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]

证券代码：002688 证券简称：金河生物 公告编号：2025-107 关于出售资产的公告 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。 2025 年 10 月 29 日，金河生物科技股份有限公司（以下简称"公司"、"乙 方"）召开了第六届董事会第三十三次会议审议通过《关于出售资产的议案》。 公司拟向内蒙古托克托经开区招投建设发展有限责任公司（以下简称"招投公司"、 "甲方"）出售拥有所有权的金河六期蒸汽长输管道，金额为人民币 21,121,234 元（含税）。具体内容如下： 一、交易概述 1、公司拥有所有权的金河六期蒸汽长输管道（以下简称"标的资产"）总 长为 5,257.78 米，是公司六期工程生产过程中使用蒸汽自建的蒸汽长输管道。 金河六期蒸汽长输管道位于由呼铝热电厂围墙内低压分汽缸接出，至金河公司院 内的蒸汽长输管道，向南跨人行道，经运铝专线路东沿绿化带向南，在大唐铁路 北护坡处向西，在铁路北护坡桥下穿过 S103，继续沿铁路北护坡向西后拐入金 河大街，沿金河大街路南绿化带向西，沿复兴路西绿化带向北，在中石环保东墙 沿复兴路西绿化带向西， ...

Group 1 - The core point of the article is that Jinhe Biological announced the convening of its 33rd board meeting on October 29, 2025, to review the third-quarter report for 2025 [1] - For the first half of 2025, Jinhe Biological's revenue composition is as follows: veterinary chemical drugs accounted for 61.83%, agricultural product processing accounted for 19.76%, veterinary biological products accounted for 11.12%, environmental protection business accounted for 4.97%, and others accounted for 2.15% [1] - As of the report date, Jinhe Biological has a market capitalization of 5.2 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

Group 1 - Company Jinhe Biology reported Q3 performance with revenue of approximately 2.036 billion yuan, an increase of 22.86% year-on-year [1] - The net profit attributable to shareholders was about 139 million yuan, reflecting a year-on-year increase of 22.25% [1] - Basic earnings per share reached 0.1803 yuan, up 23.41% compared to the previous year [1] Group 2 - As of the report, Jinhe Biology's market capitalization stands at 5.2 billion yuan [2]

证券代码：002688 证券简称：金河生物 公告编号:2025-108 金河生物科技股份有限公司 关于接受控股股东无偿借款暨关联交易的公告 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。 二、关联方的基本情况 1、基本情况 | 公司名称 | 内蒙古金河控股有限公司 | | --- | --- | | 注册地址 | 内蒙古自治区呼和浩特市托克托县新坪路81号 | | 统一社会信用代 码 | 91150122MA0QQPB945 | | 类型 | 有限责任公司（自然人投资或控股） | | 注册资本 | 2,118万元 | | 法定代表人 | 王东晓 | | 成立日期 | 2020年6月30日 | | 经营范围 | 以自有资金从事投资活动；企业管理。 | | 主要股东和实际 | 公司董事长王东晓持有金河控股82%的股权，路牡丹女士持有金河控股18% | | 控制人 | 的股权。 | 2、历史沿革、主要业务最近三年发展状况 金河生物科技股份有限公司（以下简称"公司"或"金河生物"）于2025 年10月29日召开第六届董事会第三十三次会议，审议通过了《关于接 ...

金河生物科技股份有限公司 第六届监事会第二十七次会议决议公告 本公司及监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"）第六届监事会第二十七次 会议于 2025 年 10 月 19 日以电子邮件方式发出通知，并于 2025 年 10 月 29 日以 通讯方式召开。会议由监事会主席张千岁先生主持，应到监事 3 人，实到监事 3 人，本次监事会出席会议监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。与会监事以通 讯表决的方式审议通过了以下议案： 证券代码：002688 证券简称：金河生物 公告编号：2025-105 三、备查文件 1、监事会决议 一、以 3 票同意，0 票反对，0 票弃权审议通过了《关于金河生物科技股份 有限公司 2025 年第三季度报告的议案》。 经审核，监事会认为董事会编制和审核公司 2025 年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大 ...

