证券代码：688526 证券简称：科前生物 公告编号：2025-012 武汉科前生物股份有限公司 关于召开 2025 年第一次临时股东大会的通知 （一） 股东大会类型和届次 2025 年第一次临时股东大会 召开日期时间：2025 年 4 月 11 日 14 点 00 分 召开地点：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 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 11 日 至 2025 年 4 月 11 日 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年4月11日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日 ...

证券代码：688526 证券简称：科前生物 公告编号：2025-008 武汉科前生物股份有限公司 第四届监事会第七次会议决议公告 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 3 月 24 日以通讯表决的形式召开第四届监事会第七次会议（下称"本次会 议"）。本次会议通知于 2025 年 3 月 19 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 ...

关于公司 2025 年员工持股计划相关事项的核查意见 武汉科前生物股份有限公司（以下简称"公司"）监事会根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》《关于上 市公司实施员工持股计划试点的指导意见》（以下简称"《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》（以下简称 "《自律监管指引第 1 号》"）等法律、法规及规范性文件和《武汉科前生物股 份有限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 2025 年 员工持股计划（以下简称"本次员工持股计划"）相关事项进行了核查，现发表 核查意见如下： 一、公司不存在《指导意见》《自律监管指引第 1 号》等法律、法规及规范 性文件规定的禁止实施员工持股计划的情形。 武汉科前生物股份有限公司监事会 五、本次员工持股计划的实施有利于建立和完善劳动者与所有者的利益共享 机制，改善公司治理水平，提高员工的凝聚力和公司竞争力，充分调动员工的积 极性和创造性，促进公司长期、持续、健康发展。 综上，公司监事会同意实施本次员工持股计划，并同意将本次员工持股计划 相关事项提交公司股东大会审议。 武汉科前生 ...

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Insights - The pig sector shows slight inertia growth in breeding stock, highlighting the undervaluation and expectation gap in the sector [3][16] - The poultry sector emphasizes the fundamentals of white chickens and the marginal changes in breeding imports [17][18] - The feed sector recommends Hai Da Group due to its fundamental turning point and relatively low valuation [21] - The pet sector sees a rise in domestic brands and a positive trend in pet food exports [25][26] Summary by Sections Pig Sector - As of March 8, the national average pig price is 14.68 CNY/kg, remaining stable week-on-week, with a profit of approximately 154 CNY per head for self-breeding farms [1][15] - The supply side shows an average market weight of 127.06 kg for pigs, with a 4.23% share of pigs over 150 kg, indicating a potential seasonal decline in prices due to weak demand [2][15] - The sector is characterized by low valuations, with major companies like Muyuan and Wens below 2000 CNY per head, suggesting a historical low valuation [3][16] Poultry Sector - The white chicken sector faces uncertainty in breeding imports due to outbreaks of avian influenza, leading to a significant drop in domestic breeding stock [4][17] - Chicken prices have rebounded, with the average price for live chickens in Shandong at 3.30 CNY per bird, supported by positive restocking sentiment [4][18] - Investment recommendations include Shengnong Development and attention to Yisheng and Minhe [5][18] Feed Sector - Hai Da Group is recommended due to its market share increase and expected improvement in the aquaculture feed market after a prolonged downturn [21] - Prices for various aquatic products have shown significant increases, indicating a potential recovery in the aquaculture sector [21] Pet Sector - Domestic brands like Guibao Pet are expanding their market share through independent brand operations, targeting different price segments [25][26] - Pet food exports have seen a substantial increase, with a year-on-year growth of 26% in volume and 22% in value, reflecting a robust market [25][26] Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing agricultural productivity and competitiveness among leading seed companies [23][24] - The low-altitude economy is projected to grow significantly, with policies supporting the development of smart agriculture and drone applications [23][24]

