Group 1 - The resilience of the index comes from internal certainty, with April A-share market showing a rebound after initial declines, driven mainly by internal policies and medium to long-term funding certainty [3][6][29] - Future changes may become complex, with increasing pressure on the US economy and inflation due to tariff policies, alongside a declining dollar index and record high US debt maturities [3][36][46] - Key investment themes include domestic consumption, domestic substitution, and industries with high Q1 2025 performance, such as non-ferrous metals and home appliances [3][36][68] Group 2 - The market style is expected to rotate between defensive and growth styles, with current policies focusing on stability and potential weak market sentiment [3][36] - The Hong Kong market also shows resilience, with significant inflows from mainland investors and improved valuation due to tariff impacts [3][36] - Domestic policies are anticipated to stimulate investment and real estate, with historical data indicating a significant increase in local government bond issuance [58][59]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [3]. Core Insights - The pig farming sector is experiencing high growth in performance, with significant profitability in Q1 2025 despite a downward price trend starting in Q4 2024 [1][2]. - The overall financial health of the industry is improving, with a notable reduction in the asset-liability ratio and strong operating cash flow [1][24]. - The supply of pigs is expected to rebound in the short term, while medium-term capacity continues to decline, indicating a cautious approach to long-term asset investment by pig farming companies [1][32]. Summary by Sections 1. Pig Farming: Performance Improvement and Continuous Operations - The pig farming industry maintained high profitability, with a total revenue increase of 2.53% year-on-year in 2024, and a significant recovery in net profit to 30.68 billion yuan [1][13]. - Operating cash flow for 14 listed pig farming companies reached a historical high of 74.77 billion yuan in 2024, with Q1 2025 continuing to show strong performance at 13.29 billion yuan [24][30]. - Inventory levels for listed pig farming companies increased to approximately 96.89 billion yuan by the end of Q1 2025, reflecting a 4.03% year-on-year growth [31]. 2. Post-Cycle: Recovery in Pig Farming and Beneficiaries - The feed and animal health sectors are showing signs of recovery, with animal health revenue reaching 17.56 billion yuan in 2024, a year-on-year increase of 11.06% [43]. - The feed sector's revenue in 2024 was 261.65 billion yuan, down 8.31% year-on-year, but profitability improved significantly with a net profit of 7.84 billion yuan [43]. 3. Poultry: Stable Revenue and Profitability - The poultry farming sector reported a revenue of 72.91 billion yuan in 2024, with a remarkable year-on-year increase in net profit to 2.95 billion yuan [67]. - The fixed assets of four major white-feathered chicken companies reached 20.33 billion yuan by the end of 2024, indicating a slowdown in long-term asset growth [68].

Group 1: Swine Industry - The domestic supply and demand for pigs is expected to improve marginally by Q2 2025, with pig prices supported and entering a phase of gradual upward movement. External factors such as tariff-driven increases in feed raw material prices and higher costs for imported meat are also contributing positively to pig prices. The swine sector is highlighted as a defensive asset amid macroeconomic shocks, reinforcing investment logic. Recommended stocks include Wens Foodstuff Group, Muyuan Foods, and Juxing Agriculture [4][86]. - In 2024, China's pork production is projected to reach 56.75 million tons, accounting for 49% of global production, with consumption at 57.95 million tons, representing 50% of global consumption. This positions China as the world's largest pork producer and consumer [13][15]. - The average price of pork in 2024 is estimated at 16.8 yuan per kilogram, reflecting an increase of 11.8% year-on-year. The swine farming market size is expected to reach 1.5 trillion yuan, up 11.2% year-on-year [17][32]. Group 2: Poultry Industry - The demand for white chicken remains resilient despite uncertainties from U.S.-China tariff policies and avian influenza outbreaks. The consumption of white feather broilers is expected to improve marginally, with recommended stocks including San Nong Development and He Feng Co [5][94]. - In 2024, the total output of meat chickens in China is projected to reach 14.84 billion, with white feather broilers accounting for 60.85% of this figure. The output of white feather broilers is expected to increase by 2.2% year-on-year [99]. Group 3: Animal Health - The market for piglets and poultry chicks is stable, with a solid demand for poultry chicks supported by increasing poultry farming. The market for ruminant and pet vaccines is also expected to remain robust, with recommended stocks including Bio-Group, Kexin Biology, and Pulaike [6]. Group 4: Planting and Seeds - The focus on food security is emphasized, with companies involved in high-yield genetically modified soybeans likely to benefit from the ongoing U.S.-China trade tensions. The third batch of genetically modified corn varieties is expected to be approved for planting, which may increase the area under cultivation [7]. Group 5: Feed Industry - The recovery of the swine sector is expected to boost domestic demand for feed, while overseas markets present new growth opportunities. The demand for pig feed is anticipated to rebound as pig farming profitability improves and pig stocks gradually recover [8]. Group 6: Pet Industry - The upcoming shopping festivals are expected to drive demand for pet food, with domestic brands likely to gain market share due to increased tariffs on imported high-end products. Recommended stocks include Guibao Pet, Zhongchong Co, and Petty Co [6].

