Core Viewpoint - The company, Jinhe Biology, reported record-high revenue and profit for the first half of 2025, driven by strong sales in the veterinary pharmaceutical sector, particularly in the overseas market [1] Group 1: Financial Performance - The company achieved a revenue of 1.39 billion yuan, representing a year-on-year growth of 30.45% [1] - The net profit attributable to shareholders reached 138 million yuan, marking a year-on-year increase of 51.52% [1] - The overall gross margin improved 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: Product Performance and Market Expansion - The veterinary chemical drug segment saw continuous sales growth, with the main product, Chlortetracycline, experiencing increased sales in both domestic and international markets [2] - The company expanded its market share and penetration in the domestic market, particularly in the pig farming sector, which has seen improved profitability [2] - The overseas market also showed significant growth, with sales volume doubling in other export markets compared to the previous year [2] Group 3: Vaccine and Pet Business Development - The vaccine segment is gaining market recognition, with the blue ear disease inactivated vaccine achieving a leading market share domestically [2] - The company is actively advancing its pet health business, focusing on pharmaceutical and vaccine products, with plans to launch new products [3] - The veterinary vaccine segment is expected to become a high-growth area, potentially serving as a second growth curve for the company's performance [3]

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 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 improved 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 veterinary pharmaceutical segment saw continuous sales growth, particularly in the overseas market, with the main product, Chlortetracycline, experiencing increased sales both domestically and internationally [1][2] - 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 USA, Canada, Europe, South America, Southeast Asia, India, and Vietnam [1] - The approval of Chlortetracycline premix for use in lambs by the Ministry of Agriculture and Rural Affairs in October 2024 has expanded its application scenarios [1] Group 3: Vaccine Segment - The company operates four production bases and two research centers, with 16 vaccine products currently on the market and over 20 in development or awaiting approval [2] - The company's differentiated products, such as the blue ear disease inactivated vaccine, have achieved a leading market share domestically, with over 90% of the top 50 pig farming enterprises using its solutions [2] - The overseas vaccine platform, Famawell, is gradually entering the Chinese market, with increasing customer recognition [2] Group 4: Pet Health Business - The company is actively advancing its pet health business, focusing on pharmaceutical and vaccine products, with 15 products currently available and over ten more in the application process [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]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase in the industry index relative to the market by over 10% in the next six months [28]. Core Insights - As of July 28, 2025, the agricultural, forestry, animal husbandry, and fishery sector has shown a positive trend, with 54 out of 113 listed companies in the sector releasing performance forecasts for the first half of 2025, resulting in a disclosure rate of 48%, the highest among eight major consumer industries [2][9][10]. - The sector's pre-profit rate stands at 69%, with 37 companies expected to be profitable, marking a significant increase in the proportion of companies forecasting profit and growth compared to the previous year [2][10]. - The proportion of companies expecting profit growth has surged from 10% to 28%, while the percentage of companies reporting losses has decreased from 41% to 31%, with 24% of companies turning losses into profits [2][10]. Summary by Sections Performance Overview - The agricultural, forestry, animal husbandry, and fishery sector has a pre-profit rate of 69%, ranking second among consumer industries, with a notable increase in the number of companies forecasting profit [2][10]. - The animal husbandry and animal health sectors have shown particularly strong performance, with a pre-profit rate of 80%, while other sectors like agricultural products processing and fishery also performed well with pre-profit rates of 75% [3][14][15]. Subsector Analysis - The planting sector has underperformed compared to last year, with the proportion of companies forecasting profit growth dropping from 33% to 29%, and 14% of companies reporting first-time losses [3][15]. - The feed sector has shown stability, with 45% of companies turning losses into profits, while the agricultural products processing sector has seen a mixed performance, with a profit growth forecast increasing from 20% to 50% despite 13% of companies reporting continuous losses [3][15]. - The animal husbandry sector has seen a significant reduction in the proportion of companies continuing to report losses, dropping from 33% to 7%, and two-thirds of companies in the animal health sector expect substantial profit growth [3][15].

证券之星消息，7月30日动物保健板块较上一交易日下跌0.46%，生物股份领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 871970 | 大禹生物 | 10.98 | 7.65% | 7.08万 | 7555.51万 | | | 002868 | *ST绿康 | 26.73 | 4.99% | 2.78万 | 7294.48万 | | | 839729 | 永顺生物 | 10.02 | 1.83% | 4.19万 | 4168.45万 | | | 300871 | 回盛生物 | 22.22 | 1.37% | 16.18万 | | 3.63亿 | | 002688 | 金河生物 | 7.22 | 0.84% | 42.68万 | | 3.06亿 | | 688098 | 申联生物 | 6.90 | 0.73% | 10.01万 | 6919.84 ...

