Core Viewpoint - The controlling shareholder of Jinhe Biological, Inner Mongolia Jinhe Holdings Co., Ltd., has completed its share reduction plan, selling a total of 22,563,100 shares, which accounts for 3% of the company's total share capital after excluding repurchased shares [1][2]. Group 1: Share Reduction Details - The share reduction plan was initially announced on May 17, 2025, with the reduction period set from June 10, 2025, to September 9, 2025 [1]. - The reduction was executed through two methods: a block trade and centralized bidding, with a maximum of 7,521,130 shares (1% of total share capital) sold via centralized bidding and 15,042,259 shares (2% of total share capital) sold via block trade [1]. - The average selling price for the block trade was 6.81 yuan, while the average price for the centralized bidding was 7.26 yuan, resulting in a total cash-out amount of approximately 157,039,161 yuan [2]. Group 2: Shareholding Changes - Prior to the reduction, the controlling shareholder and its concerted actors held a total of 278,744,052 shares, representing 37.0615% of the total share capital after excluding repurchased shares [2]. - After the reduction, the total shares held by the controlling shareholder and its concerted actors decreased to 256,180,952 shares, which is 34.0615% of the total share capital after excluding repurchased shares [2]. - Specifically, Inner Mongolia Jinhe Holdings now holds 219,195,570 shares, accounting for 29.1440% of the total share capital after excluding repurchased shares [2]. Group 3: Source of Reduced Shares - The shares being reduced originated from the previous controlling shareholder, Inner Mongolia Jinhe Construction and Installation Co., Ltd., due to a division of the company, which included shares acquired before the initial public offering and through non-public offerings, as well as shares from capital increases and stock distributions [3]. Group 4: Completion of the Plan - As of the announcement date, the share reduction plan has been fully implemented [4].

Core Viewpoint - The controlling shareholder of Jinhe Biological Technology Co., Ltd., Inner Mongolia Jinhe Holdings Co., Ltd., plans to reduce its shareholding by a total of 22,563,389 shares, accounting for 3% of the company's total share capital, through various trading methods from June 10, 2025, to September 9, 2025 [1]. Shareholder Reduction Details - The reduction was completed between August 11, 2025, and September 1, 2025, with a total of 22,563,100 shares sold, also representing 3% of the company's total share capital after excluding repurchased shares [2]. - The reduction was executed through two methods: 15,042,100 shares via block trading at an average price of 6.81 yuan per share, and 7,521,000 shares via centralized bidding at an average price of 7.26 yuan per share [3]. - Prior to the reduction, the controlling shareholder and its concerted actors held a total of 278,744,052 shares, which was 34.0615% of the total share capital after excluding repurchased shares [4]. Shareholding Structure Post-Reduction - After the reduction, the controlling shareholder's stake decreased to 241,758,670 shares, representing 32.1439% of the total share capital [4]. - The total shareholding of the controlling shareholder and its concerted actors post-reduction is 256,180,952 shares, which is 33.1998% of the total share capital [4]. - The shareholding structure includes 271,305,120 shares with no restrictions and 7,438,932 shares with restrictions [4].

Core Viewpoint - The controlling shareholder, Jinhai Holdings, has completed its share reduction plan, impacting the company's total share capital [1] Summary by Relevant Sections Share Reduction Details - Jinhai Holdings reduced its stake by a total of 22,563,100 shares from August 11, 2025, to September 1, 2025 [1] - This reduction represents 3% of the company's total share capital after excluding repurchased shares [1]

Core Viewpoint - The controlling shareholder of Jinhe Biological has completed its share reduction plan, selling a total of 22.5631 million shares, which represents 3% of the company's total share capital after excluding repurchased shares [1] Group 1 - The share reduction took place between August 11, 2025, and September 1, 2025 [1] - The shares were sold through block trading and centralized bidding methods [1]

