普莱柯（603566.SH）1月12日在投资者互动平台表示，公司与中国农业科学院兰州兽医研究所合作开 发的非洲猪瘟亚单位疫苗已提交临床试验申请；如相关事项达到信息披露标准要求，公司将及时履行信 息披露义务，请您关注公司相关公告。 每经AI快讯，有投资者在投资者互动平台提问：根据公司介绍，非洲猪瘟疫苗已经提交临床申请，请 问这一申请具体在哪天获得监管部门正式受理？ （文章来源：每日经济新闻） ...

截至1月12日收盘，动物疫苗概念下跌0.04%，位居概念板块跌幅榜前列，板块内，亨通股份、生物股 份、康华生物等跌幅居前，股价上涨的有9只，涨幅居前的有东方生物、科前生物、海利生物等，分别 上涨2.23%、0.87%、0.77%。 今日涨跌幅居前的概念板块 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000735 | 罗牛山 | -1.05 | 8.05 | -8237.57 | | 600201 | 生物股份 | -1.21 | 5.01 | -4191.28 | | 600226 | 亨通股份 | -2.40 | 4.38 | -4176.54 | | 300841 | 康华生物 | -1.16 | 2.12 | -2474.29 | | 600267 | 海正药业 | -1.13 | 1.63 | -1488.71 | | 002100 | 天康生物 | -0.96 | 2.78 | -1422.73 | | 300119 | 瑞普生物 | -0.10 | 1.98 | -1356.09 ...

证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 12 日 浙商早知道 2026 年 01 月 12 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 重要推荐 ❑ 【浙商农林牧渔 钟凯锋/张心怡】生物股份（600201）公司深度：非瘟疫苗有望破局，重塑领先优势与成长动力 ——20260111 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 【浙商固收信用债 杜渐/杨语涵】债券市场专题研究：如何看待信用涨，利率跌——20260110 ❑ 【浙商宏观 李超/何佳烨】宏观深度报告：如何把政策框架融入普林格时钟？——20260111 我们预计公司 2025-2027 年整体营业收入分别为 16.04、20.35、25.21 亿元，同比增速分别为 27.74%、 26.91%、23.85%，归母净利润分别为 3.04、3.98、4.91 亿元，同比增速分别为 178.44%、31.04%、23.55%， 对应 PE 分别为 56/42/34 倍，维持"买入"评级。 浙商 ...

Core Viewpoint - The approval of the inactivated vaccine for swine encephalitis by Jinhe Biotechnology's subsidiaries marks a significant advancement in the company's product offerings and enhances its position in the animal vaccine industry [1][2]. Group 1: Vaccine Development - Jinhe Biotechnology announced the approval of a new veterinary drug registration certificate for an inactivated vaccine against swine encephalitis, developed in collaboration with its subsidiaries and Beijing Huikang Yisheng Technology Co., Ltd [1]. - The inactivated vaccine is based on the A6-C strain isolated from infected pigs, providing better antigen matching and immunogenicity, and offering strong immune protection against currently circulating genotype I and III viruses [1]. Group 2: Industry Impact - The approval of the new vaccine is a result of the company's ongoing commitment to research and innovation, which will enhance its ability to provide comprehensive solutions to livestock customers [2]. - This development is expected to strengthen the company's market competitiveness and contribute positively to its sustainable development and research capabilities in the animal vaccine sector [2].

Core Logic - The company has strong R&D barriers and a rich pipeline of new products, with the non-epidemic vaccine having received clinical approval, which could become the largest growth engine in the next 3-5 years if progress is smooth [1] Industry Dynamics - The animal health sector is expected to maintain a volume increase but price decrease trend due to weak recovery in the breeding industry and profit compression, with overall gross margins declining amid intense competition and product homogenization [2] Product Development - The company is a leader in the foot-and-mouth disease vaccine market, transitioning its core product logic to the subunit non-epidemic vaccine, which has a broad market potential. The market size is expected to reach 1.75 billion yuan in the first year and 3.5 billion yuan in the second year post-launch. The subunit non-epidemic vaccine is set to enter clinical trials in July 2025, with potential revenue contributions starting from late 2027 to early 2028 [3] Marketing Strategy - The company focuses on "big products + big clients," providing comprehensive solutions and building a multi-layered marketing system. Online and overseas market expansions are showing initial success, with pet direct sales increasing over fourfold year-on-year in the first half of 2025. The company has registered sales of foot-and-mouth products in countries like Pakistan and Vietnam, with plans for deeper market penetration in Mongolia and Central Asia [4] Financial Forecast - The company expects overall revenue of 1.604 billion, 2.035 billion, and 2.521 billion yuan for 2025-2027, with year-on-year growth rates of 27.74%, 26.91%, and 23.85%. The net profit attributable to shareholders is projected to be 304 million, 398 million, and 491 million yuan, with growth rates of 178.44%, 31.04%, and 23.55%, corresponding to P/E ratios of 64, 49, and 39 times [5]

