证券代码：300119 证券简称：瑞普生物 公告编号：2025-075 瑞普生物股份有限公司 第五届监事会第二十三次（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"）第五届监事会第二十三次（临 时）会议于 2025 年 9 月 28 日在公司会议室以现场表决方式召开。会议通知于 2025 年 9 月 26 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。 二、监事会会议审议情况 1、审议通过了《关于变更部分募集资金用途的议案》 经审议，监事会认为公司本次变更募集部分资金用途事项符合《上市公司募 集资金监管规则》及《深圳证券交易所上市公司自律监管指引第2号——创业板 上市公司规范运作》等相关规定，有利于提升募集资金使用效率，不存在损害股 东特别是中小股东利益的情况。该事项决策和审议程序合法、合规， ...

瑞普生物股份有限公司 第五届董事会第二十七次（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"）第五届董事会第二十七次（临 时）会议于 2025 年 9 月 28 日在公司会议室以现场结合通讯表决方式召开。会议 通知于 2025 年 9 月 26 日以书面及电子邮件等方式送达全体董事。公司应出席董 事 9 人，实际出席董事 9 人（其中：董事杨鶄、李睿，独立董事才学鹏、郭春林 以通讯方式参会），参与表决董事 9 人。本次会议由董事长李守军先生主持，公 司高级管理人员列席了会议。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。 二、董事会会议审议情况 1、审议通过了《关于变更部分募集资金用途的议案》 经审议，为加快推进公司在生物制造领域的战略布局，提升募集资金使用效 率，切实维护股东利益，董事会同意公司将"华南生物大规模悬浮培养车间建设 项目"全部拟投入募集资金 1.60 亿元及"中岸生物改扩建项目"中节余募集资 金 1.15 亿元及上述两个 ...

每经AI快讯，瑞普生物（SZ 300119，收盘价：20.96元）9月29日晚间发布公告称，公司第五届第二十 七次董事会临时会议于2025年9月28日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于 召开2025年第五次临时股东大会的议案》等文件。 2024年1至12月份，瑞普生物的营业收入构成为：兽用生物制品占比43.12%，兽用药物占比33.86%，宠 物供应链占比20.63%，其他占比2.38%。 截至发稿，瑞普生物市值为97亿元。 每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 （记者 王晓波） ...

Summary of the Pet Medical Industry Conference Call Industry Overview - The pet market in China is expanding, with the urban dog and cat consumption market expected to exceed 300 billion yuan in 2024, with an average annual spending of over 2,000 yuan per pet driven by demographic changes, single economy, aging population, and consumption upgrades [1][2] Key Drivers of Pet Medical Market - The pet medical market is primarily driven by: - Aging pets, with 27% of dogs and 18% of cats over 6 years old, incurring annual medical costs of 2,400 yuan, double that of younger pets [3][4] - Expansion of disease spectrum requiring more specialized treatments [4] - Increased awareness of preventive medicine, with a significant rise in vaccine and deworming product consumption [4] Growth of Pet Hospitals - The number of pet hospitals in China has significantly increased from 13,000 in 2014 to 34,000 in 2024, with a slowdown in growth rate observed in recent years [5] - The expansion is more pronounced in lower-tier cities, with first-tier cities showing a 12% growth rate, while new first-tier, second-tier, and third-tier cities have growth rates of 17% and over 20% respectively [5][7] - The chain rate of pet hospitals has increased from 5% in 2017 to 25% in 2024 [5] Competitive Landscape - The market share of leading chain veterinary hospitals remains low, with the top three brands (New Ruipeng, Ruipai, and New Rui Rui Chen) holding only 7% of the market [6] - Increased competition has led these top institutions to enhance their customer acquisition capabilities [6] Current Challenges in the Industry - Overall customer spending per visit has slightly decreased, while the profit margin has narrowed, with the loss ratio increasing to 26% [8] - The industry faces significant challenges, including a shortage of qualified veterinary professionals [8] Characteristics of Pet Owners - The pet owner demographic is becoming younger and more professional, with a focus on high-quality care and a willingness to invest in their pets' health [9] - Pet owners are increasingly informed and expect high standards in veterinary services [9] Regulatory and Economic Support - The development of the pet medical industry is supported by policies, capital investment, and a favorable economic environment [10] - The introduction of regulations has improved industry standards and reduced the shortage of veterinary medicines [10] Future Trends - The pet medical market is expected to evolve towards standardization, specialization, digitalization, and localization [11] - Addressing the needs of aging pets and the last-mile issues in lower-tier markets will be crucial for future growth [11] Notable Companies to Watch - Companies with core competencies in preventive medicine and elderly pet care, such as Ruipeng Bio, and those excelling in R&D like Keqian Bio, Laike Bio, and Zhongmu Bio, are recommended for attention [13]

