Core Viewpoint - Jinhe Biological (002688) has recently announced the acquisition of invention and design patents from the National Intellectual Property Administration of China [1] Company Summary - The company has received both an invention patent and a design patent certificate [1]

Core Viewpoint - The controlling shareholder of Jinhe Biological Technology Co., Ltd. plans to reduce its shareholding through a series of transactions, which is consistent with previously disclosed intentions and does not significantly impact the company [1][2][5]. Shareholding Reduction Plan - Jinhe Holdings intends to reduce its shareholding by up to 22,563,389 shares, representing no more than 3% of the company's total share capital, from June 10, 2025, to September 9, 2025 [1][4]. - The reduction will occur through two methods: a maximum of 7,521,130 shares (1% of total share capital) via centralized bidding and up to 15,042,259 shares (2% of total share capital) through block trading [1]. Recent Shareholding Changes - On August 11, 2025, Jinhe Holdings reduced its shareholding, resulting in a new holding of 273,679,052 shares, which is 36.3880% of the total share capital after the reduction [2][4]. - Prior to this reduction, the holding was 278,744,052 shares, accounting for 37.0615% of the total share capital [2][4]. Compliance and Impact - The recent shareholding reduction aligns with the previously disclosed reduction plan and is within the stated limits, indicating compliance with relevant regulations [5]. - The company asserts that this change in shareholding does not have a significant impact on its operations or governance [2][5].

2025年1至6月份，金河生物的营业收入构成为：兽用化学药品占比61.83%，农产品加工业占比 19.76%，兽用生物制品占比11.12%，环保业务占比4.97%，其他占比2.15%。 （文章来源：每日经济新闻） 金河生物（SZ 002688，收盘价：7.69元）8月12日晚间发布公告称，公司于近日获得由国家知识产权局 颁发的发明专利及外观设计专利证书。专利名称为"罐体圆周分布的微生物发酵厂房"。 ...

证券代码：002688 证券简称：金河生物 公告编号：2025-074 金河生物科技股份有限公司 关于公司取得发明专利及外观设计专利证书的公告 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。 3、专利权人：金河生物科技股份有限公司 4、地址：010200内蒙古自治区呼和浩特市托克托县新坪路71号 5、发明人：谢昌贤；王福军；侯国峰；谢雪峰；王鹏飞 6、专利号：ZL 2024 1 1662023.9 金河生物科技股份有限公司（以下简称"公司"）于近日获得由国家知识产 权局颁发的发明专利及外观设计专利证书，具体情况如下： （一）发明专利证书 1、证书号：第8146183号 2、发明名称：罐体圆周分布的微生物发酵厂房 6、专利号：ZL 2024 3 0734428.3 7、专利申请日：2024年11月20日 7、专利申请日：2024年11月20日 8、授权公告号：CN 119507713 B 9、授权公告日：2025年08月08日 （二）外观设计专利证书 1、证书号：第9411134号 2、外观设计名称：微生物发酵厂房 3、专利权人：金河生物科技股份有限 ...

证券代码：002688 证券简称：金河生物 公告编号：2025-073 金河生物科技股份有限公司 关于控股股东及一致行动人减持股份触及1%整数倍的公告 公司控股股东内蒙古金河控股有限公司及一致行动人路牡丹、路漫漫、王晓 英、王志军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。 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 ...