Group 1 - The company has changed its sponsor institution to Ping An Securities for the 2025 private placement of shares, with the original sponsor, Dongfang Securities, transferring its ongoing supervision responsibilities [2] - The company has signed a tripartite supervision agreement with China Minsheng Bank and Ping An Securities to regulate the management and use of raised funds, ensuring the protection of minority investors' rights [2][3] - The total amount raised from the private placement was approximately RMB 820 million, with a net amount of approximately RMB 802 million after deducting issuance costs [2] Group 2 - The tripartite supervision agreement stipulates that the raised funds will be stored in a dedicated account solely for specific projects, including production process efficiency improvements and energy-saving upgrades [3][4] - Ping An Securities will supervise the use of the raised funds and conduct semi-annual inspections of the fund's storage and usage [4][5] - The agreement includes provisions for notification of large withdrawals and compliance with anti-money laundering regulations [5][6] Group 3 - The company has received a new veterinary drug registration certificate for a new inactivated vaccine for swine encephalitis, developed in collaboration with several subsidiaries and partners [14] - The new vaccine is classified as a Class III veterinary drug and is designed to prevent swine encephalitis, with a recommended dosage of 2ml per pig [15][16] - The approval of this new vaccine is expected to enhance the company's product pipeline and strengthen its market position in the animal vaccine sector [20]

Core Viewpoint - Jinhe Biology (002688.SZ) announced the approval of a new veterinary drug, an inactivated vaccine for porcine encephalitis (A6-C strain), developed in collaboration with its subsidiaries and Beijing Huikang Yisheng Technology Co., Ltd. [1] Group 1 - The new veterinary drug was approved by the Ministry of Agriculture and Rural Affairs after review [1] - The vaccine is developed by Jinhe Biology's subsidiaries: Hangzhou Youben Animal Vaccine Co., Ltd., Jinhe Youben Biological Products Co., Ltd., and Hohhot Youben Vaccine Technology Co., Ltd. [1] - The approval includes the issuance of a "New Veterinary Drug Registration Certificate" [1]

Group 1 - The core point of the news is that Haili Biological experienced a stock price increase of 5.08%, reaching 6.41 CNY per share, with a total market capitalization of 4.203 billion CNY as of the report date [1] - Haili Biological, established on July 18, 1981, specializes in the research, production, and sales of animal vaccines, with its main business revenue composition being 71.34% from oral vaccines, 28.61% from IVD, and 0.05% from other sources [1] Group 2 - From the perspective of Haili Biological's top ten circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Animal Husbandry ETF (159865), increased its holdings by 3.6987 million shares, totaling 10.2279 million shares, which represents 1.58% of the circulating shares [2] - The Guotai Zhongzheng Animal Husbandry ETF (159865) was established on March 1, 2021, with a current scale of 6.097 billion CNY and has achieved a year-to-date return of 11.41%, ranking 3417 out of 4189 in its category [2]

Core Viewpoint - The report from China Galaxy Securities emphasizes the dual opportunities in the pig farming industry, highlighting the importance of breeding sows and farming efficiency, with expectations of a price decline in 2026 but potential rebounds in between [1] Group 1: Pig Farming Industry - In December 2025, the pig price was 11.81 yuan/kg, down 27.4% from the end of 2024 [3] - The breeding profit for self-bred and purchased piglets was -130 yuan/head and -163 yuan/head respectively, indicating ongoing industry losses that may accelerate capacity reduction [3] - As of the end of October, the number of breeding sows was 39.9 million, a decrease of 1.1% month-on-month [3] - The annual average pig price is expected to decline year-on-year, with variations based on the performance of leading pig companies in cost optimization [3] - The report suggests focusing on leading companies with strong cost control, healthy financials, and reasonable valuations [3] Group 2: Agricultural Index Performance - In December, the agricultural index underperformed the CSI 300, with a decline of 0.95% compared to a 2.56% increase in the CSI 300 [2] - Among sub-industry indices, animal health showed a relative increase of 5.35%, while aquaculture and farming sectors declined by 2.01% and 3.81% respectively [2] Group 3: Pet Food Industry - In November, China's pet food export value was 838 million yuan, down 3.81% year-on-year, with export volume at 33,400 tons, up 11.23% [4] - The average export price was 25.08 yuan/kg, marking a year-on-year decrease of 13.51% [4] - Cumulatively from January to November, the export value was 9.196 billion yuan, down 4.18%, with a total export volume of 323,600 tons, up 6.96% [4] - The average export price for the same period was 28.42 yuan/kg, down 10.41% year-on-year [4]

10月28日公司发布的三季报数据显示，前三季度公司共实现营业收入10.42亿元，同比增长7.38%，实现 净利润1.61亿元，同比下降4.85%。（数据宝） 生物股份12月24日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 国泰海通证券股份有限公司总部 | 4145.71 | | | 买二 | 中信建投证券股份有限公司杭州市民街证券营业部 | 3067.99 | | | 买三 | 太平洋证券股份有限公司杭州市民街证券营业部 | 3056.37 | | | 买四 | 国信证券股份有限公司深圳北站证券营业部 | 2307.60 | | | 买五 | 国泰海通证券股份有限公司杭州富春路证券营业部 | 2221.75 | | | 卖一 | 沪股通专用 | | 7168.77 | | 卖二 | 国泰海通证券股份有限公司总部 | | 5187.02 | | 卖三 | 中国国际金融股份有限公司上海分公司 | | 3411.91 | | 卖四 | 华福证券有限责任公司杭州江南大道证券营业部 | | 2973.01 ...