Core Viewpoint - Wuhan Kewen Biotechnology Co., Ltd. reported a significant decline in net profit despite a revenue increase, indicating underlying financial challenges and pressures on core business profitability [1][2]. Financial Performance Summary - Revenue for 2024 reached 1,200,327,933.81 yuan, a 17.71% increase from 2023's 1,019,758,798.36 yuan, driven primarily by the veterinary raw materials and formulations segment, which accounted for 93.02% of total revenue [2]. - The net profit attributable to shareholders was -20,155,591.43 yuan, a 220.11% decrease from 2023's 16,780,818.77 yuan, primarily due to declining product prices, increased R&D expenses, and rising financial costs [2]. - The basic earnings per share fell to -0.1215 yuan from 0.1011 yuan in 2023, reflecting a significant drop in profitability [2]. Expense Changes Impacting Profit - Sales expenses increased by 6.52% to 59,253,062.89 yuan, driven by higher employee compensation and travel costs [3]. - Management expenses decreased by 21.40% to 59,484,458.70 yuan, attributed to operational cost adjustments [3]. - Financial expenses surged by 65.81% to 40,490,143.38 yuan, mainly due to increased convertible bond interest [3]. - R&D expenses rose by 25.11% to 55,797,216.51 yuan, reflecting the company's commitment to innovation despite short-term profit impacts [3]. Cash Flow Situation - Net cash flow from operating activities decreased by 53.15% to 43,531,846.81 yuan, necessitating improved accounts receivable management [4]. - Net cash flow from investing activities remained stable at -101,814,788.13 yuan, indicating ongoing investments in fixed assets [4]. - Net cash flow from financing activities increased by 133.70% to 13,976,367.66 yuan, driven by new borrowings to address convertible bond repayment risks [4]. R&D and Personnel Situation - R&D investment for 2024 was 55,797,216.51 yuan, representing 4.65% of revenue, with projects focused on new strains and fermentation technology [5]. - The number of R&D personnel decreased from 181 to 158, a reduction of 12.71%, which may impact the company's innovation capabilities [6]. Industry Risks and Challenges - The company faces cyclical risks associated with the veterinary drug sector, heavily influenced by the profitability of the pig farming industry [7]. - Animal disease outbreaks can significantly affect the demand for veterinary drugs, as seen during the African swine fever crisis [8]. - Fluctuations in raw material prices pose a risk to profitability, with potential declines in sales prices for key products [9]. - The company is exposed to accounts receivable risks, particularly from large-scale farming groups, which could impact cash flow and profitability [10].

Core Viewpoint - TianKang Biological has reported a significant turnaround in its financial performance for 2024, achieving a net profit of 605 million yuan, compared to a loss in the previous year, indicating a successful V-shaped recovery in its operations [1][2]. Group 1: Financial Performance - The company achieved total operating revenue of 17.176 billion yuan, with a notable increase in profit margins across its three main business segments: pig farming, feed, and veterinary medicine [1]. - The pig farming segment generated revenue of 6.157 billion yuan, reflecting an 11.11% increase year-on-year, with a gross margin of 14.61%, up by 28.43% from the previous year [2]. Group 2: Business Structure and Capabilities - TianKang Biological is recognized as a key agricultural enterprise in China, with a complete industry chain covering breeding, feed management, veterinary medicine, and meat processing [1]. - The company operates over 30 feed production facilities nationwide and ranks among the top 20 in the national feed industry [1]. Group 3: Research and Development - The company has invested over 15% of its biopharmaceutical sales revenue into R&D, establishing research centers in Xinjiang and Jiangsu [2]. - It has developed China's first genetically engineered inactivated vaccine for swine fever, providing significant support for disease control in pigs [2]. Group 4: Future Outlook - TianKang Biological aims to achieve a total revenue of 21 billion yuan by 2025, with specific targets for feed production, animal vaccines, and pig output [3]. - The company plans to enhance its service offerings to farmers, focusing on key areas such as feed, breeding, and veterinary services to improve farming efficiency [3]. Group 5: Shareholder Returns - The company has proposed a cash dividend of 2.20 yuan per 10 shares, translating to an approximate dividend yield of 3.52% based on the closing price on April 28 [3].

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） | -0.1215 | 0.1011 | -220.18 | 0.3186 | | 每股净资产（元） | 8.19 | 8.33 | -1.68 | 8.52 | | 每股公积金(元) | 5.31 | 5.27 | 0.76 | 5.28 | | 每股未分配利润(元) | 1.67 | 2.06 | -18.93 | 2.27 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12 | 10.2 | 17.65 | 10.23 | | 净利润(亿元) | -0.2 | 0.17 | -217.65 | 0.53 | | 净资产收益率(%) | -1.35 | 1.10 | -222.73 | 3.36 | 三、分红送配方案情况 10派1.3元(含税) 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： 10107.76万股，累计占流通股比 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 2.371 billion, a year-on-year increase of 9.04%, and a net profit of CNY 100 million, up 15.9% [1] - In Q1 2025, revenue reached CNY 625 million, a growth of 20.35%, with a net profit of CNY 51.12 million, increasing by 13.23% [2] - The net cash flow from operating activities for 2024 was CNY 498 million, a significant increase of 150.76% [2] Product Performance - The veterinary pharmaceutical segment saw a 21% increase in sales volume and a 21.47% rise in revenue in 2024; Q1 2025 sales volume surged by 55.55% [2] - The expected annual sales volume for 2025 is approximately 100,000 tons of gold mildew powder, reflecting a growth of around 65% [2] - The gross margin for gold mildew premix in 2024 improved by about 10 percentage points due to a 16.31% decrease in corn prices [2] Market Expansion - The U.S. market is the largest overseas market, accounting for about two-thirds of exports; the company plans to raise prices in the U.S. market starting May 1, 2025, to cover increased tariffs [3] - The company is expanding its product applications, with new approvals for gold mildew premix for sheep and ongoing applications for cattle and rabbit [2] Strategic Developments - A strategic cooperation agreement was signed with Shanghai Jiao Tong University for synthetic biology applications, aiming to develop new products and improve existing processes [2] - The company has established a pet division in Shanghai, with 8 health products and 1 rabies vaccine currently available, and 11 products under application [3][5] Investor Engagement - The company engaged with various investors and analysts during an online conference, discussing financial performance, market strategies, and product developments [1] - Key questions from investors included the pricing strategy for gold mildew products and the company's market share in the U.S. [3][4]