Core Insights - The pet economy is evolving from a focus on food and supplies to a comprehensive ecosystem that includes medical care, grooming, training, and insurance [1][3] - The integration of AI technology is driving new momentum in the pet industry, enhancing service capabilities and creating new business models [2][5] Market Overview - In the first half of this year, domestic pet consumption reached 77.375 billion yuan, with a year-on-year growth of 8.84% [1] - The average revenue per pet store in mainland China was approximately 137,500 yuan [1] - The pet consumption market in urban areas is projected to exceed 300 billion yuan by 2024, with the total number of dogs and cats reaching over 120 million [3] - The pet economy is expected to grow to 1.15 trillion yuan by 2028 [3] Industry Trends - The role of pets is shifting from mere companionship to becoming integral family members, leading to increased demand for health management and personalized services [3][4] - AI technologies such as smart image analysis and semantic understanding algorithms are crucial for the intelligent upgrade of pet services [3] - The traditional hardware model is transitioning to a "hardware + service" model, creating a commercial ecosystem through subscription services and accessory sales [3] Company Performance - Listed companies in the pet industry have reported strong performance, with Yantai Zhongchong Food Co., Ltd. achieving a revenue of 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit of 203 million yuan, up 42.56% [4] - The growth of the pet economy is attributed to evolving consumer attitudes, expanding market demand, and improved industry standards [4] AI Integration - Companies are increasingly incorporating AI into the pet economy, with various enterprises launching AI-driven products and services [5][6] - Jinhe Biotechnology Co., Ltd. plans to launch the "AI Pet Partner" app, which will include features like emotion recognition and AI diagnosis [5] - Anuoqi Group has developed an AI customization service platform for pets, aiming to create a comprehensive ecosystem for pet care [5][6] - Shenzhen Yuanwanggu Information Technology Co., Ltd. is promoting a "hardware + AI + ecosystem" operational model with smart pet devices [6] Future Outlook - The competition in the "AI + pet economy" sector is expected to intensify, focusing on technological depth and data barriers [6] - New business models may emerge, including AI-based pet health management subscription services and AI-driven offline experience stores [6]

Core Insights - The article highlights the launch of "Ai Pet Easy" APP by Jinhe Biological, which is positioned as the world's first AI-driven pet care application that integrates health services and aims to revolutionize the pet economy [1][4]. Company Overview - Jinhe Biological has a strong foundation in animal health, with a comprehensive product line in pet vaccines, pharmaceuticals, and nutritional supplements, which supports the development of the "Ai Pet Easy" APP [1][2]. - The APP features an innovative emotional recognition system powered by the self-developed multimodal model Frank, which can accurately identify pets' emotional states and provide real-time feedback to owners [2][3]. Product Features - "Ai Pet Easy" APP includes multiple core functionalities such as emotional recognition, pet care encyclopedia, points system, interactive community, and personalized shopping [2][3]. - The emotional recognition system has achieved a 92% accuracy rate in identifying typical scenarios like anxiety and gastrointestinal discomfort [2]. - The APP will also offer AI pet consultations, video veterinary services, and legal assistance related to pet ownership, creating a comprehensive service ecosystem [3]. Market Potential - The pet economy is experiencing rapid growth, with the Chinese pet market expected to reach 494.3 billion yuan in 2024 and surpass 800 billion yuan by 2026 [5]. - The global pet economy is projected to exceed 3.2 trillion yuan by 2025, making it a significant area of emotional consumption [5]. - Jinhe Biological aims to leverage AI and big data to transform the pet economy from mere product transactions to a new ecosystem centered on understanding and service [6]. Industry Trends - The pet economy is becoming a new consumption blue ocean, with sectors like pet healthcare, smart hardware, insurance services, and digital content driving growth [5]. - The integration of technology in pet care is expected to unlock new functionalities, such as genetic disease prediction and public safety collaboration [5][6]. - The APP is seen as a platform-level capability that enhances communication between pets and their owners, promoting a more equitable dialogue [6][7].

