2025 年 8 月 24 日 本周毛鸡价格上涨，鸡苗价格持平。截至 8 月 22 日，白羽肉毛鸡价格为 7.33 元/公斤，周环比上涨 1.81%，鸡苗价格 3.58 元/羽，与上周持平。毛鸡方面， 本周屠宰企业压价、鸡肉冻品走货不畅，但肉鸡出栏量有限、局部供给偏紧， 价格暂获支撑、高位窄幅震荡。鸡苗方面，毛鸡盈利仍存、种禽场高报低走， 当前补栏窗口渐窄，规模场挺价的同时，散户补栏情绪偏谨慎，市场博弈加 剧，苗价进入震荡调整。 本周玉米、小麦、豆粕现货价格下跌。截至 8 月 22 日，玉米现货均价为 2373.53 元/吨，环比下跌 0.86%；小麦现货均价为 2432 元/吨，环比下跌 0.25%，豆粕现货均价 3084.29 元/吨，环比下跌 0.41%。玉米方面，本周玉米 现货价格继续走弱，受春玉米陆续上市、小麦替代优势仍在，以及贸易商出库 意愿增强影响，市场流通粮源充裕而用粮企业采购谨慎，压价情绪升温，玉米 价格整体偏弱运行。豆粕方面，本周豆粕价格延续跌势，受国内现货供应宽 松、油厂库存高位及新作丰产预期压制，贸易商降价出货意愿增强，但外盘成 本支撑下跌幅有限，短期弱势震荡为主。天然橡胶价格下跌。截 ...

Group 1 - The core stock price of Reap Bio as of August 22, 2025, is 23.28 yuan, down 0.51% from the previous trading day, with a trading volume of 96,700 hands and a transaction amount of 224 million yuan [1] - Reap Bio's main business includes veterinary medicine and pet healthcare, with product lines such as animal vaccines, chemical drugs, and feed additives, and the company is actively expanding into the pet healthcare market [1] - The company forecasts a net profit attributable to shareholders for the first half of 2025 to be between 244 million yuan and 277 million yuan, representing a year-on-year growth of 50% to 70%, driven by rapid expansion in the pet healthcare sector and overseas market development [1] Group 2 - On the funding flow side, Reap Bio experienced a net outflow of 12.61 million yuan in main funds on the day, while there was a net inflow of 1.25 million yuan in the past five days [1]

Core Insights - The pet economy is rapidly evolving, driven by technological advancements and a shift towards more sophisticated pet care practices [1][2][8] - The demand for smart pet products is increasing, with innovations such as AI-enabled devices and health monitoring systems gaining traction [2][3][8] - The supply chain for pet products is undergoing significant upgrades, enhancing efficiency and product quality [3][4][5][6] Industry Trends - The "it economy" is characterized by a growing emphasis on emotional consumption and refined pet care, moving beyond basic needs [2][8] - The integration of AI in pet products is becoming a key trend, with companies developing smart devices that enhance interaction between pets and owners [8] - The number of pet-related enterprises in China has surged, indicating a robust growth trajectory in the pet industry [7][8] Company Performance - Companies like Zhongchong Co. reported a 24.32% increase in revenue for the first half of 2025, reflecting the booming pet market [6] - Ruipubio expects a profit increase of 50% to 70% for the same period, driven by a focus on pet healthcare and supply chain integration [7] - New entrants, such as Yongli Co., are diversifying into the pet sector, highlighting the industry's attractiveness to various businesses [7] Technological Innovations - The Asia Pet Expo showcased cutting-edge products, including the world's first pet smartphone and automated pet care devices [1][2][3] - Companies are leveraging AI and big data to enhance production processes and product offerings in the pet food sector [3][4] - Innovations in packaging and logistics are crucial for meeting the seasonal demands and shelf-life challenges of pet food products [5][6]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [5][63]. Core Insights - The report highlights the ongoing recovery in the pig farming sector, the potential for valuation reassessment, and the strong growth in the pet economy, particularly for domestic brands [5][63]. Summary by Sections 1. Swine Industry - The average price of pigs as of August 14, 2025, is 13.74 CNY/kg, with a week-on-week decrease of 0.28 CNY/kg. The price of 15 kg piglets is 484 CNY/head, down 33 CNY/head from the previous week [12]. - The report suggests that the swine industry is moving towards a self-regulatory and stabilizing phase, with top companies like Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture being recommended for investment [12][5]. 2. Poultry Industry - The report notes a decline in poultry prices, with the average price of broiler chickens at 3.60 CNY/kg, remaining stable week-on-week. The report recommends companies like San Nong Development and Lihua Shares [21][22]. 3. Animal Health - The animal health sector is experiencing a recovery, with companies like Huayuan Biological, Reap Biological, and Placo showing improved performance. The approval of mRNA vaccines for veterinary use is seen as a significant technological advancement [33][5]. 4. Planting Industry - The report indicates an increase in soybean meal prices, with the average price reaching 3092 CNY/ton, up 2.8% week-on-week. Companies involved in transgenic seed commercialization are recommended for investment [38][42]. 5. Feed Industry - Feed prices are fluctuating, with the price for fattening pig feed at 3.34 CNY/kg, down 0.3% month-on-month. The report suggests that the feed industry is likely to see increased concentration, recommending companies like Haida Group [44][46]. 6. Pet Industry - The pet economy is booming, with the market size for pet consumption in urban areas projected to reach 300.2 billion CNY in 2024, growing by 7.5%. Companies like Guobao Pet, Zhongchong Shares, and Petty Shares are recommended for investment [53][54].

