近日，农业农村部批准青岛蔚蓝生物股份有限公司等单位联合申报的"青霉素V钾可溶性粉"为五类新兽 药，并核发《新兽药注册证书》。该产品用于鸡坏死性肠炎，研发已累计投入280.67万元。当前鸡坏死 性肠炎治疗方案各有不足，市场对产蛋期可用药需求迫切，此产品产蛋期可用、休药弃蛋期短、安全性 高、剂型便利。不过，兽药上市前还需取得产品批准文号。新兽药证书体现公司创新能力，预计带来新 业绩增长点。 ...

Core Viewpoint - *ST Green Kang is divesting its photovoltaic film business by selling 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for cash, aiming to protect shareholder interests and improve financial health [1][4]. Group 1: Company Background - *ST Green Kang, originally focused on veterinary drug development and sales, shifted to the photovoltaic film industry in 2022 due to persistent losses in its core business [2]. - The company acquired Green Kang Yushan for 95 million yuan, despite its book value being only 160,350 yuan, indicating a significant overvaluation at the time of purchase [2][4]. Group 2: Financial Performance - The company has faced substantial losses, reporting a net loss of 222 million yuan in 2023, which is expected to increase to 445 million yuan in 2024, totaling over 700 million yuan in losses within two and a half years [4][5]. - As of June 2023, *ST Green Kang's debt-to-asset ratio surged to 105.82%, indicating a state of insolvency [5]. Group 3: Industry Context - The photovoltaic film industry experienced a downturn from 2023 to 2024, with oversupply leading to declining prices for POE, EVA, and EPE films, adversely affecting *ST Green Kang's profitability [5][6]. - The company's subsidiaries reported negative gross margins in 2024, with Green Kang Yushan at -19.28%, Green Kang Haining at -35.96%, and Green Kang New Energy at 0.41% [5]. Group 4: Strategic Implications - By divesting the loss-making photovoltaic film business, *ST Green Kang aims to refocus on its core veterinary products, enhancing its profitability and sustainability [7]. - The exit from the photovoltaic sector reflects a broader trend of companies withdrawing from the industry amid significant adjustments, with several other firms also choosing to leave [7][8].

Core Viewpoint - The recent announcement by *ST Lvkang to "sell three wholly-owned subsidiaries for 0 yuan" has raised concerns from the Shenzhen Stock Exchange, highlighting the company's deepening operational crisis and strategic missteps [1][2]. Group 1: Asset Acquisition and Disposal - In January 2023, *ST Lvkang acquired Lvkang Yushan for 95 million yuan, viewing it as a key step into the photovoltaic film sector. However, less than two years later, this and two other subsidiaries were sold for 0 yuan to an affiliated party, Jiangxi Raoxin New Energy [2]. - The acquisition of Lvkang Yushan was based on a valuation of 95.7 million yuan, despite its book value being only 1.6035 million yuan, indicating a nearly 60-fold premium. The company claimed it had a technological advantage and stable orders as a core supplier for JinkoSolar [2]. - Following the acquisition, Lvkang Yushan reported continuous losses, with a projected loss of 203 million yuan in 2024, leading to a total book value of the three subsidiaries being negative 100 million yuan [2][3]. Group 2: Financial Performance and Strategic Failures - Originally focused on veterinary medicine, *ST Lvkang's performance declined, prompting a high-profile pivot to the photovoltaic film sector in 2023, including a 290 million yuan investment in a new production project [3]. - The company's net profit attributable to shareholders showed a downward trend with losses of 122 million yuan in 2022, 222 million yuan in 2023, and an expected 445 million yuan in 2024, totaling nearly 700 million yuan in losses [3]. - The rapid expansion in the photovoltaic sector led to oversupply, and the company failed to adapt, resulting in negative net assets and a warning of delisting risk [3]. Group 3: Related Party Transactions and Shareholder Impact - The 0 yuan transaction with Raoxin New Energy, controlled by the company's major shareholder, has been interpreted as an asset stripping maneuver to offload burdens and avoid delisting [4]. - Although the company claims that the transaction does not harm minority shareholders, the transfer of significant loss-making assets raises questions about whether it genuinely resolves underlying issues or merely conceals risks off-balance sheet [4]. Group 4: Future Challenges and Lessons - Even after shedding photovoltaic assets, *ST Lvkang faces ongoing challenges, including a shrinking core business, insufficient profitability, and tight cash flow [5]. - The company has warned of risks related to changes in its main business structure and potential underperformance in profitability following the transaction [5]. - The case of *ST Lvkang serves as a cautionary tale for companies considering cross-industry ventures, emphasizing the need for careful assessment of industry cycles and internal capabilities to avoid resource misallocation and financial crises [5].

