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： 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。 独立董事：罗飞 王宏林 王晖 2025 年 5 月 19 日 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次会议 相关事项的独立意见 ...

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"猪传染性胸膜肺炎-链球菌病-巴氏杆菌病"三联灭 活疫苗、"猪圆环病毒病、革拉瑟氏病、链球菌病、支原体肺炎"四 联亚单位疫苗两个项目的合作研发，现拟与华中农大签订联合开发协 议书，公司就以上两个研发项目一共需向华中农大支付 400 万元人民 币。合作研发项目产生的技术成果及知识产权归公司及华中农大共同 所有； 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； 证券代码：688526 证券简称：科前生物 公告编号：2025-027 武汉科前生物股份有限公司 关于拟与华中农大签订合作研发协议暨关联交易的 自愿性披露公告 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。 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 年第三次 会议、第四届董事会第十次会议及第四届监事会第九次会议审议通过， 本事项无需提交股东大 ...

北京市嘉源律师事务所 关于武汉科前生物股份有限公司 2024 年年度股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年五月 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 2024 年年度股东会的 法律意见书 -11 科前生物 2024年年度股东会 法律意见书 原管师事务所 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN·香港 HONGKONG· 广州 GUANGZHOU·西安 XI'AN 股份有限公司 2024年年度股东大会会议材料》。 4. 本次股东会采取现场投票与网络投票相结合的方式进行。 5. 本次股东会现场会议于 2025年 5 月 19 日下午 14:00 在湖北武汉东湖新 技术开发区高新二路 419 号科前生物二楼会议室召开,现场会议由公司董事长陈 慕琳女士主持。本次股东会的网络投票通过上海证券交易所股东大会网络投票系 统(以下简称"网络投票系统")进行,股东既可以登陆交易系统投票平台进行投 票,也可以登陆互联网投票平台进行投票。股东通过交易系统投票平台 ...

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 ...

科前生物 20250515 摘要 • 科前生物 2024 年营收 9.4 亿，同比下降 11.5%，净利润 3.8 亿，同比增 长 3.4%。四季度营收 2.8 亿，同比下降 17%，净利润 1.2 亿，同比下降 16%。2025 年一季度营收约 2.45 亿，同比增长 19.7%，净利润约 1.1 亿，同比增长 24%，显示营收恢复增长，盈利能力改善。 • 科前生物核心产品苏威狂犬疫苗预计收入 2.7 亿，同比下降 20%；福星疫 苗预计收入 3.6 亿，同比下降 10%；圆环疫苗实际营收约 1.1 亿，同比下 降 12%。集团客户营收占比 70%，创新型产品是动保行业新增长点。 • 中国威宝二联疫苗获批后，预计未来 2-3 年将成为公司体量过 5 亿元的大 单品。预计 2025、2026 年业绩分别达到约 4.8 亿元和 6 亿元。目前估值 在 13 至 16 倍之间。 • 科前生物新产品表现亮眼，如原之 20 每月收入超千万元，有望达两个亿 规模；腹泻疫苗增速高于整体营收增速；伪狂犬疫苗定价高且受集团认可， 今年或贡献 1 亿营收，未来 2-3 年接近 5 亿元。 • 科前生物宠物板块主要包括犬四联和猫 ...

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].