Core Viewpoint - Zhongmu Co., Ltd. is a leading enterprise in the domestic animal health industry, focusing on animal health products and nutrition, with a differentiated competitive advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Zhongmu's revenue reached 4.442 billion, ranking first among 14 companies in the industry, significantly higher than the second-ranked Reap Bio's 2.544 billion [2] - The main business composition includes: chemical drugs 999 million (35.78%), trade 778 million (27.87%), feed 536 million (19.21%), biological products 450 million (16.10%), and others 28.92 million (1.04%) [2] - The net profit for the same period was 230 million, ranking third in the industry, with Reap Bio at 391 million and KQ Bio at 337 million [2] Group 2: Financial Ratios - As of Q3 2025, Zhongmu's debt-to-asset ratio was 28.26%, slightly lower than the previous year's 27.77% and below the industry average of 28.36%, indicating good solvency [3] - The gross profit margin for the same period was 17.07%, slightly down from 17.23% year-on-year, and significantly lower than the industry average of 40.13%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.45% to 36,900, while the average number of circulating A-shares held per household increased by 6.90% to 27,700 [5] - Among the top ten circulating shareholders, Guotai Junan CSI Livestock Breeding ETF ranked third with 11.296 million shares, an increase of 4.0293 million shares from the previous period [5] Group 4: Management Compensation - The chairman, Wu Dongxun, saw his salary decrease from 1.545 million in 2023 to 663,000 in 2024, a reduction of 882,000 [4] - The general manager, Li Yin, has a salary of 187,000 for 2024 [4] Group 5: Future Outlook - Analysts expect Zhongmu's revenue and net profit to grow year-on-year in the first half of 2025, driven by the chemical drug segment and improved cost control [5] - Business highlights include potential improvements in livestock health business due to favorable breeding cycles and new business developments in pet health and food brands [5] - Southwest Securities projects EPS for 2025-2027 to be 0.28, 0.34, and 0.38, with a target price of 8.96 based on a 32x PE for 2025 [6]

Core Viewpoint - The stock of Zhongsheng Pharmaceutical has experienced a decline of 2.05% on October 28, with a current price of 17.66 CNY per share and a total market capitalization of 15.01 billion CNY. The company has seen a year-to-date stock price increase of 47.78% but has faced recent declines over various trading periods [1]. Financial Performance - For the first half of 2025, Zhongsheng Pharmaceutical reported a revenue of 1.3 billion CNY, a year-on-year decrease of 4.74%. However, the net profit attributable to shareholders increased significantly by 114.96% to 188 million CNY [2]. - The company has distributed a total of 2.019 billion CNY in dividends since its A-share listing, with 502 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhongsheng Pharmaceutical was 89,900, a decrease of 1.32% from the previous period. The average number of circulating shares per shareholder increased by 1.33% to 8,470 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 9.1731 million shares, marking its entry as a new shareholder. Other notable shareholders include Xingquan He Feng Mixed Fund and Xingquan Multi-Dimensional Value Mixed Fund, which have reduced their holdings [3]. Market Activity - The stock has been active on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 22, where it recorded a net buy of -164 million CNY [1]. - The stock has seen significant trading activity, with a total transaction volume of 231 million CNY on the day of the report, and a turnover rate of 1.70% [1]. Business Overview - Zhongsheng Pharmaceutical, established on December 31, 2001, and listed on December 11, 2009, is primarily engaged in the research, production, and sales of pharmaceuticals. Its revenue composition includes 53.03% from traditional Chinese medicine sales, 38.12% from chemical drug sales, and smaller contributions from other segments [1]. - The company operates within the pharmaceutical and biotechnology sector, specifically in the traditional Chinese medicine sub-sector, and is involved in various concept boards including pharmaceutical e-commerce and NMN concepts [2].

Core Viewpoint - 康泰生物's stock price has experienced a decline in 2023, with a year-to-date drop of 4.57% and a significant decrease in net profit despite revenue growth [2][3]. Company Overview - 康泰生物, established on September 8, 1992, and listed on February 7, 2017, is based in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of human vaccines [2]. - The company's revenue composition includes 93.70% from non-immunization program vaccines, 3.71% from immunization program vaccines, and 2.59% from other sources [2]. Financial Performance - For the first half of 2025, 康泰生物 reported a revenue of 1.392 billion yuan, reflecting a year-on-year growth of 15.81%, while the net profit attributable to shareholders was 37.53 million yuan, a decrease of 77.30% compared to the previous period [2]. - Cumulatively, 康泰生物 has distributed 1.765 billion yuan in dividends since its A-share listing, with 525 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 23, 康泰生物's stock price was 16.28 yuan per share, with a market capitalization of 18.184 billion yuan. The stock saw a trading volume of 85.54 million yuan and a turnover rate of 0.58% [1]. - The stock has seen a net outflow of 15.19 million yuan in principal funds, with large orders accounting for 11.40% of purchases and 29.16% of sales [1]. Shareholder Structure - As of June 30, 2025, 康泰生物 had 61,500 shareholders, a decrease of 1.84% from the previous period, with an average of 14,634 circulating shares per shareholder, an increase of 3.48% [2]. - Major shareholders include 易方达创业板ETF, 招商国证生物医药指数A, and 南方中证500ETF, with notable changes in their holdings [3].

