Market Overview - The animal health sector experienced a decline of 0.44% on January 14, with Haili Biological leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable gainers included: - Qudongli (code: 920275) with a closing price of 10.39, up 10.65% on a trading volume of 112,300 shares and a turnover of 118 million yuan [1] - Huisheng Biological (code: 300871) closed at 25.52, up 1.84% with a trading volume of 270,100 shares and a turnover of 696 million yuan [1] - Major decliners included: - Haili Biological (code: 603718) closed at 6.55, down 1.65% with a trading volume of 237,400 shares and a turnover of 157 million yuan [2] - Zhongmu Co., Ltd. (code: 600195) closed at 7.92, down 1.61% with a trading volume of 201,400 shares and a turnover of 161 million yuan [2] Capital Flow - The animal health sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 52.14 million yuan [2] - The detailed capital flow for selected stocks showed: - Huisheng Biological had a net inflow of 23.06 million yuan from institutional investors [3] - ST Green Kang (code: 002868) faced a significant net outflow of 5.87 million yuan from institutional investors [3]

Core Viewpoint - The company announced the temporary use of idle raised funds to supplement working capital, with a total amount not exceeding 80 million yuan [1] Group 1 - On September 19, 2025, the company held a meeting to approve the use of up to 80 million yuan of idle raised funds for temporary working capital [1] - The company actually utilized the full amount of 80 million yuan for this purpose [1] - On January 13, 2026, the company fully repaid the funds back to the special account for raised funds and informed the sponsor institution and the sponsor representative [1]

金河生物科技股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 证券代码：002688 证券简称：金河生物 公告编号：2026-003 2026 年 1 月 13 日，公司已将上述用于暂时补充流动资金的闲置募集资金 8,000 万元全部归还至募集资金专用账户，使用期限未超过 12 个月。同时，公 司将上述募集资金的归还情况告知了公司保荐机构及保荐代表人。 特此公告。 金河生物科技股份有限公司 董 事 会 2026 年 1 月 14 日 1 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 2025 年 9 月 19 日召开 了第六届董事会第三十次会议和第六届监事会第二十五次会议审议通过《关于使 用部分闲置募集资金暂时补充流动资金的议案》。同意公司在确保不影响募集资 金投资项目实施及募集资金使用的情况下，使用不超过 8,000 万元的闲置募集资 金暂时补充公司流动资金，使用期限自董事会审议通过之日起不超过十二个月， 到期归还至募集资金专用账户。具体内容详见公司 2025 年 9 月 20 日于巨潮 ...

Core Viewpoint - The company reported a decline in profits for the third quarter due to routine maintenance in the chemical medicine workshop, the seasonal downturn in industry consumption, increased production capacity from the launch of the sixth phase project, and promotional discounts offered by the company [2] Group 1 - The main reasons for the profit decline include routine maintenance, seasonal consumption downturn, increased production capacity, and promotional discounts [2] - The company raised the price of gold mycin in domestic and other export markets at the end of November, which may positively impact the fourth quarter's performance [2] - Investors are advised to monitor the company's announcements for specific operational updates [2]

Core Insights - The animal health sector experienced a rise of 1.09% on January 13, with Huisheng Biological leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Huisheng Biological (300871) closed at 25.06, up 8.39%, with a trading volume of 276,700 shares and a transaction value of 700 million [1] - Other notable performers included: - Qudongli (920275) at 65.6, up 3.99% [1] - Haili Biological (603718) at 6.66, up 1.99% [1] - Xianfeng Holdings (002141) at 3.77, up 1.34% [1] - Shunlian Biological (688098) at 9.78, up 1.03% [1] Capital Flow - The animal health sector saw a net inflow of 34.99 million from institutional investors, while retail investors contributed a net inflow of 30.94 million [2] - However, speculative funds experienced a net outflow of 65.94 million [2] Individual Stock Capital Flow - Major net inflows were observed in: - Biological Shares (600201) with a net inflow of 39.54 million [3] - Jinhe Biological (002688) with a net inflow of 13.45 million [3] - Xianfeng Holdings (002141) with a net inflow of 10.20 million [3] - Conversely, significant net outflows were noted in: - Biological Shares (600201) with a net outflow of 48.25 million from speculative funds [3] - Jinhe Biological (002688) with a net outflow of 1.46 million from retail investors [3]