Core Viewpoint - The article highlights the significant growth and competitive advantages of Jinhe Biological, particularly in the veterinary pharmaceutical sector, driven by rising demand and pricing power in the livestock industry, as well as the burgeoning pet economy in China [1][5]. Group 1: Industry Trends - In the U.S., beef prices have reached historical highs, with ground beef prices increasing by 12% year-on-year in June. In China, the number of beef cattle decreased by 2.33% month-on-month in May, while calf prices surged by 26.37% year-on-year as of July 11 [1]. - The upward trend in calf prices and the decline in beef cattle inventory are expected to support beef prices in the latter half of 2025 and into 2026, indicating a sustained cycle of profitability in the beef industry [3]. Group 2: Company Performance - Jinhe Biological, a leader in the veterinary pharmaceutical market with a 50% global market share in oxytetracycline, has experienced rapid growth in performance this year, with a stock price increase of over 90% by April 10 [1][2]. - The company's net profit attributable to shareholders for the first half of 2025 increased by 51.52% year-on-year, reaching 138 million yuan, driven by increased sales of oxytetracycline and reduced raw material costs [2]. Group 3: Business Strategy and Growth Drivers - The company has established a dual-channel strategy in the pet health sector, with a focus on both imported and domestic brands, and has launched an AI-powered pet care app [4]. - The pet industry in China is projected to grow from 170.8 billion yuan in 2018 to 300.2 billion yuan by 2024, with a compound annual growth rate of 9.86% [4]. - Jinhe Biological's vaccine business is expected to see significant growth, particularly with the brucellosis vaccine, which has a market potential of around 4 billion yuan and could grow to 20 billion yuan due to increased demand and pricing [21]. Group 4: Competitive Advantages - The company benefits from scale advantages that drive cost reductions and efficiency improvements, with plans for a new factory expected to enhance profitability and reduce production costs [12]. - Jinhe Biological has established strong technical barriers and innovation capabilities, collaborating with research institutions to improve product quality and reduce impurities in its products [13][14]. - The company has a diversified business model that includes environmental protection and agricultural product processing, which contribute to stable performance [15]. Group 5: Future Outlook - The company aims to leverage its dual-drivers of pharmaceutical and vaccine segments to transition from a cyclical to a growth-oriented enterprise, indicating long-term investment value [28].

Group 1 - The livestock ETF (516760) experienced fluctuations, currently down 0.15%, with key stocks like Jinhou Biological (002688) up 2.76% and Huaying Agriculture (002321) up 2.69% [1] - The China Animal Husbandry Association announced a meeting regarding the pig industry, indicating a shift in policy focus towards the agricultural sector, particularly from pig enterprises to slaughterhouses [1] - Financing for pig enterprises has been impacted, with companies like Shennong terminating capital increases and Juxing extending the validity period of their capital increase [1] Group 2 - The livestock ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in feed, veterinary drugs, and livestock farming [2] - The latest price-to-earnings ratio (PE-TTM) for the CSI Livestock Breeding Index is 13.4 times, indicating it is at a historical low, below 87.85% of the time over the past three years [2] - The current valuation of the sector remains low, suggesting a high margin of safety, and it is recommended to actively monitor the livestock ETF (516760.SH) [2]

Group 1 - China's assets continue to attract foreign investment due to robust fundamentals, an improving business environment, and high levels of openness [1] - As of August 5, 23 stocks in the top ten shareholders list included Qualified Foreign Institutional Investors (QFII), with a total market value of 3.737 billion yuan, averaging 162 million yuan per stock [2] - Notable QFII holdings include Ninebot Company-WD, Dongfang Yuhong, Haida Group, and Hongfa Technology, each with holdings exceeding 400 million yuan [2] Group 2 - Compared to the end of Q1, five stocks saw an increase in QFII holdings, with 13 stocks receiving new investments, resulting in a 78.26% increase in the number of stocks with increased holdings [3] - WoHua Pharmaceutical experienced the largest increase in QFII holdings, with a 234.76% rise in the number of shares held, driven by new investments from UBS and Barclays [3] - The average increase in stock prices for QFII heavy stocks since April has been 19.59%, with some stocks like DingTong Technology and WoHua Pharmaceutical seeing increases over 60% [4] Group 3 - More than half of the 23 QFII heavy stocks reported positive earnings, with a 54.55% reporting an increase in net profit [4] - Five stocks have announced cash dividend plans, totaling 2.94 billion yuan, with Dongfang Yuhong leading at 2.21 billion yuan [4] - International investment banks are optimistic about the Chinese market, with Morgan Stanley and Deutsche Bank raising their GDP growth forecasts for China [5][6]