证券代码：002688 证券简称：金河生物 公告编号：2025-082 金河生物科技股份有限公司 关于控股股东减持计划完成暨减持结果的公告 控股股东内蒙古金河控股有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 减持的股份来源： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 金河生物科技股份有限公司（以下简称"公司"）于 2025 年 5 月 17 日披露 了《关于控股股东减持股份预披露的公告》，公司控股股东内蒙古金河控股有限 公司（以下简称"金河控股"）计划 2025 年 6 月 10 日至 2025 年 9 月 9 日通过 集中竞价交易、大宗交易方式减持公司股份合计不超过 22,563,389 股，即不超 过公司总股本（总股本按剔除公司回购专用账户中的股份数量 19,521,410 股计 算，下同）的 3%。其中，以集中竞价方式减持公司股份不超过 7,521,130 股（占 总股本比例 1%），以大宗交易方式减持公司股份不超过 15,042,259 股（占总股 本比例 2%）。 公司于 2025 年 8 月 13 日披露了《关于控股股东及一致 ...

Summary of Key Points Core Viewpoint - The controlling shareholder, Jinhe Holdings, has reduced its stake in Jinhe Biological through block trading and centralized bidding, indicating a strategic shift in ownership structure [1] Group 1: Shareholding Changes - Jinhe Holdings reduced its stake by 15,042,100 shares through block trading at an average price of 6.81 CNY per share, accounting for 2.0000% of the total share capital after excluding repurchased shares [1] - Additionally, 7,521,000 shares were sold through centralized bidding at an average price of 7.26 CNY per share, representing 1.0000% of the total share capital [1] - The total reduction amounted to 22,563,100 shares, which is 3.0000% of the total share capital after excluding repurchased shares [1] Group 2: Remaining Shareholding - After the reduction, the controlling shareholder and its concerted parties hold a total of 256,000,000 shares, which constitutes 34.0615% of the total share capital after excluding repurchased shares [1]

Market Overview - The animal health sector experienced a decline of 0.2% on September 4, with Shunlian Biological leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the animal health sector included: - Qudongli (code: 838275) with a closing price of 11.96, up 6.50% [1] - Dayu Biological (code: 871970) with a closing price of 10.04, up 3.40% [1] - Yongshun Biological (code: 839729) with a closing price of 10.39, up 2.26% [1] - Conversely, Shunlian Biological (code: 688098) saw a decline of 2.98%, closing at 11.40 [2] Trading Volume and Capital Flow - The total trading volume for the animal health sector showed a net outflow of 85.41 million yuan from institutional investors, while retail investors saw a net inflow of 74.17 million yuan [2] - The capital flow for individual stocks indicated significant movements, with Shunlian Biological experiencing a net outflow of 10.12 million yuan from institutional investors [3] Individual Stock Analysis - Shunlian Biological had a total trading volume of 131,200 shares, with a net inflow of 7.73 million yuan from retail investors [3] - Other stocks like Huisheng Biological (code: 300871) and ST Green Kang (code: 002868) also showed varied capital flows, with Huisheng experiencing a net outflow of 12.50 million yuan from speculative funds [3]

Market Overview - The animal health sector experienced a decline of 2.2% on September 3, with the leading stock, Driveline, falling by 8.33% [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Key stocks in the animal health sector showed significant declines, with Driveline (code: 838275) closing at 11.23, down 8.33% on a trading volume of 49,500 shares and a transaction value of 57.66 million yuan [1] - Other notable declines included: - Yongshun Biological (code: 839729) down 4.78% to 10.16 [1] - Jinhai Biological (code: 002688) down 4.03% to 6.91 [1] - ST Lvkang (code: 002868) down 3.30% to 26.35 [1] - Houbang Holdings (code: 002141) down 3.24% to 3.88 [1] Capital Flow - The animal health sector saw a net outflow of 108 million yuan from major funds, while retail investors contributed a net inflow of 101 million yuan [1] - Detailed capital flow for specific stocks indicated: - Shunlian Biological (code: 688098) had a net inflow of 8.21 million yuan from major funds [2] - ST Lvkang (code: 002868) experienced a net outflow of 2.26 million yuan from major funds [2] - Houbang Holdings (code: 002141) faced a significant net outflow of 24.59 million yuan from major funds [2]

