Core Viewpoint - The veterinary raw material drug market in China is expected to grow significantly, with a projected market size of approximately 185.1 billion yuan in 2024 and around 200 billion yuan in 2025, driven by increased demand and favorable economic conditions [1][8]. Industry Characteristics and Classification - Veterinary raw material drugs are pharmacologically active substances used directly in the manufacture of veterinary drug formulations, characterized by specificity, regulatory requirements, and high technical barriers [2][4]. - They can be classified by chemical properties into synthetic raw materials, biotechnological raw materials, and natural extracts, and by usage into antimicrobial drugs, antiparasitic drugs, antipyretic analgesics, and diagnostic/treatment aids [4][5]. Current Development Status - The veterinary drug industry in China has rapidly developed, becoming a significant part of the global veterinary drug market, with a projected market size of approximately 600 billion yuan in 2024 and 635 billion yuan in 2025 [6][8]. Market Size and Growth - The veterinary raw material drug market is expected to see a growth from 185.1 billion yuan in 2024 to 200 billion yuan in 2025, reflecting a recovery in demand and controlled supply [8][10]. Market Segmentation - Antimicrobial drugs dominate the veterinary raw material drug market, holding an 84% market share, while antiparasitic drugs account for about 11% [10]. Industry Chain - The industry chain includes upstream components such as basic chemical raw materials and intermediates, midstream production of raw materials through chemical synthesis and fermentation, and downstream processing into veterinary drug formulations for livestock and pet healthcare [12]. Competitive Landscape - The veterinary raw material drug industry in China has a low concentration level, with major companies including Haisheng Pharmaceutical, Qihui Pharmaceutical, Guobang Pharmaceutical, and Puluo Pharmaceutical, among others [14][16]. - The industry is experiencing a shift towards larger, more capable firms as regulatory standards improve, leading to a potential increase in market concentration [14]. Key Enterprises - Guobang Pharmaceutical reported a revenue of 1.831 billion yuan from animal health raw materials in 2024, with a gross margin of 18.86% [16]. - Haisheng Pharmaceutical achieved a revenue of 112 million yuan from raw materials in 2024, with a gross margin of 36.28% [18]. Technology Development Trends - The production of raw materials and intermediates requires significant investment in research and development to improve process technology and compete in higher-margin sectors [20].

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-081 绿康生化股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会召开期间不存在否决或变更提案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 3、本次股东会采取现场投票表决和网络投票表决相结合的方式进行。 一、会议召开和出席情况 1、审议通过了《关于豁免公司实际控制人、董事、高级管理人员自愿性股 1 份限售承诺的议案》 本提案关联股东上海康怡投资有限公司、赖潭平回避表决，回避表决股数为 48,848,260 股，占上市公司总股份的 31.4307%。 总表决情况：同意 26,112,554 股，占出席本次股东会有效表决权股份总数的 99.9426％；反对 2,900 股，占出席本次股东会有效表决权股份总数的 0.0111％； 弃权 12,100 股（其中，因未投票默认弃权 0 股），占出席本次股东会有效表决 权股份总数的 0.0463％。 中小股东总表决情况：同意 2,524,746 股，占出席本次股东会中 ...

致：绿康生化股份有限公司 上海澄明则正律师事务所（以下简称"本所"），接受绿康生化股份有限公司 （以下简称"公司"）的委托，指派本所律师出席公司 2025 年第二次临时股东会 （以下简称"本次股东会"），并根据《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》"）、《上市公司股东会 规则》（以下简称"《股东会规则》"）以及《绿康生化股份有限公司章程》（以下 简称"《公司章程》"）等规定出具《上海澄明则正律师事务所关于绿康生化股份 有限公司 2025 年第二次临时股东会之法律意见书》（以下简称"本法律意见书"）。 本所律师按照中华人民共和国（以下简称"中国"，仅为本法律意见书之目 的，不包括香港特别行政区、澳门特别行政区和台湾地区）现行法律、法规的规 定对本次股东会的召集、召开程序是否合法及是否符合《公司章程》规定、出席 会议人员资格和股东会表决程序的合法有效性发表法律意见。 上海澄明则正律师事务所 法律意见书 上海澄明则正律师事务所 关于绿康生化股份有限公司 2025 年第二次临时股东会之法律意见书 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则本所 ...

