Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][13]. Core Insights - The company reported a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 13.32%. However, the net profit attributable to shareholders decreased by 33.70% to 301 million yuan, primarily due to non-recurring losses and high base effects from asset disposals in the previous year. The adjusted net profit showed a smaller decline of 11.84%, indicating stable core operations [1][2]. - The operating cash flow improved significantly, reaching 736 million yuan, a year-on-year increase of 79.35%, reflecting a notable enhancement in cash flow conditions [1]. - The company is experiencing growth in both traditional and new business segments, with the traditional animal health business maintaining stability despite increased competition. The pet segment has become a significant growth driver, contributing 6.90 billion yuan in revenue, accounting for 22.47% of total revenue [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 822 million yuan, a 20.00% increase year-on-year. The net profit attributable to shareholders was 116 million yuan, up 28.45%, while the adjusted net profit rose by 19.65% to 93 million yuan, indicating robust growth in core business operations [1][2]. - The revenue from poultry biological products reached 1.08 billion yuan, growing by 15.90%, with a gross margin of 63.17%. The livestock biological products segment saw a revenue increase of 49.78% to 211 million yuan, benefiting from acquisitions [2]. Business Segments - The traditional animal health business faced challenges due to market competition, with the veterinary preparations and raw materials segment reporting a revenue decline of 5.83% to 1.02 billion yuan and a gross margin decrease of 2.73 percentage points to 36.50% [2]. - The pet segment is emerging as a key growth area, with a diverse product pipeline including mRNA vaccines and oral dewormers, contributing significantly to overall revenue growth [2]. Strategic Initiatives - The company has expanded its international presence, registering 35 products in seven countries, including Indonesia and Sri Lanka, and has passed GMP audits, enhancing its global market strategy [2].

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, driven by the sales of biological products and strategic acquisitions in the pet sector [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 822 million, a year-on-year increase of 20.00%, and a net profit attributable to shareholders of 116 million, up 28.45% [1]. - The non-recurring net profit reached 93 million, reflecting a growth of 19.65% year-on-year [1]. Group 2: Business Segments - The biological products segment saw substantial growth, with high pathogenic avian influenza vaccine sales reaching 87 million, a 16% increase, and Marek's disease vaccine sales at 26 million, up 59% [1]. - The company’s acquisition of Betway Antai last May contributed to the increase in foot-and-mouth disease vaccine revenue [1]. - The pet segment is expanding, with the acquisition of Zhongrui Supply Chain and the upcoming launch of a new oral deworming product for cats [1][2]. Group 3: Strategic Initiatives - The company established strategic partnerships with large breeding groups to enhance market position and reduce costs for clients [2]. - It is actively pursuing international market expansion, with 35 product registrations completed in seven countries, including Indonesia and Sri Lanka [2]. - The company aims to build a comprehensive ecosystem in the pet sector through collaboration among its core divisions, enhancing its brand presence [2]. Group 4: Product Development - The company launched its self-developed cat trivalent vaccine "Rui Miao Shu," breaking foreign monopolies and becoming the first domestic product in this category [3]. - Future earnings per share (EPS) projections for 2025-2027 are estimated at 0.91, 1.08, and 1.16, with corresponding dynamic price-to-earnings ratios of 23, 19, and 18 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company reported a revenue of 3.07 billion yuan for 2024, a year-on-year increase of 36.5%, while the net profit attributable to shareholders decreased by 33.6% to 300 million yuan [1]. - In Q1 2025, the company achieved a revenue of 820 million yuan, reflecting a year-on-year growth of 54.1%, although it showed a quarter-on-quarter decline of 37.9% [1]. - The veterinary biological products segment saw significant growth, with revenues from veterinary biological products increasing by 23.4% to 1.32 billion yuan, while the pet supply chain grew by 37.7% to 630 million yuan [2]. - The company is focusing on enhancing its research and development efforts, with R&D expenditure as a percentage of revenue rising from 5.9% in 2021 to 6.4% in 2024 [3]. - The strategic acquisition of a 56.3% stake in Zhongrui Supply Chain is aimed at strengthening the company's position in the pet health market and enhancing distribution channels [4]. Summary by Sections Financial Performance - For 2024, the company expects total revenue to reach 3.07 billion yuan, with a growth rate of 13.3% [5]. - The projected net profit for 2025 is 493 million yuan, representing a significant recovery with a growth rate of 63.9% [5]. - Earnings per share (EPS) are forecasted to be 1.06 yuan in 2025, with a price-to-earnings (PE) ratio of 19 [5]. Business Segments - The veterinary formulation and raw materials segment experienced a revenue decline of 6.4%, totaling 1.04 billion yuan [2]. - The company is actively launching new products, including a combination vaccine for cats and various core products for pets, to enhance market competitiveness [3]. Strategic Initiatives - The company is committed to increasing its R&D investments and has successfully launched domestically developed vaccines, breaking foreign monopolies [3]. - The share buyback program, which has repurchased 6.4 million shares (1.4% of total shares) for 120 million yuan, aims to boost investor confidence [4].

