【私募调研记录】中睿合银调研瑞普生物

Group 1 - The core viewpoint of the news is that Zhuhai Ruip Bio has shown significant improvements in its financial performance, particularly in gross profit margin and revenue growth across various segments [1] - Ruip Bio's overall gross profit margin increased by 2.36 percentage points, attributed to revenue scale expansion, product structure optimization, and cost optimization from lean operations [1] - The pet health segment demonstrated steady growth, with supply chain and bioproducts and pharmaceuticals revenue increasing by 17.94% year-on-year, and new product launches are expected to accelerate in the second half of the year [1] - The raw material drug segment showed significant improvement, with a gross profit margin increase of 14 percentage points and a reduction in losses by over 10 million compared to the previous year [1] - Research and development achievements include obtaining four new veterinary drug registration certificates and six clinical approvals, with a focus on launching multiple new products in the second half of the year [1] - The poultry segment achieved counter-cyclical growth through deep service to large-scale customers and providing comprehensive solutions, along with enhanced cooperation with group clients [1] - The livestock vaccine segment performed exceptionally well, with revenue increasing by 110.55% year-on-year, primarily due to the acquisition of the foot-and-mouth disease vaccine segment and growth in traditional livestock vaccine business [1] Group 2 - Zhongrui Heyin, originally established as Chengdu Xinlanrui Investment Management Co., Ltd., has evolved into a prominent asset management institution since its inception in 2007 [2] - The company transitioned its operational focus to Tibet Zhongrui Heyin Investment Management Co., Ltd. in 2012, with a consistent investment research and management team [2] - The current team consists of 32 members, with 16 dedicated to investment research, primarily based in Chengdu [2] - Zhongrui Heyin adheres to a corporate culture of "unity of knowledge and action," emphasizing wisdom, responsibility, diligence, and modern corporate governance structures [2]