantly in 2024, indicating potential for recovery in related sectors [4][62]. 4. Growth Opportunities in Pet Pharmaceuticals and Exports - The pet medical market is projected to grow rapidly, with a significant increase in demand for preventive care and treatment as pet owners become more health-conscious [5][78]. - The report highlights the successful export of domestic pet pharmaceuticals, marking a breakthrough in international markets [5][78]. 5. Key Companies to Watch - Companies such as 瑞普生物 (Reap Bio), 科前生物 (KQ Bio), and 回盛生物 (Hui Sheng Bio) are recommended for attention due to their innovative approaches and market positioning [6].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][6]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and raw milk markets [4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [4]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery of the aquaculture market [4]. - The pig farming sector shows insufficient expansion willingness, but a stable market is anticipated in 2025, with a focus on undervalued leading companies [4]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4]. Summary by Sections Livestock - Beef prices have started to rise, with the average price on August 8 being 60.33 yuan/kg, a 0.97% increase from the previous week and a 29.74% increase year-on-year [2][16]. - The pig price on August 8 was 13.65 yuan/kg, down 3.81% week-on-week and down 33.51% year-on-year [14]. - The report forecasts a stable pig market in 2025, with a focus on leading companies like Muyuan and Wens [4][5]. Poultry - The price of broiler chicks increased by 23.08% week-on-week to 3.36 yuan/chick, while the price of broilers rose by 7.16% to 7.18 yuan/kg [15]. - The report anticipates a long-term increase in consumption for white chickens and expects yellow chickens to benefit from improved domestic demand [4]. Feed and Other Agricultural Products - The report notes that soybean meal prices are at historical lows, with a current price of 3008 yuan/ton, a 0.33% increase week-on-week [3][16]. - Corn prices are expected to maintain a moderate upward trend, with the current price at 2384 yuan/ton, down 0.71% week-on-week but up 0.76% year-on-year [3][16]. - Sugar prices have decreased slightly, with the current price at 5910 yuan/ton, down 1.34% week-on-week [3][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan, Modern Farming, China Shengmu, and Guangming Meat [4][5]. - Pet industry: Guibao Pet, Zhongchong Co., and Ruipu Biotech [4]. - Feed industry: Haida Group [4]. - Pig farming: Dekang Agriculture, Muyuan, Huadong, Wens, and others [4]. - Poultry: Lihua, Yisheng, and Shengnong Development [4].

Market Overview - The animal health sector experienced a decline of 0.53% on August 13, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Key stocks in the animal health sector showed varied performance, with Xianfeng Holdings closing at 3.78, up 0.53%, and Dayu Biological closing at 9.84, down 3.15% [2][1] - Other notable stocks included Jinhe Biological at 7.45, down 3.12%, and Zhongmu Co. at 7.56, down 0.66% [2][1] Trading Volume and Value - The trading volume for Xianfeng Holdings was 268,700 shares with a transaction value of 102 million yuan, while Dayu Biological had a trading volume of 46,200 shares and a transaction value of 45.92 million yuan [2][1] Capital Flow Analysis - The animal health sector saw a net outflow of 175 million yuan from institutional investors, while retail investors contributed a net inflow of 143 million yuan [2][3] - The capital flow for specific stocks indicated that Hai Li Biological had a net inflow of 2.28 million yuan from institutional investors, while Xianfeng Holdings experienced a significant net outflow of 11.02 million yuan [3][2]

Core Viewpoint - Wuhan Keqian Biological Co., Ltd. plans to sign a cooperative research and development agreement with Huazhong Agricultural University, involving four vaccine projects, with a total payment of 4.9 million RMB [2][4][67]. Group 1: Overview of Related Transactions - The company has obtained cooperation for the development of four projects: "Canine Distemper, Canine Parainfluenza, Canine Adenovirus and Canine Parvovirus Quadrivalent Live Vaccine - Inactivated Canine Coronavirus Vaccine," "Porcine Gata Virus Inactivated Vaccine," "Porcine Proliferative Enteropathy Blocking ELISA Antibody Test Kit," and "NADC30-like Porcine Reproductive and Respiratory Syndrome Live Vaccine (GX2024 Strain)" [2][4][67]. - The total payment to Huazhong Agricultural University for these projects is 4.9 million RMB, with specific allocations of 1.5 million RMB, 2 million RMB, 400,000 RMB, and 1 million RMB for each project respectively [4][67]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring under relevant regulations [2][4][67]. Group 2: Necessity and Impact of Related Transactions - The cooperative research aims to enhance the company's product portfolio and market competitiveness, although the success of the projects and their market introduction remain uncertain [67]. - The pricing and process of the transaction comply with legal regulations and do not harm the interests of the company or minority shareholders [67]. Group 3: Approval Procedures for Related Transactions - The board of directors and the supervisory board have approved the agreement, with related directors abstaining from voting [68][69]. - Independent directors have expressed that the agreement will enhance the company's core competitiveness in the biological products sector and that the transaction process is legal and fair [71][72]. Group 4: Research and Development Agreement Details - The agreement includes provisions for the rights and obligations of both parties, including the management of research funds and the ownership of intellectual property generated from the projects [8][37][52]. - The agreement is valid for 10 years, with provisions for extension and termination under certain conditions [20][36][66].

证券代码：688526 证券简称：科前生物 公告编号：2025-038 武汉科前生物股份有限公司 根据《关于上市公司实施员工持股计划试点的指导意见》《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法 律法规的相关规定，现将本次员工持股计划的实施进展情况公告如下： 根据参与对象实际认购和最终缴款的审验结果，本次员工持股计 划实际参与认购的员工共计 55 人，认购资金已全部实缴到位，最终 缴纳的认购资金总额为 1,769.2584 万元，认购份额对应股份数量为 股股票。 海分公司出具的《证券过户登记确认书》，公司回购专用证券账户中 所持有的 221.1573 万股公司股票已于 2025 年 8 月 8 日非交易过户至 "武汉科前生物股份有限公司－2025 年员工持股计划"证券账户（证 券账户号码：B887331558），过户价格为 8 元/股。截至本公告披露 日，本次员工持股计划证券账户持有公司股份 221.1573 万股，占公 司当前总股本的比例为 0.4745%。 根据《武汉科前生物股份有限公司 2025 年员工持股计划》的相 关规定，本次员工持股计划的存续期为 48 个月，自本员工持股 ...