Core Viewpoint - The company Jinhe Biological has shown significant growth in its operating performance, with a notable increase in revenue and net profit in the first half of 2025, driven primarily by its veterinary pharmaceutical segment [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.39 billion yuan, representing a year-on-year growth of 30.45% [1][2]. - The net profit for the same period reached 138 million yuan, marking a year-on-year increase of 51.52% [1][2]. - The gross profit margin improved to 34.55%, up 1.25 percentage points from the previous year, due to effective cost control [2]. Business Segments - The veterinary pharmaceutical segment is the core driver of growth, with revenue from this segment reaching 860 million yuan in the first half of 2025, a substantial increase of 72.15% year-on-year, accounting for 61.83% of total revenue [1][2]. - The company has established a diversified product matrix in the veterinary pharmaceutical field, focusing on the core product of premixed gentamicin [3][4]. Market Expansion - Jinhe Biological's overseas business generated revenue of 588 million yuan in the first half of 2025, reflecting a year-on-year growth of 65.5% and accounting for 42.3% of total revenue [3]. - The company has successfully penetrated over 10 countries and regions, with the United States being the largest overseas market, representing approximately two-thirds of its exports [3]. Research and Development - The company has invested a total of 529 million yuan in research and development over the past five and a half years, with a significant increase in R&D spending in 2025 [4][5]. - Jinhe Biological has established two major research centers for animal vaccines and has developed a rich product portfolio, including 16 vaccine products covering various animal types [5].

Core Viewpoint - Jinhe Biology demonstrated strong financial performance in the first half of 2025, with significant revenue and profit growth, particularly in the veterinary chemical drug sector [2][11]. Financial Overview - Total revenue reached 1.39 billion yuan, a year-on-year increase of 30.45% [2]. - Net profit attributable to shareholders was 138 million yuan, up 51.52% year-on-year [2]. - The second quarter saw total revenue of 765 million yuan, a 40.05% increase, and net profit of 86.8 million yuan, growing by 89.2% [2]. Profitability - The company's gross margin improved to 34.55%, an increase of 3.76% year-on-year [3]. - Net profit margin rose to 9.92%, up 16.73% year-on-year, indicating effective cost control and enhanced product value [3]. Costs and Expenses - Total operating expenses amounted to 279 million yuan, accounting for 20.03% of revenue, an increase of 2.32% year-on-year [4]. - Management expenses grew by 36.2%, primarily due to salary increases, depreciation from completed projects, and increased stock incentive costs [4]. - Financial expenses rose by 46.74%, attributed to interest expenses from completed projects and reduced foreign exchange gains in the previous year [4]. Cash Flow and Debt Situation - Cash and cash equivalents decreased to 625 million yuan, down 5.21% year-on-year [5]. - Operating cash flow per share was 0.17 yuan, a decline of 20.08% [5]. - Net cash flow from financing activities dropped by 95.88%, and net increase in cash and cash equivalents fell by 89.9% [5]. - Interest-bearing liabilities increased to 2.528 billion yuan, up 0.72% year-on-year, with an interest-bearing asset-liability ratio of 41.41% [5]. Accounts Receivable - Accounts receivable stood at 590 million yuan, a year-on-year increase of 22.22%, with a ratio to profit of 589.11%, indicating a need to monitor collection [6]. Main Business Analysis - The veterinary chemical drug segment generated 860 million yuan, accounting for 61.83% of total revenue, with a gross margin of 38.13% [7]. - Revenue from starch and related products was 275 million yuan, making up 19.76% of total revenue, with a gross margin of 11.15% [7]. - Veterinary vaccine revenue reached 155 million yuan, representing 11.12% of total revenue, with a gross margin of 54.87% [7]. - Environmental services contributed 69.13 million yuan, accounting for 4.97% of total revenue, with a gross margin of 44.25% [7]. Regional Distribution - Domestic sales revenue was 802 million yuan, accounting for 57.67% of total revenue, with a gross margin of 26.59% [8]. - International sales revenue reached 588 million yuan, making up 42.33% of total revenue, with a gross margin of 45.40% [8]. Development Strategy - The company focuses on its core animal health business, with a dual-driven model of veterinary pharmaceuticals and vaccines, supported by environmental and agricultural processing sectors [9]. - The completion of the sixth phase project added 60,000 tons of production capacity for key products, enhancing competitiveness through cost reduction and improved fermentation indices [9]. - The veterinary vaccine business has rapidly established a comprehensive industry layout through self-built and acquired production bases and R&D centers [9].