证券代码：300119 证券简称：瑞普生物 公告编号：2025-041 瑞普生物股份有限公司 关于股份回购完成暨股份变动的公告 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。 瑞普生物股份有限公司（以下简称"公司"）于 2024 年 11 月 1 日召开第五 届董事会第十八次（临时）会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用商业银行股票回购专项贷款及自有资金以集中竞价交易方式回购 公司无限售条件的 A 股流通股，用于股权激励或员工持股计划。本次回购资金 总额不低于人民币 10,000.00 万元、不超过人民币 16,000.00 万元。回购股份的价 格不超过人民币 19.5 元/股（含）。本次回购股份的实施期限为自公司董事会审 议通过本次回购方案之日起 6 个月内。具体内容详见公司在深圳证券交易所网站 （http://www.szse.cn）及巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 2024 年 11 月 8 日，公司实施了首次回购，截至 2025 年 4 月 30 日，公司本 次回购股份方案已实施完 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.80 RMB [7][8]. Core Views - The company reported a revenue of 822 million RMB in Q1 2025, representing a year-over-year growth of 20%, and a net profit attributable to shareholders of 116 million RMB, up 28.45% year-over-year [1][2]. - The poultry and livestock sectors are performing steadily, with the pet vaccine segment showing significant growth, supported by international expansion efforts [1][3]. - The company is expected to achieve its annual growth targets in the pet segment, driven by strong sales of key products and ongoing product development [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 822 million RMB, with a year-over-year increase of 20%. The poultry segment is estimated to have grown by 13% to 18%, while the livestock segment benefited from the consolidation of a subsidiary and recovering demand [2]. - The gross margin improved to 41%, an increase of 0.30 percentage points year-over-year, primarily due to an optimized product mix with a higher proportion of high-margin vaccine products [2]. Growth Prospects - The pet business continues to grow, with strong sales of the cat trivalent vaccine "Rui Miao Shu" and new product approvals expected to drive further growth [3]. - The company is accelerating its international market expansion, with expectations for significant growth in overseas revenue by 2025 [3][4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits of 400 million RMB, 510 million RMB, and 610 million RMB for 2025, 2026, and 2027, respectively [4]. - The report assigns a price-to-earnings (PE) ratio of 30 for 2025, reflecting the company's leading position in the pet segment and positive performance in the livestock sector [4].

1、鸡新城疫、禽流感(H9 亚型)、传染性法氏囊病、禽腺病毒病(I 群，4 型) 四联灭活疫苗(La Sota 株+TJ-4 株+RPVA0706 株+RPVA0903 株)新兽药 公司自主研制的国家三类新兽药鸡新城疫、禽流感(H9 亚型)、传染性法氏囊 病、禽腺病毒病(I 群，4 型)四联灭活疫苗(La Sota 株+TJ-4 株+RPVA0706 株 +RPVA0903 株)，能够有效预防鸡新城疫、H9 亚型禽流感、鸡传染性法氏囊病 和Ⅰ群血清 4 型禽腺病毒感染引起的疾病。该产品选用国内流行毒株，抗原谱广、 免疫原性好，抗体产生早、滴度高，能够有效克服母源抗体干扰；接种后 14～21 日即可产生保护性抗体，且持续时间可达 6 个月以上。该产品采用悬浮细胞工艺 培养，工艺稳定；以优质佐剂制备，具有安全、吸收快、应激小等特点，最大程 度降低免疫副反应。该产品免疫一针可同时预防四种疫病，适合临床免疫程序， 能够提升养殖场的免疫效率、减少临床免疫应激、节省人力成本。 1 2、鸭甲型肝炎病毒二价卵黄抗体(1 型+3 型)新兽药 证券代码：300119 证券简称：瑞普生物 公告编号：2025-040 瑞普生物股份有 ...

