Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The report emphasizes the ongoing adjustment in the pig industry, highlighting the potential for value reassessment due to production capacity control and low-cost performance realization [3][16] - The poultry sector is expected to see improvements in fundamentals, with a focus on the white feather chicken breeding segment and price trends [4][29] - The animal health sector is witnessing a competitive landscape improvement and technological innovation, with several new products receiving clinical approval [5][37] - The pet economy is thriving, with domestic brands rapidly emerging, indicating sustained profitability improvements in the sector [9][59] Summary by Sections Pig Industry - Continuous deepening of pig price control measures is noted, with a focus on maintaining prices within a reasonable range [3][16] - Current average pig price is 13.15 yuan/kg, with a slight weekly decline [15] - Recommended companies include Muyuan Foods and Wens Foodstuffs, with ongoing recommendations for Juxing Agriculture and Shennong Group [3][16] Poultry Industry - The white feather chicken breeding segment shows potential for improvement, with significant updates in breeding stock [4][29] - Current prices for white feather chicken and related products are stable, with slight fluctuations noted [27][28] Animal Health Industry - The competitive landscape is improving, with notable profit differentiation among leading companies [5][36] - Several new vaccines have received clinical approval, marking significant advancements in the sector [5][37] Planting Industry - Prices for corn and soybean meal have shown a week-on-week decline, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][42] Feed Industry - Feed prices are experiencing fluctuations, with a noted increase in production volume [8][48] - Recommended companies include Haida Group, with a focus on rising industry concentration [8][49] Pet Industry - The pet market is projected to reach 300.2 billion yuan in 2024, with a notable increase in consumer spending on pets [9][58] - Recommended companies in the pet food sector include Guobao Pet and Zhongchong Co., with a focus on the growing pet medical segment [9][59]

证券代码：688526 证券简称：科前生物 公告编号：2025-048 武汉科前生物股份有限公司 关于增加使用闲置自有资金进行现金管理额度的 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： | 基本情况  | | | --- | --- | | 投资金额 | 调整后拟使用不超过人民币 15 亿元（含本数）的闲置 | | | 自有资金进行现金管理。使用期限自武汉科前生物股 | | | 份有限公司（以下简称"公司"）第四届董事会第十五 | | | 次会议审议通过之日起 12 个月之内有效，在前述额度 | | | 及期限范围内，资金可循环滚动使用。 | | 投资种类 | 流动性好、安全性高的金融产品，包括但不限于银行 | | | 理财产品、券商理财产品 | | 资金来源 | 自有资金 | 已履行的审议程序 公司于 2025 年 9 月 22 日召开了第四届董事会第十五次会议、第四届监 事会第十四次会议，审议并通过了《关于增加使用闲置自有资金进行现 金管理额度的议案》。 特别风险提示 金融产品均有相关期限约定， ...

证券代码：688526 证券简称：科前生物 公告编号：2025-047 武汉科前生物股份有限公司 第四届监事会第十四次会议决议公告 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。 一、监事会会议召开情况 武汉科前生物股份有限公司（下称"公司"）于 2025 年 9 月 22 日以通讯表决的形式召开第四届监事会第十四次会议（下称"本次会 议"）。本次会议通知于 2025 年 9 月 17 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 监事会认为：公司利用闲置自有资金进行现金管理有利于提高资 金使用效率和收益，不会影响公司日常资金周转及公司业务的正常运 营，不存在损害公司及全体股东，特别是中小股东利益的情形。监事 会同意在保证公司正常经营的前提下，使用不超过人民币 15 亿元（含 本数）的闲置自有资金进行现金管理 ...

Core Insights - The report indicates a shift from profit to loss in self-breeding pig farming, driven by ongoing capacity regulation policies [1][7][33] - The overall investment rating for the agricultural sector remains optimistic [1] Group 1: Swine Farming Data Tracking - The number of breeding sows decreased by 0.80% in August compared to July, indicating a slight contraction in supply [19] - The price of market pigs has declined, with the average selling price on September 18 being 13.15 CNY/kg, a week-on-week decrease of 2.74% [28][29] - Profitability in self-breeding and purchased pig farming has turned negative, with losses of 24.44 CNY/head and 199.31 CNY/head respectively as of September 19 [33][36] Group 2: Poultry Farming Data Tracking - The average price of white feather broilers on September 19 was 6.88 CNY/kg, reflecting a week-on-week decrease of 1.99% [34][37] - The profit from white feather broiler farming was negative at -1.56 CNY/bird [34][37] Group 3: Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [43] - The industry is seeing a recovery in sales, with notable increases in the issuance of various vaccines [43] Group 4: Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of September 19 were 2430 CNY/ton, 3032 CNY/ton, and 2360 CNY/ton respectively, with corn prices showing a year-to-date increase of 11.2% [47][49] Group 5: Pet Industry Data Tracking - Pet food exports in July amounted to 930 million CNY, a year-on-year decrease of 3.0% [52][53] - Domestic sales of pet food continue to grow, with e-commerce platforms showing an overall growth rate of 8% in August [55][57]

