Group 1: Company Research - Ruipu Biological - Ruipu Biological's net cash flow from operating activities for 2024 is projected to be 735 million, representing a 79.35% increase year-on-year, driven by improved conditions in the downstream aquaculture industry and enhanced accounts receivable management [1] - The company plans to launch new products including multi-valent vaccines, genetically engineered vaccines, and mRNA vaccines from 2025 to 2026, and aims to acquire a 15% stake in Zhongrui Huapu and control of Zhongrui Supply Chain to establish a vertical supply chain [1] - The raw material drug segment is expanding with over ten products including florfenicol and tilmicosin, and the hydrochloride of wanilong dihydrate has obtained a new veterinary drug certificate [1] - Ruipu has established partnerships with over 20 group clients, achieving more than 50 significant products with sales exceeding 10 million [1] - The gross margin for 2024 is expected to decline due to the acquisition of Zhongrui Supply Chain, as the pet supply chain has a lower margin, leading to a structural decrease in overall gross margin [1] Group 2: Company Research - Kidswant - Kidswant officially launched its large store franchise business in 2024, successfully opening 30 franchise stores by the end of March 2025, with a target of 500 stores [1] - The company has partnered with Volcano Engine to co-build the BYKIDs I smart hardware incubator, focusing on developing a product matrix that combines smart software and hardware [1] - Kidswant has established a joint venture with Xinxuan to create a well-known MCN organization in the maternal and infant industry, with live streaming operations becoming a regular feature [1] - As a leading enterprise in the maternal and infant industry, Kidswant is committed to providing higher quality maternal and infant products and services through franchise operations, AI technology, and live e-commerce, promoting healthy industry development [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year increase of 13.32%, while the net profit attributable to shareholders decreased by 33.70% to 301 million yuan [4][9]. - The animal health business showed steady growth, with sales revenue from veterinary biological products reaching 1.324 billion yuan, up 23.40% year-on-year, driven by significant growth in livestock vaccines due to the acquisition of Betway Antai [7][8]. - The pet business is rapidly developing, with total sales from the pet segment reaching 689 million yuan, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [7][8]. Financial Performance Summary - The company forecasts revenue growth for 2025-2027 to be 34.32 billion yuan, 38.25 billion yuan, and 42.70 billion yuan, with year-on-year growth rates of 11.78%, 11.45%, and 11.64% respectively [9][10]. - The net profit attributable to shareholders is projected to increase to 412 million yuan, 456 million yuan, and 511 million yuan for the same period, with growth rates of 36.98%, 10.63%, and 12.18% respectively [9][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 21x, 19x, and 17x respectively, indicating a favorable valuation outlook [8][10].