投资建议与投资标的 农业行业 行业研究 | 行业周报 肥猪、仔猪均进入亏损区间，关注去产能 演绎 ——东方证券农林牧渔行业周报（20250922-20250926） 核心观点 投资建议：（1）看好生猪养殖板块，优质公司持续盈利和分红率提升依然是推动板块长 期业绩和估值提升的核心驱动；近期政策与市场合力推动生猪养殖行业产能去化，助力 未来板块业绩长期提升，相关标的：牧原股份(002714，买入)、温氏股份(300498，买 入)、神农集团(605296，未评级)、巨星农牧(603477，未评级)等。（2）后周期板块，生 猪存栏量回升提振饲料、动保需求，若本轮生猪去产能顺畅，产业链利润有望逐步向下 游传导，驱动动保板块上行，相关标的：海大集团(002311，未评级)、瑞普生物 (300119，未评级)等。（3）种植链，当前粮价上行趋势已确立，种植&种业基本面向好， 大种植投资机会凸显，相关标的：苏垦农发(601952，未评级)、北大荒(600598，未评 级)、海南橡胶(601118，未评级)、隆平高科(000998，未评级)等。（4）宠物板块，宠食 行业正处于增量、提价逻辑持续落地的阶段，海外市场增量不断，国产 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]

Market Overview - On September 25, the animal health sector declined by 1.62% compared to the previous trading day, with the leading stock, Driveline, experiencing a drop of 4.04% [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - The following stocks in the animal health sector showed notable declines: - Driveline (Code: 838275) closed at 9.50, down 4.04% with a trading volume of 19,300 lots [1] - Shunlian Bio (Code: 688098) closed at 10.43, down 3.43% with a trading volume of 76,300 lots [1] - Yongshun Bio (Code: 839729) closed at 9.74, down 2.89% with a trading volume of 20,800 lots [1] - Other notable declines include *ST Green Health (Code: 002868) down 2.39% and Shoufeng Holdings (Code: 002141) down 2.33% [1] Capital Flow - The animal health sector saw a net outflow of 113 million yuan from institutional investors, while retail investors experienced a net inflow of 61.16 million yuan [1] - The following stocks had significant capital flow: - Zhongmu Co. (Code: 600195) had a net inflow of 986,800 yuan from institutional investors [2] - Pulaike (Code: 603566) saw a net inflow of 764,200 yuan from retail investors [2] - *ST Green Health (Code: 002868) experienced a net outflow of 6.71 million yuan from institutional investors [2]

