10月10日，天康制药股份有限公司（简称"天康制药"）在北交所更新上市申请审核动态，公司已回复第一轮审核问询函，主要包含研发模式、技术独立性 及上市标准适用，业绩下滑风险及行业政策影响等。 招股书显示，天康制药主要从事兽用生物制品研发、生产、销售及技术转让和服务业务，公司产品线涵盖猪用疫苗、反刍用疫苗、禽用疫苗、检测试剂等 兽用生物制品。公司控股股东为深交所上市公司天康生物，其持有公司1.5亿股，持股比例为58.94%。兵团国资公司直接持有公司2545.01万股股份，通过 天康生物控制公司1.5亿股，合计控制股份占公司总股本的68.94%，为公司实际控制人。 2022年至2024年（下称"报告期"），公司营业收入分别为10.00亿元、10.55亿元、10.51亿元；扣非归母净利润分别为1.97亿元、1.61亿元、1.43亿元，2023 年、2024年分别同比下滑18.36%、11.20%；毛利率分别为63.83%、62.05%、61.56%。 根据申请文件，天康制药销售模式分为政府招标采购和市场化销售，市场化销售采用"直销+经销"相结合的销售模式。2022年至2025年上半年，公司的政 采收入分别为5.64亿 ...

10月10日，生物股份涨5.24%，截至发稿，报10.24元/股，成交3.80亿元，换手率3.45%，总市值113.84 亿元。生物股份股价已经连续4天上涨，区间累计涨幅11.71%。 资料显示，金宇生物技术股份有限公司位于内蒙古自治区呼和浩特市经济技术开发区沙尔沁工业园区金 宇大街1号，成立日期1993年3月13日，上市日期1999年1月15日，公司主营业务涉及主要从事兽用生物 制品的研发、生产与销售。主营业务收入构成为：生物制药94.42%，其他收入3.18%，其他(补 充)2.40%。 截至发稿，崔蕾累计任职时间6年339天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 164.18%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益29.81%，同 类排名2111/4220；近一年收益34. ...

易方达中证现代农业主题ETF（562900）基金经理为宋钊贤。 截至发稿，宋钊贤累计任职时间5年23天，现任基金资产总规模289.05亿元，任职期间最佳基金回报 74.37%， 任职期间最差基金回报-31.03%。 9月26日，生物股份涨5.05%，截至发稿，报9.15元/股，成交1.48亿元，换手率1.50%，总市值101.72亿 元。 资料显示，金宇生物技术股份有限公司位于内蒙古自治区呼和浩特市经济技术开发区沙尔沁工业园区金 宇大街1号，成立日期1993年3月13日，上市日期1999年1月15日，公司主营业务涉及主要从事兽用生物 制品的研发、生产与销售。主营业务收入构成为：生物制药94.42%，其他收入3.18%，其他(补 充)2.40%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓生物股份。易方达中证现代农业主题ETF（562900）二季度持 有股数21.95万股，占基金净值比例为2.53%，位居第九大重仓股。根据测算，今日浮盈赚取约9.66万 元。 易方达中证现代农业主题ETF（562900）成立日期2021年12月2日，最新规模6945.81万。今年以来收益 13.07%，同类排名3 ...

截至发稿，海利生物市值为46亿元。 每经AI快讯，海利生物（SH 603718，收盘价：7.08元）9月15日晚间发布公告称，公司第五届第十五次 董事会会议于2025年9月12日以现场的方式召开。会议审议了《关于重大资产购买调整交易价格并签署 补充协议的议案》等文件。 2024年1至12月份，海利生物的营业收入构成为：医疗器械占比57.81%，兽用生物制品占比42.19%，其 他业务占比0.01%。 每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 （记者 张喜威） ...

Core Viewpoint - The company, Weilan Bio (603739.SH), clarified that it does not have any vaccine products for H5N1 or other highly pathogenic avian influenza subtypes [1] Group 1: Company Products - The company's veterinary biological products mainly include various vaccines and antibodies aimed at preventing and controlling infections of poultry and livestock against epidemic diseases [1] - The products specifically targeting avian influenza include H9 subtype inactivated vaccines, which are available in two, three, and four-component formulations [1]

Group 1 - The core viewpoint of the news is that Bio Co., Ltd. has experienced a decline in stock price, with a cumulative drop of 5.58% over three consecutive days, closing at 8.12 yuan per share on September 4, with a total market value of 9.027 billion yuan [1] - Bio Co., Ltd. is primarily engaged in the research, production, and sales of veterinary biological products, with its main business revenue composition being 94.42% from biopharmaceuticals, 3.18% from other income, and 2.40% from supplementary sources [1] - The company has a trading volume of 1.93 billion yuan and a turnover rate of 2.12% on the reporting date [1] Group 2 - Huabao Fund has a significant holding in Bio Co., Ltd., with its Huabao CSI Agricultural, Animal Husbandry, and Fishery Index Initiation A Fund (013471) holding 191,300 shares, accounting for 1.79% of the fund's net value, ranking as the ninth largest holding [2] - The fund has incurred a floating loss of approximately 9,565 yuan today, with a total floating loss of 91,800 yuan during the three-day decline [2] - The fund was established on December 6, 2021, with a current scale of 29.4938 million yuan, and has achieved a year-to-date return of 11.39% [2]