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者： 张静波 来源：华商韬略（ ID：hstl8888） 当美国人敲下对华加征关税的回车键时，他们可能没想到： 在太平洋彼岸的内蒙古大草原上，一个平日里默默无闻的产业大佬，会如此迅速地给予其反戈一 击。 01 你加关税，我就涨价 2025年4月2日，将载入史册。 这一天，美国总统宣布国家紧急状态，全面加征关税。 而就在同一天，中国上市公司金河生物发布公告称，将针对美国市场，适时调高金霉素预混剂售 价。 这一决定的背后，是金河生物创始人王东晓，对全球金霉素供需格局的精准算计。 这位从建筑工地走出的抗生素大佬，用一纸涨价公告，向全世界展示了中国企业在全球供应链中 的新姿态： 不是被动接受规则，而是主动塑造规则。 一家平时默默无闻的中国企业，关键时刻，顶着惊涛骇浪，对美国加征关税反戈一击。究竟是谁 给了它这么大的底气？ 答案就三个字：金霉素。 金霉素作为一种核心促生长剂，是美国养殖业的刚需，年消费量超5万吨。 但全球每年的金霉素产能只有11万吨，这其中，90%以上来自中国，美国本土几乎没有规模化生 产。 这意味着，美国这5万吨的 ...

PPPPAAAARRRRTTTT 1111 核心资产将迎来新周期 从政策经济周期、相对盈利优势、长线资金定价和市场生态变化四个维度看，核心资产将迎来新周期， GARP策略预计将明显跑赢。 图片来源：摄图网 聚焦核心资产 裘翔 刘春彤 杨家骥 高玉森 连一席 杨帆 玛西高娃 崔嵘 遥远 关税进展仍有不确定性，但衰退预期交易正加速切换到衰退交易，中美周期同频时点可能提前。风格上， 从政策经济周期、相对盈利优势、长线资金定价和市场生态变化四个维度看，核心资产将迎来新周期， GARP策略预计将明显跑赢。配置上，短期建议聚焦自主可控、军工、内需、红利四大方向，长期建议关注 全球各国制造业重建需求与中国技术出海的趋势。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果或经济复苏不及预期；海内外 宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国房地产库存消化不及预期。 点击查看全文 外部扰动期，关注内循环 秦培景 刘易 王冠然 侯苏洋 卿施典 任恒毅 白弘伟 田鹏 王涛 王子昂 美国"对等关税"加征幅度和广度超预期之后，中国对美反制力度明显升级，外循环扰动加大，市场风险偏好 下降，建议关注内循环为 ...

Core Viewpoint - The announcement highlights that the company's subsidiary, Luoyang Huizhong Veterinary Medicine Co., Ltd., has received a new veterinary drug registration certificate for "Penicillin V Potassium Soluble Powder," which is aimed at treating necrotic enteritis in chickens caused by Clostridium perfringens [1][2]. Group 1: New Veterinary Drug Information - The new veterinary drug is named "Penicillin V Potassium Soluble Powder" and is classified as a Category V drug [1]. - The main ingredient is Penicillin V Potassium, which is indicated for treating necrotic enteritis in chickens caused by Clostridium perfringens [2]. - The recommended dosage is 13.5 to 20 mg per kg of body weight for chickens, to be administered once daily for five consecutive days [1]. Group 2: Market Background and Development - The drug was developed in collaboration with Jinan Lingpai Biological Pharmaceutical Technology Co., Ltd. and has been clinically used abroad for many years, demonstrating safety and high efficacy [2]. - The prevalence of coccidiosis in chickens leads to significant economic losses in the poultry industry, and existing treatments can lead to drug resistance and are often expensive [2]. - Currently, there is no available data on the sales and market share of similar products in circulation [3]. Group 3: Regulatory and Market Impact - Before the product can be marketed, it must obtain a veterinary product approval number from the Ministry of Agriculture and Rural Affairs [4]. - The successful acquisition of the new drug certificate reflects the company's commitment to technological innovation and is expected to enhance its market competitiveness [5].

证券代码：688526 证券简称：科前生物 公告编号：2025-006 新兽药名称：牛支原体活疫苗（HB150 株） 英文名：Mycoplasma bovis Vaccine, Live (Strain HB150) 新兽药注册证书号：（2025）新兽药证字 11 号 武汉科前生物股份有限公司 关于获批新兽药注册证书的自愿性信息披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，经中华人民共 和国农业农村部审查，批准公司申报的牛支原体活疫苗（HB150 株） 为新兽药，并核发《新兽药注册证书》，具体详情如下： 一、新兽药的基本信息 牛支原体（Mycoplasma bovis，M. bovis）是一种导致牛呼吸系 统疾病的重要病原；除肺炎外，还可导致乳腺炎、关节炎、中耳炎、 角膜结膜炎、生殖道炎症、流产与不孕等。该病在世界范围内存在， 欧洲每年约有 1/3 的犊牛肺炎是由牛支原体引起的。我国于 2008 年 首次报道肉牛的牛支原体肺炎，至今已发现在全国普遍流行，肉牛和 奶牛 ...