Core Viewpoint - The recent private placement application by Huisheng Biological has been accepted by the Shenzhen Stock Exchange, but it faces significant criticism regarding the low issuance price and lack of specific investment projects, raising concerns about the interests of minority shareholders [1][2][3]. Company Summary - Huisheng Biological, a veterinary drug company, has been experiencing declining net profits since its IPO in 2020, with net profit dropping from 150 million yuan to a loss of 20.16 million yuan [6]. - The company's revenue has been increasing, but the net profit has been negatively impacted by the cyclical nature of the livestock industry and poor performance of previous investment projects [6][7]. - The company’s gross margin has decreased from 37% to 16.33%, and net margin has fallen from 19.31% to -1.65% due to various factors including declining product prices and rising costs [6]. Financing Details - The private placement will issue shares at a price of 9.19 yuan, significantly lower than the current market price of 20.68 yuan, which is only 44% of the market price [2][3]. - The maximum number of shares to be issued is 26,123,301, which could increase the controlling shareholders' stake to 47.92% [2][3]. - The total amount raised from this financing could reach 250 million yuan, but it is intended solely for replenishing working capital, raising questions about the necessity of the financing [3][4]. Investment Project Performance - Previous investment projects have largely failed to meet expected returns, with three out of five projects from the 2020 IPO not achieving their projected benefits [3][4]. - The company has faced challenges with its production capacity utilization and pricing, particularly in the case of the new products launched [4][6]. Industry Context - The veterinary drug industry is highly cyclical, with demand closely tied to the profitability of livestock farming [7]. - In the first quarter of 2024, Huisheng Biological reported a revenue increase of 92.96% and a net profit increase of 371.23%, attributed to improved cash flow in the livestock sector [7]. - However, the recent decline in pig prices raises uncertainty about whether the industry has truly recovered from its low point [7].

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.35% and 0.65% respectively [2] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [2] - The Electronic sector saw the largest net outflow, amounting to 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [2] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The Agriculture, Forestry, Animal Husbandry, and Fishery sector rose by 0.65% despite a net capital outflow of 437 million yuan [3] - Out of 103 stocks in this sector, 40 stocks increased, with one hitting the daily limit, while 55 stocks declined [3] - The top three stocks with net inflows were Xinwufeng (31.4665 million yuan), Haida Group (28.3706 million yuan), and Juxing Agriculture (21.9941 million yuan) [3][4] Top Gainers and Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - **Top Gainers**: - Xinwufeng: +0.65%, 4.20% turnover, 31.4665 million yuan inflow [4] - Juxing Agriculture: +0.76%, 4.49% turnover, 21.9941 million yuan inflow [4] - **Top Losers**: - Muyuan Foods: -3.27%, 1.81% turnover, 71.5922 million yuan outflow [5] - Guolian Aquatic Products: -1.76%, 8.74% turnover, 45.2607 million yuan outflow [5]

国浩律师（深圳）事务所 关于 武汉回盛生物科技股份有限公司 创业板向特定对象发行 A 股股票 之 法律意见书 深圳市深南大道 6008 号特区报业大厦 24、31、41、42 楼 邮编：518034 24/F、31/F、41/F、42/F, Tequbaoye Buliding, 6008 Shennan Avenue, Shenzhen, Guangdong Province 518034, China 电话/Tel: (+86)(755) 8351 5666 传真/Fax: (+86)(755) 8351 5333 网址/Website: http://www.grandall.com.cn 二〇二五年七月 为出具本法律意见书，本所律师声明如下： | 释 | 义 | 4 | | --- | --- | --- | | 第一节 | | 引言 6 | | 第二节 | | 正文 9 | | 一、本次发行的批准和授权 9 | | | | 二、本次发行的主体资格 9 | | | | 三、本次发行的实质条件 10 | | | | 四、发行人的设立 15 | | | | 五、发行人的独立性 16 | | | | 六、发 ...

6-1-1 审计报告第 1 页共 1 页 审 计 报 告 众环审字（2025）0102563 号 武汉回盛生物科技股份有限公司全体股东： 一、审计意见 我们审计了武汉回盛生物科技股份有限公司（以下简称"回盛生物"）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司 现金流量表、合并及公司股东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 回盛生物 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于回盛生物，并履行了职业道德方面的其他责任。我们相信，我们获 取的审计证据是充分、适当的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本年财务报表审计最为重要的事项。这些事 项的应对以对财务报 ...

