Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The report emphasizes the importance of the pig sector, noting a slowdown in the growth rate of breeding sows in June, and highlights the expectation gap in the pig market [1][2] - The pet sector is witnessing a rise in domestic brands and a positive trend in pet food exports, indicating a robust growth potential [3][4] - The poultry sector is focusing on the breeding gap for white chickens and the marginal improvement in demand for yellow chickens, with investment recommendations based on supply and demand dynamics [5][6][7] - The planting sector is prioritizing food security and the strategic importance of biological breeding, with recommendations for key seed and agricultural companies [9][10] - The feed sector is recommended for companies with increasing market share and consistent performance, while the animal health sector is advised to focus on new demands and innovative products [24][25] Summary by Sections Pig Sector - As of July 12, the average price of pigs in China is 14.91 CNY/kg, down 2.42% from the previous week, with self-breeding profits around 177 CNY per head [1][16] - The report highlights the low valuation and expectation gap in the pig sector, recommending leading companies such as Muyuan Foods and Wens Foodstuffs [2][16] Pet Sector - In June 2025, pet sales on Douyin reached 964 million CNY, a year-on-year increase of 73.97%, indicating strong growth for domestic brands [3][17] - Pet food exports from China increased by 10.89% year-on-year in the first five months of 2025, reaching 41.75 billion CNY [4][17] Poultry Sector - The report notes a 33.46% year-on-year decline in the breeding stock of grandparent chickens due to import restrictions, with a total of 529,300 sets updated in the first half of 2025 [5][19] - Investment recommendations include focusing on companies like Shengnong Development and Yisheng Livestock [6][20] Planting Sector - The report stresses the need for high yield production to ensure food security, with a focus on integrating advanced agricultural technologies [9][23] - Key recommendations include leading seed companies such as Longping High-Tech and Dabeinong [10][23] Feed and Animal Health Sectors - The feed sector is highlighted for companies like Haida Group, which is expected to benefit from market share growth and performance consistency [24][26] - The animal health sector is advised to focus on new product development and market expansion, particularly in the pet health segment [25][26]

Group 1: Trade Tariffs and Economic Impact - President Trump announced new tariffs on eight countries, with Brazil facing a 50% tariff, while Libya, Iraq, Algeria, and Sri Lanka will see a 30% tariff. Brunei and Moldova will have a 25% tariff, and the Philippines will face a 20% tariff, effective from August 1 [1] - Brazilian President Lula responded, stating that the claim of a trade deficit with the U.S. is incorrect and that any unilateral tariff increases will be met with responses under Brazil's economic reciprocity law [1] Group 2: U.S. Federal Reserve and Inflation - The Federal Reserve's meeting minutes indicated that most officials believe tariffs may continue to drive inflation higher, while a minority are open to considering interest rate cuts in the next meeting [2] Group 3: Stock Market Performance - Major U.S. stock indices showed positive performance, with the Dow Jones up 0.49%, Nasdaq up 0.94%, and S&P 500 up 0.61%. Notable tech stocks like Nvidia and Meta saw increases of 1.8% and 1.68%, respectively [3][4] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 1.11%. Alibaba fell by 3.85%, while Tiger Brokers rose by 3.34% [3] Group 4: Global Asset Prices - Bitcoin reached a record price of $112,000, marking a nearly 20% increase this year. WTI crude oil futures for August rose approximately 0.03% to $68.35 per barrel [4] - The U.S. dollar index showed a slight increase of 0.04%, while gold prices rose by 0.52% to $3,319.34 [5] Group 5: Corporate Developments - OpenAI is set to launch an AI browser that integrates chat features and AI agents, potentially impacting Google's advertising ecosystem and web traffic [6] - Shanghai Zhiyuan Robotics announced no significant changes to its main business in the next 12 months, nor any major asset restructuring plans [10] Group 6: Market Trends and Regulatory Actions - The Chinese government is focusing on fair competition in the market, with the State Administration for Market Regulation holding discussions with various companies to promote high-quality development in the private sector [15] - Reports indicate that silicon wafer manufacturers have raised prices by 8% to 11.7%, reflecting a broader trend of increasing costs in the semiconductor industry [16]

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十二次会议审议的 《关于公司拟与华中农大签订专利实施许可合同、研发及技术许可合 同暨关联交易的议案》进行了认真调查和核查，并发表独立意见如下： 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十二次会议 公司本次拟与华中农大签订专利实施许可合同、研发及技术许可 合同，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专利实施许可合同、研发及技术 许可合 ...

证券代码：688526 证券简称：科前生物 公告编号：2025-037 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"一株猪δ冠状病毒强毒株及其在疫苗制备中的应用" 发明专利的实施许可、"吉氏巴贝斯虫传代致弱活疫苗"的研发及技 术许可，现拟与华中农大分别签订专利实施许可合同、研发及技术许 可合同，公司就以上两个研发项目一共需向华中农大支付 335 万元人 民币。 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 2025 年第五次 会议、第四届董事会第十二次会议及第四届监事会第十一次会议审议 通过，本事项无需提交股东大会审议。 风险提示：本次合作研发属于新技术研究开发，产品是否能 够研制成功、产品上市时间以及上市后市场推广情况均存在一定不确 定性。 武汉科前生物 ...