Core Viewpoint - The company has demonstrated strong revenue growth and improved profitability in the first half of 2025, driven by its core business in veterinary biological products and successful new product developments [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 487 million yuan, a year-on-year increase of 21.67% - The net profit attributable to the parent company was 220 million yuan, up 44.09% year-on-year - The net profit after deducting non-recurring gains and losses was 190 million yuan, reflecting a 43.12% increase year-on-year - In Q2 2025, the operating revenue reached 242 million yuan, a year-on-year growth of 23.79% - The net profit attributable to the parent company for Q2 was 112 million yuan, marking a 70.78% increase year-on-year [1]. Business Segments - The veterinary biological products segment generated revenue of 461 million yuan in H1 2025, representing a year-on-year growth of 28.35% - The gross profit margin improved to 67.28%, an increase of 4.04 percentage points year-on-year - The net profit margin reached 45.00%, up 6.99 percentage points year-on-year - The company effectively controlled its operating expenses, with the sales expense ratio decreasing by 3.48 percentage points and the management expense ratio down by 0.34 percentage points [2]. R&D and Innovation - The company has made significant progress in new product development, obtaining new veterinary drug certificates for several vaccines, including: - A new live vaccine for bovine mycoplasma (HB150 strain) - A combined live vaccine for swine fever and rabies - A trivalent inactivated vaccine for swine infectious gastroenteritis, porcine epidemic diarrhea, and porcine deltacoronavirus - A four-component inactivated vaccine for avian diseases [3]. Strategic Initiatives - The company is expanding into the feed protein and pig farming sectors, aligning with national strategies for reducing feed protein usage - Collaborations with key laboratories are underway to explore the use of black soldier fly and microorganisms for converting agricultural waste into insect protein - The subsidiary, Zhule Tianyuan, achieved operating revenue of 20.78 million yuan in H1 2025 [4]. Profit Forecast and Investment Rating - Based on the company's ongoing positive performance, revenue forecasts for 2025-2027 have been adjusted to 1.13 billion, 1.35 billion, and 1.56 billion yuan, reflecting year-on-year growth rates of 20.01%, 19.65%, and 15.26% respectively - The net profit forecasts for the same period are 475 million, 566 million, and 646 million yuan, with year-on-year growth rates of 24.12%, 19.20%, and 14.17% - The current price-to-earnings ratios are projected to be 18x, 15x, and 13x respectively, maintaining a "buy" rating due to the rich new product pipeline [4].

Group 1 - The company, Pulaike (SH 603566), held its 19th meeting of the 5th board of directors on August 28, 2025, to review the proposal for the full and summary report of the 2025 semi-annual report [1] - For the year 2024, the company's revenue composition is as follows: veterinary biological products account for 96.44%, functional health products account for 1.79%, income from technology licensing or transfer accounts for 0.94%, and other businesses account for 0.83% [1]

Core Insights - Yongshun Biological (839729.BJ) reported strong revenue and net profit growth in the first half of 2025, driven by a recovery in the pig farming industry and increased competition [1][2] - The company achieved a revenue of 122 million yuan, a year-on-year increase of 2.14%, and a net profit of 19.72 million yuan, up 26.95% [2] - The gross profit margin improved by 1.85 percentage points, supported by a higher proportion of high-margin pig vaccines and a decrease in raw material costs [4] Revenue Growth - The growth in revenue was primarily attributed to the recovery of the pig vaccine market, with sales volume of live pig vaccines increasing by 13.95% [2] - Other vaccine revenues saw a significant increase of 63.86%, with the income from pig circovirus vaccines rising by 2.84 million yuan [2][4] - Domestic dealer revenue grew by 22.60% to 47.04 million yuan, while overseas revenue reached 13.03 million yuan, an increase of 88.61% [4] Profitability Enhancement - The company’s net profit attributable to shareholders, excluding share-based payment effects, surged by 50.72% to 23.41 million yuan [2] - Cost control measures and operational efficiency improvements contributed to the rapid growth in net profit [4][12] R&D and Innovation - Yongshun Biological invested 10.25 million yuan in R&D, accounting for 8.42% of its revenue, highlighting its commitment to technological innovation [9] - The company received several important certifications and patents, enhancing its product line and future growth potential [9] - Production cost reductions were achieved through process innovations, with costs for certain products decreasing by approximately 11% and 9% [12] Future Outlook - The company aims to maintain its competitive edge in the veterinary biological products industry by focusing on quality and innovation [12] - Plans include increasing R&D investments and optimizing product offerings to capitalize on market demand [12]

Core Viewpoint - The company reported a mixed performance in its 2025 interim results, with slight revenue growth but a significant decline in net profit, particularly in the second quarter where the net profit was negative [1][3]. Financial Performance - The company's revenue showed a slight increase, while the net profit for Q2 was negative at -0.16 billion yuan, reflecting a quarter-on-quarter change of -120.99% [1]. - The net profit margin decreased from 20.21% in the first half of 2024 to 9.47% in 2025, and the gross profit margin fell from 57.92% to 52.24% [3]. - Return on equity dropped by 1.14 percentage points to 1.14%, indicating a significant pressure on profitability [3]. Operational Efficiency - The company improved its inventory management, with inventory turnover days decreasing by 42.16% to 178.73 days compared to the same period last year [6]. - However, the net cash flow from operating activities declined by 32.06% to 0.89 billion yuan, indicating weakened cash generation ability [6]. - The asset-liability ratio for the first half of 2025 was 16.78%, down by 3.72 percentage points year-on-year, suggesting a reduction in financial leverage [6]. Institutional Holdings - The number of institutional investors holding shares in the company plummeted from 154 to 7, reflecting a significant decrease in investor confidence [9]. - The company's market capitalization peaked at 350.82 billion yuan on August 10, 2020, but has since fallen to 101.84 billion yuan, requiring a 244.50% increase in stock price to return to its historical high [9].