Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the agricultural sector [6] Core Insights - The agricultural sector is experiencing a slight increase in production capacity, with pig prices expected to stabilize and potentially rise slightly in May [1][19] - The white feather broiler market remains stable, with minor fluctuations in the prices of processed products [2][27] - The planting sector is facing delays in spring sowing due to rainfall, leading to an increase in corn prices [38][40] - The aquaculture sector shows stable prices across various species, indicating potential investment opportunities [41] Summary by Sections 1. Overall Market Review - The agricultural sector increased by 0.99% in the latest trading week, ranking 27th among the primary industries [12] - The sector's performance is compared to the Shanghai and Shenzhen indices, which saw increases of 2.00% and 2.29% respectively [12] 2. Pig Farming - The average price of live pigs is 14.81 CNY/kg, with a week-on-week increase of 0.14% and a two-week decrease of 0.50% [19] - The average daily slaughter volume is 173,400 pigs, reflecting a week-on-week increase of 1.89% [19] - The number of breeding sows has increased by 0.96% month-on-month and 5.21% year-on-year, indicating a slight expansion in production capacity [19] 3. Poultry Farming - The average price of white feather broilers is 7.45 CNY/kg, with a week-on-week decrease of 0.40% [27] - The price of chicken seedlings remains stable, with a slight increase in supply [27] - The market for seed eggs shows significant differentiation, with contract eggs performing well while market eggs face oversupply [27] 4. Planting Sector - The average price of corn is 2,352.45 CNY/ton, reflecting a week-on-week increase of 2.91% [40] - The average price of domestic wheat is 2,426.69 CNY/ton, with a slight increase of 0.16% [40] - The average price of domestic soybeans is 3,881.01 CNY/ton, showing a week-on-week increase of 0.15% [40] 5. Aquaculture Sector - The average price of carp is 18.00 CNY/kg, with no change week-on-week [41] - The average price of grass carp is 19.00 CNY/kg, also stable week-on-week [41] - The average price of shrimp is 280.00 CNY/kg, with no change week-on-week [41]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

Investment Rating - The report adjusts the investment rating to "Recommendation" for the company, with a target price of 15.3 CNY, reflecting a 30 times PE for 2025 [1][7]. Core Views - The company's main business is gradually recovering, with significant performance in the pet business. The report predicts a net profit of 177 million CNY for 2025 and 211 million CNY for 2026, with an EPS of 0.51 CNY and 0.61 CNY respectively [1][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 1,043 million CNY, a year-on-year decrease of 16.77%, and a net profit of 93 million CNY, down 46.82%. In Q1 2025, revenue was 279 million CNY, up 18.32%, with a net profit of 53 million CNY, up 93.75% [1][3]. - The company’s revenue breakdown for 2024 shows a decline in pig vaccines by 22.58% to 336 million CNY, while poultry vaccines increased by 3.31% to 429 million CNY. The pet business saw a remarkable growth of 125.16%, totaling 46.21 million CNY [1][7]. - The gross margin for 2024 was 61.09%, with a slight increase in poultry vaccines' margin, while the net profit margin in Q1 2025 improved to 18.99%, up 7.39 percentage points year-on-year [1][7]. Business Segment Analysis - The report highlights that the pig vaccine segment is under pressure, but the poultry vaccine segment is accelerating. The pet business is performing exceptionally well, with significant contributions from new products like the cat trivalent vaccine [1][7]. - The company has maintained effective cost control, with a reduction in sales, management, and R&D expense ratios in Q1 2025 compared to the previous year [1][7]. Research and Development - The company continues to invest in R&D, enhancing its product matrix with new vaccines and medications, which are expected to help combat industry competition and drive growth [1][7].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, particularly in the pet business, indicating a potential recovery and diversification strategy [1][2]. Financial Performance - For 2024, the company achieved revenue of 1.043 billion, a year-on-year decrease of 16.77%, and a net profit of 92.81 million, down 46.82% [1]. - In Q1 2025, revenue reached 279 million, a year-on-year increase of 18.32%, with a net profit of 52.91 million, up 93.75% [1]. Segment Analysis - In 2024, revenue from pig vaccines was 336 million, down 22.58%, while poultry vaccines generated 429 million, up 3.31% [2]. - The pet business showed significant growth, with total revenue of 46.21 million in 2024, up 125.16%, driven by strong performance in pet healthcare products [2]. Cost Management - The company maintained a gross margin of 61.09% in 2024, with a slight increase year-on-year, while Q1 2025 saw a gross margin of 59.71%, reflecting effective cost control despite challenges in the pig vaccine segment [3]. - In Q1 2025, the company reported a net profit margin of 18.99%, an increase of 7.39 percentage points year-on-year, indicating improved profitability [3]. R&D and Innovation - The company has been focusing on R&D, obtaining new veterinary drug certificates for several important products, which may help counteract industry competition [4]. - Ongoing product development includes vaccines for various diseases, positioning the company to enhance its market presence and support the livestock sector [4]. Investment Outlook - The company is expected to gradually recover in its core business while the pet segment continues to grow, with projected net profits of 177 million in 2025 and 211 million in 2026 [4].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