中信建投证券股份有限公司 关于 武汉回盛生物科技股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人 二〇二五年七月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人陈子晗、张兴华已根据《中 华人民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深 圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则 和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 | 释 义 4 | | --- | | 一、发行人基本情况 6 | | （一）发行人概况 6 | | （二）发行人主营业务 6 | | （三）发行人主要经营和财务数据及指标 6 | | （四）发行人存在的主要风险 8 | | 二、发行人本次发行情况 14 | | （一）发行股票的种类和面值 14 | | （二）发行方式及发行时间 14 | | （三）发行对象及认购方式 14 | | （四）发行价格及定价原则 14 | | （五）发行数量 15 | | （六）限售期 15 | | （七）募集资金金额与用途 15 | | （八）本次向特定对象发行前公司滚存未分配 ...

证券代码：300871 证券简称：回盛生物 公告编号：2025-066 武汉回盛生物科技股份有限公司 关于向特定对象发行股票申请获得 深圳证券交易所受理的公告 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。 武汉回盛生物科技股份有限公司（以下简称"公司"）于近日收到深圳证 券交易所（以下简称"深交所"）出具的《关于受理武汉回盛生物科技股份有 限公司向特定对象发行股票申请文件的通知》（深证上审〔2025〕133 号）。 深交所对公司报送的向特定对象发行股票的申请文件进行了核对，认为申请文 件齐备，决定予以受理。 公司本次向特定对象发行股票事项尚需通过深交所上市审核中心审核，并 获得中国证券监督管理委员会（以下简称"中国证监会"）同意注册后方可实 施，最终能否通过深交所审核，并获得中国证监会同意注册的决定及时间尚存 在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大 投资者注意投资风险。 特此公告。 武汉回盛生物科技股份有限公司董事会 2025 年 7 月 9 日 ...

武汉回盛生物科技股份有限公司 Wuhan Hvsen Biotechnology Co.,Ltd. （武汉市东西湖区张柏路218号） 向特定对象发行A股股票 募集说明书 （申报稿） 保荐人（主承销商） 签署日期：二〇二五年七月 证券简称：回盛生物 证券代码：300871 武汉回盛生物科技股份有限公司 向特定对象发行A股股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员、控股股东及实际控制人承诺本募集 说明书及其他信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其 真实性、准确性及完整性承担相应的法律责任。 本公司负责人、主管会计工作负责人及会计机构负责人保证本募集说明书中财 务会计资料真实、完整。 中国证券监督管理委员会、深圳证券交易所对本次发行所做的任何决定或意见， 均不表明其对申请文件及所披露信息的真实性、准确性、完整性做出保证，也不表 明其对本公司的盈利能力、投资价值或者对投资者的收益做出实质性判断或保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行 人自行负责。投资者自主判断发行人的投资价值，自主做出投资决策，自行承担 ...

中信建投证券股份有限公司 关于 武汉回盛生物科技股份有限公司 向特定对象发行股票 之 发行保荐书 保荐人 二〇二五年七月 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人陈子晗、张兴华根据《中华 人民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会 的有关规定以及深圳证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按 照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发 行保荐书的真实性、准确性和完整性。 3-1-1 | 释 义 3 | | --- | | 第一节 本次证券发行基本情况 5 | | 一、本次证券发行具体负责推荐的保荐代表人 5 | | 二、本次证券发行项目协办人及项目组其他成员 5 | | 三、发行人基本情况 7 | | 四、保荐人与发行人关联关系的说明 11 | | 五、保荐人内部审核程序和内核意见 11 | | 六、保荐人对私募投资基金备案情况的核查 13 | | 第二节 保荐人承诺事项 14 | | 第三节 关于有偿聘请第三方机构和个人等相关行为的核查 15 | | 一、本保荐人有偿聘请第三方等相关行为的 ...

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

证券代码：300871 证券简称：回盛生物 公告编号：2025-065 武汉回盛生物科技股份有限公司 关于获得政府补助的公告 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《企业会计准则第 16 号——政府补助》的相关规定，与资产相关的 政府补助，是指企业取得的用于购建或以其他方式形成长期资产的政府补助； 与收益相关的政府补助，是指除与资产相关的政府补助之外的政府补助。本次 获得的政府补助属于与收益相关的政府补助。 2、补助的确认和计量 1 上述政府补助与公司日常活动相关，计入其他收益。具体会计处理以会计 师年度审计确认的结果为准。 3、补助对上市公司的影响 根据《企业会计准则第 16 号——政府补助》的相关规定，上述政府补助 属于与收益相关的政府补助，预计增加 2025 年度利润总额 500.00 万元。 一、获取补助的基本情况 近日，武汉回盛生物科技股份有限公司（以下简称"公司"）获得与收益 相关的政府补助金额人民币 500 万元，占公司最近一期经审计归属于上市公司 股东的净利润绝对值的 24.81%。具体情况如下： | 获得补助的主体 | 武汉回盛 ...