Core Viewpoint - Jinhe Biotechnology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, achieving historical highs in both metrics, driven by strong sales in its veterinary pharmaceutical segment and a favorable cost environment [2][3]. Financial Performance - The company achieved an operating income of 1.39 billion yuan, representing a year-on-year growth of 30.45% [2]. - The net profit attributable to shareholders reached 138 million yuan, marking a year-on-year increase of 51.52% [2]. - The overall gross margin improved by 1.25 percentage points compared to the same period last year, as the growth rate of operating costs was lower than that of operating income [2]. Business Segments - The veterinary pharmaceutical segment saw robust sales, particularly in the core product, chlortetracycline, with both domestic and international markets experiencing increased sales [2][3]. - The company has established a diversified product structure centered around chlortetracycline premix, which has received approval for new applications in sheep and lambs [2]. - The vaccine segment is supported by four production bases and four core technology platforms, enhancing product recognition in the market [3]. Market Trends - The animal health industry is expanding due to increased attention and policy support, providing new growth opportunities for the company [3]. - The recovery in the profitability of the pig farming sector has led to improved market demand, allowing the company to enhance its market share and penetration of chlortetracycline domestically [3]. - The overseas market has also seen significant growth, with sales volume doubling in other export markets compared to the previous year [3]. Strategic Focus - The company is actively pursuing opportunities in the pet economy, focusing on the development of pharmaceutical and vaccine products for pets, with a dual-brand strategy for domestic and international markets [4]. - The pet business segment is identified as a strategic priority, with expectations for the veterinary vaccine segment to become a high-growth area, contributing to the company's future performance [4].

Core Viewpoint - Jinhe Biotechnology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, achieving historical highs in both metrics, driven by strong sales in its veterinary pharmaceutical segment and a favorable cost environment [2][3]. Financial Performance - The company achieved operating revenue of 1.39 billion yuan, a year-on-year increase of 30.45% [2] - Net profit attributable to shareholders reached 138 million yuan, up 51.52% year-on-year [2] - Overall gross margin improved by 1.25 percentage points compared to the same period last year due to lower growth in operating costs relative to revenue growth [2] Business Segments - The veterinary pharmaceutical segment saw robust sales, particularly in the core product, Chlortetracycline, with both domestic and international markets experiencing growth [2][3] - The company has expanded its production capacity for Chlortetracycline to 61,000 tons per year, ensuring sufficient supply to meet future market demand [3] - The vaccine segment has established four major production bases in China and the U.S., with leading market shares in certain vaccine products [4] Market Expansion - The company is actively expanding its sales channels, resulting in increased market share and penetration for Chlortetracycline in the domestic market [3] - The U.S. market has shown a positive response to price increases, leading to further sales growth and market share expansion [3] - The pet care segment is being developed as a strategic focus, with a dual product line strategy in place [5]

本报讯 （记者金婉霞）7月31日，申联生物医药（上海）股份有限公司（以下简称"申联生物"）公告 称，近日，公司与中国农业科学院兰州兽医研究所（以下简称"兰研所"）等单位签订了项目合同，拟共 同开发猪用口蹄疫等三种疫病多联多价疫苗及牛用口蹄疫等三种疫病多联多价疫苗，合作各方按照协议 约定任务和分工，各自承担相关费用，合作研发项目产生的技术成果及知识产权归公司及兰研所两方共 同享有。 （编辑 张文玲 郭之宸） 申联生物方面表示，拟开发的疫苗预期可实现"一针四防"，有效减少免疫次数，节约免疫资源和防疫成 本，提升生产效率，具备较强的市场竞争力，将有助于公司为客户提供更全面、高效的疫病防控解决方 案，将进一步提升公司在动保领域的技术领先地位。未来，申联生物将持续加强与兰研所的深度合作， 紧跟行业发展趋势，精准把握流行毒株变化和临床需求，进一步挖掘研发技术平台体系的应用潜力，加 速推进其他多联多价疫苗、mRNA疫苗、合成肽疫苗、病毒样颗粒（VLPs）疫苗等新产品的技术突破 与产业化落地，在猪用、反刍用、宠物用、水产用等疫病防治领域逐步形成集群化产品矩阵，不断提升 公司核心竞争力。 ...

证券之星消息，7月31日动物保健板块较上一交易日下跌0.43%，大禹生物领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。动物保健板块个股涨跌见下表： 从资金流向上来看，当日动物保健板块主力资金净流出1611.97万元，游资资金净流出6281.9万元，散户 资金净流入7893.87万元。动物保健板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300871 回盛生物 | | 6787.00万 | 7.85% | -4042.91万 | -4.68% | -2744.09万 | -3.17% | | 600201 | 生物股份 | 2619.98万 | 9.14% | -534.51万 | -1.86% | -2085.47万 | -7.28% | | 002868 *ST绿康 | | 940.97万 | 10.50% | -518.20 ...

Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.39 billion yuan, up 30.45% year-on-year, and net profit of 138 million yuan, up 51.52% year-on-year [2]. - The veterinary pharmaceutical segment showed remarkable performance, with revenue of 860 million yuan, a year-on-year increase of 72.15%, accounting for 61.83% of total revenue [3]. - The vaccine segment maintained a stable foundation despite a slight revenue decline, with income of 155 million yuan, down 0.92% year-on-year, representing 11.12% of total revenue [4]. - The company is well-positioned to benefit from domestic and international market demand growth, cost optimization, and price increases, particularly in the veterinary pharmaceutical sector [5]. Summary by Sections Financial Performance - The company achieved a total revenue of 2.371 billion yuan in 2024, projected to grow to 2.835 billion yuan in 2025, and further to 3.030 billion yuan in 2026 [10]. - The net profit is expected to rise from 100 million yuan in 2024 to 197 million yuan in 2025, and 326 million yuan in 2026 [10]. - The gross margin is projected to be 33.5% in 2024, decreasing slightly to 31.9% in 2025, and then increasing to 36.4% in 2026 [10]. Business Segments - The veterinary pharmaceutical segment's gross margin was 38.13%, despite a slight year-on-year decrease due to lower-margin product sales [3]. - The vaccine segment's gross margin was 54.87%, down 5.50 percentage points year-on-year, influenced by increased market competition and customer cost-cutting [4]. - The company is expanding its product pipeline with over 20 products in research and registration, including new vaccines for various diseases [4]. Future Outlook - The company is expected to maintain a dual-driven strategy with its pharmaceutical and vaccine segments, supported by ongoing research and development efforts [5]. - The projected earnings per share (EPS) are expected to increase from 0.13 yuan in 2024 to 0.26 yuan in 2025, and 0.42 yuan in 2026 [10].

Core Viewpoint - The company, Jinhe Biology, reported record-high revenue and profit for the first half of 2025, driven by strong sales in its veterinary pharmaceutical segment and a favorable cost environment [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.39 billion yuan, a year-on-year increase of 30.45% [1] - The net profit attributable to shareholders reached 138 million yuan, reflecting a year-on-year growth of 51.52% [1] - The overall gross margin increased by 1.25 percentage points compared to the same period last year, due to a smaller increase in operating costs relative to revenue growth [1] Group 2: Veterinary Pharmaceutical Segment - The sales of the veterinary chemical drug segment continued to perform well, with significant growth in both domestic and international markets, particularly for the main product, Chlortetracycline [1] - The company has established a diversified product structure centered around Chlortetracycline premix, which is widely used in livestock industries across various regions including China, the US, Canada, Europe, South America, Southeast Asia, India, and Vietnam [1] - The approval of Chlortetracycline premix for use in sheep by the Ministry of Agriculture and Rural Affairs in October 2024 has expanded its application scenarios [1] Group 3: Market Expansion and Innovation - The company has improved its domestic market share and penetration of Chlortetracycline through extensive channel expansion, with overseas markets also experiencing significant growth [2] - The vaccine segment has four production bases and two research centers, with 16 products currently on the market and over 20 in development or application stages [2] - The company’s differentiated and innovative products, such as the blue ear disease inactivated vaccine, have gained market recognition, with over 90% of the top 50 pig farming enterprises using its solutions [2] Group 4: Pet Health Business - Jinhe Biology is actively advancing its pet health business, focusing on chemical drugs and vaccines, with 15 products currently available and over ten products under application [3] - The pet health segment is positioned as a strategic priority for the company, with expectations for rapid growth in the veterinary vaccine sector, which is anticipated to become a significant driver of future revenue [3]

（文章来源：证券日报） 证券日报网讯 7月30日晚间，金河生物发布2025年半年度报告摘要称，公司2025年半年度实现营业收入 为1，390，257，781.02元，同比增长30.45%；实现归属于上市公司股东的净利润为137，918，599.30 元，同比增长51.52%。 ...

新京报贝壳财经讯7月30日，金河生物（002688）公告，2025年上半年公司实现营业收入13.9亿元，同 比增长30.45%，归母净利润1.38亿元，同比增长51.52%。公司计划不派发现金红利，不送红股，不以公 积金转增股本。 ...