Core Insights - The animal health sector experienced a decline of 0.24% on November 17, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Qudongli (code: 920275) with a closing price of 10.68, up 5.12% [1] - *ST Lvkang (code: 002868) with a closing price of 42.57, up 5.01% [1] - Houfeng Holdings (code: 002141) with a closing price of 3.91, up 2.62% [1] - Major decliners included: - Dayu Biological (code: 920970) with a closing price of 8.70, down 3.87% [2] - Ruipu Biological (code: 300119) with a closing price of 20.61, down 2.92% [2] - Zhongmu Co., Ltd. (code: 600195) with a closing price of 7.94, down 1.98% [2] Capital Flow - The animal health sector saw a net outflow of 10.15 million yuan from institutional investors, while retail investors experienced a net outflow of 20.76 million yuan [2] - Conversely, speculative funds recorded a net inflow of 30.91 million yuan [2] Individual Stock Capital Flow - Notable capital flows included: - Biological Shares (code: 600201) with a net inflow of 12.08 million yuan from institutional investors [3] - Xianfeng Holdings (code: 002141) with a net inflow of 9.50 million yuan from institutional investors [3] - Ruipu Biological (code: 300119) with a net inflow of 1.05 million yuan from speculative funds [3] - Decliners in capital flow included: - *ST Lvkang (code: 002868) with a net outflow of 0.79 million yuan from institutional investors [3] - Hai Li Biological (code: 603718) with a net outflow of 2.82 million yuan from institutional investors [3]

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has evolved from a "testing ground" to a main battleground for specialized and innovative enterprises, with 282 listed companies and a total market capitalization of 900.835 billion yuan as of November 14, 2025 [2][12][14] - Among the listed companies, 254 are classified as specialized and innovative "little giants," accounting for 90.07% of the total, with 152 being national-level little giants [2][33] - The report identifies key industry chains within the BSE, including smart connected new energy vehicles, hydrogen energy, new materials, innovative pharmaceuticals, and artificial intelligence [2][38] Group 2 - The BSE's market performance shows a decline in the North BSE 50 index, which reported 1,514.20 points, with a TTM PE ratio of 71.80X, while the specialized and innovative index reported 2,500.55 points with a TTM PE of 80.59X [3][62][66] - The average market capitalization of BSE companies is lower than that of the ChiNext and STAR Market, with the average market cap at 31.94 million yuan compared to 126.11 million yuan and 175.43 million yuan respectively [22][23] - The report notes that the liquidity of the BSE has improved, with the turnover rate now higher than that of the STAR Market and slightly above the ChiNext [41][42][47] Group 3 - The report indicates that the IPO review process is active, with two companies approved and three pending approval, reflecting a steady increase in the number of companies entering the market [3][28] - The report emphasizes the growing interest from public funds in the BSE, with 39 public institutions investing in BSE stocks by mid-2025, marking a significant increase in both the number of institutions and the amount invested [45][46] - The BSE is expected to enhance its index system and introduce the North BSE 50 ETF, which could further improve liquidity and attract more institutional investors [50][51]

Core Viewpoint - The animal health sector experienced a slight increase of 0.89% on November 14, with *ST Green Kang leading the gains, while the overall market indices, including the Shanghai Composite Index and Shenzhen Component Index, saw declines of 0.97% and 1.93% respectively [1] Group 1: Market Performance - The closing price of *ST Green Kang was 40.54, reflecting a rise of 5.00% with a trading volume of 204,000 shares and a transaction value of 8.27 million yuan [1] - Other notable performers included Ruipu Biology with a closing price of 21.23, up 1.87%, and Biological Shares at 11.93, up 1.62% [1] - The overall trading volume and transaction values for various companies in the animal health sector were significant, with Biological Shares recording a transaction value of 954 million yuan [1] Group 2: Capital Flow - The animal health sector saw a net outflow of 57.68 million yuan from institutional investors, while retail investors contributed a net inflow of 60.01 million yuan [2] - The capital flow data indicates that *ST Green Kang had a net inflow of 1.42 million yuan from institutional investors, despite a net outflow from retail investors [3] - Other companies like Biological Shares and Ruipu Biology experienced significant net outflows from institutional investors, indicating a shift in investment sentiment [3]

（编辑 袁冠琳） 证券日报网讯 回盛生物11月13日在互动平台回答投资者提问时表示，公司聚焦主业，持续做好日常经 营管理工作，力争为投资者创造更大的价值。公司对外积极开拓市场，对内提升经营管理水平，在销售 收入增长的同时，进一步优化生产成本，毛利率逐步改善，今年前三季度取得了较好的经营业绩，营业 收入与净利润实现了新突破。二级市场股价受宏观经济环境、市场波动、投资者预期和情绪等多种因素 的综合影响。 ...

