农林牧渔/动物保健Ⅱ 生物股份（600201.SH） 非瘟亚单位疫苗全球首发在即，创新龙头成长动能强 2026 年 01 月 08 日 劲 投资评级：买入（维持） | 日期 | 2026/1/8 | | --- | --- | | 当前股价(元) | 16.61 | | 一年最高最低(元) | 17.16/6.24 | | 总市值(亿元) | 184.66 | | 流通市值(亿元) | 184.66 | | 总股本(亿股) | 11.12 | | 流通股本(亿股) | 11.12 | | 近 3 个月换手率(%) | 270.16 | 股价走势图 风险提示：猪价持续低迷、行业竞争加剧、非瘟疫苗兑现不及预期。 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2025-01 2025-05 2025-09 2026-01 生物股份 沪深300 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S0790525070003 非瘟亚单位疫苗全球首发在即，创新龙头成长动能强劲，维持" ...

（记者 王晓波） 普莱柯（603566.SH）12月9日在投资者互动平台表示，在研发平台建设方面，公司拥有国家兽用药品 工程技术研究中心、国家级企业技术中心、动物传染病诊断试剂与疫苗开发国家地方联合工程实验室、 农业农村部兽用药品创制重点实验室、河南省兽用药品技术创新中心、河南省动物疫苗与药品产业研究 院等多个国家级、省部级创新平台；公司生物安全三级实验室建成并投入使用，且已获批有关一类、二 类病原微生物实验活动资质。在技术平台搭建方面，公司通过多年技术积累，构建了完备的反向遗传技 术、原核表达技术、真核细胞表达技术、多联多价疫苗技术、细菌高密度发酵技术、抗原浓缩纯化技术 等技术平台，具备开发系列基因工程疫苗的能力。在创新产品和成果产出方面，公司先后获得鸡新支流 减腺五联灭活疫苗（N7a株+M41株+HF株+tFiber蛋白+Fiber-2蛋白）、鸡新支流法腺五联灭活疫苗 （N7a株+M41株+HF株+rVP2蛋白+Fiber-2蛋白）、猪圆环病毒2型灭活疫苗（SH株）、猪细小病毒杆状 病毒载体灭活疫苗（PPV–VP2株）、加米霉素注射液、复方非泼罗尼滴剂、氟雷拉纳溶液等系列填补 国际、国内空白的创新产品；截 ...

Core Viewpoint - The company reported a significant rebound in performance in Q3 2025, despite facing pressures in the animal health industry due to market competition and price declines in core products [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.042 billion yuan, a year-on-year increase of 7.38%, and a net profit attributable to shareholders of 161 million yuan [1]. - In Q3 2025 alone, the company recorded revenue of 423 million yuan, up 17.76% year-on-year, and a net profit of 101 million yuan, representing a substantial increase of 116.40% [1]. Market Position and Strategy - The company maintained a strong market share in core products like foot-and-mouth disease vaccines, despite intense competition and price pressures [2]. - The pet and international segments have shown remarkable performance, becoming key growth drivers for the company [2]. - The company is transitioning from pure product sales to a model that includes professional services and comprehensive solutions, enhancing customer loyalty and ensuring healthy cash flow through strict credit policies [2]. Research and Development - The company invested 96.015 million yuan in R&D in the first three quarters, reflecting a year-on-year increase of 9.08% [2]. - The company has successfully diversified its product structure, reducing reliance on single products and achieving significant sales growth in core vaccines [3]. - The company is focusing on key products like the African swine fever vaccine, which is seen as a critical opportunity in the animal health industry [3]. Technological Advancements - The company established the world's first animal mRNA vaccine production facility, which is a core component of its technological advantage [4]. - The company has multiple mRNA vaccine projects in various stages, including the world's first mRNA vaccine for feline infectious peritonitis, which is expected to generate over 1 billion yuan in sales in its first year [4]. Future Growth Strategy - The company aims to shift from reliance on single products to a multi-business model, with three main growth engines: expanding the pet business, international market penetration, and continuous R&D breakthroughs [5].

Core Viewpoint - The report highlights the strong performance of Keqian Bio in the first half of 2025, driven by increased demand in the animal health sector and the introduction of new products, leading to a buy rating for the company. Group 1: Financial Performance - In the first half of 2025, Keqian Bio achieved revenue of 487 million yuan, a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 220 million yuan, up 44.1% year-on-year [1] - In Q2 2025, the company reported revenue of 242 million yuan, reflecting a year-on-year growth of 23.8%, and a net profit of 110 million yuan, which is a significant increase of 70.8% year-on-year [1] Group 2: Market Demand and Product Sales - The profitability of downstream farming enterprises has improved, leading to an increase in demand for animal health products, with a 17% year-on-year growth in batch approvals in the first half of 2025 [2] - In the first half of 2025, the company's vaccine issuance volume grew by 43% year-on-year, with significant increases in the sales of swine fever, diarrhea, and circovirus vaccines, reaching growth rates of 50%, 85%, and 153% respectively [3] Group 3: Research and Development - The company has increased its R&D investment, with R&D expenses accounting for 9.34% of total expenses by the end of Q2 2025, up 0.2 percentage points from the end of Q4 2024 [4] - New products launched include a dual vaccine for swine fever and pseudorabies, which aims to reduce immunization frequency while effectively preventing two diseases with one injection [4] Group 4: Investment Outlook - The animal health industry is expected to recover as price wars diminish due to the exit of some companies, supported by favorable policies that help control farming losses [5] - Revenue projections for Keqian Bio are estimated at 1.22 billion yuan, 1.31 billion yuan, and 1.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 450 million yuan, 520 million yuan, and 630 million yuan [5]