注册分类：三类 主要成分：疫苗中含鸡新城疫病毒 La Sota 株≥10 6.0EID50/羽份；含鸡传染性 支气管炎病毒 SZ160 株≥10 3.5EID50/羽份。 作用与用途：用于预防鸡新城疫和鸡传染性支气管炎。接种后 7 日产生免疫 力，免疫期为 3 个月。 证券代码：603566 证券简称：普莱柯 公告编号：2025-028 普莱柯生物工程股份有限公司 关于获得新兽药注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，经农业农村部审查，批准 普莱柯生物工程股份有限公司（以下简称"公司"）与其他单位联合申报的"鸡 新城疫、传染性支气管炎二联耐热保护剂活疫苗（La Sota 株+SZ160 株）"为新 兽药，并于 2025 年 7 月 17 日公示了核发《新兽药注册证书》（中华人民共和国 农业农村部公告第 930 号）事项。详情如下： 一、新兽药的基本信息 新兽药名称：鸡新城疫、传染性支气管炎二联耐热保护剂活疫苗（La Sota 株+SZ160 株） 经查询国家兽 ...

Core Viewpoint - The company, Pulaike (603566.SH), has received a new veterinary drug registration certificate for a combined vaccine effective against Newcastle disease and infectious bronchitis in chickens, which is expected to enhance its product offerings and market competitiveness [1] Group 1: Product Development - The new veterinary drug, "LaSota strain + SZ160 strain" vaccine, has been officially registered as a new veterinary drug as of July 17, 2025 [1] - The SZ160 strain used in the vaccine is a domesticated attenuated strain of the prevalent QX type, characterized by high reproductive performance, safety, rapid immune response, and long-lasting immunity [1] Group 2: Market Impact - The introduction of this product will diversify the company's poultry vaccine portfolio, thereby improving its market competitiveness [1] - The new vaccine is anticipated to provide a new growth point for the company's performance by effectively preventing the currently prevalent infectious bronchitis disease in domestic chickens [1]

Group 1 - The core viewpoint of the articles highlights the positive impact of the "anti-involution" policy on the livestock industry, leading to a focus on market-driven capacity reduction and price expectations [1][3] - The livestock theme ETF, the Livestock Breeding ETF (516670), has attracted significant capital inflow, with nearly 62 million yuan net inflow on July 16, ranking first among its peers [1] - The reduction in breeding sows is evident, with the number of breeding sows recorded at 40.42 million as of the end of May, showing a downward trend [1][3] Group 2 - Companies are actively implementing measures to control the number of breeding sows, with leading firms like Muyuan Foods reducing their breeding sow inventory by 54,000 heads to 3.43 million, marking two consecutive quarters of reduction [1][3] - The average weight of slaughtered pigs has decreased, with June's average weight at 90.3 kg, down 0.58% month-on-month and 2.11% year-on-year, influenced by policy guidance and high temperatures [3][6] - The livestock sector is expected to maintain a reasonable price stability in the short to medium term due to the policy-driven reduction of breeding sows, control of secondary fattening, and weight reduction [3][6] Group 3 - The overall valuation level of the pig sector remains attractive, with the latest valuation of the China Securities Livestock Index at 2.59 times PB, which is less than 9% of its historical percentile [6] - Long-term stable conditions in the pig farming industry are anticipated to sustain a certain level of profitability, with companies that excel in management and cost efficiency expected to maintain good profitability [6] - The demand side is expected to support pork consumption, with the domestic economy's stability and resilience enhancing the outlook for pig prices and the overall performance of the pig sector [6] Group 4 - The Livestock Breeding ETF (516670) closely tracks the China Securities Livestock Index, covering over 60% of the weight of stocks related to pig farming, including major companies like Muyuan Foods and Wens Foodstuff Group [6] - The ETF also includes upstream and downstream concepts related to pig farming, such as vaccines and feed, accounting for nearly 40% of its composition [6]