Core Viewpoint - On September 25, 2023, the stock of Pulaike experienced a decline of 0.73%, with a trading volume of 43.54 million yuan, indicating a relatively stable market performance despite the slight drop [1]. Financing Summary - On the same day, Pulaike had a financing buy-in amount of 3.45 million yuan and a financing repayment of 3.77 million yuan, resulting in a net financing outflow of 321,000 yuan [1]. - As of September 25, the total financing and securities lending balance for Pulaike was 151 million yuan, with the financing balance accounting for 3.22% of the circulating market value, which is above the 50th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, Pulaike repaid 5,700 shares and sold 600 shares on September 25, with the selling amount calculated at 8,124 yuan, while the remaining securities lending balance was 14,350 yuan, which is below the 20th percentile level over the past year, indicating a low level of securities lending activity [1]. Company Overview - Pulaike Bioengineering Co., Ltd. was established on June 22, 2002, and listed on May 18, 2015. The company primarily engages in the research, production, sales, and related technology transfer of veterinary biological products, chemical drugs, and traditional veterinary medicine [2]. - The revenue composition of Pulaike includes poultry vaccines and antibodies (41.19%), pig vaccines (32.25%), chemical drugs (21.37%), functional health products (1.79%), pet vaccines (1.38%), and other income sources [2]. - As of June 30, 2023, Pulaike had 18,000 shareholders, an increase of 4.27% from the previous period, with an average of 19,234 circulating shares per person, a decrease of 4.09% [2]. Financial Performance - For the first half of 2025, Pulaike achieved an operating income of 559 million yuan, representing a year-on-year growth of 15.79%, and a net profit attributable to shareholders of 116 million yuan, reflecting a significant year-on-year increase of 57.12% [2]. Dividend Information - Since its A-share listing, Pulaike has distributed a total of 1.057 billion yuan in dividends, with 500 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2023, the seventh largest circulating shareholder of Pulaike was the Guotai Zhongzheng Livestock Breeding ETF (159865), holding 3.4499 million shares, which is an increase of 141,400 shares compared to the previous period [3].

Core Viewpoint - *ST绿康 plans to sell three wholly-owned subsidiaries for 0 yuan, raising regulatory concerns due to the significant loss in asset value since their acquisition [1][4]. Group 1: Company Overview - *ST绿康 is a high-tech enterprise focused on the research, production, and sales of veterinary drugs, plant protection products, food additives, and photovoltaic film [1]. - The company was listed on the Shenzhen Stock Exchange in May 2017 and has been experiencing continuous losses since then [1][3]. Group 2: Asset Sale Details - The subsidiaries being sold include绿康(玉山)胶膜材料有限公司, 绿康(海宁)胶膜材料有限公司, and 绿康新能(上海)进出口贸易有限公司 [1]. - The sale price of 0 yuan is in stark contrast to the 95 million yuan paid for 绿康玉山 in January 2023, which was based on a valuation of 9570 million yuan using the income approach [2][4]. - The combined book value of the three subsidiaries has reached -1 billion yuan by the end of 2024, with 绿康玉山 alone incurring losses of 2.03 billion yuan in 2024 [3][4]. Group 3: Financial Performance - From 2022 to 2024, *ST绿康's revenue showed fluctuations: 3.30 billion yuan, 5.07 billion yuan, and 6.49 billion yuan, with net profits of -1.22 billion yuan, -2.22 billion yuan, and -4.45 billion yuan respectively [3]. - The company has faced a cumulative loss of nearly 700 million yuan over two years since entering the photovoltaic sector [3]. Group 4: Regulatory and Market Response - The transaction has drawn scrutiny from the Shenzhen Stock Exchange, which is concerned about the fairness and rationale behind the asset valuation and potential harm to shareholders [1][4]. - As of September 25, *ST绿康's stock price was 27.33 yuan per share, reflecting a decline of 2.39% and a total market capitalization of 4.248 billion yuan [5].

Core Viewpoint - Reap Bio (300119.SZ) has recently obtained a new veterinary drug registration certificate from the Ministry of Agriculture and Rural Affairs, indicating progress in its product development and regulatory approval process [1]. Group 1: New Drug Registration - Reap Bio's subsidiary, South China Agricultural University Biological Pharmaceutical Co., Ltd. (referred to as "South China Bio"), has successfully registered two diagnostic reagent products as veterinary drugs [1]. - The company has also received approval for two vaccine products after passing the production strain change review by the Ministry of Agriculture and Rural Affairs [1]. Group 2: Details of New Veterinary Drugs - The newly registered veterinary drugs include: - Recombinant Cat Interferon ω (lyophilized form) developed by Reap Bio and Zhongke Baike (Tianjin) Biopharmaceutical Co., Ltd., classified as a Class II veterinary drug [2]. - Avian Influenza Virus H7 subtype (rLN79 strain) and H5 subtype (rFJ56 strain) diagnostic reagents developed in collaboration with South China Agricultural University and other partners [2]. - The vaccine products include: - Bivalent inactivated vaccine for Avian Influenza Virus (H5 subtype) combining strains H5N6 rHN503 and H5N1 rHN504, developed by multiple institutions including South China Agricultural University [2]. - Quadrivalent inactivated vaccine for Avian Influenza Virus (H5 and H7 subtypes) combining multiple strains, also developed by South China Agricultural University and its partners [2].