Group 1 - The animal vaccine sector experienced a decline of 0.04%, ranking among the top losers in the concept sector, with notable declines from companies such as Hengtong Co., BioShares, and Kanghua Bio [1] - Among the animal vaccine stocks, 9 companies saw price increases, with Dongfang Bio, KQ Bio, and Haili Bio leading the gains at 2.23%, 0.87%, and 0.77% respectively [1] - The sector faced a net outflow of 212 million yuan from main funds, with 14 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, led by Roniu Mountain with a net outflow of 82.38 million yuan [2] Group 2 - The top stocks with net outflows included BioShares, Hengtong Co., and Kanghua Bio, with net outflows of 41.91 million yuan, 41.77 million yuan, and 24.74 million yuan respectively [2] - Conversely, the stocks with the highest net inflows were Dabeinong, Haili Bio, and Guoyao Modern, with net inflows of 32.76 million yuan, 6.20 million yuan, and 3.24 million yuan respectively [2] - The trading data indicated that Roniu Mountain had a trading rate of 8.05% and a price drop of 1.05%, while Dongfang Bio had a trading rate of 1.46% and a price increase of 2.23% [3]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The sentiment in the pork market has significantly improved, with a notable reduction in losses for pig farming. The average price of live pigs is currently 12.55 CNY/kg, remaining stable week-on-week. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year, indicating a steady adjustment in pig production capacity [2][12] - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of winter crop seeds to ensure safety for the upcoming spring and summer planting seasons. This includes a focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified seeds is expected to accelerate, enhancing self-sufficiency rates for critical varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture is conducting inspections to ensure seed quality and compliance, which is crucial for agricultural production safety. The emphasis on genetically modified technology is expected to revolutionize yield improvements, with companies like Beidahuang and Suqian Agricultural Development likely to benefit [1][11] Pig Farming - The average price of live pigs is 12.55 CNY/kg, with a slight increase in slaughter volume by 17.4% year-on-year. The market sentiment has improved significantly, with a reduction in losses for self-bred and purchased pig farming, indicating a potential for recovery in the sector. Recommended stocks include companies like Muyuan Foods and Wens Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2353.51 CNY/ton, with a slight increase of 0.09% week-on-week. The international price is 5.21 USD/bushel, up 2.11% [26][27] - Wheat: The domestic average price is 2513.62 CNY/ton, down 0.09% week-on-week. The international price is 5.82 USD/bushel, down 0.13% [29][31] - Soybeans: The domestic average price is 4048.42 CNY/ton, up 0.63% week-on-week. The international price is 405.95 USD/ton, up 0.74% [39][43] - Cotton: The average price in Xinjiang is 15530.00 CNY/ton, up 0.84% week-on-week [45][49] Feed and Vitamin Prices - The average price of pig feed is 2.64 CNY/kg, with a week-on-week increase of 0.76%. The prices for chicken feed and egg-laying hen feed remain stable [52][54]

Core Viewpoint - The approval of the inactivated vaccine for swine encephalitis by Jinhe Biotechnology's subsidiaries marks a significant advancement in the company's product offerings and enhances its position in the animal vaccine industry [1][2]. Group 1: Vaccine Development - Jinhe Biotechnology announced the approval of a new veterinary drug registration certificate for an inactivated vaccine against swine encephalitis, developed in collaboration with its subsidiaries and Beijing Huikang Yisheng Technology Co., Ltd [1]. - The inactivated vaccine is based on the A6-C strain isolated from infected pigs, providing better antigen matching and immunogenicity, and offering strong immune protection against currently circulating genotype I and III viruses [1]. Group 2: Industry Impact - The approval of the new vaccine is a result of the company's ongoing commitment to research and innovation, which will enhance its ability to provide comprehensive solutions to livestock customers [2]. - This development is expected to strengthen the company's market competitiveness and contribute positively to its sustainable development and research capabilities in the animal vaccine sector [2].

Core Viewpoint - The animal health sector experienced a rise of 1.55% on January 9, with significant contributions from leading stocks like Biological Shares, which surged by 4.76% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up by 0.92%, while the Shenzhen Component Index closed at 14120.15, up by 1.15% [1]. - The top-performing stock in the animal health sector was Biological Shares (600201), closing at 17.40 with a gain of 4.76% and a trading volume of 683,900 shares, amounting to a transaction value of 1.179 billion yuan [1]. Group 2: Stock Performance Summary - Other notable stocks included: - Shunlian Biological (688098) at 9.67, up by 1.90% with a trading volume of 64,900 shares [1]. - Zhongmu Shares (600195) at 8.10, up by 1.25% with a trading volume of 138,100 shares [1]. - Ruipu Biological (300119) at 19.90, up by 1.12% with a trading volume of 154,700 shares [1]. - Haili Biological (603718) at 6.48, up by 0.78% with a trading volume of 124,600 shares [1]. Group 3: Capital Flow Analysis - The animal health sector saw a net outflow of 27.3879 million yuan from institutional investors, while retail investors contributed a net inflow of 90.8993 million yuan [2]. - The capital flow for specific stocks showed: - Haili Biological had a net inflow of 10.2913 million yuan from institutional investors [3]. - Jinhe Biological experienced a net inflow of 2.8449 million yuan from institutional investors [3]. - *ST Green Kang (002868) had a net inflow of 1.8780 million yuan from institutional investors [3].

Group 1 - The company has changed its sponsor institution to Ping An Securities for the 2025 private placement of shares, with the original sponsor, Dongfang Securities, transferring its ongoing supervision responsibilities [2] - The company has signed a tripartite supervision agreement with China Minsheng Bank and Ping An Securities to regulate the management and use of raised funds, ensuring the protection of minority investors' rights [2][3] - The total amount raised from the private placement was approximately RMB 820 million, with a net amount of approximately RMB 802 million after deducting issuance costs [2] Group 2 - The tripartite supervision agreement stipulates that the raised funds will be stored in a dedicated account solely for specific projects, including production process efficiency improvements and energy-saving upgrades [3][4] - Ping An Securities will supervise the use of the raised funds and conduct semi-annual inspections of the fund's storage and usage [4][5] - The agreement includes provisions for notification of large withdrawals and compliance with anti-money laundering regulations [5][6] Group 3 - The company has received a new veterinary drug registration certificate for a new inactivated vaccine for swine encephalitis, developed in collaboration with several subsidiaries and partners [14] - The new vaccine is classified as a Class III veterinary drug and is designed to prevent swine encephalitis, with a recommended dosage of 2ml per pig [15][16] - The approval of this new vaccine is expected to enhance the company's product pipeline and strengthen its market position in the animal vaccine sector [20]