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Views - The pig sector shows a divergence between pig prices and piglet prices, with pig prices rebounding while piglet prices continue to decline. The average price of pigs is 14.87 CNY/kg, up 1.09% from last week, with an average profit of approximately 225 CNY per head for self-breeding and self-raising operations [1][15] - The poultry sector is experiencing low valuations and elasticity, particularly in the white chicken segment, where supply pressures are exacerbated by restrictions on overseas breeding imports due to avian influenza outbreaks [3][17] - The feed sector is recommended for investment due to a fundamental turning point and relatively low valuations, with Hai Da Group highlighted as a key player [5][21] Summary by Sections Pig Sector - Pig prices have rebounded, with an average price of 14.87 CNY/kg as of February 22, 2025, while piglet prices are declining, indicating a potential short-term weakness in piglet pricing [1][15] - Supply remains low with an average slaughter weight of 125.68 kg, and the proportion of pigs over 150 kg is 4.11% [1][15] - The sector is considered undervalued, with major companies like Muyuan Foods and Wens Foodstuffs having head valuations below 2000 CNY per head, suggesting potential for recovery [2][16] Poultry Sector - The white chicken segment faces supply pressure due to halted overseas breeding imports, leading to a significant drop in domestic breeding stock [3][17] - Chicken prices have stabilized, with the average price for live chickens at 2.80 CNY per bird, and expectations for price recovery as processing plants resume operations [3][17] - Investment recommendations include Shengnong Development and other companies in the poultry sector due to anticipated demand recovery [4][18] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed after a prolonged downturn [5][21] - The prices of various aquatic products have shown a mixed trend, with some prices increasing due to supply constraints [5][21] Seed and Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing the competitiveness of leading seed companies [7][23] - The low-altitude economy is identified as a growth area, with significant potential for agricultural applications of drones [7][23] Pet Sector - Domestic pet brands are rapidly growing, with significant sales increases in pet food, indicating a robust market for local brands [9][25] - Pet food exports have also seen substantial growth, reflecting a healthy export market [9][25] - Recommended companies in the pet sector include Guibao Pet and Zhongchong Co., Ltd. due to their strong market positions [9][27]

Investment Rating - Industry rating: Outperform the market (maintained rating) [10] Core Insights - The Central Document No. 1 emphasizes "new agricultural productivity" and the need for rural revitalization, highlighting the importance of food security and the promotion of biotechnology and smart agriculture [1][14] - The report identifies key investment opportunities in various sectors, including seeds, low-altitude economy, infrastructure, and animal husbandry [2][3][4][5][6] Seed Sector - The document mentions "food" 15 times, stressing national food security and the need to enhance crop yields through biotechnology [2][14] - The commercialization of genetically modified corn is expected to accelerate, benefiting leading seed companies [2] - Recommended companies include Longping High-Tech, Dabeinong, and Quanyin High-Tech [2] Low-Altitude Economy - The report supports the development of smart agriculture and low-altitude technologies, predicting a trillion-yuan market by 2030 [2][15] - Applications of drones in agriculture are expected to grow, benefiting companies involved in agricultural drone technology [2] Infrastructure - Emphasis on soil protection and quality improvement, with initiatives for high-standard farmland construction and water conservancy projects [2][15] - Quality enterprises in agriculture, fertilizers, and agricultural reclamation are expected to benefit [2] Swine Sector - The average price of live pigs is stable at 14.67 yuan/kg, with a decrease in profitability for self-breeding farms [3][16] - The supply of pigs is expected to remain high, while demand is sluggish post-Spring Festival [3][16] - Recommended companies include Wens Foodstuffs, Muyuan Foods, and New Hope Liuhe [3][17] Poultry Sector - The report highlights the impact of restricted overseas breeding on supply, with a significant drop in domestic breeding stock [4][19] - Chicken prices have rebounded, with recommendations for companies like Shengnong Development and Yisheng Livestock [4][19] Feed Sector - Hai Da Group is recommended due to its improving fundamentals and relative valuation [6][21] - The report notes a potential recovery in the aquaculture feed market after a prolonged downturn [6][21] Animal Health Sector - The report emphasizes new market opportunities in pet health products and the introduction of innovative vaccines [7][22] - Recommended companies include Kexin Biological and Zhongmu Biological [7][22] Pet Sector - Domestic pet brands are growing rapidly, with a notable increase in pet food exports [8][24] - Recommended companies include Guibao Pet, Zhongchong Co., and Petty Co. [8][24]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The animal health industry is undergoing structural changes driven by the transformation of the breeding structure, making innovation in products imperative. The company is positioned to leverage its leading research and development capabilities to create competitive animal health products, with three core products leading the market in terms of market share. The company has a comprehensive pipeline of products under development, with a rich reserve of combination vaccines, including the imminent launch of the pig fever and pseudorabies combination vaccine. The report is optimistic about the company's second growth phase driven by multi-valent vaccines and recommends it as a key investment opportunity [2][4][13]. Summary by Sections Industry Overview - Since 2010, the animal health industry has rapidly grown due to the implementation of mandatory immunization policies and the market release of large single products. The industry scale reached 16.3 billion yuan in 2023, significantly influenced by breeding cycles. The industry faces challenges such as severe price pressure due to product homogeneity and declining profitability. Innovation is identified as the biggest challenge, with a pressing need for differentiated products with high added value [5][14][16]. Company Strengths - The company has established itself as a leader in the animal vaccine industry, with comprehensive R&D capabilities that place it in the top tier. It has successfully implemented a collaborative model with higher education institutions, enhancing its research capabilities. The management team has extensive experience in vaccine R&D, production, and sales, contributing to the company's competitive edge [6][46]. Product Pipeline and Innovations - The company has a robust pipeline of products under development, focusing on multi-valent vaccines, genetic engineering vaccines, and pet vaccines. The pig fever and pseudorabies combination vaccine is set to launch in 2025, with expectations for significant market penetration and revenue growth. The company is also preparing to introduce additional combination vaccines targeting other diseases in the coming years [7][40][41]. Market Dynamics - The market for animal vaccines is evolving, with a notable shift towards multi-valent and genetic engineering vaccines. The company is well-positioned to capitalize on these trends, as it has a strong reserve of combination vaccine projects and is entering a period of intensive new product launches. The increasing scale of pig farming has strengthened the bargaining power of breeding enterprises, leading to a more favorable competitive landscape for leading animal health companies [20][27][36].

