证券代码：688526 证券简称：科前生物 公告编号：2025-026 武汉科前生物股份有限公司 第四届监事会第九次会议决议公告 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）审议通过《关于公司与华中农大签订合作研发协议暨关联 交易的议案》 监事会认为：公司本次签订合作研发协议暨关联交易符合公司整 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 5 月 19 日以现场和通讯相结合的形式召开第四届监事会第九次会议（下称 "本次会议"）。本次会议通知于 2025 年 5 月 14 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： 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 ...

Investment Rating - The report maintains a "Positive" outlook on the Agriculture, Forestry, Animal Husbandry, and Fishery industry [2] Core Insights - The overall revenue of the industry remains stable, with significant improvement in the profitability of the breeding chain. In 2024, the SW Agriculture, Forestry, Animal Husbandry, and Fishery industry achieved total operating revenue of CNY 12,411.05 billion, a year-on-year decline of 1.67%. The net profit attributable to shareholders was CNY 479.85 billion, marking a turnaround from losses in 2023. In Q1 2025, the industry achieved total operating revenue of CNY 2,907.39 billion, a year-on-year increase of 8.09%, with net profit attributable to shareholders reaching CNY 133.35 billion, a significant increase compared to the same period last year [4][17][22]. Summary by Sections 1. Agriculture, Forestry, Animal Husbandry, and Fishery Industry - The industry shows overall stable revenue with a significant improvement in profitability. The operating revenue for 2024 was CNY 12,411.05 billion, down 1.67% year-on-year, while the net profit was CNY 479.85 billion, indicating a recovery from losses in 2023. In Q1 2025, the revenue increased by 8.09% year-on-year to CNY 2,907.39 billion, with net profit rising significantly [4][17][22]. 2. Swine Industry - The profitability of the swine industry has improved significantly, with major companies like Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe reporting revenue growth of 24.43%, 16.64%, and -27.27% respectively in 2024. The net profit for these companies increased by 519.42%, 244.46%, and 90.50% respectively. In Q1 2025, the top five swine companies saw substantial net profit growth, with Shen Nong Group leading at 6510.85% [30][45]. 3. Animal Health - The animal health sector faced significant pressure, with many companies experiencing revenue declines in 2024. However, Q1 2025 showed signs of recovery, particularly in the chemical drug segment, driven by a rebound in prices of veterinary raw materials. The top three companies in revenue growth for Q1 2025 were Huisheng Biological, Jinhai Biological, and Ruipu Biological, with increases of 20.42%, 7.58%, and 5.97% respectively [49][50]. 4. Feed Industry - The feed industry experienced a decline in total production in 2024, with a 2.10% drop year-on-year. However, revenue began to recover in Q1 2025, with leading companies like Bangji Technology and Haida Group showing significant growth. The average gross profit per ton for major feed companies also improved, with Haida Group achieving a gross profit margin of 12.66% in Q1 2025 [62][65][68]. 5. Poultry Industry - The poultry sector showed varied performance across different categories. In 2024, the top three companies in revenue growth were Xiaoming Co., Lihua Co., and Xiangjia Co., with increases of 16.83%, 15.44%, and 8.06% respectively. The profitability of the poultry industry improved significantly, with Lihua Co. leading in net profit growth at 447.72% [76][78].

Group 1 - The A-share market saw a collective decline on May 16, while the Sci-Tech Innovation Pharmaceutical sector rebounded, with the Sci-Tech Innovation Pharmaceutical ETF (588860) rising by 0.16% [1] - Notable stocks in the sector included Maiwei Biotech-U, which increased by over 5%, along with Shouyao Holdings-U, KQ Biotech, Innotec, CanSino, and Baotai, all of which experienced gains [1] - The Sci-Tech Innovation Pharmaceutical ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which selects 50 large-cap companies in biopharmaceuticals and related fields to reflect the overall performance of representative companies in the sector [1] Group 2 - According to CMB International, the optimization of centralized procurement policies in mainland China provides hospitals and enterprises with more flexibility and autonomy, benefiting leading prescription drug companies [2] - The anticipated implementation of favorable policies, such as the 2025H2 medical insurance category, is expected to accelerate industry consolidation, with the sector's valuations remaining at historical lows [2] - The recommendation is to focus on innovative drug targets with high growth potential or clear breakeven timelines after short-term sentiment stabilizes [2]