Company Overview - The company,普莱柯, reported a revenue of 1.043 billion yuan in 2024, a decrease of 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year [2] - In Q1 2025, the company achieved a revenue of 279 million yuan, an increase of 18.32% year-on-year, with a net profit of 52.91 million yuan, up 93.75% year-on-year [2] Business Segments - The company's pig vaccine and chemical drug business faced challenges due to downstream breeding structure adjustments and intensified market competition, leading to a decline in revenue and profit [2] - The pet segment showed strong performance, with pet vaccine revenue of 14.42 million yuan, pet chemical drug revenue of 13.14 million yuan (up 5.25% year-on-year), and functional health product revenue of 18.65 million yuan (up 131.93% year-on-year) [2][4] Industry Insights - The pig farming industry is experiencing a recovery in profitability after a downturn in the first half of 2024, which is expected to boost demand for animal health products [3] - The company maintains a leading market share in core products such as the pig roundworm dual vaccine and the pig fever series products [3] - The company invested 106 million yuan in R&D in 2024, accounting for 10.17% of its revenue, and has received multiple new veterinary drug registrations [3] Vaccine Performance - The poultry vaccine and antibody segment achieved a revenue of 429 million yuan in 2024, an increase of 3.31% year-on-year, with high pathogenic avian influenza products growing over 30% [4] - The company’s production base in Nanjing passed GMP certification, supporting the expansion of the high pathogenic avian influenza vaccine market [4] Future Outlook - The company forecasts EPS of 0.54 yuan, 0.62 yuan, and 0.69 yuan for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 25, 22, and 20 [4]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April, the breeding profits improved, and the pet food export volume increased by 20% in Q1 [1]. - The agricultural index outperformed the CSI 300 index, with a rise of 3.3% from early April to April 29, while the CSI 300 fell by 2.89% [5][12]. - The domestic pet food market continues to expand, with a Q1 export value increase of 12% [5]. Summary by Sections Price Indicators and Agricultural Performance - In March, the CPI was down 0.1% year-on-year, with a 46% reduction in agricultural trade deficit [7]. - The total market value of the agriculture, forestry, animal husbandry, and fishery sector was 12,849.69 billion yuan, accounting for 1.38% of the total A-share market value [12]. Breeding Profits and Pet Food Exports - The breeding profits for pigs improved in April, with the price on April 23 being 15.09 yuan/kg, down 7.2% from the end of 2024 [5][31]. - The number of reproductive sows was 40.39 million, a 1% decrease from the previous quarter [34]. - The pet food market reached a scale of 107.2 billion yuan in 2024, with a CAGR of 12.7% from 2017 to 2024 [5]. Investment Recommendations and Stock Pool - Focus on leading pig farming companies with strong cost control and healthy financial conditions, such as Muyuan Foods and Wens Foodstuffs [5]. - The report suggests monitoring the poultry industry, particularly the yellow-feathered chicken sector, due to potential price increases [5]. - Attention is also drawn to feed industry leaders like Haida Group and animal vaccine companies such as Reap Bio and Kexin Bio [5].