Market Overview - On September 19, the animal health sector declined by 0.26% compared to the previous trading day, with the driving force leading the decline [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable stock movements included: - *ST Lvkang (002868): Closed at 27.56, up 4.99% with a trading volume of 38,500 shares and a turnover of 105 million yuan [1] - Kexin Biological (688526): Closed at 18.08, up 0.39% with a trading volume of 22,700 shares and a turnover of 40.94 million yuan [1] - Driving Force (838275): Closed at 10.50, down 4.11% with a trading volume of 21,200 shares and a turnover of 22.63 million yuan [2] Capital Flow - The animal health sector experienced a net outflow of 91.4 million yuan from institutional investors, while retail investors saw a net inflow of 70.15 million yuan [2] - The capital flow for individual stocks showed: - RuiPu Biological (300119): Net inflow of 16.56 million yuan from institutional investors, but a net outflow of 21.57 million yuan from retail investors [3] - *ST Lvkang (002868): Net inflow of 6.13 million yuan from institutional investors, with a net outflow of 4.21 million yuan from retail investors [3]

武汉科前生物股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日收到公司实际控制人何启盖先生、吴斌先生、方六荣女士、 吴美洲先生关于续签《一致行动人协议》的通知。鉴于各方在 2024 年 9 月 20 日续签的《一致行动人协议》（以下简称"原《一致行动 人协议》"）即将到期，为完善公司治理，保证公司经营的连续性和 稳定性，实现对公司实质且有效的控制，各方续签了《一致行动人协 议》，具体情况如下： 一、本次续签《一致行动人协议》的背景情况 截至本公告披露日，何启盖先生持有公司 7.12％的股份，吴斌 先生持有公司 7.12％的股份，方六荣女士持有公司 7.12％的股份， 吴美洲先生持有公司 6.13％的股份。四人合计持有公司 27.48％的股 份，为公司实际控制人。何启盖先生、方六荣女士、吴美洲先生为公 司董事，吴斌先生为公司监事会主席。 上述各方于 2024 年 9 月 20 日续签了原《一致行动人协议》，约 证券代码：688526 证券简称：科前生物 公告编号：2025-046 武汉科前生物股份有限公司 关于实际控制人续签一致行动人协议的公告 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 ...

Core Points - The announcement indicates that the actual controllers of Keqian Bio, He Qigai, Wu Bin, Fang Liurong, and Wu Meizhou, have renewed the "Consistent Action Agreement" on September 17, 2025, which was originally set to be renewed on September 20, 2024 [1] - The new agreement clarifies the purpose of consistent action and decision-making mechanisms, extending its validity until September 21, 2026 [1] - As of the announcement date, the four individuals collectively hold 27.48% of the company's shares, ensuring stability in the company's control and maintaining strategic and operational continuity [1] - The renewal of the agreement is expected to promote healthy and sustainable development without harming the interests of minority investors [1]

Market Overview - On September 18, the animal health sector declined by 0.77% compared to the previous trading day, with Huisheng Biological leading the decline [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - The following stocks in the animal health sector showed notable performance: - *ST Lvkang (002868): Closed at 26.25, up 5.00% with a trading volume of 3433 lots [1] - Shengbi Biological (600201): Closed at 66.8, down 2.39% with a trading volume of 55.74 million [1] - Ruipu Biological (300119): Closed at 22.06, unchanged with a trading volume of 111.3 million [1] - Other stocks such as Jinhai Biological (002688) and Shunlian Biological (688098) also experienced declines of 1.98% and 2.02% respectively [1][2] Capital Flow - The animal health sector experienced a net outflow of 126 million yuan from institutional investors, while retail investors saw a net inflow of 92.38 million yuan [2] - The following stocks had significant capital flow: - Ruipu Biological: Net inflow of 12.35 million yuan from institutional investors [3] - *ST Lvkang: Net outflow of 3.83 million yuan from institutional investors [3] - Jinhai Biological: Net outflow of 25.51 million yuan from institutional investors [3]

Group 1 - The genetically modified (GM) concept sector declined by 0.79% as of the market close on September 16, ranking among the top declines in concept sectors, with companies like Batian Co., KQ Biotech, and Dunhuang Seed Industry experiencing significant drops [1] - The GM concept sector saw a net outflow of 153 million yuan in main funds today, with 13 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 10 million yuan. The stock with the highest net outflow was Shennong Seed Industry, with a net outflow of 30.19 million yuan [2] - Other companies with notable net outflows included Dunhuang Seed Industry, Nongfa Seed Industry, and Jincheng Pharmaceutical, with net outflows of 23.78 million yuan, 22.76 million yuan, and 21.20 million yuan respectively [2] Group 2 - The top net inflow stocks in the GM concept sector included KQ Biotech and Guotou Fengle, with net inflows of 4.89 million yuan and 0.99 million yuan respectively [3] - The GM concept sector's outflow leaderboard featured Shennong Seed Industry, Dunhuang Seed Industry, Nongfa Seed Industry, and Jincheng Pharmaceutical, all showing negative performance in terms of stock price changes [2][3]

Market Overview - On September 16, the animal health sector declined by 0.41%, with *ST Lvkang leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Key stocks in the animal health sector showed mixed performance, with the following notable movements: - Xianfeng Holdings (002141) increased by 2.27% to close at 4.06 [1] - Haili Biological (603718) rose by 1.27% to 7.17 [1] - *ST Lvkang (002868) fell by 4.34% to 23.81, leading the decline [2] - The trading volume and turnover for selected stocks were significant, with Xianfeng Holdings achieving a turnover of 1.02 billion [1] Capital Flow Analysis - The animal health sector experienced a net outflow of 15.97 million from institutional investors, while retail investors saw a net inflow of 11.29 million [2][3] - Notable capital flows included: - Biological Shares (600201) had a net inflow of 12.28 million from institutional investors [3] - *ST Lvkang (002868) saw a net outflow of 2.89 million from institutional investors [3] - Retail investors contributed positively to several stocks, including a net inflow of 12.59 million into Shenyuan Biological (688098) [3]