Core Viewpoints - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, with a focus on potential investment opportunities in the sector [1][3] - The market performance over the last 12 months shows a decline of 11% for the agriculture sector compared to a 4% decline in the CSI 300 index, indicating relative underperformance [2][10] Livestock Farming Data Tracking - Pig prices have been declining due to increased supply pressure, with the average price of live pigs at 13.74 CNY/kg as of August 14, reflecting a week-on-week decrease of 2.00% [6][29] - The number of breeding sows showed a slight increase in July, with a month-on-month growth of 0.28% [20] - Profitability for self-bred pigs remains positive at 28.85 CNY per head, while purchased piglets show a loss of 157.05 CNY per head [35] Poultry Farming Data Tracking - The average price of white feather broilers was 7.20 CNY/kg as of August 15, with a week-on-week increase of 0.84% [36][39] - The ongoing avian influenza outbreaks in Europe and the U.S. are expected to benefit the white feather chicken industry by stabilizing prices [36] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant year-on-year growth in vaccine issuance for various diseases, including a 76% increase for circovirus vaccines in June [45] - The development of African swine fever vaccines is progressing, with clinical trials expected to enhance market interest in the sector [45] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of August 15 are 2438 CNY/ton, 3097 CNY/ton, and 2394 CNY/ton, respectively, with soybean meal prices increasing by 2.7% week-on-week [48] - The USDA's August report indicates a decrease in global corn and soybean stocks for the 2025/26 season compared to the previous year, which may impact pricing and availability [49][51] Pet Industry Data Tracking - Pet food exports totaled 4.999 billion CNY in the first half of 2025, showing a year-on-year increase of 0.4% [53] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 5% across major e-commerce platforms in July [56] - Companies with strong domestic sales growth and supply chain advantages are expected to enhance their market share [56]

Group 1 - The core point of the article is that Reap Bio (300119.SZ) has received new veterinary drug registration certificates from the Ministry of Agriculture and Rural Affairs for its products, which include avian adenovirus (Group I, Type 4) yolk antibodies and penicillin V potassium soluble powder [1] Group 2 - The new veterinary drugs are in compliance with the "Veterinary Drug Management Regulations" and the "Veterinary Drug Registration Measures" [1] - The registration was granted to Reap Bio and its wholly-owned subsidiaries, Reap (Tianjin) Biopharmaceutical Co., Ltd. and Reap (Baoding) Biopharmaceutical Co., Ltd. [1]

I 群 4 型禽腺病毒（FAdV-4）是引起鸡心包积液-肝炎综合征（安卡拉病）的 一种高致死性传染病，其潜伏期短、传播快，死亡率高达 30%-80%，对 3～6 周 龄商品肉鸡、蛋雏鸡和后备鸡养殖危害严重。 证券代码：300119 证券简称：瑞普生物 公告编号：2025-062 瑞普生物股份有限公司 关于取得新兽药注册证书的公告 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。 根据《兽药管理条例》和《兽药注册办法》的规定，瑞普生物股份有限公司 （以下简称"公司""瑞普生物"）及全资子公司瑞普（天津）生物药业有限公 司、瑞普（保定）生物药业有限公司近日获得由农业农村部核发的《新兽药注册 证书》，详情如下： | 新兽药名称 | 研制单位 | 类别 | 新兽药注册证号 | | | --- | --- | --- | --- | --- | | 禽腺病毒（I 群， | 瑞普生物股份有限公司、天津瑞普生物 | | （2025）新兽药 | | | 4 型）蛋黄抗体 | 技术股份有限公司空港经济区分公司、 | 三类 | 证字 80 | 号 | | | 瑞普（保定）生物药业有 ...