Core Viewpoint - Nanjing Pharmaceutical's stock has experienced significant fluctuations, with a year-to-date increase of 23.39% but a recent decline of 11.32% over the past five trading days, indicating volatility in investor sentiment and market performance [1][2]. Group 1: Stock Performance - As of October 16, Nanjing Pharmaceutical's stock price is 8.07 CNY per share, with a market capitalization of 2.214 billion CNY [1]. - The stock has seen a net outflow of 6.2132 million CNY in principal funds, with large orders accounting for 5.73% of total buying and 16.77% of total selling [1]. - The stock has appeared on the daily trading list seven times this year, with the most recent appearance on October 9, where it recorded a net buying of -3.8709 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Nanjing Pharmaceutical reported a revenue of 61.8463 million CNY, a year-on-year decrease of 71.28%, and a net profit attributable to shareholders of -40.0023 million CNY, a decline of 493.23% [2]. - The company has not distributed any dividends in the past three years, with a total payout of 40.74 million CNY since its A-share listing [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.02% to 9,464, while the average circulating shares per person decreased by 6.56% to 28,994 shares [2]. - Among the top ten circulating shareholders, Dazheng Jingheng Mixed A holds 2.9738 million shares, with no change in the number of shares held compared to the previous period [3].

Core Viewpoint - Nanjing Pharmaceutical has experienced significant stock price fluctuations, with a year-to-date increase of 21.71% but a recent decline of 29.99% over the past five trading days, indicating volatility in investor sentiment and market performance [2]. Group 1: Stock Performance - As of October 15, Nanjing Pharmaceutical's stock price rose by 2.05% to 7.96 CNY per share, with a trading volume of 25.54 million CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 2.18 billion CNY [1]. - The stock has seen a year-to-date increase of 21.71%, but has declined by 29.99% in the last five trading days, 38.39% in the last 20 days, and 21.11% in the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Nanjing Pharmaceutical reported a revenue of 61.84 million CNY, a year-on-year decrease of 71.28%, and a net profit attributable to shareholders of -40.00 million CNY, reflecting a significant decline of 493.23% [3]. - The company has distributed a total of 40.74 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [4]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.02% to 9,464, while the average circulating shares per person decreased by 6.56% to 28,994 shares [3]. - Among the top ten circulating shareholders, Dazheng Jingheng Mixed A ranks as the fourth largest, holding 2.97 million shares, unchanged from the previous period [4]. Group 4: Company Overview - Nanjing Pharmaceutical, established on December 27, 2006, and listed on March 26, 2020, focuses on the research, production, and sales of antiviral and infectious disease treatment drugs, as well as medications for major diseases like cardiovascular diseases and diabetes [2]. - The company operates in the pharmaceutical and biotechnology sector, specifically in chemical pharmaceuticals and formulations, with its main business revenue derived entirely from chemical drug formulations [2].

Core Viewpoint - The stock of China Resources Sanjiu has shown fluctuations, with a recent increase of 2.05% on October 10, 2023, despite a year-to-date decline of 14.74% [1] Financial Performance - For the first half of 2025, China Resources Sanjiu reported revenue of 14.81 billion yuan, a year-on-year increase of 4.99%, while net profit attributable to shareholders decreased by 24.31% to 1.82 billion yuan [2] - Cumulative cash dividends since the A-share listing amount to 10.07 billion yuan, with 4.91 billion yuan distributed over the past three years [3] Shareholder Information - As of September 20, 2023, the number of shareholders increased to 100,400, a rise of 6.25%, while the average circulating shares per person decreased by 5.88% to 16,561 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 43.61 million shares, and several ETFs, indicating a diversified institutional ownership [3] Stock Market Activity - As of October 10, 2023, the stock price was 28.87 yuan per share, with a trading volume of 296 million yuan and a turnover rate of 0.62% [1] - The stock has experienced a recent 3.22% increase over the last five trading days, but a decline of 1.30% over the past 20 days and 7.35% over the last 60 days [1] Business Overview - China Resources Sanjiu, established on April 21, 1999, and listed on March 9, 2000, operates in the pharmaceutical sector, focusing on drug development, production, sales, and healthcare services [1] - The company's revenue composition includes 53.98% from self-medication (CHC), 32.67% from prescription drugs, 11.75% from wholesale and retail of drugs and medical devices, and 1.60% from packaging and printing [1] Industry Classification - The company is classified under the pharmaceutical and biological sector, specifically in traditional Chinese medicine [1] - Relevant concept sectors include vitamins, avian influenza drugs, pharmaceutical e-commerce, anti-influenza products, and cosmetics [1]

