北京市通商律师事务所 关于瑞普生物股份有限公司 2025 年第三次临时股东大会的法律意见书 致：瑞普生物股份有限公司 受瑞普生物股份有限公司(以下简称"公司")聘请，北京市通商律师事务所 指派律师(以下简称"本所律师")出席了公司 2025 年第三次临时股东大会(以下 简称"本次股东大会")，并依据《中华人民共和国公司法》(以下简称"《公司 法》")、《上市公司股东会规则》、《深圳证券交易所上市公司股东会网络投票 实施细则》等法律、法规、规章、规范性文件及《瑞普生物股份有限公司章程》 (以下简称"《公司章程》")的规定，对公司本次股东大会召集及召开程序、出 席会议的人员资格、召集人资格、提案审议情况、股东大会的表决方式、表决程 序和表决结果等重要事项的合法性进行了审核和见证，现出具本法律意见书如下： 一、 本次股东大会的召集与召开程序 本次股东大会由公司第五届董事会第二十四次（临时）会议决议召集。公司 于 2025 年 6 月 14 日在巨潮资讯网(www.cninfo.com.cn)上公告了《关于召开 2025 年第三次临时股东大会的通知》(以下简称"会议通知")，会议通知载明了本次 股东大会的召开时间和地 ...

Summary of the Conference Call on the Pet Pharmaceutical Industry Industry Overview - The pet pharmaceutical market in China is experiencing rapid growth, with a compound annual growth rate (CAGR) of 22%, driven by rigid demand throughout the pet lifecycle [1][2] - The aging pet population is increasing, with the proportion of senior dogs over seven years old rising significantly, leading to higher demand for medications for age-related diseases [1][2] Key Insights - The market size is projected to grow from less than 9.4 billion yuan in 2020 to nearly 21 billion yuan by 2024, indicating a robust growth trajectory [2] - The demand for pet medications is characterized by its rigidity, affecting various age groups, with high incidence rates of conditions like dental calculus and skin diseases [2] - The industry faces supply bottlenecks, particularly in medications for elderly diseases, which are heavily reliant on imports [4] Supply Chain and Innovation - The industry is exploring human drug conversion to alleviate supply-demand conflicts, exemplified by the release of a directory of urgently needed human medications for pets [4] - There is a push for accelerated research and innovation to develop effective treatments for chronic diseases and tumors, with the first domestic monoclonal antibody drug clinical approval achieved in June [4] Progress in Domestic Vaccine Development - Domestic companies have made significant strides in the core vaccine sector, particularly with the launch of the first approved domestic cat trivalent vaccine by Ruipuhua in January 2024 [5][6] - By June 2025, a total of 11 domestic cat trivalent vaccines are expected to be on the market, breaking the monopoly previously held by foreign companies [5][6] Market Dynamics - The pet vaccine market is vast, with the mandatory rabies vaccine market valued at approximately 3-4 billion yuan, and both cat and dog trivalent vaccines around 2 billion yuan each [6] - Domestic vaccines have advantages in strain matching and pricing, typically being 20% cheaper than imported alternatives [7] Competitive Landscape - The cat trivalent vaccine market remains in a blue ocean state, with less than 10% immunization penetration among urban pet cats, indicating significant growth potential [8][9] - Over 10 domestic companies are involved in the pet vaccine sector, including traditional veterinary medicine firms and those transitioning from human pharmaceuticals [10] Challenges and Future Trends - Domestic companies face challenges in channel development, needing to overcome the premium pricing power of foreign brands [11] - Companies like Ruipuhua and PlaiKe are working to narrow the gap by building their own or partnering with pet hospitals [11][12] - Future trends include a focus on mRNA technology and innovative drug delivery methods, which could reshape the competitive landscape and create larger market opportunities due to the increasing management needs of aging pets [13]

