投资要点 核心逻辑：生物股份研发壁垒深厚，新品储备丰富，非瘟疫苗已获临床批件，若进展顺利，有望成为未 来3-5 年最大的业绩增长引擎，同时宠物、反刍等多领域新品储备丰富协同发力，配合营销支撑、线上 渠道开拓与海外市场拓展，公司业绩增长有望超预期。 行业周期+竞争双重承压，研发为核心竞争力。 公司稳居口蹄疫苗市场龙头地位，核心大单品逻辑正逐步向亚单位非瘟疫苗切换。非瘟疫苗市场空间广 阔，若进展顺利，我们预计其上市首年、次年市场规模有望分别达 17.5 亿元、35 亿元。公司旗下亚单 位非瘟疫苗于 2025 年 7 月斩获农业农村部临床试验批件，为国内首批进入临床试验阶段的企业，且金 宇保灵被指定为临床实验的独家承担单位。按照常规流程，该疫苗预计于最快2027 年完成临床实验并 提交新兽药注册申请，2027 年底至 2028 年初有望开始贡献营收与利润，将成为公司未来 3-5 年业绩增 长的核心引擎。此外，公司多管线新品储备充足，宠物板块的猫传腹 mRNA 疫苗、反刍板块的牛支原 体活疫苗（HB150 株）及多联多价苗等产品将协同发力，驱动长期发展。 营销助力，边际拓宽。 公司聚焦"大单品+大客户"，提供"产品+ ...

Investment Rating - The investment rating for the company is "Buy" indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [4][18]. Core Insights - The company achieved a stable revenue of 620 million yuan in H1 2025, reflecting a year-on-year growth of 1.28%, while the net profit attributable to shareholders decreased by 50.84% to 60.42 million yuan due to increased R&D expenses and competition in the animal health industry [1][2]. - The company is leading in the development of African swine fever vaccines, having established an integrated R&D platform and received the first clinical trial approval for its subunit vaccine in July 2025 [2][3]. - The company is focused on innovation-driven growth, with R&D expenses amounting to 84 million yuan, representing 13.51% of its revenue. It has made significant advancements in various vaccine technologies and new veterinary drugs [3][4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 620 million yuan, a slight increase of 1.28% year-on-year. However, net profit fell to 60.42 million yuan, a decline of 50.84% due to rising R&D costs and increased competition leading to lower product prices and gross margin [1]. - The gross margin for H1 2025 was 52.24%, down 5.68 percentage points from the previous year [1]. Vaccine Development - The company is at the forefront of African swine fever vaccine development, with multiple technological routes being explored, including gene deletion vaccines and mRNA vaccines. The subunit vaccine received clinical trial approval from the Ministry of Agriculture and Rural Affairs [2]. - The company has also made strides in developing new vaccines for cats and multi-valent vaccines for cattle, with several clinical trial approvals obtained [3]. R&D and Innovation - The company emphasizes R&D innovation, with a focus on addressing the pain points of livestock customers. The R&D investment in H1 2025 was 84 million yuan, which is 13.51% of its revenue [3]. - Notable achievements include the approval of an mRNA vaccine for feline infectious peritonitis and a multi-valent inactivated vaccine for cattle diseases [3].

Core Viewpoint - The report from Open Source Securities indicates that the company is experiencing a significant decline in net profit for the first half of 2025, but maintains a "buy" rating due to strong growth potential from new products and market expansion efforts [1] Financial Performance - The company's net profit attributable to shareholders for the first half of 2025 is 0.60 million yuan, representing a year-over-year decrease of 50.84% [1] - In Q2 2025, the net profit attributable to shareholders is -0.16 million yuan, compared to 0.17 million yuan in Q2 2024 [1] Product Development and Market Expansion - The company is accelerating the research and development of non-epidemic vaccines, with strong growth momentum from new products [1] - Revenue from pig vaccines continues to grow steadily, with non-foot-and-mouth disease products seeing over 20% revenue growth [1] - In the overseas market, the company's sales of pig foot-and-mouth disease vaccines in Vietnam have doubled year-over-year, while actively exploring markets in Mongolia and Central Asia [1] Strategic Initiatives - The company is focused on expanding its market presence and driving long-term performance through major product initiatives [1] - The clinical trial for the mRNA vaccine for feline infectious peritonitis has been approved, along with the registration of new veterinary drugs such as the bovine mycoplasma vaccine (HB150 strain) [1] - The company has a robust pipeline of major products and sufficient reserves of new products, indicating strong growth potential [1]