公司本次拟与华中农大签订合作研发协议，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 农大签订合作研发协议事项。 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七次会议 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七次会议审议的《关 于公司拟与华中农大签订合作研发协议暨关联交易的议案》进行了认 真调查和核查，并发表独立意见如下： 独立董事：罗飞 王宏林 王晖 2024 年 12 月 9 日 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY over the next six months [1][13]. Core Insights - The company's revenue showed a quarter-on-quarter improvement, with expectations for growth in the breeding sector. The report highlights that the demand for animal health products is influenced by the cyclical nature of the breeding industry, particularly the changes in livestock inventory [2][4]. - The company has increased its R&D investment, which is crucial for enhancing its core competitiveness. The R&D expenditure reached 20.79 million CNY in Q3 2024, accounting for 7.85% of revenue, indicating a focus on innovation [3][4]. - The report anticipates a recovery in pig supply and prices in Q4 2024, which is expected to boost the demand for animal health products, particularly vaccines [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 666 million CNY, a year-on-year decrease of 19.57%. The net profit attributable to the parent company was 261 million CNY, down 27.09% year-on-year. In Q3 2024, revenue was 265 million CNY, a year-on-year decline of 10.35% but a quarter-on-quarter increase of 35.2% [1][2]. Market Dynamics - The report notes a decrease in the number of breeding pigs, which has led to reduced demand for vaccines and other animal health products. However, it also points out that the demand for vaccines is expected to rise as the breeding industry recovers [2][4]. R&D and Innovation - The company has made significant strides in R&D, obtaining 49 new veterinary drug registration certificates. The focus on developing new vaccine platforms is expected to enhance its product offerings and market position [3][4]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected to be 0.83 CNY, 1.04 CNY, and 1.28 CNY, respectively. The report suggests a dynamic price-to-earnings (PE) ratio of 18, 15, and 12 for these years [4][10].

证券代码：688526 证券简称：科前生物 公告编号：2024-062 武汉科前生物股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/3，由实际控制人何启盖先生、方六荣 女士、吴美洲先生、吴斌先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 3,000 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 2,091,573 | | 累计已回购股数占总股本比例 | 0.4487% | | 累计已回购金额 | 万元 3,418.20 | | 实际回购价格区间 | 元/股~18.90 元/股 13.29 | 一、 回购股份的基本情况 2024 年 2 月 20 日，公司召开第三届第三十五次董事会会议，审议通过了《武 汉科前生物股份有限公司关于以集中竞价交易方式回购公司股份的议案》，同意公 司 ...

Investment Rating - Buy rating maintained for Keqian Biotech (688526) [1] Core Views - Q3 2024 revenue was RMB 265 million, down 10.35% YoY [1] - Q3 2024 net profit attributable to parent company was RMB 108 million, down 8.68% YoY [1] - Gross margin improved significantly in Q3 2024 to 65.17%, down 8.97pct YoY [1] - R&D expenses in first three quarters of 2024 were RMB 61.15 million, accounting for 9.19% of revenue [1] - Multiple new vaccine products approved, including PRRS live vaccine and swine fever live vaccine [1] Financial Performance - 2024 Q1-Q3 revenue was RMB 666 million, down 19.57% YoY [1] - 2024 Q1-Q3 net profit attributable to parent company was RMB 261 million, down 27.09% YoY [1] - 2024 Q1-Q3 gross margin was 64.01%, down 9.77pct YoY [1] - 2024 Q1-Q3 net profit margin was 39.07%, down 4.1pct YoY [1] Industry Outlook - Pig prices expected to remain high in Q4 2024 [1] - Downstream breeding industry profitability may drive demand for veterinary drugs [1] - 7-month sow inventory down 7.2% YoY, newborn piglets down 6.8% YoY [1] Future Projections - 2024-2026 revenue forecast: RMB 956 million, RMB 1.15 billion, RMB 1.34 billion [1] - 2024-2026 net profit forecast: RMB 360 million, RMB 458 million, RMB 546 million [1] - 2024-2026 EPS forecast: RMB 0.77, RMB 0.98, RMB 1.17 [1] Financial Ratios - 2024E P/E: 23.98x [3] - 2024E P/B: 2.48x [3] - 2024E EV/EBITDA: 18.50x [3] - 2024E ROE: 8.6% [6]