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-081 绿康生化股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）2025 年第二次 临时股东会于 2025 年 7 月 14 日在福建省浦城县园区大道 6 号公司综合办公楼 二楼第一会议室召开，会议采取现场结合网络投票方式举行。参加本次会议的股 东及股东代表共计 95 人，代表股份 74,975,814 股，占公司总股本的 48.2421%。 其中，出席现场会议的股东及股东代表 5 人，代表股份 49,123,692 股，占公司总 股本的 31.6079%；通过网络投票出席会议的股东 90 人，代表股份 25,852,122 股， 占公司总股本的 16.6342%。 本次会议由公司董事会召集，由董事长赖潭平先生主持召开。公司董事、监 事、董事会秘书出席了本次会议，公司高级管理人员列席了本次会议，上海澄明 则正律师事务所律师对本次会议进行了见证。本次会议的召集、召开符合有关法 律、法规及《公司 ...

上海澄明则正律师事务所 法律意见书 上海澄明则正律师事务所 关于绿康生化股份有限公司 致：绿康生化股份有限公司 上海澄明则正律师事务所（以下简称"本所"），接受绿康生化股份有限公司 （以下简称"公司"）的委托，指派本所律师出席公司 2025 年第二次临时股东会 （以下简称"《公 司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、 《上市公司股东会 规则》（以下简称"《股东会规则》"）以及《绿康生化股份有限公司章程》（以下 简称"《公司章程》"）等规定出具《上海澄明则正律师事务所关于绿康生化股份 有限公司 2025 年第二次临时股东会之法律意见书》 （以下简称"本法律意见书"）。 本所律师按照中华人民共和国（以下简称"中国"，仅为本法律意见书之目 的，不包括香港特别行政区、澳门特别行政区和台湾地区）现行法律、法规的规 定对本次股东会的召集、召开程序是否合法及是否符合《公司章程》规定、出席 会议人员资格和股东会表决程序的合法有效性发表法律意见。 （以下简称"本次股东会"），并根据《中华人民共和国公司法》 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则本所律师愿 意承担相应的法律责任。 ...

[Lvkang Bio 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E7%BB%BF%E5%BA%B7%E7%94%9F%E5%8C%96%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company expects to record a net loss in the first half of 2025, with the loss amount projected to narrow compared to the same period last year, as net profit attributable to shareholders is estimated to be a loss of RMB 50 million to RMB 65 million, representing a year-on-year reduction in loss of 25.35% to 42.58% Performance Forecast Summary | Item | Current Period (2025 H1 Est.) | Prior Period (2024 H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Loss: RMB 50 million – RMB 65 million** | Loss: RMB 87.0785 million | | | *Year-on-year reduction in loss: 25.35% – 42.58%* | | | **Net Profit Attributable to Shareholders After Non-Recurring Items** | **Loss: RMB 68 million – RMB 80 million** | Loss: RMB 104.3645 million | | | *Year-on-year reduction in loss: 23.35% – 34.84%* | | | **Basic Earnings Per Share** | **Loss: RMB 0.32/share – RMB 0.42/share** | Loss: RMB 0.56/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) This performance forecast has not been pre-audited by a certified public accountant, and its accuracy awaits final audit confirmation - This performance forecast has not been pre-audited by a certified public accountant[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's loss narrowed in the current period, primarily due to increased gross profit margin in the veterinary drug business and reduced inventory impairment losses - Gross profit margin for the veterinary drug business increased year-on-year due to sales growth[4](index=4&type=chunk) - The company strengthened inventory management, reduced inventory scale, and consequently decreased inventory impairment losses compared to the same period last year[4](index=4&type=chunk) [Risk Warning and Other Related Information](index=1&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E5%8F%8A%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company faces severe delisting risks due to negative net assets and an *ST designation, with potential termination of listing if 2025 financial indicators again trigger relevant regulations - The company's net assets at the end of 2024 were negative, and are expected to remain negative at the end of the first half of 2025[6](index=6&type=chunk) - The company's stock has been subject to a "delisting risk warning" (*ST) since April 30, 2025, with a daily price fluctuation limit of 5%[6](index=6&type=chunk) - If the company's audited financial indicators for the 2025 fiscal year again trigger delisting clauses, the company's stock will be terminated from listing[6](index=6&type=chunk) - This performance forecast is a preliminary calculation by the company's finance department, and the final data will be subject to the 2025 semi-annual report[6](index=6&type=chunk)