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -2.8600 | -1.4400 | -98.61 | -0.7900 | | 每股净资产（元） | -0.17 | 2.65 | -106.42 | 3.83 | | 每股公积金(元) | 2.25 | 2.22 | 1.35 | 2.19 | | 每股未分配利润(元) | -3.81 | -0.95 | -301.05 | 0.48 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.49 | 5.07 | 28.01 | 3.3 | | 净利润(亿元) | -4.45 | -2.22 | -100.45 | -1.22 | | 净资产收益率(%) | | -45.12 | 100 | -18.57 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 10674.17万股，累计占流通股比： ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The report highlights strong performance in Q1 and maintains a long-term positive outlook for the pet sector [3] - The pig price is expected to fluctuate weakly, with a long-term bearish outlook for 2025 due to increased supply [5][14] - The poultry sector may see price improvements due to tariff impacts and supply chain adjustments [6][28] - The animal health sector is poised for valuation recovery driven by improved downstream demand and expansion opportunities [7][39] - The planting sector is experiencing a significant decrease in grain imports, which may affect pricing dynamics [8][44] - The feed sector remains at a low level, with expectations of increased industry concentration [9][47] - The pet market continues to grow rapidly, with strong domestic brand performance [10][52] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly downwards, with a long-term bearish trend anticipated for 2025 due to increased production capacity [5][14] - As of April 24, the average pig price was 14.96 CNY/kg, with a slight weekly increase [14] Poultry Industry - The poultry sector may benefit from tariff impacts, with a potential price increase due to supply chain disruptions [6][28] - The industry is expected to stabilize at low production levels, leading to stable profitability [6][29] Animal Health - The animal health sector is seeing improved performance, with significant revenue growth reported by leading companies [7][39] - The prices of key raw materials are rising, which may enhance the performance of related companies [7][39] Planting Sector - A notable decline in grain imports was recorded in March, with a 73.5% year-on-year decrease [8][44] - The prices of major grains have shown some recovery, with corn priced at 2220 CNY/ton as of April 25 [8][44] Feed Industry - Feed prices are currently low, with a slight decrease in the price of pig feed [9][47] - The industry is expected to see increased concentration, with recommendations for leading companies [9][49] Pet Industry - The pet market in China reached a scale of 300.2 billion CNY in 2024, with a year-on-year growth of 7.5% [10][52] - Domestic brands are rapidly gaining market share, with significant growth reported for leading pet food brands [10][56]

Core Viewpoint - The company, Jinhe Biology, reported a strong performance in the first quarter of 2025, with significant growth in revenue and net profit, driven primarily by its veterinary chemical products, particularly the sales of its key product, Jinmeisu [4][12]. Revenue and Profit Growth - In Q1 2025, the company achieved an operating income of 625.15 million yuan, representing a year-on-year increase of 20.35% [4][12]. - The net profit attributable to shareholders was 51.12 million yuan, up 13.23% year-on-year [4][12]. - The gross profit margin stood at 35.78% [12]. Product Performance - Revenue from veterinary chemical products increased by 21.47% year-on-year, with Jinmeisu being a major contributor, especially in the U.S. market, which reached a historical high [2]. - The company plans to enhance its product offerings with the full production of a new factory in 2025, which will produce Jinmeisu, Tetracycline, and Strongly Mycin, thereby extending its product line [2]. Research and Development - R&D expenses grew by 27.03% in 2024, indicating a strong commitment to innovation [3]. - The company is focusing on expanding the application of Jinmeisu and has received approval for its use in additional target animals, including sheep [3]. Market Outlook - The global animal health industry is expected to continue growing, with the domestic market showing significant potential, as evidenced by a compound annual growth rate of 8.43% in the domestic veterinary drug market from 2019 to 2023 [5][11]. - The company is optimistic about the future, particularly in the veterinary biological products market and the pet market, which is also expanding [6][11]. Strategic Initiatives - The company is enhancing its collaboration with Shanghai Jiao Tong University to leverage synthetic biology for product development and innovation [8]. - Plans are in place to expand the pet health business, with a focus on both chemical and vaccine products [8]. Competitive Position - The company has established a strong presence in the overseas market, with 60-70% of its chemical products sold internationally, particularly in the U.S. [10]. - The company aims to strengthen its market position by enhancing customer satisfaction and expanding its product offerings in international markets [10].

回盛生物（300871）公告，2024年营业收入12亿元，同比增长17.71%。归属于上市公司股东的净亏损 2015.56万元，去年同期净利润1678.08万元，由盈转亏。公司经本次董事会审议通过的利润分配预案 为：以2024年12月31日总股本1.66亿股剔除存放于回购专用证券账户75.36万股后的总股本1.65亿股为基 数，向全体股东每10股派发现金红利1.3元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股 转增0股。 ...