Investment Rating - The report gives a "Buy" rating for the company, Ruipubio (stock code: 300119.SZ) [1] Core Views - The company has shown steady growth in the poultry sector and significant growth in the pet sector, which is seen as a new growth engine [3][5] - The company is expected to have a promising growth potential due to its competitive advantages in poultry vaccines and pharmaceuticals, along with the early advantages and channel barriers in the pet sector [52] Financial Performance - In 2024, the company achieved a revenue of 3.07 billion yuan, a year-on-year increase of 13.32% [3][5] - The net profit attributable to shareholders was 301 million yuan, a decrease of 33.7% year-on-year [3][5] - The company’s comprehensive gross margin was 41.38%, down 8.31 percentage points year-on-year [3] - The company’s R&D expenses were 197 million yuan, an increase of 13.64% year-on-year, representing 6.4% of revenue [3][14] Business Segments - The revenue from poultry biological products was 1.08 billion yuan, up 15.9% year-on-year, while the revenue from pet products saw a significant increase of 849.09% [3][7] - The company’s pet pharmaceutical products achieved revenue of 19.02 million yuan, while the pet biological products generated 37.44 million yuan [3][7] - The company’s livestock vaccine business generated 211 million yuan, a year-on-year increase of 49.78% [3][27] Future Projections - The company is projected to have revenues of 3.33 billion yuan in 2025 and 3.74 billion yuan in 2026, with growth rates of 8.54% and 12.30% respectively [4][53] - The net profit attributable to shareholders is expected to reach 415 million yuan in 2025 and 538 million yuan in 2026, with growth rates of 38.12% and 29.59% respectively [4][53] - The expected EPS for 2025 and 2026 is 0.89 yuan and 1.16 yuan, respectively, with corresponding PE ratios of 20 times and 16 times [52][53] Strategic Initiatives - The company is actively expanding its strategic partnerships with major breeding groups to enhance its market presence and product offerings [3][35] - The company has successfully launched the first domestic cat trivalent vaccine, filling a gap in the market [46] - The company is focusing on international expansion, with product registrations completed in countries like Indonesia and Sri Lanka [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.08 RMB [6][4]. Core Views - The company achieved a revenue of 3.07 billion RMB in 2024, representing a year-on-year increase of 13.32%, but the net profit attributable to the parent company decreased by 33.70% to 301 million RMB [1][2]. - The vaccine segment showed steady growth, while the pet sector is diversifying, with a significant increase in revenue from pet products [3][4]. - The company is expected to recover its performance in 2025, with a projected net profit of 400 million RMB [4]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of 3.07 billion RMB, up 13% year-on-year. The revenue breakdown shows that the formulation and raw materials segment generated 1.02 billion RMB, down 5.8% year-on-year, while the pig vaccines segment grew by 50% to 210 million RMB, and the poultry vaccines segment increased by 16% to 1.08 billion RMB [2][3]. Pet Sector Development - The pet segment achieved a revenue of 690 million RMB in 2024, a 41% increase year-on-year, with pet vaccines alone generating 37.44 million RMB, up 849% [3][4]. Financial Forecast and Valuation - The net profit forecast for 2025-2026 has been revised down to 400 million and 510 million RMB, respectively, with an EPS of 0.86 and 1.10 RMB. The target price is set at 24.08 RMB, based on a PE ratio of 28 times for 2025 [4][7].

证券代码：300119 证券简称：瑞普生物 编号：2025-001 | | □ 特定对象调研 √ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访 □ 业绩说明会 | | 类别 | □ 新闻发布会 路演活动 √ | | | □ 现场参观 | | | □ 其他 | | | 中金公司、长江证券、高盛香港、国信证券、国联民生证 | | | 券、天风证券、中信建投证券、德邦证券、东北证券、华创证 | | | 券、华鑫证券、光大证券、银河证券、国泰君安证券、国海证 | | | 券、华西证券、财通证券、申万宏源研究、兴业证券、浙商证 | | | 券、西部证券、华福证券、中信证券、西南证券、开源证券、 | | | 华安证券、国盛证券、华泰证券 | | | 嘉实基金、招商基金、光大保德信基金、国泰基金、西部 | | | 利得基金、泉果基金管理有限公司、天治基金管理有限公司、 | | | 鸿运私募基金、中天汇富基金、共青城润卿私募基金、金鹰基 | | 参与单位名称 | 金、南方基金、华泰保兴基金、浦银安盛基金、宏利基金、湖 | | （79 家） | 南源乘私募基金、浙商基金、天弘基金、国金基金、 ...