证券代码：300119 证券简称：瑞普生物 公告编号：2025-049 瑞普生物股份有限公司 关于控股子公司及其下属子公司开展资产池业务 一、担保情况概述 根据业务发展需要，瑞普生物股份有限公司（以下简称"公司"）的控股子 公司天津中瑞供应链管理有限公司（以下简称"中瑞供应链"）及其下属公司（包 括控股子公司及其分公司，以下简称"成员单位"），即：浙江云爱动物保健有 限公司（以下简称"浙江云爱"）、浙江云爱动物保健有限公司杭州分公司（以 下简称"浙江云爱杭州分公司"）、南京华和益宠生物科技有限公司（以下简称 "南京华和"）、龙腾旺业生物科技（天津）有限公司（以下简称"天津龙腾"）、 深圳喜越动保供应链有限公司（以下简称"深圳喜越"）、重庆富德仕动物药品 有限公司（以下简称"重庆富德仕"）、武汉有宠生物科技有限公司（以下简称 "武汉有宠"）、上海澳物生物科技有限公司（以下简称"上海澳物"）、长春 市新鑫旺供应链有限公司（以下简称"长春市新鑫旺"）、杭州斑马兵兵科技有 限公司（以下简称"杭州斑马"）、广西安和天成生物科技有限公司（以下简称 "广西安和"）拟与浙商银行股份有限公司天津分行（以下简称"协议银行"） 开 ...

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

Core Viewpoint - Reap Bio plans to divest 48.4213% of its stake in Zhong'an Bio due to the latter's failure to achieve expected returns from a fundraising project and the company's shift towards the pet business [1][2][3] Group 1: Divestment Details - Reap Bio will transfer its controlling stake in Zhong'an Bio to Jiangxi Twin Biological Technology Co., with the transaction price set at 115 million yuan, reflecting a 15.3% premium on the overall valuation of 237 million yuan [2][3] - Zhong'an Bio, established in 2010, primarily produces livestock vaccines, with an annual production capacity of approximately 300 million doses [2] Group 2: Financial Performance - In 2024, Zhong'an Bio reported a revenue of 48.98 million yuan, down nearly 12% year-on-year, and incurred a loss of 459,600 yuan [3][8] - The net asset value of Zhong'an Bio was reported at 206 million yuan as of 2024 [2] Group 3: Strategic Shift - Reap Bio's divestment is part of a broader strategy to focus on its core business and mitigate losses from underperforming assets [3][6] - The company has been actively acquiring stakes in the pet industry, including a 15% stake in Zhongrui Huapu Technology for 131 million yuan, indicating a strategic pivot towards the pet supply chain [4][7] Group 4: Financial Risks - Reap Bio's short-term interest-bearing liabilities reached 862 million yuan in 2024, a 55% increase year-on-year, while long-term loans rose by 67% to 514 million yuan [5] - The company's asset-liability ratio increased from 27% to 37%, indicating growing financial leverage [5] Group 5: Profitability Challenges - In 2024, Reap Bio's net profit declined by 33.7%, attributed to rising raw material costs, increased R&D and financial expenses, and a significant drop in non-recurring gains [8] - The overall gross margin fell from 49.69% in 2023 to 41.38% in 2024, reflecting pressure on profitability [8] Group 6: Operational Concerns - Accounts receivable rose to 1.07 billion yuan, and inventory increased from 390 million yuan to nearly 500 million yuan, indicating potential liquidity issues [9] - The company's ability to successfully integrate and grow its pet business will be critical for its long-term performance amid current challenges [9]

Transaction Overview - The company plans to transfer 48.4213% equity of its subsidiary, Hunan Zhong'an Biological Pharmaceutical Co., Ltd. (Zhong'an Bio), to Jiangxi Twin Biological Technology Co., Ltd. for a transaction price of approximately 11.48 million yuan, based on a total equity value of 23.7 million yuan [1][2][16] - After the transaction, the company will hold 20% of Zhong'an Bio's equity, which will no longer be included in the company's consolidated financial statements [2][24] Fundraising Project Progress - The company raised approximately 1.34 billion yuan through a private placement of 63,984,674 shares at a price of 20.88 yuan per share, with a net amount of approximately 1.33 billion yuan after deducting issuance costs [2][3] - The funds raised are allocated to various projects, including the Zhong'an Bio expansion project, which has reached a usable state and has been completed [5][6] Financial Performance of Zhong'an Bio - As of December 31, 2024, Zhong'an Bio reported a net asset value of approximately 20.55 million yuan, with total assets of approximately 31.77 million yuan and total liabilities of approximately 11.22 million yuan [14][16] - The company experienced a net loss of approximately 45.96 thousand yuan in 2024, compared to a net profit of approximately 10.08 million yuan in 2023 [15][16] Strategic Cooperation - The transaction establishes a strategic partnership between the company and Jiangxi Twin Biological, focusing on vaccine and drug research, product procurement, and disease prevention in the livestock industry [20][24] - Both parties aim to enhance their capabilities in disease prevention and control, leveraging shared resources and expertise [21][22] Board and Supervisory Opinions - The company's board and supervisory committee have approved the equity transfer and fundraising project transfer, stating that it aligns with the company's long-term development strategy and does not harm the interests of shareholders [25][26]