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： | 回购方案首次披露日 | 2024/2/3，由实际控制人何启盖先生、方六荣 女士、吴美洲先生、吴斌先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 万元~5,000 万元 3,000 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 2,002,347 | | 累计已回购股数占总股本比例 | 0.4296% | | 累计已回购金额 | 万元 3,294.53 | | 实际回购价格区间 | 元/股~18.90 元/股 13.29 | 证券代码：688526 证券简称：科前生物 公告编号：2024-061 武汉科前生物股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 一、 回购股份的基本情况 2024 年 2 月 20 日，公司召开第三届第三十五次董事会会议，审议通过了《武 汉科前生物股份有限公司关于以集中竞价交易方式回购公司股份的议案》，同意公 司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance is expected to recover in the post-cycle phase, driven by the gradual recovery of pig supply and relatively high pig prices. The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 370 million, 466 million, and 541 million respectively, with corresponding EPS of 0.79, 1.00, and 1.16 yuan [2][3] - The company maintains high R&D investment, with continuous growth from new products. The R&D expenses for Q1-Q3 2024 were 61 million yuan, with several key products expected to launch between 2025 and 2026 [4] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 666 million yuan (down 19.57% year-on-year) and a net profit of 261 million yuan (down 27.09% year-on-year). Q3 alone saw revenue of 265 million yuan (down 10.35% year-on-year) and a net profit of 108 million yuan (down 8.68% year-on-year) [2] - The gross profit margin for Q3 2024 was 65.17% (down 8.97 percentage points year-on-year), while the net profit margin was 40.67% (up 0.68 percentage points year-on-year) [2] - The company’s revenue and profit forecasts for 2024-2026 have been revised upwards, with expected revenues of 943 million, 1.139 billion, and 1.328 billion yuan respectively [5] Product and Market Insights - In Q3 2024, the revenue breakdown by product showed that pseudorabies vaccine accounted for 25%-30%, diarrhea vaccine 30%-35%, and circovirus vaccine around 13% [3] - The sales channel distribution in Q3 2024 indicated that direct sales accounted for over 60%, while distribution accounted for about 30% [3] - The company is expected to see improved gross margins in Q4 2024 as the pressure on product prices eases due to the recovery of pig supply [3] R&D and New Product Development - The company is focused on high R&D investment, with significant products in the pipeline, including the pig circovirus 2D subtype vaccine expected to launch in H2 2025, and the pig fever pseudorabies bivalent live vaccine expected to be available in early 2025 [4] - The monthly sales of the cat trivalent vaccine have stabilized at over 1 million yuan since its launch in April 2024, with expectations for continued growth in 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's Q3 performance shows significant improvement compared to previous quarters, with a notable recovery in operational performance and profitability [3] - The company has reduced credit impairment risks significantly due to profitability in the downstream pig farming industry since May [3] - Recent approvals for new vaccines indicate that the company's R&D efforts are entering a fruitful phase, enhancing its product portfolio and market competitiveness [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 666 million, a year-on-year decrease of 19.57%, and a net profit attributable to shareholders of 261 million, down 27.09% [3] - In Q3 2024, revenue was 265 million, a year-on-year decline of 10.35%, while net profit was 108 million, down 8.68% [3] - The gross margin increased by 5.5 percentage points quarter-on-quarter, and the net profit margin improved by 7.35 percentage points quarter-on-quarter [3] Earnings Forecast and Valuation - The revenue projections for 2024-2026 are adjusted to 1,006 million, 1,168 million, and 1,378 million, with year-on-year growth rates of -5.48%, +16.16%, and +17.95% respectively [3] - The net profit forecasts for the same period are 371 million, 438 million, and 519 million, with year-on-year growth rates of -6.28%, +17.97%, and +18.62% respectively [3] - The current price-to-earnings (PE) ratios are projected to be 18x, 15x, and 13x for 2024, 2025, and 2026 respectively [3]

证券代码：688526 证券简称：科前生物 公告编号：2024-060 武汉科前生物股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 投资者可于 2024 年 11 月 12 日(星期二) 至 11 月 18 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 wuhankqbio@kqbio.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 武汉科前生物股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 19 日 下午 13:00-14:00 举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进 ...