Core Insights - The animal health sector experienced a rise of 2.65% on November 13, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - BioShares (600201) closed at 11.74, with a significant increase of 9.11% and a trading volume of 1.153 million shares, amounting to a turnover of 1.3 billion yuan [1] - Other notable performers included *ST Green Health (002868) with a 5.00% increase, and Haili Biological (603718) with a 1.72% increase [1] - The overall trading volume and turnover for the animal health sector showed varied performance among individual stocks [1][2] Capital Flow - The animal health sector saw a net outflow of 32.7945 million yuan from institutional investors, while retail investors contributed a net inflow of 22.6275 million yuan [2][3] - The capital flow analysis indicates that while institutional investors withdrew funds, retail investors were more active in purchasing shares [2][3] Individual Stock Capital Flow - BioShares (600201) had a net inflow of 26.5431 million yuan from institutional investors, while retail investors showed a net outflow of 51.2945 million yuan [3] - *ST Green Health (002868) experienced a net inflow of 6.8361 million yuan from institutional investors, but a net outflow from retail investors [3] - The capital flow data highlights the contrasting behaviors of different investor types within the sector [3]

Core Insights - The animal health sector experienced a slight increase of 0.14% on November 12, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - *ST Lvkang (002868) closed at 36.77, up 5.00% with a trading volume of 62,400 shares and a transaction value of 226 million [1] - Other notable performers included: - Qudongli (920275) at 10.76, up 3.86% [1] - Yongshun Biological (920729) at 10.15, up 1.81% [1] - Biological Shares (600201) at 10.76, up 1.22% [1] - Zhongmu Shares (600195) at 7.98, up 0.50% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 35.94 million from institutional investors, while retail investors contributed a net inflow of 20.57 million [2] - The capital flow for individual stocks showed: - KQ Bio (688526) had a net inflow of 7.99 million from institutional investors [3] - Biological Shares (600201) had a net inflow of 6.25 million from institutional investors [3] - However, KQ Bio (688526) also experienced a net outflow of 16.05 million from retail investors [3]

Core Insights - The animal health sector experienced a 1.04% increase on November 11, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - *ST Lvkang (002868) closed at 35.02, up 5.01% with a trading volume of 1196 lots and a transaction value of 4.1884 million yuan [1] - Other notable performers included: - Qudongli (920275) at 10.36, up 4.65% [1] - Yongshun Biological (920729) at 9.97, up 2.15% [1] - Biological Shares (600201) at 10.63, up 1.24% [1] - Plai Ke (603566) at 14.42, up 1.19% [1] Capital Flow - The animal health sector saw a net outflow of 2.5437 million yuan from institutional investors and 7.7575 million yuan from speculative funds, while retail investors had a net inflow of 10.3012 million yuan [1] - Specific stock capital flows included: - Biological Shares (600201) with a net inflow of over 9.2092 million yuan from institutional investors [2] - *ST Lvkang (002868) had a net inflow of 1.1031 million yuan from retail investors [2] - Huayi Biological (603718) experienced a net outflow of 4.1338 million yuan from institutional investors [2]

Investment Rating - The report maintains a "positive" outlook on the agricultural, forestry, animal husbandry, and fishery sectors, with specific attention to the potential for value reassessment in leading pig farming companies [2][3]. Core Insights - The agricultural sector's net profit for the first three quarters of 2025 increased by 11% year-on-year, with five sub-sectors showing profit growth, including animal health (+96%) and agricultural processing (+50%) [11][12]. - The pig farming industry is experiencing significant challenges, with a notable decline in pig prices leading to widespread losses among companies, although some are still managing to maintain profitability due to cost advantages [3][19]. - The pet food sector continues to show strong domestic sales growth, while exports are negatively impacted by increased tariffs, highlighting a divergence in performance between domestic and international markets [3][6]. Summary by Sections 1. Agricultural Sector Overview - The agricultural sector's net profit for Q1-Q3 2025 reached CNY 369.4 billion, reflecting an 11% increase year-on-year, with most sub-sectors reporting profit growth [11][12]. - In Q3 2025, the sector's net profit dropped by 58% year-on-year, with significant declines in the feed and breeding industries [13][14]. 2. Key Sub-Sectors Performance 2.1 Pig Farming - The pig farming sector saw a 30% increase in the number of pigs slaughtered in the first three quarters of 2025, but Q3 prices fell sharply, leading to a 68.4% drop in net profit for the quarter [21][16]. - The average profit per pig for self-breeding operations was approximately CNY 60 per head, but this dropped to CNY 43 in Q3, indicating a significant decline in profitability [32][33]. 2.2 Chicken Farming - The white feather chicken segment is facing price declines, but downstream companies are seeing profit recovery due to improved cost structures [53][59]. - The yellow feather chicken segment is experiencing a significant downturn, with profits down by 75.2% year-on-year for the two listed companies in this category [3][59]. 2.3 Pet Food - The domestic pet food market remains robust, with a 17.7% increase in revenue for the first three quarters of 2025, while exports to the U.S. fell by 25.6% due to tariffs [3][6]. - Leading domestic brands are gaining market share, with significant growth in online sales [5][6]. 2.4 Animal Health - The animal health sector reported a 70.2% increase in net profit, driven by high livestock inventory levels and the introduction of new products [4][3].

Core Insights - The pet healthcare sector is emerging as a new consumption track within the "it economy" due to the growing pet ownership and increasing demand for pet health management [1] Industry Overview - The eighth China International Import Expo showcased significant advancements in animal healthcare products, with major multinational companies like Merck and Boehringer Ingelheim presenting their core innovations [1] - Merck focuses on smart products that collect physiological data from animals through collars and ear tags, providing precise decision-making support for farms [1] - Boehringer Ingelheim introduced several innovative animal healthcare drugs and solutions aimed at preventing key diseases in companion and economic animals [1] Company Landscape - As of November 10, there are 3,302 existing animal healthcare-related companies in China [1] - A significant portion of these companies are well-established, with 43.12% having been in operation for over 10 years, while 33.90% have been operating for 5 to 10 years [1] - In terms of registration, 121 animal healthcare-related companies were registered in 2024, with 83 registered so far this year [1]

Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]