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].

Summary of the Conference Call on the Pet Pharmaceutical Industry Industry Overview - The pet pharmaceutical market in China is experiencing rapid growth, with a compound annual growth rate (CAGR) of 22%, driven by rigid demand throughout the pet lifecycle [1][2] - The aging pet population is increasing, with the proportion of senior dogs over seven years old rising significantly, leading to higher demand for medications for age-related diseases [1][2] Key Insights - The market size is projected to grow from less than 9.4 billion yuan in 2020 to nearly 21 billion yuan by 2024, indicating a robust growth trajectory [2] - The demand for pet medications is characterized by its rigidity, affecting various age groups, with high incidence rates of conditions like dental calculus and skin diseases [2] - The industry faces supply bottlenecks, particularly in medications for elderly diseases, which are heavily reliant on imports [4] Supply Chain and Innovation - The industry is exploring human drug conversion to alleviate supply-demand conflicts, exemplified by the release of a directory of urgently needed human medications for pets [4] - There is a push for accelerated research and innovation to develop effective treatments for chronic diseases and tumors, with the first domestic monoclonal antibody drug clinical approval achieved in June [4] Progress in Domestic Vaccine Development - Domestic companies have made significant strides in the core vaccine sector, particularly with the launch of the first approved domestic cat trivalent vaccine by Ruipuhua in January 2024 [5][6] - By June 2025, a total of 11 domestic cat trivalent vaccines are expected to be on the market, breaking the monopoly previously held by foreign companies [5][6] Market Dynamics - The pet vaccine market is vast, with the mandatory rabies vaccine market valued at approximately 3-4 billion yuan, and both cat and dog trivalent vaccines around 2 billion yuan each [6] - Domestic vaccines have advantages in strain matching and pricing, typically being 20% cheaper than imported alternatives [7] Competitive Landscape - The cat trivalent vaccine market remains in a blue ocean state, with less than 10% immunization penetration among urban pet cats, indicating significant growth potential [8][9] - Over 10 domestic companies are involved in the pet vaccine sector, including traditional veterinary medicine firms and those transitioning from human pharmaceuticals [10] Challenges and Future Trends - Domestic companies face challenges in channel development, needing to overcome the premium pricing power of foreign brands [11] - Companies like Ruipuhua and PlaiKe are working to narrow the gap by building their own or partnering with pet hospitals [11][12] - Future trends include a focus on mRNA technology and innovative drug delivery methods, which could reshape the competitive landscape and create larger market opportunities due to the increasing management needs of aging pets [13]

Core Viewpoint - The financial performance of Pulaike Company shows significant growth in revenue and net profit for the first quarter, indicating strong operational efficiency and profitability despite a decline in annual figures for 2024. Financial Performance Summary - For Q1, Pulaike's operating revenue reached 278.62 million yuan, an increase of 18.32% year-on-year [1] - The net profit attributable to shareholders was 52.91 million yuan, reflecting a 93.75% increase compared to the same period last year [1] - The net profit after deducting non-recurring gains and losses was 48.90 million yuan, up 84.27% year-on-year [1] - The basic earnings per share were 0.16 yuan, doubling from 0.08 yuan in the previous year [1] - The net cash flow from operating activities was 46.90 million yuan, a significant turnaround from a negative cash flow of 4.39 million yuan in the previous year, marking a 1,167.15% increase [1] Profitability Metrics - The gross profit margin for the reporting period was 59.71%, down 4.70% year-on-year but up 4.19% quarter-on-quarter [2] - The net profit margin was 18.99%, which increased by 7.39% year-on-year and 23.78% quarter-on-quarter [2] Expense Management - Total expenses for the reporting period were 102 million yuan, a decrease of 15.73 million yuan compared to the previous year [2] - The expense ratio was 36.50%, down 13.37% year-on-year [2] - Sales expenses decreased by 2.09%, while management expenses saw a significant reduction of 44.70% [2] - Research and development expenses increased by 2.24%, and financial expenses rose by 63.81% [2] Annual Performance Overview - For the full year 2024, Pulaike reported an operating revenue of 1.043 billion yuan, a decline of 16.77% year-on-year [5] - The net profit attributable to shareholders was 92.81 million yuan, down 46.82% compared to the previous year [5] - The basic earnings per share for the year were 0.27 yuan [5] Company Background - Pulaike Company, established on June 22, 2002, specializes in the research, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine [5]