Group 1: Industry Overview - The animal vaccine sector has seen a significant rise, with a market increase of approximately 2.91% as of July 16, 2023 [1] - The animal vaccine market is divided into two main categories: pet vaccines and livestock vaccines [1] - The pet vaccine market is experiencing rapid growth, driven by an increase in pet ownership and rising consumer spending, with the market size expected to exceed 345.3 billion yuan in 2024 [1] - The penetration rate of pet vaccines remains low, indicating substantial growth potential as pet owners become more health-conscious [1] Group 2: Livestock Vaccine Insights - In the context of the current "anti-involution" trend in pig farming, about 30% of pig companies have achieved over 50% of their annual output targets [2] - Major pig companies are implementing policies such as reducing breeding sows and controlling weight to enhance efficiency and disease prevention [2] - The demand for vaccines is expected to grow steadily alongside the development of the livestock industry, particularly due to the need for disease control against outbreaks like African swine fever [2] Group 3: Company Profiles - **Shengwu Co., Ltd.**: Focuses on the research, production, and sales of veterinary biological products, including vaccines for pigs, ruminants, poultry, and pets [2] - **Reap Bio**: A high-tech enterprise dedicated to providing solutions for disease prevention, treatment, and healthy breeding in the animal health industry [2] - **Kexing Pharmaceutical**: Engaged in animal vaccine research and development with a focus on zoonotic disease prevention [3] - **Puleke**: Specializes in the research, production, and sales of veterinary biological products and chemical drugs [4] - **Zhongmu Co., Ltd.**: Offers a wide range of vaccines, including poultry, veterinary, and special vaccines, with nearly 170 varieties [4] - **Shenlian Bio**: Primarily involved in the research, production, and sales of veterinary biological products, with pig vaccines as a major revenue source [4] - **Haizheng Pharmaceutical**: Its subsidiary focuses on the research, production, and sales of veterinary biological drugs [5] - **Haili Bio**: Engages in the research, production, and sales of animal vaccines [6]

Group 1 - The A-share animal vaccine sector experienced a significant rally, with Bio-Pharmaceuticals hitting the daily limit up [1] - Other companies such as Sinovac Biotech, Luoyang Agricultural, China Animal Husbandry, and Prilaco also saw increases in their stock prices [1]

Group 1 - The livestock ETF (516760) has risen by 0.46%, marking a five-day consecutive increase, with significant gains in constituent stocks such as Brother Technology (002562) up 10.02%, Xinghuo Technology (600866) up 4.12%, and others [1] - Listed pig companies have begun releasing their 2025 semi-annual performance forecasts, indicating a continued high profit growth in Q2 2025. For instance, Muyuan Foods expects a net profit attributable to shareholders of 10.2-10.7 billion yuan for H1 2025, representing a year-on-year increase of 1129.97% to 1190.26% [1] - In Q2 2025, Muyuan Foods anticipates a net profit of 5.7-6.2 billion yuan, reflecting a year-on-year growth of 77.95% to 93.53%, with a total of 24.252 million pigs sold, an increase of 48.08% [1] Group 2 - The livestock ETF closely tracks the CSI Livestock Breeding Index, which includes companies involved in livestock feed, veterinary drugs, and breeding, reflecting the overall performance of related listed companies [2] - The latest price-to-earnings ratio (PE-TTM) of the CSI Livestock Breeding Index is 13.34 times, which is at a historical low, being in the 11.27% percentile over the past three years, indicating a valuation lower than 88.73% of the time in the last three years [2] - The current valuation of the sector remains low, providing a high margin of safety, suggesting that investors should actively consider the livestock ETF (516760.SH) [2]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Core Viewpoint - The company, Pulaike Biological Engineering Co., Ltd., forecasts a significant increase in net profit for the first half of 2025, driven by new product launches and strong sales in pet-related products [1][4]. Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 107 million yuan and 122 million yuan, representing a year-on-year increase of 44.70% to 64.98% [2][4]. - The forecasted net profit, excluding non-recurring gains and losses, is anticipated to be between 93 million yuan and 106 million yuan, reflecting a year-on-year increase of 40.05% to 59.63% [2][4]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders was 73.9463 million yuan, and the net profit after excluding non-recurring gains and losses was 66.4035 million yuan [2]. Reasons for Performance Increase - The launch of new products, such as the joint vaccine, has contributed to new growth points for the company. Sales revenue from pet-related products continues to show high growth [2]. - The company is focusing on marketing system reform, strengthening process management, and ensuring performance implementation to meet sales targets amid intense market competition [2]. - Lean production management has optimized unit costs, and enhanced control over sales expenses has been implemented to achieve high-quality and efficient development goals [2].