Summary of Key Points from the Conference Call Company Overview - The conference call discusses **科前生物 (KQ Bio)**, a company in the **animal health industry** focusing on veterinary vaccines and products. Financial Performance - In 2024, **KQ Bio** reported revenue of **940 million** (9.4 亿), a decrease of **11.5%** year-on-year, while net profit was **380 million** (3.8 亿), an increase of **3.4%** year-on-year [2][4] - For Q4 2024, revenue was **280 million** (2.8 亿), down **17%**, and net profit was **120 million** (1.2 亿), down **16%** [2][4] - In Q1 2025, revenue was approximately **245 million** (2.45 亿), an increase of **19.7%**, and net profit was about **110 million** (1.1 亿), up **24%**, indicating a recovery in revenue growth and improved profitability [2][4] Core Products and Market Performance - Key products and their expected revenues for 2024 include: - **苏威狂犬疫苗 (Suwei Rabies Vaccine)**: **270 million** (2.7 亿), down **20%** - **福星疫苗 (Fuxing Vaccine)**: **360 million** (3.6 亿), down **10%** - **圆环疫苗 (Round Vaccine)**: approximately **110 million** (1.1 亿), down **12%** [2][6] - Group customers account for **70%** of revenue, with innovative products seen as new growth points in the animal health industry [2][6] New Product Developments - The **中国威宝二联疫苗 (China Weibaolian Vaccine)** has been approved and is expected to become a major product with revenues exceeding **500 million** (5 亿) in the next **2-3 years** [2][7] - New products such as **原之 20** are performing well, with monthly revenues exceeding **10 million** (千万元), potentially reaching a scale of **200 million** (两个亿) [2][7] - The **腹泻疫苗 (Diarrhea Vaccine)** is growing faster than overall revenue, and the **伪狂犬疫苗 (Pseudorabies Vaccine)** is expected to contribute **100 million** (1 亿) in revenue this year, with potential growth to **500 million** (5 亿) in the next **2-3 years** [2][7] Pet Segment Developments - The pet segment includes products like **犬四联 (Canine Quadrivalent)** and **猫三联 (Feline Trivalent)**, with upcoming registrations for vaccines targeting both dogs and cats [2][8] - Research and development are progressing rapidly, with ongoing projects for diseases such as **犬瘟热 (Canine Distemper)** and **猫传腹 (Feline Infectious Peritonitis)** [2][8] Industry Outlook and Investment Potential - The animal health industry is experiencing improved conditions, and **KQ Bio** is entering a period of new product explosion, indicating significant growth potential [2][9] - The company is projected to reach a market value of at least **10 billion** (100 亿元) this year and **12-14 billion** (120-140 亿元) next year, making it a noteworthy investment opportunity [2][9]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Core Insights - The company reported a decline in net profit for 2024, with a total of 382 million yuan, a decrease of 3.43% year-on-year, and a revenue of 942 million yuan, down 11.48% year-on-year [1] - In Q1 2025, the company showed signs of recovery with a revenue of 245 million yuan, an increase of 19.65% year-on-year, and a net profit of 108 million yuan, up 24.08% year-on-year [1][2] Financial Performance - For 2024, the company experienced significant revenue and profit declines due to weak demand in the pig farming industry and increased competition in the veterinary medicine sector, leading to a gross margin of 63.76%, down 8.33 percentage points year-on-year [1][2] - The quarterly performance from Q1 2024 to Q1 2025 shows a trend of improving revenue and profit, with Q1 2025 marking a 19.65% increase in revenue compared to the previous year [2] Product Development - The company obtained seven new veterinary drug registration certificates in 2024, including several vaccines for pigs and poultry, which are expected to contribute to future revenue growth [3] - Ongoing research and development efforts include vaccines for ruminants and pets, indicating a commitment to innovation and market expansion [3] Future Projections - Revenue forecasts for 2025-2027 are optimistic, with expected revenues of 1.132 billion yuan, 1.314 billion yuan, and 1.534 billion yuan, representing year-on-year growth rates of 20.2%, 16.0%, and 16.8% respectively [4] - Corresponding net profit projections for the same period are 442 million yuan, 548 million yuan, and 613 million yuan, with growth rates of 15.7%, 24.0%, and 11.7% [4]

