Core Points - Jinhe Biological (002688) announced the resignation of Wang Yueqing, the director and deputy general manager, due to internal work adjustments [1] - Wang Yueqing also stepped down from her positions on the Board's Strategy Committee and the Compensation and Assessment Committee, but will continue to hold other roles within the company [1]

Core Points - Jinhe Biological announced the election of Wang Yueqing as the employee director of the sixth board of directors during the employee representative meeting held on October 31, 2025 [2] Summary by Category - **Company Announcement** - Jinhe Biological held an employee representative meeting on October 31, 2025, where Wang Yueqing was elected as the employee director [2]

证券代码：002688 证券简称：金河生物 公告编号：2025-112 二、职工代表董事选举情况 根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等法律法规、规范性文件以 及《公司章程》的相关规定，公司于 2025 年 10 月 31 日召开了职工代表大会， 经与会职工代表表决，选举王月清女士（简历详见附件）为第六届董事会职工董 1 事，任期自公司职工代表大会选举之日起至公司第六届董事会任期届满之日止。 王月清女士当选公司职工董事后，公司董事会中兼任公司高级管理人员以及由职 工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法规 的规定。 三、补选董事会专门委员会委员情况 2025年10月31日，公司召开第六届董事会第三十四次会议审议通过了《关于 补选董事会专门委员会委员的议案》，同意补选王月清女士为公司第六届董事会 战略委员会委员、薪酬与考核委员会委员，任期自本次董事会会议审议通过之日 起至第六届董事会届满之日止。本次补选完成后，公司第六届董事会各专门委员 会委员如下： 金河生物科技股份有限公司 关于董事、副总经理辞任暨选 ...

華 聯 律 師 事 務 所 HuaL ianLa w F irm 中國北京市朝陽區亮马桥路32號高斓大厦10层 郵編: 100125 電話: 8610-84417811 傳真: 8610-84417306 電郵: hualian@hllf.cn 網址: www.hllf.cn 本所及经办律师依据《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》（以下简称《证券法》）《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽 责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 一、本次股东大会的召集和召开程序 本次股东大会由公司董事会根据 2025 年 10 月 13 日召开的第六届董事会第 三十二次会议召集；公司董事会于 2025 年 10 月 15 日在《证券时报》《证券日 报》《上海证券报》《中国证券报》及巨潮资讯网（http://www.cni ...

证券代码：002688 证券简称：金河生物 公告编号：2025-110 金河生物科技股份有限公司 2025年第五次临时股东大会决议的公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 1、本次股东大会无否决提案的情形。 2、本次股东大会没有涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 金河生物科技股份有限公司（以下简称"公司"）2025 年第五次临时股东 大会通知于 2025 年 10 月 15 日在《上海证券报》、《证券时报》、《证券日报》 《中国证券报》及巨潮资讯网（www.cninfo.com.cn）以公告方式发出。 1、召开时间 （1）现场会议召开时间：2025 年 10 月 31 日下午 14:30 （2）网络投票时间：2025 年 10 月 31 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 10 月 31 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2025 年 10 月 31 日上 ...

证券代码：002688 证券简称：金河生物 公告编号：2025-111 金河生物科技股份有限公司 第六届董事会第三十四次会议决议公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 金河生物科技股份有限公司（以下简称"公司"）第六届董事会第三十四次 会议于 2025 年 10 月 28 日以电子邮件方式发出通知，并于 2025 年 10 月 31 日以 现场方式召开，会议由董事长王东晓先生主持，应到董事 9 人，实到董事 9 人， 本次董事会出席会议董事人数符合法律法规，会议合法有效。会议召开符合《中 华人民共和国公司法》等法律、法规和《公司章程》的规定。与会董事以现场表 决的方式审议通过了以下议案： 以9票同意，0票反对，0票弃权审议通过了《关于补选董事会专门委员会委 员的议案》。 1 根据《公司法》《公司章程》及相关法律法规的规定，公司董事会补选王月 清女士为公司第六届董事会战略委员会委员、薪酬与考核委员会委员。任期自本 次董事会会议审议通过之日起至第六届董事会届满之日止。 具体内容详见《证券时报》《上海证券报》《证券日报》《中国证券报》及 巨 ...

Core Viewpoint - The demand for feed-grade chlortetracycline (金霉素) in China is expected to rise significantly due to increased livestock farming and new applications in ruminants, with an estimated usage of around 10,000 tons in 2024, reflecting a year-on-year increase of 25.0% [1][8]. Industry Overview - Feed-grade chlortetracycline, a widely used feed additive, is primarily utilized to promote animal growth and improve feed conversion rates while also preventing animal diseases [3]. - The production process involves multiple key steps, including raw material preparation, fermentation, filtration, drying, and quality inspection, ensuring high quality and stability of the final product [4]. Industry Chain - The industry chain consists of raw material supply (mainly corn, peanut meal, and yeast powder), production manufacturing, and application in livestock and aquaculture [5][6]. Current Industry Status - The production of feed-grade chlortetracycline in China began in 1986, but the "comprehensive ban on antibiotics" policy implemented in July 2020 has limited the use of many growth-promoting additives. However, chlortetracycline remains in use due to its clinical effectiveness and low drug residues [7][8]. Competitive Landscape - The market is dominated by a few key players, with 金河生物 (Jinhe Biology) holding a 51% market share, followed by 驻马店华中正大 (Zhumadian Huazhong Zhengda) at 26% and 浦城正大 (Pucheng Zhengda) at 19% [9]. - 金河生物 reported a revenue of 1.39 billion yuan in the first half of 2025, a year-on-year increase of 30.45%, with a net profit of 138 million yuan, up 51.52% [10]. Development Trends - The industry is facing stricter environmental regulations, necessitating increased investment in advanced technologies to reduce waste emissions [12]. - There is a trend towards optimizing product structures, with new formulations like sustained-release and composite products expected to replace traditional types [13]. - The penetration of Chinese feed-grade chlortetracycline in overseas markets is anticipated to increase, particularly in emerging markets such as Southeast Asia and Africa, driven by initiatives like the Belt and Road [14].

