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，无虚假记载、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"）全资子公司瑞普（天津）生物 药业有限公司生产的猫用驱虫药通过国家比对文号评价审核，近期获得了由农业 农村部核发的兽药产品批准文号。详情如下： | 企业名称 | 兽药通用名称 | 规格 | 批准文号 | 有效期 | | --- | --- | --- | --- | --- | | | | 14mg (米尔贝肟 | | | | | | 4mg+吡喹酮 | 兽药字020033417 | | | 瑞普（天津）生 | 米尔贝肟吡喹 | 10mg) | | 2025.04.07- | | 物药业有限公司 | 酮片（猫用） | 56mg (米尔贝肟 | | 2030.04.06 | | | | 16mg+吡喹酮 | 兽药字020033418 | | | | | 40mg) | | | 证券代码：300119 证券简称：瑞普生物 公告编号：2025-030 瑞普生物股份有限公司 关于取得兽药产品批准文号的公告 该产品的成功获批，是公司深耕猫用药品战略布局的关键进展。在宠物医药 产品长期依赖 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

公司发布2024 年年报： 2024 年实现营业收入30.7 亿元，同比增长13.32%，实现归母净利润3.01 亿元，同比下降33.70%，实现 扣非归母净利润2.81 亿元，同比下降11.84%。 禽用疫苗产品优势突出。 瑞普生物在禽用生物制品板块保持领先的地位，多款禽用疫苗市场份额位居行业单品排名前列，重点产 品包括"重组禽流感病毒（H5+H7）三价灭活疫苗，鸡新城疫、禽流感（H9 亚型）二联灭活疫苗，鸡新 城疫、传染性法氏囊病、禽流感（H9 亚型）三联灭活疫苗"等生物制品，产品抗原含量高、保护效果 好、副反应小，能够有效预防主流禽疫病的发生。2024 年公司禽用生物制品实现营业收入10.76 亿元， 同比增长15.90%；毛利率为63.17%，同比-1.20pcts。 畜用产品日渐完善，家畜板块高速增长。 瑞普生物经过多年布局，在猪、牛、羊等畜用药苗、药品及饲料添加剂等方面打造丰富的产品群组，积 极改进工艺提升产品质量，猪蓝耳疫苗、乙脑疫苗、奶牛乳房注入剂等产品竞争力位于行业前列。公司 在家畜集团客户深耕多年，与大型家禽养殖集团建立友好合作关系，并拓展奶牛市场，完善营销网络布 局。此外，公司通过并购将 ...

事件：公司发布2024年年度报告，公司 2024年公司实现营收 30.7亿元，同比增长13.32%，实现归母净 利润3.01 亿元，同比减少33.7%。其中，2024Q4实现营收13.23 亿元，同比+17.93%，实现归母净利润 0.56 亿元，同比-68.88%。 点评：化药业务短期承压，宠物板块布局推进。分品类看，公司兽用生物制品、宠物供应链等业务板块 表现突出，分别增长23.40%和37.66%。宠物市场贡献显著，宠物生物制品收入同比增长849.09%。综合 毛利率为41.38%，较去年同期略有下降，主要受原材料成本上涨及低毛利率的宠物供应链业务占比提 升影响。此外，2024 年受主要原料药行情低迷的影响，龙翔药业对库存商品计提了近2000 万减值准 备，影响利润。 公司自主研发的猫三联疫苗"瑞喵舒"打破国外垄断，成为本土首个上市产品。 盈利预测与投资建议。我们预计2025~2027 年公司EPS 为0.88、1.02、1.16元，对应动态PE 20、17、15 倍，维持"买入"评级。 风险提示：养殖端突发疫病、下游需求不及预期、研发进度不及预期等风险。 兽用生物制品业务稳步提升，国际化与大客户战略双 ...