Financial Performance - Revenue for the third quarter was RMB 264,996,187.59, a decrease of 10.35% year-over-year[2] - Net profit attributable to shareholders was RMB 107,992,350.87, down 8.68% compared to the same period last year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 91,050,573.74, a decrease of 19.05% year-over-year[2] - Total operating income for the first three quarters of 2024 was RMB 665,506,663.22, a decrease of 19.57% compared to RMB 827,439,173.94 in the same period of 2023[21] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was RMB 260,600,917.75, a decrease of 27.09% compared to RMB 357,428,181.10 in the same period of 2023[22] - Basic earnings per share for the first three quarters of 2024 were RMB 0.56, a decrease of 27.27% compared to RMB 0.77 in the same period of 2023[22] - Total comprehensive income for the first three quarters of 2024 was RMB 252,452,355.32, a decrease of 29.33% compared to RMB 357,180,085.48 in the same period of 2023[22] - Weighted average return on equity (ROE) for the quarter was 2.83%, a decrease of 0.36 percentage points year-over-year[4] R&D Investment - R&D investment for the quarter was RMB 20,793,219.04, accounting for 7.85% of revenue, an increase of 0.85 percentage points year-over-year[4] - R&D investment for the year-to-date was RMB 61,152,604.48, accounting for 9.19% of revenue, an increase of 1.39 percentage points year-over-year[4] - Research and development expenses for the first three quarters of 2024 were RMB 61,152,604.48, a decrease of 5.19% compared to RMB 64,500,664.25 in the same period of 2023[21] - The company invested RMB 1,242,724.02 in the development of a recombinant canine distemper virus live vaccine expressing canine parvovirus VP2 protein[14] - A total of RMB 1,603,240.81 was invested in the clinical trials of a rabies inactivated vaccine (SAD-dOG strain)[14] Assets and Liabilities - Total assets at the end of the reporting period were RMB 4,431,964,850.75, a decrease of 5.12% compared to the end of the previous year[4] - The company's total assets as of September 30, 2024, amounted to RMB 4,431,964,850.75, a decrease from RMB 4,671,249,471.01 at the end of 2023[17][18] - Current assets totaled RMB 2,396,570,097.09, down from RMB 2,566,086,573.76 at the end of 2023[17][18] - Non-current assets stood at RMB 2,035,394,753.66, compared to RMB 2,105,162,897.25 at the end of 2023[17][18] - The company's monetary funds decreased to RMB 398,150,650.98 from RMB 581,740,744.51 at the end of 2023[17] - Trade receivables increased slightly to RMB 334,409,367.70 from RMB 331,412,360.97 at the end of 2023[17] - Inventory decreased to RMB 110,569,040.67 from RMB 144,801,907.79 at the end of 2023[18] - Short-term borrowings decreased significantly to RMB 57,038,838.80 from RMB 206,650,359.95 at the end of 2023[18] - Accounts payable decreased to RMB 116,673,632.98 from RMB 132,336,224.11 at the end of 2023[18] - Total liabilities as of the end of Q3 2024 were RMB 573,292,950.74, a decrease of 31.21% compared to RMB 833,592,147.28 at the end of Q3 2023[19] - Contract liabilities as of the end of Q3 2024 were RMB 179,480,006.86, an increase of 13.87% compared to RMB 157,606,070.48 at the end of Q3 2023[19] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was RMB 3,857,235,244.36, an increase of 0.56% compared to RMB 3,835,627,197.55 at the end of Q3 2023[20] Cash Flow - Net cash flow from operating activities for the year-to-date was RMB 273,090,876.80, a decrease of 38.72% year-over-year[2] - Net cash flow from operating activities for the first three