Core Insights - The "Pet Economy Index" reached a historical high on September 1, with a year-to-date increase of over 44%, indicating strong performance among popular sectors [1][3] - Several companies, including Jinhe Biological, Delisi, and Yongli Co., are actively seeking to enter the pet economy sector, which is viewed as a high-potential market [1][5] Market Performance - The "Pet Economy Index" has shown significant growth, with stocks like Zhejiang Zhengte rising over 90%, and others like Yuanfei Pet, Zhongchong Co., and Shitou Co. increasing by over 60% [3] - Financial reports from pet food companies indicate solid fundamentals, with revenues for Guibao Pet, Zhongchong Co., and Lusi Co. reaching 3.221 billion, 2.432 billion, and 391 million respectively, showing year-on-year growth rates of 32.72%, 24.32%, and 11.32% [3] Fund Holdings - As of the end of June, public funds held 18.25% of Guibao Pet, making it a top holding for several funds, while Zhongchong Co.'s public fund ownership increased from 8.06% to 15.74% [4] - Yuanfei Pet's public fund ownership surged from 1.69% to 15.27% during the same period, indicating growing interest from institutional investors [4] Industry Trends - The domestic pet market is characterized by growth potential and low industry concentration, with leading brands increasing their market share [6] - Companies are focusing on product innovation and quality supply chains to meet the evolving demands of pet owners [6] Company Initiatives - Jinhe Biological announced the establishment of a wholly-owned subsidiary for pet technology, launching an intelligent pet care app that utilizes a multimodal emotional analysis model [7] - Delisi has entered into strategic partnerships for product development and market expansion in the pet food sector [7] - Yongli Co. is actively developing smart pet appliances, while Hasi Lian has expanded its business scope to include pet food sales [8]

Core Viewpoint - The companion animal business of leading animal health companies in China, such as Hai Zheng Dong Bao, Rui Pu Sheng Wu, and Jin He Sheng Wu, has shown significant growth, driven by product innovation and channel expansion, indicating a shift towards the companion animal market amid the rising "pet economy" [1][2]. Group 1: Company Performance - Rui Pu Sheng Wu's pet business achieved a revenue of 415 million yuan, a year-on-year increase of 17.94%, with the pet supply chain revenue reaching 376 million yuan, up 18.49% [1]. - Hai Zheng Dong Bao's pet business grew over 60%, with expectations that pet business will account for over 50% of its total revenue by 2025 [2]. - Jin He Sheng Wu is actively advancing its pet health business, currently offering 15 pet products, including 8 health products and 1 rabies vaccine [2]. Group 2: Product Innovation - Rui Pu Sheng Wu focuses on technological research and development, holding 115 new veterinary drug registration certificates, including 17 for pet products [3]. - Hai Zheng Dong Bao emphasizes the optimization and upgrading of pet medicines, with products like Xi Bei An being the only compliant compound for cat deworming [3]. - Jin He Sheng Wu has made significant progress in pet vaccine research, recently obtaining a patent for a dual-subunit vaccine for feline infectious respiratory disease and feline panleukopenia [3]. Group 3: Sales Expansion - Rui Pu Sheng Wu has established a nationwide pet medical supply chain service network, reaching 8,400 pet hospitals and 3,500 pet stores, with ongoing expansion into new regional markets [3]. - Hai Zheng Dong Bao is enhancing its online self-operated e-commerce capabilities, achieving over 100 million yuan in sales during the first half of the year, with a significant increase in orders during the "618" shopping festival [3]. - Jin He Sheng Wu is leveraging AI technology to create a digital channel through its pet app "Ai Chong Yi," which integrates service and sales, enhancing user engagement and sales opportunities [4].