Core Viewpoint - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, but the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, indicating short-term profit pressure despite revenue growth [3][4]. Group 1: Revenue Performance - The company's revenue growth was primarily driven by veterinary biological products and the pet supply chain, with year-on-year increases of 23.4% and 37.66% respectively [4]. - Revenue from various product segments showed mixed results: formulation and raw materials revenue decreased by 5.83%, while pet pharmaceuticals dropped by 28.26%. In contrast, revenue from pet biological products, livestock biological products, pet supply chain, and poultry biological products saw significant increases of 849.09%, 49.78%, 37.66%, and 15.9% respectively [4]. Group 2: Profitability Challenges - The overall gross margin of the company declined from 49.69% in 2023 to 41.38% in 2024, impacted by market price fluctuations and rising raw material costs [4]. Group 3: R&D and Strategic Investments - The company maintained a high level of R&D investment, with R&D expenses amounting to 197 million yuan, representing a 6.4% R&D expense ratio [5]. - The acquisition of 100% equity in Baoding Shoujun allowed the company to indirectly hold 55.2% of the equity in Biwei Antai, expanding its business into foot-and-mouth disease vaccines. Collaborations with research institutions are also underway to accelerate innovation [5]. Group 4: Pet Medical Sector Development - The pet segment generated 690 million yuan in revenue, accounting for 22.47% of total revenue. Notably, pet biological products achieved a revenue of 37.44 million yuan, up 849%, largely due to the significant contribution from the "Rui Miao Shu" cat trivalent vaccine [6]. - Pet pharmaceuticals reported a revenue of 19.02 million yuan, down 28.26%, attributed to adjustments in sales promotion strategies. The pet supply chain generated 633 million yuan, up 37.66%, primarily through the sale of imported products [6]. - The company holds a 56.31% stake in Zhongrui Supply Chain, facilitating deep collaboration among its three major segments: Rui Pu Biological, Rui Pai Pet Hospital, and Zhongrui Supply Chain, thereby creating a closed-loop value chain from R&D to service [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%. However, the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, with a non-recurring net profit of 281 million yuan, down 11.87% year-on-year [1][3]. - Revenue growth was primarily driven by veterinary biological products and the pet supply chain, which grew by 23.4% and 37.66% respectively. In contrast, revenue from formulations and raw materials declined by 5.83%, and pet medicines saw a decrease of 28.26% [1][3]. - The company is actively enhancing its strategic industrial structure through high-level R&D investments, with R&D expenses amounting to 197 million yuan, representing 6.4% of total revenue. The acquisition of Baoding Shoujun's 100% equity extends its business into foot-and-mouth disease vaccines [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 3,070 million yuan, with a growth rate of 36.5%. The net profit attributable to shareholders was 301 million yuan, reflecting a decline of 33.61% [4][8]. - The revenue breakdown shows significant increases in pet biological products (849.09%), livestock biological products (49.78%), and the pet supply chain (37.66%), while pet medicines decreased by 28.26% [1][2]. R&D and Strategic Initiatives - The company is focusing on strengthening its industrial structure by maintaining high R&D investments, with a total of 197 million yuan allocated for 2024. Collaborations with research institutions are also underway to accelerate innovation [2][3]. Market Outlook and Profitability - The report anticipates a recovery in the livestock and poultry breeding sector, with gradual improvements in the company's main business. However, profit forecasts for 2025-2026 have been adjusted downward due to anticipated pressures in the veterinary medicine sector [3][4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.86 yuan, 1.08 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 14 [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [3][12]. Core Insights - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, while the net profit attributable to shareholders decreased by 33.61% to 301 million yuan [1][4]. - The revenue growth is primarily driven by the veterinary biological products and pet supply chain, which grew by 23.4% and 37.66% respectively [1]. - The overall gross margin decreased from 49.69% in 2023 to 41.38% in 2024 due to market price fluctuations and rising raw material costs [1]. Revenue and Profitability - The company's revenue for 2024 is projected to be 3.07 billion yuan, with a growth rate of 36.5% compared to 2023 [4]. - The net profit for 2024 is forecasted at 301 million yuan, reflecting a decline of 33.61% from the previous year [4]. - The earnings per share (EPS) for 2024 is estimated at 0.65 yuan, with projections for 2025 and 2026 at 0.86 yuan and 1.08 yuan respectively [4][10]. R&D and Strategic Developments - The company maintained a high level of R&D investment in 2024, with R&D expenses amounting to 197 million yuan, representing a rate of 6.4% of revenue [2]. - The acquisition of 100% equity in Baoding Shoujun extends the company's business into foot-and-mouth disease vaccines, enhancing its strategic industry structure [2]. Pet Medical Sector - The pet segment generated 690 million yuan in revenue in 2024, accounting for 22.47% of total revenue, with significant contributions from pet biological products [2]. - The pet biological products revenue surged by 849% year-on-year, driven by the successful launch of the "Rui Miao Shu" cat trivalent vaccine [2]. Financial Forecasts - The company’s revenue is expected to grow to 3.23 billion yuan in 2025, with a projected growth rate of 5.14% [4]. - The net profit is anticipated to recover to 401 million yuan in 2025, reflecting a growth of 33.27% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21, 17, and 14 respectively [4][10].

