Core Viewpoint - The company, Reap Bio (300119.SZ), plans to invest in the pet industry by establishing a partnership fund with a total commitment of 406 million yuan, contributing 154 million yuan from its own funds [1] Group 1 - The company is participating in the establishment of Tianjin Baorui Equity Investment Partnership (Limited Partnership) [1] - The total subscribed capital of the partnership is 406 million yuan [1] - The company will act as a limited partner, investing 154 million yuan of its own funds [1]

Group 1 - The core point of the article is that Reap Bio (SZ 300119) held a temporary board meeting on October 13, 2025, to discuss investment proposals with professional investment institutions [1] - For the year 2024, Reap Bio's revenue composition is as follows: 43.12% from veterinary biological products, 33.86% from veterinary drugs, 20.63% from pet supply chains, and 2.38% from other sources [1] - As of the report date, Reap Bio has a market capitalization of 10.2 billion yuan [1]

第五届监事会第二十四次（临时）会议决议公告 本公司及监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。 一、监事会会议召开情况 瑞普生物股份有限公司（以下简称"公司"）第五届监事会第二十四次（临 时）会议于 2025 年 10 月 13 日在公司会议室以现场表决方式召开。会议通知于 2025 年 10 月 6 日以书面及电子邮件等方式送达全体监事。公司应出席监事 3 人， 实际出席监事 3 人，参与表决监事 3 人。本次会议由监事会主席周仲华先生主持。 本次会议的召集、召开和表决程序符合《公司法》《证券法》等法律法规和《公 司章程》的规定。 证券代码：300119 证券简称：瑞普生物 公告编号：2025-081 瑞普生物股份有限公司 二、监事会会议审议情况 1、审议通过了《关于与专业投资机构共同投资的议案》 经与会监事签字并加盖公司印章的监事会决议。 特此公告。 瑞普生物股份有限公司监事会 二〇二五年十月十四日 1 经审议，监事会认为公司本次与专业机构共同投资事项符合《深圳证券交易 所创业板股票上市规则》及《深圳证券交易所上市公司自律监管指引第7号—— 交易与关联交易》等 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-080 1、审议通过了《关于与专业投资机构共同投资的议案》 经审议，为进一步拓展公司在宠物产业链布局，更好地借助专业机构力量及 资源优势，董事会同意公司与天津港保税区新兴产业发展基金合伙企业（有限合 伙）、天津临港股权投资基金管理有限公司、明智合信（天津）股权投资基金管 理有限公司共同投资设立天津保瑞股权投资合伙企业（有限合伙）（暂定名，最 终以市场监督管理部门核准的名称为准，以下简称"合伙企业"），用于投资宠 物产业链相关标的。合伙企业认缴出资总额为人民币 40,600 万元，其中，公司 作为有限合伙人以自有资金出资人民币 15,400 万元，占合伙企业认缴出资总额 的 37.9310%。 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《关于与专业投资机构共同投资的公告》。 瑞普生物股份有限公司 第五届董事会第二十八次（临时）会议决议公告 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。 一、董事 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-082 瑞普生物股份有限公司 关于与专业投资机构共同投资的公告 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。 特别提示： 1、本次拟投资设立的合伙企业尚需办理工商登记和基金备案手续，具体实 施情况与进度尚存在不确定性。 2、股权投资基金周期长、流动性较低，本次投资事项存在回收期较长、短 期无法为公司贡献利润的风险。 3、本次投资可能受宏观经济、行业周期、监管政策、标的公司经营管理等 多方面影响，可能面临投资后无法实现预期收益、不能及时有效退出，甚至可能 存在投资失败的风险。 4、本次投资事项不涉及同业竞争，不构成关联交易及重大资产重组。 一、概述 （一）基本情况 根据公司战略规划的需要，为进一步拓展公司在宠物产业链布局，更好地借 助专业机构力量及资源优势，提高公司的综合竞争力。瑞普生物股份有限公司（以 下简称"公司""瑞普生物"）拟与天津港保税区新兴产业发展基金合伙企业（有 限合伙）（以下简称"新兴基金"）、天津临港股权投资基金管理有限公司（以 下简称"临港基金"）、明智合信（天津）股权投资基金 ...

Core Viewpoint - The animal health sector experienced a decline of 0.68% on October 14, with Xianfeng Holdings leading the drop. The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1]. Stock Performance Summary - Zhongmu Co., Ltd. (600195) closed at 7.35, up 1.66% with a trading volume of 120,000 shares and a transaction value of 87.91 million yuan [1]. - Yongshun Biological (920729) closed at 9.31, up 0.54% with a trading volume of 13,800 shares and a transaction value of 12.82 million yuan [1]. - Biological Co. (600201) closed at 10.60, up 0.28% with a trading volume of 624,200 shares and a transaction value of 672 million yuan [1]. - Other notable stocks include Ruip Bio (300119) down 0.45% and Jinhai Bio (002688) down 0.98% [1][2]. Capital Flow Analysis - The animal health sector saw a net outflow of 8.12 million yuan from institutional investors, while retail investors had a net inflow of 4.61 million yuan [2][3]. - Major stocks like Biological Co. (600201) experienced a net inflow of 62.91 million yuan from institutional investors, while Xianfeng Holdings (002141) saw a net outflow of 9.04 million yuan [3].