Core Viewpoint - Jinhe Biology is a significant player in the animal health products industry, focusing on the production, sales, research, and services of animal health products, with strong technical capabilities and market competitiveness in the veterinary pharmaceutical sector [1] Group 1: Business Performance - In Q3 2025, Jinhe Biology achieved a revenue of 2.036 billion yuan, ranking third among 14 companies in the industry, surpassing the industry average of 1.067 billion yuan and the median of 780 million yuan, but below the top two companies, Zhongmu Co. at 4.442 billion yuan and Ruipu Biology at 2.544 billion yuan [2] - The main business composition includes veterinary chemical drugs at 860 million yuan (61.83%), starch and related products at 275 million yuan (19.76%), veterinary vaccines at 155 million yuan (11.12%), environmental services at 69.13 million yuan (4.97%), and other products at 29.92 million yuan (2.15%) [2] - The net profit for the same period was 135 million yuan, ranking seventh in the industry, above the average of 115 million yuan and the median of 87.64 million yuan, but below the top two companies, Ruipu Biology at 391 million yuan and KQ Biology at 337 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jinhe Biology's debt-to-asset ratio was 53.45%, a decrease from 56.30% in the previous year but higher than the industry average of 28.36%, indicating relatively high debt pressure [3] - The gross profit margin for Q3 2025 was 33.83%, slightly up from 33.27% year-on-year but below the industry average of 40.13%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 21.69% to 50,500, while the average number of circulating A-shares held per shareholder increased by 28.11% to 14,800 [5] - Among the top ten circulating shareholders, Guotai Junan CSI Livestock Breeding ETF ranked third with 12.0555 million shares, an increase of 4.3964 million shares from the previous period [5] Group 4: Future Outlook - Pacific Securities noted significant growth in Jinhe Biology's revenue and net profit in the first half of 2025, with notable revenue growth in the veterinary pharmaceutical sector driven by the domestic and international market for its main product, Jinmeisu Premix, alongside cost reductions [5] - The company is expected to achieve revenues of 2.89 billion, 3.41 billion, and 3.92 billion yuan, with net profits of 246 million, 314 million, and 331 million yuan from 2025 to 2027, maintaining a "buy" rating [5] - Huaxi Securities also highlighted strong performance in the first half of 2025, with growth in both volume and price in the chemical drug sector, increased domestic market promotion, and robust overseas demand [6]

证券代码：002688 证券简称：金河生物 公告编号：2025-109 金河生物科技股份有限公司 关于控股股东部分股份质押及解除质押的公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 金河生物科技股份有限公司（以下简称"公司"）于近日收到控股股东内蒙 古金河控股有限公司（以下简称"金河控股"）的通知，获悉金河控股所持有本 公司的部分股份质押及解除质押。具体事项如下： 一、控股股东股份本次质押及解除质押的基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 为限 | 是否为 补充质 | 质押开 | 质押到 | | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 量（股） | | | | | 始日期 | | 期日 | | | | | 一致行动人 | | 比例 | 比例 | 售股 | 押 | | | | | | | | | | | | | ...

Market Overview - The animal health sector experienced a decline of 2.79% on October 30, with Jinhe Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Jinhe Biology (002688) closed at 6.25, down 7.13% with a trading volume of 578,000 shares and a transaction value of 367 million yuan [1] - Keqian Biology (688526) closed at 16.15, down 6.76% with a trading volume of 139,800 shares and a transaction value of 228 million yuan [1] - Maofeng Holdings (002141) closed at 3.92, down 5.08% with a trading volume of 461,300 shares and a transaction value of 18.3 million yuan [1] - Other notable declines include Dayu Biology (920970) down 2.69%, and Pulaike (603566) down 2.68% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 84.7 million yuan from institutional investors, while retail investors experienced a net outflow of 16.5 million yuan [1] - Speculative funds recorded a net inflow of 101 million yuan [1] Detailed Capital Flow for Selected Stocks - Keqian Biology (688526) had a net inflow of 39.6 million yuan from institutional investors, while retail investors saw a net outflow of 60.9 million yuan [2] - Huisheng Biology (300871) experienced a net inflow of 18.3 million yuan from institutional investors, with a net outflow of 21.2 million yuan from retail investors [2] - Other stocks like Pulaike (603566) and Maofeng Holdings (002141) also reported significant net outflows from institutional investors [2]