Pricer Biological 2025 Semi-Annual Performance Forecast Analysis [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts significant H1 2025 performance growth, with net profit attributable to shareholders expected to increase by **44.70% to 64.98%** 2025 Semi-Annual Performance Forecast Details | Performance Indicator | 2025 Semi-Annual Estimate (RMB) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | Net profit attributable to shareholders of the parent company | 107 million yuan - 122 million yuan | 44.70% - 64.98% | | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | 93 million yuan - 106 million yuan | 40.05% - 59.63% | - This performance forecast represents preliminary calculations by the company's finance department and has not been audited[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In H1 2024, the company reported net profit attributable to shareholders of **73.95 million yuan** and non-recurring net profit of **66.40 million yuan** 2024 Semi-Annual Key Financial Data | Indicator (H1 2024) | Amount (RMB) | | :--- | :--- | | Net profit attributable to shareholders of the parent company | 73.95 million yuan | | Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses | 66.40 million yuan | | Earnings per share | 0.21 yuan/share | [Analysis of Main Reasons for Performance Increase](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) Performance growth is driven by new vaccine product launches, sustained high growth in pet product sales, and optimized marketing and production management - New product launches, including the **Porcine Pseudorabies Live Vaccine (HN1201-R1 strain)** and **Adenovirus Series Poultry Pentavalent Vaccine**, contributed new performance growth points[7](index=7&type=chunk) - Sales revenue from pet-related products continued to maintain a high growth trend[7](index=7&type=chunk) - The company focused on marketing system reform, strengthening process management and performance appraisal to ensure sales target achievement[7](index=7&type=chunk) - Unit costs were optimized through lean production management, and sales expense control was strengthened, achieving high-quality and efficient development[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties in this forecast, reminding investors that these are preliminary figures subject to the final 2025 semi-annual report - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) - The above forecast data are preliminary calculations, and investors are advised to be aware of investment risks, with specific financial data subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk)

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report emphasizes the importance of the pig farming sector amidst stricter environmental regulations and rising pork prices, suggesting a focus on investment opportunities in this area [2][12] - The report highlights the expected increase in autumn grain production, driven by favorable soil conditions and government initiatives aimed at enhancing crop yields [1][11] Summary by Sections Planting Industry Chain - The current main flood season poses risks for agricultural disasters, with regional droughts and floods expected [1] - The Ministry of Agriculture aims to achieve a grain production target of approximately 1.4 trillion jin, focusing on key crops and regions [1][11] - The commercialization of genetically modified crops is anticipated to accelerate, enhancing self-sufficiency in key varieties [1][11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and leading seed companies like Longping High-Tech and Denge Seed Industry [1][11] Pig Farming - The average price of external three-way cross pigs is 15.17 yuan/kg, with a week-on-week increase of 4.97% [2][12] - The number of breeding sows is projected to reach 40.42 million by May 2025, with a slight increase from previous periods [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including Dekang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2435.68 yuan/ton, with a week-on-week increase of 0.37% [24] - Wheat: The average price is 2450.52 yuan/ton, with a week-on-week increase of 0.18% [27] - Rice: The average price is 2892 yuan/ton, remaining stable [32] - Soybeans: The average price is 3926.32 yuan/ton, with a week-on-week decrease of 0.30% [39] - Cotton: The average price is 15130 yuan/ton, with a week-on-week increase of 1.54% [44] Feed and Vitamin Prices - The average price of pig feed is 2.69 yuan/kg, with a week-on-week increase of 0.75% [50] - Vitamin E averages 69.90 yuan/kg, with a week-on-week decrease of 5.16% [57]