Investment Rating - The report does not explicitly state an investment rating for the animal health industry, but it highlights potential growth areas such as pet pharmaceuticals and international expansion [1]. Core Insights - The animal health industry is experiencing a slowdown in growth, with increasing competition leading to a "Matthew Effect" where larger companies gain more market share at the expense of smaller firms [3][39]. - The industry is shifting back to a research and development-driven model, with innovation becoming crucial for future growth [4][83]. - The pet pharmaceutical market and international expansion are identified as key areas for long-term growth, with pet medical consumption projected to reach approximately 84 billion yuan in 2024 [5][78]. Summary by Sections 1. Overview of the Animal Health Industry - The animal health industry, also known as the veterinary drug industry, includes a wide range of products such as vaccines, antibiotics, and feed additives [11][12]. - The market size has grown from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, with a CAGR of 8.43% [3][12]. 2. Increasing Competition and Market Dynamics - The industry is facing a slowdown in growth, with sales increasing from 62.095 billion yuan in 2020 to 69.651 billion yuan in 2023, while average gross profit has decreased from 21.998 billion yuan to 21.297 billion yuan [3][39]. - The "Matthew Effect" is evident as larger companies leverage their product portfolios and R&D investments to capture more market share [3][52]. 3. Shift Towards R&D and Innovation - The industry is moving away from its cyclical nature, with a focus on integrated strategies and innovation to counteract competitive pressures [4][69]. - The average profit per head in self-breeding pig farming is expected to improve significantly in 2024, indicating potential for recovery in related sectors [4][62]. 4. Growth Opportunities in Pet Pharmaceuticals and Exports - The pet medical market is projected to grow rapidly, with a significant increase in demand for preventive care and treatment as pet owners become more health-conscious [5][78]. - The report highlights the successful export of domestic pet pharmaceuticals, marking a breakthrough in international markets [5][78]. 5. Key Companies to Watch - Companies such as 瑞普生物 (Reap Bio), 科前生物 (KQ Bio), and 回盛生物 (Hui Sheng Bio) are recommended for attention due to their innovative approaches and market positioning [6].

Investment Rating - The overall industry rating is "Positive" for the agriculture sector, indicating expected returns above the CSI 300 index by more than 5% in the next six months [6][51]. Core Views 1. **Livestock Industry Chain** - The swine market is experiencing rising epidemic risks and policy support, which is expected to enhance the motivation for capacity reduction. The average price of live pigs is currently 13.71 CNY/kg, down 0.62 CNY from last week, while the average price for 15 kg piglets is 31.24 CNY/kg, down 1.48 CNY [5][19]. - The operating rate of large-scale slaughterhouses has increased to 31.9%, up 0.36 percentage points from last week and 7.26 percentage points year-on-year. The total output of pigs from 16 listed companies reached 100.75 million heads, a year-on-year increase of 16.9% [5][19]. - The number of breeding sows has decreased to 40.43 million heads, down 370,000 from the peak last year. The average profit per head for self-bred pigs is 45 CNY, an increase of 2 CNY from last week [6][20]. 2. **Poultry Industry** - Chicken prices are experiencing fluctuations, with the average price for broiler chickens at 3.54 CNY/lb, up 0.13 CNY from last week. The average price for white feather chickens is 13.9 CNY/kg, up 0.2 CNY [21][23]. - The industry is at a historically high capacity level, with limited imports in the first seven months of the year. The profitability per chicken has turned positive at 0.62 CNY [21][23]. - The yellow chicken market is also seeing price declines, with average prices at 9.77 CNY/kg for Lihua yellow chicken, down 0.02 CNY from last month [23][24]. 3. **Seed and Planting Industry** - The seed industry is benefiting from ongoing policy optimization and the promotion of genetically modified organisms (GMOs). The long-term investment value of leading seed companies is highlighted as they are at historical low valuations [10][24]. - Grain prices are experiencing short-term adjustments but are expected to rise in the medium term due to reduced imports and adverse weather conditions. The average purchase price for corn is 2441 CNY/ton, down 4 CNY from last week [12][24]. Company Recommendations - Recommended companies include: - Zhongchong Co., Ltd. - Buy [3] - Muyuan Foods Co., Ltd. - Buy [3] - Suqian Agricultural Development Co., Ltd. - Buy [3]

Group 1 - The company, Ruipu Biological Co., Ltd., has announced the convening of its fourth extraordinary general meeting of shareholders for the year 2025, scheduled for August 25, 2025, at 14:30 [1] - Shareholders registered by the close of business on August 18, 2025, are entitled to attend the meeting and may appoint proxies to vote on their behalf [2] - The meeting will include non-cumulative voting proposals, and the results will be disclosed separately for small investors [5][10] Group 2 - Registration procedures for attending the meeting vary for corporate and individual shareholders, with specific documentation required for each [3][6] - Shareholders can participate in voting through both on-site and online platforms, with detailed instructions provided for the online voting process [7][8] - The company has provided contact information for inquiries related to the meeting, including phone and email details [7]