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。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance showed strong growth, with operating revenue reaching 822 million yuan, a year-on-year increase of 20.00%, and net profit attributable to shareholders of 116 million yuan, up 28.45% year-on-year [4][6] - The company is actively building a pet ecosystem, enhancing its second growth curve through a strategic restructuring of its industrial chain [6] - The company has achieved a gross margin of 41.23% and a net profit margin of 14.62% in Q1 2025, indicating improved profitability [6] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 822 million yuan, a 20.00% increase year-on-year, and a net profit of 116 million yuan, up 28.45% year-on-year [4][6] - The gross margin improved to 41.23%, an increase of 0.47 percentage points year-on-year, while the net profit margin rose to 14.62%, up 0.13 percentage points year-on-year [6] Business Strategy - The company is implementing a "Three-Rui Synergy" strategy to reconstruct its industrial chain, focusing on deep collaboration among its three core segments: RuiPu Bio, RuiPai Pet Hospital, and ZhongRui Supply Chain [6] - The pet segment achieved sales revenue of 689 million yuan in 2024, accounting for 22.47% of total revenue, an increase of 4.35 percentage points year-on-year [6] Future Outlook - Revenue forecasts for 2025-2027 have been adjusted to 3.658 billion, 4.203 billion, and 4.709 billion yuan, representing year-on-year growth rates of 19.14%, 14.92%, and 12.04% respectively [6][7] - Net profit forecasts for the same period are 498 million, 561 million, and 637 million yuan, with year-on-year growth rates of 65.64%, 12.70%, and 13.49% respectively [6][7]

Financial Performance - In Q1 2025, the company achieved a revenue of 8.22 billion yuan, representing a year-on-year growth of 20% [3] - The net profit attributable to shareholders was 1.16 billion yuan, with a year-on-year increase of 28.45% [3] - The non-recurring net profit reached 9.35 million yuan, showing a growth of 19.65% year-on-year [3] Business Strategy - The company is focusing on international brand strategy, marking its transition from a regional to a global brand [3] - A 56% stake acquisition in Zhongrui Supply Chain was completed, enhancing collaboration across core business segments [3] - The company is implementing a share repurchase plan, with a total repurchase amount of 120 million yuan as of March 31, 2025 [3] Product Development - The high pathogenic avian influenza vaccine generated 87 million yuan in revenue, a 16% increase year-on-year, while the Marek's vaccine revenue reached 26 million yuan, up 59% [4] - The company plans to launch new products, including a cat oral dewormer and various mRNA vaccines for pets, to enrich its product matrix [4][5] Market Expansion - The company has nearly 100% coverage of its top 100 customers in the traditional livestock sector and aims to deepen strategic cooperation with major clients [6][7] - The international strategy includes a dual circulation approach for product and technology, focusing on overseas market expansion and enhancing service capabilities [7] Impact of Tariffs - Export business accounts for approximately 3% of total revenue, indicating minimal direct impact from US-China tariffs [7] - The company is monitoring tariff policy changes to adjust its business layout and product strategies accordingly [7]