quarters of 2024 was 273,090,876.80 RMB, a decrease from 445,645,549.29 RMB in the same period of 2023[23] - Cash received from investments in the first three quarters of 2024 was 913,836,754.68 RMB, compared to 875,486,738.26 RMB in the same period of 2023[23] - Net cash flow from investing activities for the first three quarters of 2024 was 28,281,518.30 RMB, an improvement from -185,672,702.13 RMB in the same period of 2023[24] - Cash received from borrowings in the first three quarters of 2024 was 97,000,000.00 RMB, a significant decrease from 260,000,000.00 RMB in the same period of 2023[24] - Net cash flow from financing activities for the first three quarters of 2024 was -465,226,184.63 RMB, compared to -55,061,968.21 RMB in the same period of 2023[24] - The net increase in cash and cash equivalents for the first three quarters of 2024 was -163,865,328.29 RMB, compared to 204,910,878.95 RMB in the same period of 2023[24] - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was 393,503,454.65 RMB, down from 655,612,334.08 RMB at the end of the same period in 2023[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 8,051[10] - The top 10 shareholders hold a significant portion of the company's shares, with Wuhan Huazhong Agricultural University Asset Management Co., Ltd. holding 16.73% (78,004,310 shares) and Chen Huanchun holding 15.20% (70,860,470 shares)[10] Veterinary Drug Development - The company has obtained 49 new veterinary drug registration certificates, including 33 in collaboration with Huazhong Agricultural University, 13 with third parties, and 3 independently[12] - The cumulative investment in the research of the pseudorabies gene-engineered live vaccine for pigs is 11,628,374.53 RMB, with a new veterinary drug registration achieved[13] - The cumulative investment in the research of the infectious bovine rhinotracheitis gene-engineered live vaccine is 13,731,481.72 RMB, currently in the laboratory research phase[13] - The cumulative investment in the research of the Mycoplasma bovis live vaccine (M.bovis HB0801-150 strain) is 10,506,276.05 RMB, with a new veterinary drug registration achieved[13] - The cumulative investment in the research of the porcine delta coronavirus inactivated vaccine (CHNHN-2014 strain) is 8,731,037.38 RMB, with a new veterinary drug registration certificate obtained[13] Sales and Expenses - The company's sales decline was attributed to market conditions and the impact of African swine fever, leading to reduced revenue[7] - Sales expenses for the first three quarters of 2024 were RMB 93,026,235.06, a decrease of 23.03% compared to RMB 120,879,001.48 in the same period of 2023[21] - Financial expenses for the first three quarters of 2024 were RMB -46,009,084.69, a decrease of 5.12% compared to RMB -48,492,906.69 in the same period of 2023[21] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was 636,729,841.36 RMB, compared to 887,405,231.05 RMB in the same period of 2023[23] Non-Recurring Gains and Losses - Non-recurring gains and losses for the quarter amounted to RMB 16,941,777.13, primarily due to government subsidies and financial asset gains[6]

证券代码：688526 证券简称：科前生物 公告编号：2024-059 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，批准公司申报的猪伪狂犬病活疫苗（HB-98株， 悬浮培养）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 新兽药名称：猪伪狂犬病活疫苗（HB-98 株，悬浮培养） 注册分类：三类 研制单位：武汉科前生物股份有限公司 监测期：3 年 主要成分与含量：含猪伪狂犬病病毒 HB-98 株，每头份病毒含量 不低于 105.5TCID50。 作用与用途：用于预防猪伪狂犬病。免疫产生期为免疫后 21 日， 英文名：Swine Pseudorabies Vaccine, Live (Strain HB-98, Suspension Culture) 新兽药注册证书号：（2024）新兽药证字 50 号 三、该兽药产品对公司的影响 该产品的成功获批，将 ...