2025年4月2日，瑞普生物（300119）发布了2024年年报。报告显示，公司实现营业总收入30.7亿元，同 比增长13.32%；归属于母公司的净利润3.01亿元，同比下降33.70%；扣非净利润2.81亿元，同比下降 11.84%。尽管营收有所增长，但净利润的大幅下滑引发了市场关注。 尽管整体净利润下滑，瑞普生物的宠物板块表现亮眼。报告期内，公司宠物板块实现了快速增长，宠物 药品和疫苗的销售额显著提升。公司通过与瑞派宠物医院的战略合作，进一步扩大了在宠物医疗市场的 影响力。此外，公司还通过收购中瑞供应链平台，覆盖了全国7000家宠物医院和3400家宠物店，进一步 巩固了在宠物医疗领域的市场地位。 宠物板块的快速增长为瑞普生物提供了新的增长点。随着宠物经济的持续升温，宠物医疗市场的前景广 阔。瑞普生物在宠物板块的布局，不仅有助于公司多元化发展，也为未来业绩增长提供了有力支撑。 政府招标采购政策调整，市场面临不确定性 瑞普生物的部分收入依赖于政府招标采购，尤其是口蹄疫、禽流感等疫苗的政府采购。然而，根据农业 农村部的政策，2025年将逐步全面取消政府招标采购强免疫苗，这将对公司的相关业务产生重大影响。 报告期 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-024 瑞普生物股份有限公司 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。 重要内容提示： 子公司天津中瑞供应链管理有限公司（以下简称"中瑞供应链"），资助方式为 公司向中瑞供应链提供额度不超过人民币5,000万元的借款，额度范围内可循环 使用，财务资助额度的期限为自本次董事会审议批准之日起12个月，单笔借款期 限不超过12个月。借款利率参照金融机构同期同类贷款利率，具体借款利率及借 款期限以实际签署的借款合同为准。 需提交公司股东大会审议。 一、财务资助事项概述 为缓解控股子公司资金周转压力，满足其经营发展需要，公司拟在不影响自 身正常业务开展及资金使用的情况下，以自有资金向中瑞供应链提供额度不超过 人民币5,000万元的借款，额度范围内可循环使用，财务资助额度的期限为自本次 董事会审议批准之日起12个月，单笔借款期限不超过12个月。借款利率参照金融 机构同期同类贷款利率，具体借款利率及借款期限以实际签署的借款合同为准。 本次财务资助不属于《深圳证券交易所创业板股票上市规则》《深圳证券交 易所 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-022 瑞普生物股份有限公司（以下简称"公司"或"瑞普生物"）于2025年4月1 日召开第五届董事会第二十二次会议，审议通过了《关于续聘会计师事务所的议 案》，同意续聘立信会计师事务所（特殊普通合伙）（以下简称"立信"）为公 司2025年度审计机构，并同意提交公司2024年年度股东大会审议，现将相关事项 公告如下： 一、拟续聘会计师事务所事项的情况说明 立信会计师事务所（特殊普通合伙）具备从事证券、期货相关业务资格。该 所担任公司2024年度审计机构期间，遵循《中国注册会计师独立性准则》及内控 审计相关规则规定，切实履行了审计机构职责，出具的各项审计报告客观、公正 地反映公司的财务状况和经营成果。基于该所丰富的审计经验和职业素养，为保 持公司审计工作的连续性和稳定性，公司董事会拟续聘立信为公司2025年度财务 审计机构，聘期一年。2024年度，立信的年度财务审计报酬为110万元，内控审 计报酬为10万元，根据董事会、股东大会的授权，管理层根据公司及子公司2025 年的具体审计要求和审计范围与立信协商确定审计费用。 二、拟续聘会计师事务所的基本情况 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-025 瑞普生物股份有限公司 司 2022 年限制性股票激励计划实施考核管理办法>的议案》《关于提请公司股东 大会授权董事会办理 2022 年限制性股票激励计划相关事宜的议案》，公司第四 届监事会第三十三次会议审议通过相关议案，公司独立董事发表了独立意见。 （二）2022 年 4 月 29 日至 2022 年 5 月 9 日，公司在 OA 办公系统上向全 员发布了《2022 年限制性股票计划激励对象名单》，将公司本次拟激励对象名单 及职位予以公示。2022 年 5 月 10 日，公司监事会发布了《监事会关于公司 2022 年限制性股票激励计划激励对象名单的核查意见及公示情况说明》。 关于回购注销 2022 年限制性股票激励计划 部分限制性股票的公告 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 2025 年 4 月 1 日召开的第 五届董事会第二十二次会议及第五届监事会第十八次会议审议通过了《关于回购 注销 2022 年限制性股票激励计划部分限制性股票 ...