Core Insights - The report indicates a narrowing profitability in pig farming while the pet food sector continues to grow [1][5] - The investment rating is maintained as "positive" for the sector [1] Pig Farming - Supply pressure has led to a decline in pig prices, with the average price in July-August 2025 at 14.63 CNY/kg, down from 14.96 CNY/kg in Q2 2025 [5] - The average profitability for self-breeding and purchased piglets in the industry has shifted to losses, with figures of 53.0 CNY/head for self-breeding and -106.7 CNY/head for purchased piglets as of September 19 [5] - The outflow of pigs from listed companies has shown a growth rate of 26.2% in Q2 2025 and 20.0% in July-August 2025 [5] - The report suggests that the ongoing policy guidance for capacity adjustment and weight reduction will likely elevate the price center of pigs in the future [5] - Recommended companies for investment include Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Juxing Agriculture, Shennong Group, Tiankang Biological, and Tangrenshen [5] Animal Health - Demand for animal health products is on the rise, with significant year-on-year growth in various vaccines, such as a 30% increase for swine fever vaccines in July-August 2025 [5] - Companies like Keqian Biological and Ruipu Biological are highlighted for their strong internal growth potential due to new product launches [5] Poultry Farming - The price of white feather chickens has rebounded due to seasonal demand and tighter supply, with an average price of 6.92 CNY/kg as of September 19, 2025 [5] - The report notes a 17.66% year-on-year decrease in the number of breeding chickens updated in the first eight months of 2025, indicating potential long-term benefits for the white feather chicken industry [5] - Recommended companies include Shennong Development and Yisheng Livestock [5] Pet Food Sector - Domestic sales of pet food are driven by consumption upgrades and domestic substitution, with a reported growth rate of 11% across major e-commerce platforms from January to August 2025 [5] - The report highlights the introduction of new products and the strengthening of brand power among leading companies [5] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co. [5]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The report emphasizes the ongoing adjustment in the pig industry, highlighting the potential for value reassessment due to production capacity control and low-cost performance realization [3][16] - The poultry sector is expected to see improvements in fundamentals, with a focus on the white feather chicken breeding segment and price trends [4][29] - The animal health sector is witnessing a competitive landscape improvement and technological innovation, with several new products receiving clinical approval [5][37] - The pet economy is thriving, with domestic brands rapidly emerging, indicating sustained profitability improvements in the sector [9][59] Summary by Sections Pig Industry - Continuous deepening of pig price control measures is noted, with a focus on maintaining prices within a reasonable range [3][16] - Current average pig price is 13.15 yuan/kg, with a slight weekly decline [15] - Recommended companies include Muyuan Foods and Wens Foodstuffs, with ongoing recommendations for Juxing Agriculture and Shennong Group [3][16] Poultry Industry - The white feather chicken breeding segment shows potential for improvement, with significant updates in breeding stock [4][29] - Current prices for white feather chicken and related products are stable, with slight fluctuations noted [27][28] Animal Health Industry - The competitive landscape is improving, with notable profit differentiation among leading companies [5][36] - Several new vaccines have received clinical approval, marking significant advancements in the sector [5][37] Planting Industry - Prices for corn and soybean meal have shown a week-on-week decline, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][42] Feed Industry - Feed prices are experiencing fluctuations, with a noted increase in production volume [8][48] - Recommended companies include Haida Group, with a focus on rising industry concentration [8][49] Pet Industry - The pet market is projected to reach 300.2 billion yuan in 2024, with a notable increase in consumer spending on pets [9][58] - Recommended companies in the pet food sector include Guobao Pet and Zhongchong Co., with a focus on the growing pet medical segment [9][59]

Core Insights - The report indicates a shift from profit to loss in self-breeding pig farming, driven by ongoing capacity regulation policies [1][7][33] - The overall investment rating for the agricultural sector remains optimistic [1] Group 1: Swine Farming Data Tracking - The number of breeding sows decreased by 0.80% in August compared to July, indicating a slight contraction in supply [19] - The price of market pigs has declined, with the average selling price on September 18 being 13.15 CNY/kg, a week-on-week decrease of 2.74% [28][29] - Profitability in self-breeding and purchased pig farming has turned negative, with losses of 24.44 CNY/head and 199.31 CNY/head respectively as of September 19 [33][36] Group 2: Poultry Farming Data Tracking - The average price of white feather broilers on September 19 was 6.88 CNY/kg, reflecting a week-on-week decrease of 1.99% [34][37] - The profit from white feather broiler farming was negative at -1.56 CNY/bird [34][37] Group 3: Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [43] - The industry is seeing a recovery in sales, with notable increases in the issuance of various vaccines [43] Group 4: Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of September 19 were 2430 CNY/ton, 3032 CNY/ton, and 2360 CNY/ton respectively, with corn prices showing a year-to-date increase of 11.2% [47][49] Group 5: Pet Industry Data Tracking - Pet food exports in July amounted to 930 million CNY, a year-on-year decrease of 3.0% [52][53] - Domestic sales of pet food continue to grow, with e-commerce platforms showing an overall growth rate of 8% in August [55][57]