Group 1 - Beixin Road and Bridge's application for issuing shares to specific targets has been approved by the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [1] - Wangbian Electric's shareholders plan to reduce their holdings by a total of up to 2.99% of the company's shares, with specific reductions detailed for each shareholder [1] - Guotou Zhonglu is planning a major asset restructuring, leading to a suspension of its stock trading for up to 10 trading days [2] Group 2 - Baiotai has signed a licensing agreement with SteinCares for the commercialization of BAT2406 in Brazil and Latin America, with total payments potentially reaching up to $10 million [3] - Dongfang Bio has obtained two medical device registration certificates for its products, which are valid until June 1, 2030 [4] - Pulaike's subsidiary has received a new veterinary drug registration certificate [5] Group 3 - Wanyi Technology has signed an agreement to establish a joint laboratory with the Energy Research Institute, with a total research and development budget of 6 million yuan [6] - Yingboer plans to use up to 300 million yuan of idle funds for financial management [7] - Blue Biological has received two new veterinary drug registration certificates [8] Group 4 - Jinkai New Energy intends to inject up to 1.247 billion yuan into its wholly-owned subsidiary to enhance its operational capabilities [9] - China Pacific Insurance's assistant general manager's qualification has been approved [10] - Zhaoyan New Drug is reducing its registered capital and notifying creditors [11] Group 5 - Weili Medical plans to invest 37.5 million yuan in establishing a medical industry investment fund [12] - Hongbai New Materials has signed a deposit agreement for idle raised funds [13] - Tongyou Technology is applying for a credit limit of 10 million yuan from a bank [14] Group 6 - Warner Pharmaceutical's subsidiary has received approval for its magnesium sulfate raw material drug [15] - Fuda Co. plans to establish a wholly-owned subsidiary with a capital contribution of 475 million yuan [16] - Yabao Pharmaceutical has obtained a loan commitment letter for stock repurchase of up to 90 million yuan [17] Group 7 - Zhongyin Securities' chairman has resigned due to work adjustments [18] - Aili Home has terminated its share reduction plan ahead of schedule [19] - Samsung New Materials has appointed a new financial officer [20] Group 8 - Guobang Pharmaceutical's subsidiary has received EU GMP certification for its product [21] - Yipin Hong has received a drug registration certificate for its injection solution [22] - Wenzhou Hongfeng's subsidiary has obtained a utility model patent certificate [23] Group 9 - Cangge Mining plans to sign a financial service agreement with Zijin Mining Group [24] - Naipu Mining's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [25] - Shenyang Machine Tool has completed its major asset restructuring [26] Group 10 - Xinlaifu plans to distribute a cash dividend of 5 yuan per 10 shares [27] - Jiashitang plans to distribute a cash dividend of 1.7 yuan per 10 shares [28] - Manbuer plans to distribute a cash dividend of 2.5 yuan per 10 shares [29] Group 11 - Guo Wang Yingda plans to distribute a cash dividend of 0.51 yuan per 10 shares [30] - Changsha Bank's shareholder plans to reduce holdings by up to 0.92% [31] - Hu Nong Commercial Bank plans to distribute a cash dividend of 1.93 yuan per 10 shares [32] Group 12 - Huaxiang Co. plans to distribute a cash dividend of 1.17 yuan per 10 shares [33]

农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 畜禽价格低迷，宠物食品 618 消费表 现亮眼 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 3.76 | 10.26 | 增持 | | 普莱柯 | 0.27 | 0.52 | 26.60 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.86 | 增持 | | 乖宝宠物 | 1.56 | 2.03 | 48.59 | 增持 | | 中宠股份 | 1.34 | 1.48 | 36.11 | 增持 | | 佩蒂股份 | 0.75 | 0.91 | 15.46 | 增持 | 农林牧渔相对沪深 300 指数表现 资料来源：Wind，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2024.06 2024.10 2025.02 2025.06 ...

新兽药名称：鸡新城疫、传染性支气管炎、传染性法氏囊病、病毒性关节炎 四联灭活疫苗（La Sota 株+M41 株+VP2 蛋白+AV2311 株） 证券代码：603566 证券简称：普莱柯 公告编号：2025-026 普莱柯生物工程股份有限公司 关于子公司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"）全资子公司洛阳惠中生物技 术有限公司（以下简称"惠中生物"）与其他单位联合申报的"鸡新城疫、传染 性支气管炎、传染性法氏囊病、病毒性关节炎四联灭活疫苗（La Sota 株+M41 株+VP2 蛋白+AV2311 株）"为新兽药，并于 2025 年 6 月 23 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 920 号）事项。详情如下： 注册分类：三类 一、新兽药的基本信息 三、新兽药上市前仍需履行的程序 按照《兽药管理条例》《兽药产品批准文号管理办法》等相关规定，该新兽 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the sentiment in the pork market is supporting an upward shift in pork prices, with the average price for external three-line pigs at 14.20 CNY/kg, reflecting a week-on-week increase of 1.43% [2][12] - The report emphasizes the importance of increasing soybean and oilseed production, with a focus on enhancing yield through advanced agricultural practices and the promotion of genetically modified varieties [1][11] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but medium to long-term projections indicate that pork prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to discuss the production and demand situation for soybeans and oilseeds, emphasizing the need to enhance production capacity and implement key measures for yield improvement [1][11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Suqian Agricultural Development, and recommends companies with a strong first-mover advantage in the seed industry such as Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of external three-line pigs is reported at 14.20 CNY/kg, with a significant increase in slaughter volume and consumer demand noted [2][12] - The report indicates that the number of breeding sows has decreased slightly, and the profitability of self-breeding operations has turned positive, suggesting a potential for recovery in the swine sector [2][12] - Recommended stocks in the swine farming sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2412.94 CNY/ton, with a week-on-week increase of 0.54% [26] - Wheat: The average price is 2440.61 CNY/ton, with a week-on-week increase of 0.46% [29] - Soybeans: The average price is 3946.32 CNY/ton, with a week-on-week increase of 0.21% [40] - Cotton: The average price is 14760.00 CNY/ton, with a week-on-week increase of 0.15% [45] Feed and Vitamin Prices - The average price of pig feed is reported at 2.69 CNY/kg, with a week-on-week increase of 0.75% [51] - Vitamin E prices have decreased by 10.02% to 80.80 CNY/kg [51][59]

