25年多数疫苗品种批签发均同比增长，兽药VPI指数同比上涨7.2%：动保行业12月跟踪报告

Investment Rating - The report maintains a recommendation rating for the animal health industry, indicating an expectation of growth in the sector over the next 3-6 months, surpassing the benchmark index by more than 5% [4][80]. Core Insights - In 2025, the majority of vaccine varieties saw a year-on-year increase in batch approvals, with notable growth in new vaccine products [6][7]. - The Veterinary Product Index (VPI) for animal medicines increased by 7.2% year-on-year, although there was significant differentiation among product categories [51][56]. - The report emphasizes the importance of innovation in driving performance among companies in the sector, highlighting that successful firms exhibit strong product, marketing, and capital operation innovations [68][71]. Summary by Sections Vaccine Batch Approvals - In December 2025, most vaccine products showed year-on-year growth in batch approvals, particularly in swine vaccines, with notable increases in foot-and-mouth disease vaccine (+24.2%) and pseudorabies vaccine (+1.2%) [6][7]. - For the entire year of 2025, swine vaccines such as foot-and-mouth disease, pseudorabies, and swine fever vaccines saw increases of +6.4%, +5.1%, and +11.7% respectively, while some vaccines like blue ear and swine parvovirus vaccines experienced declines of -3.7% and -4.5% [7][8]. Animal Medicine Raw Materials - The VPI index for animal medicines rose by 7.2% year-on-year in 2025, with significant price increases in macrolide products such as tylosin (+29.5%) and tiamulin (+29.8%), while others like florfenicol and amoxicillin saw declines of -5.9% and -21.0% respectively [51][56]. - The report notes that the market for animal medicines is expected to remain weak in the short term due to ongoing pressures in the breeding sector and seasonal factors [56][68]. Investment Recommendations - The report suggests focusing on undervalued companies with improvement potential, particularly those demonstrating innovation in products and operations. Recommended companies include Zhongmu Co., Ltd., Reap Bio, and others [68][71].