Core Viewpoint - The announcement details that certain supervisors and senior management of Green Kang Biochemical Co., Ltd. have completed their share reduction period without selling any shares, maintaining their current holdings [1][3]. Group 1: Shareholding Information - Supervisors Feng Zhenwu and Lou Lijun, along with senior manager Bao Zhongshou, have not reduced their shareholdings as of the announcement date, with their total shares remaining unchanged [1]. - The total shares held by Feng Zhenwu amount to 28,900 shares, representing 0.019% of the total share capital [2]. - Lou Lijun holds 12,500 shares, which is 0.008% of the total share capital, while Bao Zhongshou holds 27,300 shares, accounting for 0.018% of the total share capital [2]. Group 2: Compliance and Regulations - The share reduction actions are in compliance with relevant laws and regulations, including the Interim Measures for the Management of Share Reduction by Shareholders and the Self-Regulatory Guidelines for Listed Companies [3]. - The company confirms that the share reduction plan does not violate any previously disclosed plans or commitments, and there are no implications for the company's governance structure or ongoing operations [3].

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-079 绿康生化股份有限公司 关于公司部分监事、高级管理人员减持期限届满暨 未减持公司股份的公告 公司监事冯真武、楼丽君，高级管理人员鲍忠寿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。 3、股东鲍忠寿拟自本减持计划公告之日起 15 个交易日后的 3 个月内通过集 中竞价交易方式（即2025 年4 月14 日-2025 年7 月11 日，根据相关法律法规规定 禁止减持的期间除外）减持本公司股份不超过 27,300 股（占公司总股本比例 0.018%）。 公司于今日收到冯真武、楼丽君、鲍忠寿分别出具的《关于减持期限届满暨 未减持公司股份的告知函》（以下简称"告知函"），截至本公告披露日，减持 期限届满，冯真武、楼丽君、鲍忠寿未减持公司股份，所持公司股份数量未发生 1 变化。现将有关情况公告如下： 一、股东减持股份情况 1、本次减持基本情况 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。 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）于 2025 年 3 月 22 日在巨潮资讯网（ ...

证券代码：002868 证券简称：*ST绿康 公告编号：2025-078 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。 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）于 2025 年 2 月 19 日在《 证 券 日 报 》 和 巨 潮 资 讯 网（http://www.cninfo.com.cn） 披露了《关于持股 5%以上股东解散清算暨权益变动的提示性公告》（公告编号： 2025-005），公司持股 5%以上股东杭州慈荫投资合伙企业（有限合伙）（以下简 称"慈荫投资"）经合伙人决议决定解散注销，慈荫投资将持有公司 15,541,584 股无限售流通股股票通过非交易过户至原合伙人厦门国际信托有限公司（以下 简称"厦门国际信托"）及董海名下。 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。 2025 年 7 月 9 日，公司收到慈荫投资的通知，其所持有的公司股份已通过 非交易过户的方式登记至各合伙人名下，相关手续已经办理完成，并已取得中 国证券登记结算有限责任公司出具的《证券过户登记确认书》，现将有关情况 公告如下： | 序 号 | 过出方 | 过入方 | 过 ...

Meeting Announcement - The company, Green Kang Biochemical Co., Ltd., has announced the second extraordinary general meeting of shareholders for 2025, scheduled for July 14, 2025, at 15:30 [1][2] - The meeting will be conducted both in-person and via online voting through the Shenzhen Stock Exchange systems [2][4] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on July 14, 2025 [1][2] - Online voting will be available from 9:15 to 15:00 on the same day [2][4] Agenda Items - The main agenda item for the meeting is to discuss the proposal to exempt the company's actual controller, directors, and senior management from voluntary shareholding restrictions [2][3] - The proposal will be voted on as a regular resolution, requiring more than half of the valid voting rights held by attending shareholders to pass [2][3] Attendance and Registration - All registered shareholders or their authorized agents can attend the meeting, and proxy representatives do not need to be shareholders [3][4] - Registration requires valid identification and authorization documents for proxy representatives [4] Additional Information - The meeting will take place at the company's office located at 6 Yuanqu Avenue, Pucheng County, Fujian Province [4] - Contact information for inquiries includes phone and fax numbers, as well as an email address [4]