Core Viewpoint - The stock of Wuhan Kewen Biological Technology Co., Ltd. (回盛生物) has experienced fluctuations, with a year-to-date increase of 120.22% and recent trading activity indicating a slight decline. The company operates in the veterinary pharmaceuticals sector, focusing on the research, production, and sales of veterinary drugs and feed additives [1][2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.26 billion yuan, representing a year-on-year growth of 58.92%. The net profit attributable to shareholders reached 188 million yuan, showing a significant increase of 494.28% compared to the previous year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 236 million yuan in dividends, with 135 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, the stock price was 21.70 yuan per share, with a market capitalization of 4.39 billion yuan. The stock has seen a trading volume of 72.95 million yuan and a turnover rate of 1.65% [1]. - The company has appeared on the "龙虎榜" (a stock trading list) seven times this year, with the most recent appearance on April 9, where it recorded a net buy of -65.95 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders stood at 21,200, a decrease of 10.03% from the previous period. The average number of circulating shares per shareholder increased by 11.15% to 9,566 shares [2].

Core Insights - The animal health sector experienced a 1.04% increase on November 11, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - *ST Lvkang (002868) closed at 35.02, up 5.01% with a trading volume of 1196 lots and a transaction value of 4.1884 million yuan [1] - Other notable performers included: - Qudongli (920275) at 10.36, up 4.65% [1] - Yongshun Biological (920729) at 9.97, up 2.15% [1] - Biological Shares (600201) at 10.63, up 1.24% [1] - Plai Ke (603566) at 14.42, up 1.19% [1] Capital Flow - The animal health sector saw a net outflow of 2.5437 million yuan from institutional investors and 7.7575 million yuan from speculative funds, while retail investors had a net inflow of 10.3012 million yuan [1] - Specific stock capital flows included: - Biological Shares (600201) with a net inflow of over 9.2092 million yuan from institutional investors [2] - *ST Lvkang (002868) had a net inflow of 1.1031 million yuan from retail investors [2] - Huayi Biological (603718) experienced a net outflow of 4.1338 million yuan from institutional investors [2]

Core Viewpoint - The company has begun exporting certain raw pharmaceutical materials to Taiwan [1] Group 1 - The company is actively engaging in international trade by exporting raw materials [1]

Core Viewpoint - The company has begun exporting certain raw pharmaceutical materials to Taiwan [1] Group 1 - The company is actively engaging in international trade by exporting raw materials [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Core Insights - The animal health sector experienced a slight increase of 0.55% on November 7, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - *ST Lvkang (002868) closed at 31.76, up 4.99% with a trading volume of 12,000 hands and a transaction value of 37.6483 million yuan [1] - Other notable stocks included: - Biological Shares (600201) at 10.52, up 1.64% with a trading volume of 234,300 hands [1] - Driving Force (920275) at 9.88, up 1.13% with a trading volume of 7,484 hands [1] - Zhongmu Shares (600195) at 7.75, up 0.65% with a trading volume of 77,200 hands [1] Capital Flow - The animal health sector saw a net outflow of 5.144 million yuan from institutional investors, while retail investors experienced a net outflow of 11.0652 million yuan [2] - Conversely, speculative funds recorded a net inflow of 16.2092 million yuan [2] Detailed Capital Flow Analysis - Major stocks and their capital flow included: - Biological Shares (600201) with a net inflow of 20.3753 million yuan from institutional investors [3] - *ST Lvkang (002868) had a net inflow of 2.9042 million yuan from institutional investors [3] - Huisheng Biological (300871) faced a significant net outflow of 18.6925 million yuan from institutional investors [3]

Core Viewpoint - The company emphasizes the importance of investor relations management and is committed to both internal operational management and external communication to protect investor interests [1] Group 1 - The company actively engages in investor communication and value dissemination [1] - The company prioritizes the maintenance of investor interests through effective management practices [1]

Core Insights - The animal health sector experienced a slight increase of 0.36% on November 6, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - *ST Lvkang (002868) closed at 30.25, with a rise of 5.00% and a trading volume of 32,200 hands, amounting to a transaction value of 96.94 million yuan [1] - Other notable stocks include: - KQ Bio (688526) at 16.07, up 0.69% [1] - Biological Shares (600201) at 10.35, up 0.68% with a transaction value of 153 million yuan [1] - Ruipu Biological (300119) at 20.46, up 0.20% [1] - Pulaike (603566) at 14.09, up 0.14% [1] Capital Flow - The animal health sector saw a net outflow of 17.47 million yuan from institutional investors, while retail investors contributed a net inflow of 8.89 million yuan [2] - The capital flow for individual stocks indicates: - *ST Lvkang had a net inflow of 7.56 million yuan from institutional investors [3] - KQ Bio experienced a net inflow of 4.84 million yuan [3] - Biological Shares had a net inflow of 2.64 million yuan [3]

Core Viewpoint - The company Ruisheng Bio announced on November 5 that its production base in Vietnam is primarily focused on chemical drug formulations, with a designed capacity of 1,500 tons per year, and is currently in the initial phase of production [2] Group 1 - The Vietnam production base is dedicated to chemical drug formulations [2] - The designed production capacity of the Vietnam facility is 1,500 tons per year [2] - The facility is currently in the early stages of production [2]

Core Viewpoint - The company, Kexing Biopharma, is primarily engaged in the research, production, and sales of veterinary pharmaceuticals, raw materials, traditional Chinese medicine formulations, and feed additives, positioning itself within the animal health industry [2] Group 1: Company Overview - The company operates in the veterinary drug manufacturing sector, which is classified under the pharmaceutical manufacturing industry according to the National Economic Industry Directory [2] - The company is actively responding to national policies by driving development through technological innovation [2] Group 2: Business Strategy - The company is vertically integrating its operations by expanding into the upstream raw material pharmaceutical industry [2] - The company is horizontally expanding into segments such as pet and poultry markets, aiming to create a comprehensive animal health enterprise that combines raw materials, veterinary drug formulations, and animal health products [2]