证券代码：688526 证券简称：科前生物 公告编号：2025-006 新兽药名称：牛支原体活疫苗（HB150 株） 英文名：Mycoplasma bovis Vaccine, Live (Strain HB150) 新兽药注册证书号：（2025）新兽药证字 11 号 武汉科前生物股份有限公司 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，批准公司申报的牛支原体活疫苗（HB150 株） 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 牛支原体（Mycoplasma bovis，M. bovis）是一种导致牛呼吸系 统疾病的重要病原；除肺炎外，还可导致乳腺炎、关节炎、中耳炎、 角膜结膜炎、生殖道炎症、流产与不孕等。该病在世界范围内存在， 欧洲每年约有 1/3 的犊牛肺炎是由牛支原体引起的。我国于 2008 年 首次报道肉牛的牛支原体肺炎，至今已发现在全国普遍流行，肉牛和 奶牛 ...

Financial Performance - In 2024, the company achieved total operating revenue of RMB 947.87 million, a decrease of 10.92% compared to the previous year[4] - The net profit attributable to shareholders was RMB 375.08 million, down 5.27% year-on-year[4] - Basic earnings per share decreased to RMB 0.80, down 5.88% from RMB 0.85 in the previous year[4] Assets and Equity - The company's total assets at the end of the reporting period were RMB 4.49 billion, a decrease of 3.96% from the beginning of the year[5] - Shareholders' equity attributable to the company increased by 2.56% to RMB 3.93 billion[5] Market Conditions - The company is facing intensified market competition, leading to a decline in revenue and net profit[6] - As of the end of 2024, the national pig inventory was 427.43 million heads, a decrease of 1.6% year-on-year[6] Research and Development - The company is increasing its R&D efforts to accelerate new product development and enhance market competitiveness[6] Financial Reporting - The financial data presented are preliminary and unaudited, with final figures to be disclosed in the annual report[9] - Investors are advised to be aware of potential risks related to the preliminary financial data[9]