Group 1 - The genetically modified (GM) concept sector declined by 1.12%, ranking among the top declines in concept sectors, with leading decliners including Fengle Seed Industry, Qianyuan High-Tech, and Wanxiang DeNong [1][2] - Among the GM concept stocks, only four experienced price increases, with Ba Tian Co., Qian Qian Bio, and Top Cloud Agriculture rising by 2.16%, 1.92%, and 1.85% respectively [1][2] - The GM concept sector saw a net outflow of 123 million yuan from main funds today, with 11 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The stock with the highest net outflow was Qianyuan High-Tech, with a net outflow of 28.98 million yuan, followed by Fengle Seed Industry, Dabeinong, and Shennong Seed Industry with net outflows of 25.65 million yuan, 22.57 million yuan, and 18.05 million yuan respectively [2][3] - The stocks with the highest net inflows included Top Cloud Agriculture, Longping High-Tech, and Ba Tian Co., with net inflows of 7.65 million yuan, 7.01 million yuan, and 2.32 million yuan respectively [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][3]. Core Views - The company experienced a revenue decline of 11.48% year-on-year in 2024, with total revenue reaching 942 million yuan, while the net profit attributable to shareholders was 382 million yuan, down 3.43% year-on-year. However, in Q1 2025, the company showed a significant recovery with a revenue increase of 19.65% year-on-year, amounting to 245 million yuan, and a net profit of 108 million yuan, up 24.08% year-on-year [1][2]. - The decline in 2024 was primarily due to price pressures from intense industry competition, leading to a 12.75% drop in revenue from the main business of veterinary biological products, despite a 1.19% increase in sales volume compared to 2023. The gross margin for the main business fell by 7.72 percentage points to 65.07% [1][2]. - The company has been optimizing its cost management, with total expense ratios decreasing by 1.68 percentage points to 21.25% in 2024, mainly driven by a reduction in sales expenses [1]. Financial Performance Summary - The company forecasts net profits of 450 million yuan, 549 million yuan, and 639 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.97 yuan, 1.18 yuan, and 1.37 yuan. The PE ratios are projected to be 17, 14, and 12 times for the same years [3][4]. - The revenue for 2025 is expected to rebound to 1.11 billion yuan, reflecting a growth rate of 17.75%, followed by further growth in subsequent years [4]. - The company has received five new veterinary drug registration certificates in 2024, including a significant vaccine for pigs, and is actively developing multiple vaccine products for pets and ruminants [2]. Industry Outlook - The recovery in downstream breeding profitability is anticipated to drive demand for animal health products, contributing to the company's revenue growth in 2025 and beyond [2]. - Continuous investment in R&D and technological upgrades is expected to enhance product safety, effectiveness, and production efficiency, supporting revenue growth [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][3]. Core Views - The company experienced a revenue decline of 11.48% year-on-year in 2024, with total revenue reaching 942 million yuan, while the net profit attributable to shareholders was 382 million yuan, down 3.43% year-on-year. However, in Q1 2025, the company showed a significant recovery with a revenue increase of 19.65% year-on-year, amounting to 245 million yuan, and a net profit of 108 million yuan, up 24.08% year-on-year [1][2]. - The decline in 2024 was primarily due to price pressures from intense industry competition, leading to a 12.75% drop in revenue from the main business of veterinary biological products, despite a 1.19% increase in sales volume compared to 2023. The gross margin for the main business fell by 7.72 percentage points to 65.07% [1][2]. - The company has been optimizing its cost management, with total expense ratios decreasing by 1.68 percentage points to 21.25% in 2024, mainly driven by a reduction in sales expenses [1]. Financial Performance Summary - The company forecasts net profits of 450 million yuan, 549 million yuan, and 639 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.97 yuan, 1.18 yuan, and 1.37 yuan. The PE ratios are projected to be 17, 14, and 12 times for the same years [3][4]. - The revenue for 2025 is expected to rebound to 1.11 billion yuan, reflecting a growth rate of 17.75%, followed by further growth in subsequent years [4]. - The company has received five new veterinary drug registration certificates in 2024, including a significant vaccine for pigs, and is actively developing multiple vaccine products for pets and ruminants [2]. Industry Context - The recovery in the company's performance is linked to the improving profitability of downstream pig farming, which is expected to drive demand for animal health products [2]. - Continuous investment in research and development is supporting the company's innovation and technological upgrades, enhancing the safety, effectiveness, and efficiency of its vaccine production [2].

武汉科前生物股份有限公司 2024 年年度股东大会会议材料 证券简称：科前生物 证券代码：688526 武汉科前生物股份有限公司 2024 年年度股东大会 会议材料 2025 年 5 月 19 日 武汉科前生物股份有限公司 2024 年年度股东大会会议材料 武汉科前生物股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《武汉科前生物股份有限公司章程》《武汉科前生物股 份有限公司股东大会议事规则》等相关规定，特制定 2024 年年度股东大会须知。 一、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、监事、高级 管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进 入会场。 二、出席会议的股东及股东代理人须在会议召开前半小时到会议现场办理签 到手续，并按规定出示证券账户卡、身份证明文件或营业执照复印件（加盖公章）、 授权委托书等，上述登记材料均需提供复印件一份， ...