Investment Strategy Overview - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook for the sector [3][5][6] Market Performance - From the beginning of 2025 to June 16, the agriculture, forestry, animal husbandry, and fishery index achieved an absolute return of +12.81%, outperforming the CSI 300 index by 14.5 percentage points [10][13] - The pet food sector has shown the highest growth, while the aquatic processing sector has also performed well [13][14] Swine Breeding Sector - The swine breeding industry is expected to enter a phase of simultaneous supply and demand growth in the second half of 2025, driven by a sufficient supply of piglets and an increase in domestic slaughtering due to reduced imports from the U.S. [15][30] - The number of breeding sows and total swine stock remains high, with a notable increase in piglet supply observed from January to April 2025 [18][30] - Major companies like Muyuan Foods have reported significant increases in piglet sales, indicating strong market dynamics [17][30] Animal Health Sector - The animal health market is experiencing steady growth, with a market size increase from 472.29 billion yuan in 2016 to 696.51 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [35][36] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [41][48] Seed Industry - The seed industry is undergoing significant transformation, with a focus on the commercialization of biotechnology breeding, which is expected to enhance market concentration and profitability for related companies [4][16][19] - The regulatory environment is becoming clearer, and companies that have passed initial reviews are now obtaining operational licenses, positioning them to benefit from the industry's growth [4][19] Pet Food Sector - China's pet food market is projected to continue growing, driven by demographic changes and rising living standards, with the market size expected to expand significantly [5][23] - The domestic pet food industry is seeing a shift towards increased online sales and domestic product substitution, indicating a robust growth trajectory [5][23][26] Investment Recommendations - The report suggests focusing on leading companies in the sector, including Muyuan Foods, Pulaike, Qiule Seed Industry, Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from favorable market conditions and valuation recovery [5][32]

Group 1 - The SW Agricultural, Forestry, Animal Husbandry and Fishery industry rose by 5.02% from January to May 2025, outperforming the CSI 300 index by approximately 7.43 percentage points [13][14] - Most sub-sectors recorded positive returns, with only planting and fishery sectors showing negative returns of -1.58% and -0.07% respectively [14] - Approximately 70% of stocks in the industry achieved positive returns, with three stocks increasing over 100%, the highest being Yizhi Magic Yam at 209.66% [15] Group 2 - The overall PB of the SW Agricultural, Forestry, Animal Husbandry and Fishery industry increased from a low of 2.31 times at the beginning of the year to 2.68 times, with a current PB of approximately 2.66 times as of June 13, 2025, reflecting a 15% recovery from the low [20] - The pig breeding sector is expected to see a gradual recovery in supply, with the number of breeding sows reaching 40.38 million heads by the end of April 2025, slightly above the normal holding capacity [21][23] - The average price of pigs as of June 13, 2025, was 14.04 yuan/kg, down 10.8% from the beginning of the year and 26.1% year-on-year, with expectations for a price rebound in Q4 2025 [27] Group 3 - The total feed production in China is expected to rebound in 2025 after a decline in 2024, with a total production of 49.2 million tons in the first two months of 2025, a year-on-year increase of 9.6% [54] - The average price of corn in China rose from approximately 2,122 yuan/ton at the beginning of the year to over 2,400 yuan/ton, reflecting a 13.3% increase [56] - The pet health market is anticipated to grow rapidly, with significant expansion potential in the domestic market for pet food and supplies, benefiting quality domestic leaders [5][6]

Group 1 - The China Agricultural Economic and Development Research Institute released the "China Agricultural Industry Development Report 2025," predicting that China's agricultural production will continue to improve, with total grain output expected to reach 1.426 trillion jin by 2025 [1] - The report indicates that in 2024, China's grain production will surpass 1.4 trillion jin for the first time, with an increase of 5.1 jin per mu in yield, and record high production of eggs and aquatic products [1] - The livestock ETF has shown strong performance, with an average daily trading volume of 21.78 million yuan over the past year and a 4.24% annualized return exceeding the benchmark over the last three months [1] Group 2 - The pig farming sector is currently facing constraints in supply due to factors such as the reduction of breeding sows and the early market release of commercial pigs, which may lead to favorable conditions for pig prices in the long term [2] - The valuation levels of the pig farming sector are at historical lows, presenting good cost-performance ratios, and the advantages of leading companies in the industry are enhancing their dividend attributes [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 68.9% of the index, including companies like Haida Group, Muyuan Foods, and Wens Foodstuff [2]