监事会认为：公司本次签订专利实施许可合同、研发及技术许可 合同暨关联交易符合公司整体发展方向，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。 证券代码：688526 证券简称：科前生物 公告编号：2025-036 武汉科前生物股份有限公司 第四届监事会第十一次会议决议公告 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 7 月 9 日以通讯的形式召开第四届监事会第十一次会议（下称"本次会议"）。 本次会议通知于 2025 年 7 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 经与会监事审议，作出决议如下： (一）审议通过《关于公司拟与华中农大签订专利实施许可合同、 研发及技术许可合同暨关联交易的议案》 ...

Core Viewpoint - The company plans to sign patent implementation and research and technology licensing contracts with Huazhong Agricultural University, involving a total payment of 3.35 million RMB for two research projects [1] Group 1: Financial Details - The company will pay 1.35 million RMB for the implementation license of the invention patent related to "a highly pathogenic strain of pig δ coronavirus and its application in vaccine preparation" [1] - The company will pay 2 million RMB for the research and technology licensing of "the attenuated live vaccine for Babesia gibsoni" [1]

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

Group 1: Core Insights - The report emphasizes the importance of policy measures to regulate breeding sow capacity, which may elevate the price center for pigs in 2025-2026, benefiting the poultry sector and leading feed companies [1][38]. - The report highlights the increasing focus on food security amid frequent extreme weather events and trade tensions, suggesting a strategic shift in the agricultural sector [1]. Group 2: Swine Farming - In the first half of 2025, pig prices remained strong, influenced by slow recovery in breeding sow capacity and proactive market behavior before holidays, leading to a stable price range of 14.0-15.0 yuan/kg [12][15]. - The report anticipates limited growth in pig supply for 2025 due to cautious replenishment by producers, with expectations for pig prices to remain favorable in the second half of 2025 [15][31]. - Key companies recommended for investment in the swine sector include Muyuan Foods and WH Group, noted for their cost advantages and strong performance [38]. Group 3: Poultry Farming - The report is optimistic about the white-feathered chicken breeding sector, expecting a tightening supply of parent stock in the second half of 2025, which will positively impact the market [40][58]. - For yellow-feathered chickens, the report indicates that the current low inventory of parent stock, combined with reduced production costs, sets the stage for potential price recovery and profit expansion [52][58]. - Recommended companies in the poultry sector include Lihua Agricultural and Dekang Agriculture, which are expected to benefit from improving market conditions [58]. Group 4: Feed and Veterinary Services - The report notes a recovery in demand for feed products as the breeding sector improves, with a positive outlook for companies like Haida Group, which is well-positioned to capitalize on this trend [6][38]. - The veterinary services sector is also expected to see a recovery in demand, with a focus on leading companies in the animal health space [38]. Group 5: Seed Industry - The report highlights the rising importance of food security, with a focus on the seed industry, particularly in rice and corn, as the sector enters a phase of recovery and growth [38]. - The hybrid rice seed industry is expected to see improved supply-demand dynamics, while corn prices are rebounding, encouraging farmer planting enthusiasm [38][58]. - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, which are anticipated to benefit from these trends [38].

证券代码：688526 证券简称：科前生物 公告编号：2025-035 武汉科前生物股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 26 日 （二） 股东大会召开的地点：湖北武汉东湖新技术开发区高新二路 419 号科前 生物二楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 56 | | --- | --- | | 普通股股东人数 | 56 | | 2、出席会议的股东所持有的表决权数量 | 340,946,719 | | 普通股股东所持有表决权数量 | 340,946,719 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 73.4931 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 73.4931 | 注：截至本次股东大会股权登记日的总股本为 466,128, ...

北京市嘉源律师事务所 关于武汉科前生物股份有限公司 2025 年第二次临时股东会的 法律意见书 师事务所 ! 对于了 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年六月 科前生物 2025 年第二次临时股东会 法律意见书 嘉源律师事务所 A YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN 香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 致:武汉科前生物股份有限公司 北京市嘉源律师事务所 关于武汉科前生物股份有限公司 2025 年第二次临时股东会的 法律意见书 嘉源(2025)-04-462 受武汉科前生物股份有限公司(以下简称"科前生物"或"公司"委托, 北京市嘉源律师事务所(以下简称"本所")指派律师现场见证公司 2025 年第二 次临时股东会,并依据《中华人民共和国公司法》《上市公司股东会规则》《武汉 科前生物股份有限公司章程》(以下简称"《公司章程》"）的规定,就公司 2025 年第二次临时股东会(以下简称"本次股东会")的召集、召开程序、出席会议 人员和召集 ...