Core Viewpoint - The stock of Jinyu Biological Technology Co., Ltd. has shown a significant increase of 30.31% year-to-date, despite a recent decline of 1.11% over the past five trading days [1][2] Company Overview - Jinyu Biological Technology Co., Ltd. is located in Hohhot, Inner Mongolia, and was established on March 13, 1993, with its stock listed on January 15, 1999. The company primarily engages in the research, production, and sales of veterinary biological products [1] - The main revenue composition includes 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1] Financial Performance - For the first half of 2025, the company reported an operating income of 620 million yuan, reflecting a year-on-year growth of 1.28%. However, the net profit attributable to shareholders decreased by 50.84% to 60.42 million yuan [2] - Cumulatively, the company has distributed 2.219 billion yuan in dividends since its A-share listing, with 189 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 54,900, with an average of 20,405 circulating shares per person, a decrease of 3.70% from the previous period [2] - The top ten circulating shareholders include notable ETFs, with the Guotai Zhongzheng Livestock Breeding ETF holding 15.95 million shares, an increase of 648,300 shares from the previous period [3]

Core Viewpoint - TaiLong Pharmaceutical experienced a stock price decline of 2.12% on September 25, with a current price of 6.46 CNY per share and a market capitalization of 3.707 billion CNY [1] Company Overview - TaiLong Pharmaceutical, established on August 31, 1998, and listed on November 5, 1999, is located in Zhengzhou, Henan Province. The company operates in the pharmaceutical manufacturing sector, focusing on traditional Chinese medicine, chemical drug manufacturing, and pharmaceutical wholesale [2] - The revenue composition of TaiLong Pharmaceutical includes 70.59% from drug manufacturing, 14.71% from drug research services, and 14.42% from drug material circulation [2] - As of June 30, 2025, the number of shareholders is 40,900, a decrease of 11.14%, with an average of 14,037 circulating shares per person, an increase of 12.53% [2] Financial Performance - For the first half of 2025, TaiLong Pharmaceutical reported a revenue of 762 million CNY, a year-on-year decrease of 17.77%, and a net profit attributable to shareholders of 19.35 million CNY, down 27.32% year-on-year [2] - The company has distributed a total of 112 million CNY in dividends since its A-share listing, with 15.53 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the seventh largest circulating shareholder is Guangfa Pension Index A, holding 3.236 million shares as a new shareholder, while Huatai-PineBridge CSI Traditional Chinese Medicine ETF has exited the top ten circulating shareholders [3]

Core Viewpoint - Zhejiang Medicine's stock price has shown a decline of 7.58% year-to-date, with a recent increase of 2.07% on September 24, 2023, indicating potential volatility in the market [1]. Financial Performance - For the first half of 2025, Zhejiang Medicine reported a revenue of 4.323 billion yuan, a year-on-year decrease of 1.87%, while the net profit attributable to shareholders was 673 million yuan, reflecting a significant increase of 113.52% [2]. - Cumulative cash dividends since the company's A-share listing amount to 4.377 billion yuan, with 661 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 65,500, with an average of 14,674 circulating shares per person, a decrease of 0.55% [2]. - The top circulating shareholder, Hong Kong Central Clearing Limited, holds 71.2904 million shares, an increase of 34.9417 million shares compared to the previous period [3].

Core Viewpoint - The stock price of Pulaike has experienced fluctuations, with a year-to-date increase of 8.94% but a recent decline over various trading periods, indicating potential volatility in the market [2]. Company Overview - Pulaike Bioengineering Co., Ltd. is located in Luoyang, Henan Province, established on June 22, 2002, and listed on May 18, 2015. The company primarily engages in the research, production, and sales of veterinary biological products, chemical drugs, and traditional veterinary medicine [2]. - The revenue composition of Pulaike includes: poultry vaccines and antibodies (41.19%), pig vaccines (32.25%), chemical drugs (21.37%), functional health products (1.79%), pet vaccines (1.38%), and other income sources [2]. Financial Performance - For the first half of 2025, Pulaike achieved operating revenue of 559 million yuan, representing a year-on-year growth of 15.79%. The net profit attributable to the parent company was 116 million yuan, reflecting a significant increase of 57.12% [2]. - Since its A-share listing, Pulaike has distributed a total of 1.057 billion yuan in dividends, with 500 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Pulaike had 18,000 shareholders, an increase of 4.27% from the previous period. The average circulating shares per person decreased by 4.09% to 19,234 shares [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF ranks as the seventh largest, holding 3.4499 million shares, an increase of 141,400 shares from the previous period [3].