广发证券联席 首席金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 指数定期调整预测。 中证指数有限公司及深圳证券信息有限公司在每年的6月及12月会根据指数编制方案对主要的宽 基核心指数成分股进行定期的调整。 上证50指数调整预测。 根据上证50指数编制规则，2025年6月将会有中国海油、上汽集团等5只个股被调入上证50指 数，而海天味业等5只个股被调出上证50指数。 深证100指数调整预测。 根据深证100指数编制规则，2025年6月将会有中航成飞、光启技术等4只个股被调入深证100 指数，而TCL中环、康龙化成等4只个股被调出深证100指数。 科创50指数调整预测。 根据科创50指数编制规则，2025年6月将会有百济神州、华虹公司等4只个股被调入科创50指 数，而华大智造、天岳先进等4只个股被调 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 19 周周报：它博会归来，如何看宠物经济发展新趋势？ 1、宠物板块：高景气延续，国产替代与消费升级共筑量价双升 1）它博会看点：①今年关注度再上一层。第五届 TOPS 它博会于本周在上海国家会展中心开幕，展会以超 10 万平展览面积、1200 余家展商、8000+ 品牌缔造行业盛况，折射宠物赛道强劲增长动能。展会首日观众数同比激增 43%，创历史新高，核心数据验证行业扩容。②产品和工艺趋势变化：宠 物主粮精细化趋势显著，分龄分阶喂养成为核心升级方向：幼年期主打高蛋白、原生营养（麦富迪奶弗羊奶肉主粮系列），老年期聚焦肠胃调理、关节 养护（麦富迪老年犬粮）；工艺革新驱动高端化：低温烘焙成军备竞赛焦点（领先烘焙鲜肉猫粮、弗列加特鲜肉烘焙粮），鲜粮/湿粮赛道崛起（ZEAL 新西兰进口主食罐），国产技术迭代创新，行业从"粗放供给"迈向"精准营养+体验升级"新周期；③部分参展公司亮点：外资品牌如皇家、渴望、 爱肯拿，国产头部品牌如麦富迪、鲜朗、蓝氏，以及国产宠物用品公司天元宠物等齐聚展会，其中国产品牌表现较为亮眼——麦富迪它博会以"超级 工厂+天性数据研 ...

普莱柯生物工程股份有限公司 2024 年年度股东大会会议资料 普莱柯生物工程股份有限公司 2024 年年度股东大会会议资料 二 O 二五年五月 1 普莱柯生物工程股份有限公司 2024 年年度股东大会会议资料 普莱柯生物工程股份有限公司 2024 年年度股东大会会议须知 为维护投资者的合法权益，确保普莱柯生物工程股份有限公司（以下简称"公 司"）2024 年年度股东大会的正常秩序和议事效率，根据《中华人民共和国公司 法》《公司章程》《公司股东大会议事规则》等有关规定，特制定本次股东大会会 议须知： 一、会议组织 1、公司负责本次会议的程序安排和会务工作，出席会议人员应当听从工作 人员安排，共同维护好会议秩序。 2、为保证本次会议的正常秩序，除出席会议的股东及股东代表、董事、监 事、董事会秘书、高级管理人员以及见证律师以外，公司有权拒绝其他人员进入 会场。对于影响本次会议秩序和损害其他股东合法权益的行为，公司将按规定加 以制止。 3、出席本次会议的股东及股东代表应当按照公司《关于召开 2024 年年度股 东大会的通知》要求，持相关证件办理签到手续。在大会主持人宣布现场出席会 议的股东及股东代表人数，以及所持有表 ...

Group 1: Swine Industry - The domestic supply and demand for pigs is expected to improve marginally by Q2 2025, with pig prices supported and entering a phase of gradual upward movement. External factors such as tariff-driven increases in feed raw material prices and higher costs for imported meat are also contributing positively to pig prices. The swine sector is highlighted as a defensive asset amid macroeconomic shocks, reinforcing investment logic. Recommended stocks include Wens Foodstuff Group, Muyuan Foods, and Juxing Agriculture [4][86]. - In 2024, China's pork production is projected to reach 56.75 million tons, accounting for 49% of global production, with consumption at 57.95 million tons, representing 50% of global consumption. This positions China as the world's largest pork producer and consumer [13][15]. - The average price of pork in 2024 is estimated at 16.8 yuan per kilogram, reflecting an increase of 11.8% year-on-year. The swine farming market size is expected to reach 1.5 trillion yuan, up 11.2% year-on-year [17][32]. Group 2: Poultry Industry - The demand for white chicken remains resilient despite uncertainties from U.S.-China tariff policies and avian influenza outbreaks. The consumption of white feather broilers is expected to improve marginally, with recommended stocks including San Nong Development and He Feng Co [5][94]. - In 2024, the total output of meat chickens in China is projected to reach 14.84 billion, with white feather broilers accounting for 60.85% of this figure. The output of white feather broilers is expected to increase by 2.2% year-on-year [99]. Group 3: Animal Health - The market for piglets and poultry chicks is stable, with a solid demand for poultry chicks supported by increasing poultry farming. The market for ruminant and pet vaccines is also expected to remain robust, with recommended stocks including Bio-Group, Kexin Biology, and Pulaike [6]. Group 4: Planting and Seeds - The focus on food security is emphasized, with companies involved in high-yield genetically modified soybeans likely to benefit from the ongoing U.S.-China trade tensions. The third batch of genetically modified corn varieties is expected to be approved for planting, which may increase the area under cultivation [7]. Group 5: Feed Industry - The recovery of the swine sector is expected to boost domestic demand for feed, while overseas markets present new growth opportunities. The demand for pig feed is anticipated to rebound as pig farming profitability improves and pig stocks gradually recover [8]. Group 6: Pet Industry - The upcoming shopping festivals are expected to drive demand for pet food, with domestic brands likely to gain market share due to increased tariffs on imported high-end products. Recommended stocks include Guibao Pet, Zhongchong Co, and Petty Co [6].