Core Insights - The company reported a revenue of 2.371 billion yuan for 2024, a year-on-year increase of 9.04%, and a net profit attributable to shareholders of 100 million yuan, up 15.90% [1] - In Q1 2025, the company achieved a revenue of 625 million yuan, reflecting a growth of 20.35%, with a net profit of 51 million yuan, an increase of 13.23% [1] - The company aims to become a world-leading animal health enterprise, focusing on new product development in veterinary pharmaceuticals and vaccines [1] Revenue and Profit Growth - The company’s 2024 revenue reached 2.371 billion yuan, marking a 9.04% increase year-on-year, while the net profit was 100 million yuan, up 15.90% [1] - For Q1 2025, the revenue was 625 million yuan, a 20.35% increase, and the net profit was 51 million yuan, reflecting a 13.23% growth [1] Product Development and Market Expansion - The company is the largest global producer of veterinary chlortetracycline premix, with a production capacity of 55,000 tons per year [2] - A new project will add 60,000 tons per year of chlortetracycline capacity, significantly reducing production costs [2] - The company is expanding its product matrix with a 1,000 tons per year doxycycline project, enhancing its veterinary pharmaceutical offerings [2] Vaccine Business Growth - The company has 16 vaccine products on the market, including those for pigs, ruminants, and pets, establishing a diverse product system [3] - In 2024, the company issued nearly 40 million doses of its blue ear disease vaccine, maintaining a strong market position [3] - The company is accelerating its pet health business, having established a pet division in Shanghai and currently offering 8 products with 11 more in the application process [3] Strategic Focus on Synthetic Biology - The company is leveraging synthetic biology as a key area for growth, aligning with national development plans that prioritize this technology [4] - A strategic partnership with Shanghai Jiao Tong University aims to enhance innovation and talent development in synthetic biology [4] - The company plans to utilize synthetic biology for advancements in veterinary pharmaceuticals and vaccines, aiming for significant technological and production scale improvements over the next 5-10 years [4]

4月25日晚间，金河生物（002688）发布2024年年报，公告显示，2024年度公司实现营业收入23.71亿 元，同比增长9.04%；实现归母净利润1亿元，同比增长15.90%。同日，公司发布2025年一季报显示， 2025一季度公司实现营业收入6.25亿元，同比增长20.35%，实现归母净利润0.51亿元，同比增长 13.23%。 公开资料显示，金河生物是全球最大的兽用金霉素预混剂生产企业。近年来，公司产品矩阵不断丰富， 形成了兽用化药与疫苗双轮驱动的格局。 目前，公司拥有金霉素产能5.5万吨/年，新建六期工程已于2025年1月取得GMP证书，新增6万吨/年金霉 素产能的同时将显著降低生产成本。依托优质的产品质量和规模优势，金霉素预混剂已销往海外10余国 家和地区。 对于金霉素市场发展前景，除了用量和渗透率提升以外，反刍类动物市场有巨大增量空间。公开资料显 示，金河生物羊用金霉素预混剂药号已于2024年10月获批。同时，公司也积极推进金霉素产品用于靶动 物牛、兔的申请工作。 在兽用疫苗业务领域，大单品不断涌现。金河生物目前有16个疫苗产品上市销售，包括猪用疫苗、反刍 疫苗、宠物疫苗，构建了较丰富的产品体系 ...

Investment Rating - The report maintains an "Increase" rating for the agricultural, forestry, animal husbandry, and fishery industry [4] Core Viewpoints - The overall allocation in the agricultural sector is currently low, below the standard allocation level, indicating potential investment opportunities in leading companies as costs decrease and performance improves [3][18] - The report highlights a significant reduction in heavy allocations in the breeding sector, while other segments show minor changes [10][13] Summary by Sections Heavy Allocation Analysis - As of Q1 2025, the heavy allocation in the agricultural sector is 0.92%, a decrease of 0.08 percentage points quarter-on-quarter and 0.74 percentage points year-on-year [10][11] - The breeding industry accounts for 0.45% of heavy allocations, down 0.06 percentage points from the previous quarter [13][14] Company-Specific Changes - Among the top 15 heavy allocation stocks, most companies have reduced their allocations, with only Zhongchong Co., Ltd. increasing by approximately 0.03 percentage points [2][14] - The top five stocks with increased allocations include Zhongchong Co., Ltd. (+7.03%) and Ruipu Bio (+1.24%), while the top five with decreased allocations include Quanyin High-Tech (-2.37%) and Lihua Co., Ltd. (-2.24%) [2][15][16] Investment Recommendations - For the breeding sector, focus on leading companies like Muyuan Foods, Wens Foodstuff Group, and Shennong Group, as well as companies related to yellow chickens like Lihua Co., Ltd. [3][18] - In the breeding support sector, attention should be given to leading companies such as Haida Group and Bangji Technology [3][18] - The planting sector shows strong profitability stability, with recommendations for companies like Suqian Agricultural Development and Beidahuang Group [3][18]