Group 1 - The company held its 20th (temporary) meeting of the 5th Supervisory Board on June 13, 2025, with all legal procedures followed for attendance and voting [1] - The Supervisory Board agreed to the transfer of equity in its subsidiary, Hunan Zhong'an Biological Pharmaceutical Co., Ltd., citing potential harm to the company and shareholders' interests [1] - The voting results for the equity transfer proposal were unanimous, with 3 votes in favor and no votes against or abstentions, pending approval from the shareholders' meeting [1] Group 2 - The Supervisory Board approved the provision of financial assistance to the controlling subsidiary, determining it would not significantly impact the company's daily operations and did not violate any regulations [2] - The decision regarding financial assistance also received unanimous support, with 3 votes in favor and no opposition or abstentions [2]

湖南中岸生物药业有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025]第 ZG10096 号 湖南中岸生物药业有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | | 目录 | 页次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-3 | | 二、 | 财务报表 | | | | | 资产负债表 | | 1-2 | | | 利润表 | | 3 | | | 现金流量表 | | 4 | | | 所有者权益变动表 | | 5-6 | | | 财务报表附注 | | 1-59 | 审计报告 信会师报字[2025]第 ZG10096 号 湖南中岸生物药业有限公司： 一、 审计意见 我们审计了湖南中岸生物药业有限公司（以下简称贵公司）财务 报表，包括 2024 年 12 月 31 日的资产负债表，2024 年度的利润表、 现金流量表、所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了贵公司2024 年 12月 31 日的财务状况以及 2024 ...

中国银河证券股份有限公司 关于瑞普生物股份有限公司 拟转让控股子公司股权暨募投项目转让 的核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"保荐机构"）作为瑞普 生物股份有限公司（以下简称"瑞普生物""公司"）2021 年度向特定对象发行股票 的保荐机构，根据《证券发行上市保荐业务管理办法（2025 修正）》《深圳证券交易 所上市公司自律监管指引第 13 号—保荐业务（2025 年修订）》《深圳证券交易所创 业板股票上市规则（2025 年修订）》《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（2025 年修订）》《上市公司监管指引第 2 号—上市公 司募集资金管理和使用的监管要求（2022 年修订）》等相关规定，对公司拟转让控股 子公司股权暨募投项目转让事项进行了审慎核查，具体核查情况和核查意见如下： 一、交易概述 基于公司长期发展战略和业务规划，为持续深化与养殖集团客户的战略合作，优 化公司资产及业务结构，公司于 2025 年 6 月 13 日在湖南省长沙市与江西双胞胎生物 技术有限公司（以下简称"双胞胎生物"）签署了《股权转让协议》，拟将公司持有 的控股子公司湖南中岸 ...

关于拟转让控股子公司股权暨募投项目转让的公告 证券代码：300119 证券简称：瑞普生物 公告编号：2025-046 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。 特别提示： 1、瑞普生物股份有限公司（以下简称"公司""瑞普生物"）拟将持有的 控股子公司湖南中岸生物药业有限公司（以下简称"中岸生物""标的公司"） 48.4213%股权转让给江西双胞胎生物技术有限公司（以下简称"双胞胎生物"）， 本次交易涉及中岸生物负责实施的募投项目"中岸生物改扩建项目"（以下简称 "本次交易"）。本次交易完成后，公司持有中岸生物20%股权，中岸生物不再 纳入公司合并报表范围。 2、公司于2025年6月13日召开的第五届董事会第二十四次（临时）会议、第 五届监事会第二十次（临时）会议审议通过了《关于拟转让控股子公司股权暨募 投项目转让的议案》。 3、本事项不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，本次交易尚需提交公司股东大会审议。 4、风险提示：本次交易尚需交易各方有权机构审议通过后生效，因此本次 交易尚存在不确定性。 ...