Core Viewpoint - In Q1 2025, the company reported strong financial performance with significant growth in revenue and net profit, indicating a positive trend in its business operations [1][2]. Financial Performance - The company achieved a revenue of 822 million yuan in Q1 2025, representing a year-on-year increase of 20.00% [1]. - The net profit attributable to shareholders reached 116 million yuan, up 28.45% year-on-year [1]. - The non-recurring net profit was 93 million yuan, reflecting a year-on-year growth of 19.65% [1]. - The gross profit margin was 41.23%, an increase of 0.47 percentage points compared to the previous year [2]. - The net profit margin was 14.62%, up 0.13 percentage points year-on-year [2]. Business Strategy - The company is enhancing its pet ecosystem and actively developing a second growth curve through the "Three Ruipai Synergy" strategy, which integrates three core segments: Ruipai Biological, Ruipet Hospital, and Zhongrui Supply Chain [2]. - In 2024, the pet segment generated a total sales revenue of 689 million yuan, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [2]. - The company is accelerating the launch of new products, including Milbemycin Oxime Tablets and various vaccines, while advancing the development of core products like mRNA vaccines for cats and dogs [2]. International Expansion - The company is implementing a dual-cycle strategy for product and technology export, having registered and sold products in Southeast Asia, South Asia, the Middle East, Central Asia, and Africa [2]. - It is also developing new product categories and multi-species channels in international markets, alongside providing periodic technical services to enhance its brand differentiation [2]. Earnings Forecast - Based on the positive Q1 2025 performance, the company has revised its revenue forecasts for 2025-2027 to 3.658 billion, 4.203 billion, and 4.709 billion yuan, reflecting year-on-year growth rates of 19.14%, 14.92%, and 12.04% respectively [3]. - The net profit forecasts for the same period are 498 million, 561 million, and 637 million yuan, with year-on-year growth rates of 65.64%, 12.70%, and 13.49% respectively [3]. - The corresponding price-to-earnings ratios at the current stock price are projected to be 18x, 16x, and 14x [3].

Market Performance - The Tianjin Free Trade Zone concept index declined by 3.22%, ranking among the top declines in concept sectors as of April 28 [1] - Within the sector, Tianbao Infrastructure hit the daily limit down, while other notable decliners included Jintou City Development and Tianjin Printers [1] - Only two stocks within the sector saw price increases, with Youfa Group rising by 2.78% and Tianjin Port by 0.22% [1] Capital Flow - The Tianjin Free Trade Zone concept experienced a net outflow of 78 million yuan from main funds, with nine stocks seeing net outflows [1] - The stock with the highest net outflow was Bohai Chemical, with a net outflow of 17.03 million yuan, followed by Ruipu Biology and HNA Technology with outflows of 16.13 million yuan and 14.13 million yuan respectively [1] - Conversely, the stocks with the highest net inflows included Guifaxiang, Jiuan Medical, and Youfa Group, with inflows of 3.25 million yuan, 2.40 million yuan, and 1.13 million yuan respectively [1][2] Stock Performance - The top decliners in the Tianjin Free Trade Zone concept included Bohai Chemical (-4.82%), Ruipu Biology (-1.30%), and HNA Technology (-3.73%) [1] - Notable gainers included Youfa Group (+2.78%) and Tianjin Port (+0.22%) [1] - The trading volume for Bohai Chemical was 6.29%, indicating significant trading activity despite the decline [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance showed strong growth, with operating revenue reaching 822 million yuan, a year-on-year increase of 20.00%, and net profit attributable to shareholders of 116 million yuan, up 28.45% year-on-year [4][6] - The company is actively building a pet ecosystem, enhancing its second growth curve through a strategic restructuring of its industrial chain [6] - The company has achieved a gross margin of 41.23% and a net profit margin of 14.62% in Q1 2025, indicating improved profitability [6] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 822 million yuan, a 20.00% increase year-on-year, and a net profit of 116 million yuan, up 28.45% year-on-year [4][6] - The gross margin improved to 41.23%, an increase of 0.47 percentage points year-on-year, while the net profit margin rose to 14.62%, up 0.13 percentage points year-on-year [6] Business Strategy - The company is implementing a "Three-Rui Synergy" strategy to reconstruct its industrial chain, focusing on deep collaboration among its three core segments: RuiPu Bio, RuiPai Pet Hospital, and ZhongRui Supply Chain [6] - The pet segment achieved sales revenue of 689 million yuan in 2024, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [6] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted to 3.658 billion, 4.203 billion, and 4.709 billion yuan, representing year-on-year growth rates of 19.14%, 14.92%, and 12.04% respectively [6][7] - Net profit forecasts for the same period are 498 million, 561 million, and 637 million yuan, with year-on-year growth rates of 65.64%, 12.70%, and 13.49% respectively [6][7]