Core Viewpoint - Reap Bio (300119.SZ) has recently obtained a new veterinary drug registration certificate from the Ministry of Agriculture and Rural Affairs, indicating progress in its product development and regulatory approval process [1]. Group 1: New Drug Registration - Reap Bio's subsidiary, South China Agricultural University Biological Pharmaceutical Co., Ltd. (referred to as "South China Bio"), has successfully registered two diagnostic reagent products as veterinary drug products [1]. - The company has also received approval for two vaccine products, which have passed the production strain change review by the Ministry of Agriculture and Rural Affairs [1]. Group 2: Details of New Veterinary Drugs - The newly registered veterinary drugs include: - Recombinant Cat Interferon ω (lyophilized type) developed by Reap Bio and Zhongke Baike (Tianjin) Biological Pharmaceutical Co., Ltd. [2] - Avian Influenza Virus H7 subtype (rLN79 strain) developed by South China Agricultural University and other partners [2]. - Additionally, two inactivated vaccines for avian influenza have been applied for, including: - Bivalent inactivated vaccine for Avian Influenza Virus (H5N6 rHN503 strain + H5N1 rHN504 strain) [2]. - Quadrivalent inactivated vaccine for Avian Influenza Virus (H5N6 rHN503 strain + H5N1 rHN504 strain, H7N9 rHN705 strain + rHN706 strain) [2].

Competitive Advantages - Reap Bio is one of the largest and most comprehensive veterinary drug companies in China, with significant R&D advantages, including 117 new veterinary drug registration certificates and an annual R&D investment exceeding 100 million RMB [2][3] - The company has a full product line system that provides a closed-loop service from detection to clinical validation, helping to reduce costs and improve efficiency for clients [2][3] - The company has a notable first-mover advantage in the pet medicine sector, with 17 new veterinary drug registration certificates for pets and strategic layouts in innovative drugs and mRNA vaccines [3] Strategic Development - Reap Bio is focusing on high-quality development driven by innovation, accelerating the development of third-generation vaccines and new drugs, and deepening strategic cooperation with breeding groups [3][4] - The company is actively pursuing internationalization and exploring potential sectors such as synthetic biology to create new growth drivers [3][4] Product Launches and Innovations - Key products to be launched in the second half of 2025 include new vaccines and long-acting formulations, aimed at addressing core diseases in poultry farming [7][8] - The company is also expanding its product matrix in the pet sector with new offerings such as cat interferon and probiotics, enhancing its comprehensive product range [7][8] Financial Performance - In the first half of 2025, the company reported revenue of 1.708 billion RMB and a net profit of 257 million RMB, representing year-on-year growth of 20.53% and 57.59% respectively [14] - The company has repurchased 10.68 million shares, with a total repurchase amount of 1.9 billion RMB, maintaining a cash dividend payout ratio of 44.32% [14] Market Position and Future Outlook - The company is committed to maintaining its market position in the pet medical sector and is exploring potential mergers and acquisitions to strengthen its competitive edge [12][13] - Reap Bio is also focusing on enhancing its online sales channels and integrating its products with pet hospitals to increase customer traffic and sales [7][8]

Core Viewpoint - The company, Jindawei (002626.SZ), announced that its subsidiary, Jiangsu Chengxin Pharmaceutical Co., Ltd., has received a veterinary drug approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for the product Pyrantel, with the approval number 102091173 [1] Group 1 - The approval signifies a regulatory milestone for the company in the veterinary pharmaceutical sector [1] - The product Pyrantel is expected to enhance the company's product portfolio and market presence in the veterinary medicine industry [1]

Core Viewpoint - The company Jindawei (002626) announced that its subsidiary Jiangsu Chengxin Pharmaceutical Co., Ltd. has received the veterinary drug approval number from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for the product with the generic name Praziquantel [1] Company Summary - Jindawei's subsidiary Jiangsu Chengxin Pharmaceutical has obtained a significant regulatory approval, which may enhance its product portfolio and market presence in the veterinary drug sector [1]