瑞普生物公告，持股5%以上股东梁武计划以大宗交易方式向其一致行动人转让公司股份90万股，占总 股本的0.19%。此次内部转让已完成，梁武及其一致行动人合计持股比例和数量未变。转让前梁武持股 2371.69万股，占总股本5.10%；转让后持股2340.56万股，占总股本5.04%。 ...

证券代码：300119 证券简称：瑞普生物 公告编号：2025-079 瑞普生物股份有限公司 关于持股 5%以上股东梁武持股在一致行动人之间内部转让 计划完成的公告 股东梁武、图灵私募基金管理（海南）有限公司-图灵麦田6号私募证券投资基金保证 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。 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。 瑞普生物股份有限公司（以下简称"公司"）于 2025 年 7 月 11 日在深圳证 券交易所网站（http://www.szse.cn）及巨潮资讯网（http://www.cninfo.com.cn）披 露了《关于持股 5%以上股东梁武持股拟在一致行动人之间内部转让的公告》（公 告编号：2025-052）。公司持股 5%以上股东梁武先生计划自该内部转让计划公 告披露之日起三个月内以大宗交易方式向其一致行动人转让本公司股份 90.00 万 股，占本公司总股本比例 0.19%。 近日，公司收到梁武先生出具的《关于持股在一致行动人之间内部转让计划 完成的告知函》，梁武先生本次内部转让计划已实施完毕。现将本次股份内部转 让计划实施情况 ...

Core Insights - The report indicates a downward trend in pig prices due to increased supply and policy guidance, leading to accelerated capacity reduction in the industry [1][7][18] - The overall agricultural sector has shown a positive performance with a 1.18% increase week-on-week, while the pig farming segment is experiencing significant losses [11][36] Pig Farming Data Tracking - The number of breeding sows has slightly decreased, with a 0.33% month-on-month decline in September [19] - Pig prices have dropped significantly, with the average price on October 9 being 11.89 CNY/kg, reflecting a week-on-week decrease of 6.16% [28][29] - The profitability of pig farming remains negative, with losses of 152.15 CNY per head for self-bred pigs and 301.04 CNY per head for purchased piglets as of October 10 [36] Poultry Farming Data Tracking - The poultry sector is facing challenges due to outbreaks of avian influenza, but there are investment opportunities in the white-feathered chicken market [37] - The average price for white-feathered meat chickens was 6.88 CNY/kg on October 10, with a slight week-on-week decrease of 0.15% [40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by an increase in livestock numbers and new product launches [47] - Significant growth in vaccine approvals has been noted, with various companies making advancements in vaccine development [47] Seed Industry Data Tracking - The prices of key agricultural commodities such as wheat and soybean meal have increased, indicating a positive trend in the seed industry [50] - The report emphasizes the importance of strengthening food security and promoting the commercialization of biological breeding [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, amounting to 834 million CNY in August 2025 [56] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 3% across major e-commerce platforms in September [57]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Insights - The company is positioned as a leader in the veterinary medicine sector, with a strong focus on expanding its pet vaccine and medical services segments, which are expected to drive future growth [3][4][5][6] - The company reported a net profit of 116 million yuan in Q1 2025, reflecting a year-on-year increase of 32.45% [3] - The pet vaccine segment, particularly the "Rui Miao Shu" cat trivalent vaccine, is a pioneer in domestic production, with significant revenue growth anticipated [4][17] - The company is actively pursuing international expansion, enhancing its product registration and compliance with overseas GMP standards [3][6] Summary by Sections 1. Company Overview - The company, established in 1998, is a high-tech enterprise focused on animal health, with a comprehensive portfolio including veterinary biological products, pharmaceuticals, and functional additives [19][20] - It operates over 20 subsidiaries and has more than 500 product registrations, making it one of the largest veterinary medicine companies in China [19][21] 2. Financial Analysis - The company achieved a revenue of 3.07 billion yuan in 2024, a 36.5% increase year-on-year, while the net profit was 301 million yuan, reflecting a decline of 33.61% due to increased costs associated with business expansion [37][38] - The pet segment's revenue reached 690 million yuan in 2024, accounting for 22% of total revenue, indicating rapid growth in this area [37][38] 3. Pet Vaccine and Medical Services - The pet vaccine market is projected to grow significantly, with the current market size estimated at 40 billion yuan, indicating substantial room for domestic products to replace imports [4][17] - The company has established a robust ecosystem in the pet healthcare sector, collaborating with nearly 600 pet hospitals and 3,400 pet stores through its supply chain [5][18] 4. Revenue Projections - Revenue forecasts for 2025-2027 are 36.17 billion, 42.58 billion, and 50.00 billion yuan, respectively, with corresponding EPS estimates of 0.87, 1.08, and 1.33 yuan [6][11]