Revenue and Profit - The company's revenue for Q3 2025 was CNY 645,942,171.20, representing a 9.20% increase year-over-year, while year-to-date revenue reached CNY 2,036,199,952.22, up 22.86% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was CNY 1,149,590.21, a significant decrease of 94.94% year-over-year, with year-to-date net profit at CNY 139,068,189.51, an increase of 22.25%[5] - The basic and diluted earnings per share for Q3 2025 were both CNY 0.0015, down 94.90% from the same quarter last year[5] - The net profit for Q3 2025 was CNY 134,780,194.66, an increase of 19.3% compared to CNY 113,065,440.05 in the same period last year[37] - The total profit for the period was CNY 160,750,511.35, an increase of 29.3% from CNY 124,210,778.64 in the same quarter last year[37] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 5,584,971,110.18, a decrease of 1.16% from the end of the previous year[5] - Total liabilities decreased to ¥2,985,226,288.81 from ¥3,150,724,813.22, a decline of 5.2%[34] - The total equity attributable to shareholders increased by 4.58% year-over-year, reaching CNY 2,349,509,857.26[5] - The total equity attributable to shareholders rose to ¥2,349,509,857.26 from ¥2,246,607,845.93, an increase of 4.6%[35] Cash Flow - The company’s cash flow from operating activities for the year-to-date was CNY 364,247,585.56, reflecting a decrease of 4.04%[5] - Cash flow from financing activities decreased by 780,066,049.21 yuan, a decline of 42.28%, primarily due to reduced borrowing and repayment of more maturing debts[23] - Net cash increase in cash and cash equivalents decreased by 296,085,837.75 yuan, a decline of 130.21%, mainly due to reduced financing activities[24] - The net cash flow from operating activities was CNY 364,247,585.56, slightly down from CNY 379,581,732.41 in the previous year[39] - The cash and cash equivalents at the end of the period were CNY 519,657,637.46, a decrease from CNY 725,025,045.03 year-over-year[39] Expenses and Impairments - Research and development expenses increased by 51.10% year-over-year, amounting to CNY 28,951,969.12, as the company enhanced its competitiveness through increased investment[15] - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, which fell by 118.45% year-over-year to CNY -3,246,231.76 for Q3 2025[5] - Income tax expenses increased by 14,824,978.10 yuan, an increase of 133.02%, driven by improved overall performance and profit growth, particularly from subsidiary PharmaWay[17] - Cash paid for various taxes increased by 43,029,542.50 yuan, a rise of 99.93%, reflecting the company's sustained operational performance[19] - Credit impairment losses decreased by 2,086,965.35 yuan, a reduction of 58.41%, mainly due to intensified collection efforts resulting in recovery of long-overdue receivables[16] - Asset impairment losses decreased by 16,236,415.71 yuan, a decline of 93.64%, attributed to reduced provisions for inventory write-downs as prices rebounded and unit costs decreased[16] Stock and Shareholder Information - Total number of common shareholders at the end of the reporting period was 50,527[26] - The company approved the release of 4,826,000 restricted stocks, accounting for 0.63% of the total share capital of 771,634,398 shares[28] - The first release date for the restricted stocks under the 2023 incentive plan is set for July 21, 2025[29] - The company has approved 570,000 stock options for 22 eligible participants, representing 0.74% of the total share capital, with an exercise price of 2.84 yuan per share[30] Other Financial Metrics - Fair value gains increased by 134,289.65 yuan, a growth of 172.91% compared to the same period last year, primarily due to stock price recovery of other listed companies held by subsidiary Hangzhou Youben[16] - The company reported a net investment loss of ¥1,139,097.30 compared to a loss of ¥631,039.01 in the previous period[36] - The total operating revenue for the period reached ¥2,036,199,952.22, an increase of 22.9% compared to ¥1,657,273,697.64 in the previous period[36] - Total operating costs amounted to ¥1,893,954,187.39, up 23.7% from ¥1,530,578,504.10 in the prior period[36] - The company did not undergo an audit for the Q3 financial report[40]

具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）及《证 券时报》、《中国证券报》、《证券日报》和《上海证券报》披露的《关于出售 资产的公告》。 三、以 5 票同意，0 票反对，0 票弃权审议通过了《关于接受控股股东无偿 借款暨关联交易的议案》。 证券代码：002688 证券简称：金河生物 公告编号：2025-104 金河生物科技股份有限公司 第六届董事会第三十三次会议决议公告 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"）第六届董事会第三十三次 会议于 2025 年 10 月 19 日以电子邮件方式发出通知，并于 2025 年 10 月 29 日以 通讯方式召开，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。与会董事以通讯表 决的方式审议通过了以下议案： 一、以 9 票同意，0 票反对，0 票弃权审议通过了《关于金河生物科技 ...