Group 1 - The company reported an operating income of 3.07 billion yuan, a year-on-year increase of 13.32% [1] - The net profit attributable to shareholders was 301 million yuan, with a proposed cash dividend of 3 yuan per 10 shares (tax included) [1] - Research and development investment reached 238 million yuan, accounting for 7.76% of operating income, with 10 new veterinary drug registration certificates and 29 authorized patents obtained [1] Group 2 - Breakthroughs were achieved in the biopharmaceutical field, including advancements in mRNA technology platforms and recombinant duck plague virus vector vaccines [1] - The self-developed cat trivalent vaccine "Rui Miao Shu" became the first domestically listed product [1] - The developed micro-coated preparation of enrofloxacin hydrochloride reduced medication costs by 25%-50%, receiving high industry recognition [1] Group 3 - The company completed the registration of 35 products, with Tianjin and High-Tech companies passing Indonesia's GMP audit, and Biwei Antai obtaining Thailand's GMP certification [1] - Collaborations were established with over 20 group clients for million-level partnerships, creating 50 million-level flagship products [1] - Strategic partnerships were deepened with leading enterprises such as Dekang Animal Husbandry and Shengnong Development, building an industrial ecosystem [1] Group 4 - Looking ahead, the company will continue to deepen research and development in mRNA, genetic engineering vaccines, and innovative drugs [2] - The company aims to accelerate its layout in the pet and ruminant sectors, constructing a full chain of "research-development-production-service" [2] - Key products, processes, and technologies will be targeted for mergers and acquisitions to enhance product competitiveness and market share [2]

Core Insights - The global animal vaccine market is projected to exceed $14 billion in 2024, following a market size of over $13.5 billion in 2023, with a compound annual growth rate (CAGR) of 10.10% over the past five years [1][8]. Market Overview - Animal vaccines, also known as veterinary vaccines, are products made from pathogenic microorganisms that stimulate the immune system of animals to produce specific antibodies, thereby preventing infectious diseases [1]. - North America, including the United States and Canada, is the largest regional market for animal vaccines, accounting for approximately 45% of the global market share in 2023 [3]. Industry Competition - Leading companies in the global animal vaccine industry offer a diverse range of products, including vaccines for pets, pigs, poultry, ruminants, and aquaculture [5]. - Major players such as Merck Animal Health, Zoetis, and Boehringer Ingelheim have established multiple production bases worldwide, indicating significant production capacity [5]. Company Profiles - **Merck Animal Health**: Offers pet vaccines, pig vaccines, poultry vaccines, and aquaculture vaccines, with 29 production bases across 12 countries, including a major facility in Suzhou, China [6]. - **Zoetis**: Operates production bases in the United States and China, having established its first R&D and production base in China in 2019 [6]. - **Boehringer Ingelheim**: Maintains over 20 production bases globally, with two facilities located in Nanchang and Taizhou, China [6]. - **Hualan Biological Engineering**: Initially focused on blood products, it has become a major producer of influenza vaccines in China, accounting for over 40% of the national market [6]. - **Fubao Animal Health**: Produces vaccines for pigs, poultry, and aquaculture, with production bases in the United States and Suzhou, China [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] 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 was 301 million yuan, down 33.70% year-on-year [1] - The poultry vaccine segment showed strong growth, with revenues of 1.08 billion yuan for poultry biological products and 211 million yuan for livestock biological products, increasing by 15.90% and 49.78% respectively [2] - The pet segment experienced significant growth, with revenues of 633 million yuan for the pet supply chain, 37 million yuan for pet biological products, and 19 million yuan for pet pharmaceuticals, reflecting increases of 37.66%, 849.09%, and a decrease of 28.26% respectively [4] - The company is actively pursuing international expansion and strategic partnerships, having registered 35 products in seven countries and deepening collaborations with major clients [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 828 million yuan, a year-on-year increase of 25.16%, with a net profit of 52 million yuan, down 71.01% year-on-year [1] - The company expects net profits to grow to 422 million yuan, 536 million yuan, and 690 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 40.40%, 27.06%, and 28.67% [5] Business Segments - The traditional livestock business remains stable, while the emerging pet business is gaining a competitive edge through product development and market penetration [5] - The company has made significant advancements in pet pharmaceuticals, including the development of a cat trivalent vaccine and a dual-use drug for dogs and cats [4] Market Strategy - The company is focusing on a dual-cycle strategy of product and technology export, enhancing its international presence and quality standards [3] - Collaborations with over 20 major group clients have been established, reinforcing the company's market position [3]