从资金流向上来看，当日动物保健板块主力资金净流出9984.08万元，游资资金净流出2164.17万元，散户 资金净流入1.21亿元。动物保健板块个股资金流向见下表： 证券之星消息，7月29日动物保健板块较上一交易日下跌0.5%，驱动力领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002868 | *ST绿康 | 25.46 | 2.91% | 2.25万 | | 5731.13万 | | 688098 | 申联生物 | 6.85 | 1.33% | 10.41万 | | 7137.24万 | | 603566 | 普莱柯 | 15.23 | 0.40% | 5.03万 | | 7579.24万 | | 002688 | 金河生物 | 7.16 | 0.14% | 36.15万 | | 2.59亿 | | 688526 | 科前生物 | 17.2 ...

Group 1 - The World Health Organization warns that the Chikungunya virus is spreading globally, with 119 countries reporting cases and approximately 5.5 million people at risk of infection [1] - In Foshan, Guangdong Province, over 4,000 confirmed cases of Chikungunya have been reported, with Shunde District accounting for 3,627 cases, all of which are mild [1] Group 2 - Domestic animal health mRNA vaccines are entering a clinical boom, with recent approvals for clinical trials of mRNA vaccines for pig diarrhea and cat infectious peritonitis [2] - The rapid approval of mRNA vaccines reflects an accelerating trend in the application of mRNA technology in animal health, although the high development barriers pose risks for investors [2] Group 3 - Huaxi Bio issued a statement addressing false information circulating online, emphasizing the malicious nature of the claims and the background of the individual responsible for the misinformation [3] - The company's swift response highlights its commitment to managing reputation risks, especially in the sensitive beauty and medical aesthetics industry [3] Group 4 - Guangsheng Tang announced the successful enrollment of the first subject in the Phase III clinical trial for its innovative hepatitis B treatment, GST-HG141, marking a significant milestone in its development [4] - GST-HG141 is a novel hepatitis B core protein/capsid regulator and is the first of its kind with global intellectual property rights held by Guangsheng Tang [4]

Summary of Key Points Core Viewpoint - Zhongmu Co., Ltd. (stock code: 600195) has received its first relocation compensation payment of RMB 20 million, which is part of a larger agreement related to the relocation of properties in Chengdu, and this will not adversely affect the company's normal operations [1]. Company Performance - As of July 25, 2025, Zhongmu's stock closed at RMB 7.88, a decrease of 0.13% from the previous week [1]. - The stock reached a high of RMB 8.03 and a low of RMB 7.75 during the week [1]. - The company's current total market capitalization is RMB 8.047 billion, ranking 4th in the animal health sector and 2113th among all A-shares [1]. Company Announcements - On October 29, 2024, Zhongmu's board approved the signing of a relocation compensation agreement with Chengdu Chenghua Shanty Town Reconstruction Company [1]. - The agreement was officially signed on November 13, 2024, and the compensation will be paid in stages [1]. - The company will account for the received compensation according to the relevant accounting standards, with the final impact to be determined by the annual audit [1].

Group 1: Company Analysis - Yonyou Network - The report maintains a "Buy" rating for Yonyou Network, with a target price of 18.82 CNY, reflecting a dynamic PS of 6.5 times for 2025 [3][4] - In Q2 2025, the company is expected to achieve revenue of 21.82-22.62 billion CNY, marking a year-on-year increase of 6.1% to 10.0%, with contract signing amounts growing over 18% year-on-year in Q2 [3][4] - The company is transitioning to a subscription model, which is expected to impact short-term operations but is anticipated to enhance long-term profitability [3] Group 2: Industry Analysis - Medical Devices - The medical device procurement scale in the first half of 2025 has shown robust growth, with June procurement up 25% year-on-year and a cumulative increase of 41% for the first half [8][9] - The implementation of equipment update policies is expected to drive long-term growth in medical device procurement, with a target of over 25% growth in investment scale by 2027 compared to 2023 [9][10] - Hospital funding pressures are easing, which is likely to support the gradual recovery of medical device companies' performance [10] Group 3: Industry Analysis - Forklifts - The report highlights the potential for rapid development of unmanned forklifts due to advancements in AI and the maturation of supply chains, recommending traditional forklift companies with strong operational quality [11][12] - Unmanned forklifts, which integrate forklift and AGV technologies, are expected to see increased market penetration as their economic viability improves [11][12] - Traditional forklift leaders are well-positioned to benefit from the shift towards automation, leveraging their established sales networks and customer bases [12][13]

Group 1 - The swine breeding sector is experiencing a recovery in pig prices due to policy guidance, with post-slaughter weights declining and supply-demand dynamics realigning, indicating a positive outlook for prices [1] - Long-term capacity cycle bottoms are becoming clearer, suggesting the sector may enter a prolonged period of profitability [1] - The recovery in swine inventory is boosting demand for feed and animal health products, with the African swine fever vaccine entering clinical trials, which is expected to drive growth in the animal health sector [1] Group 2 - In the planting chain, the upward trend in grain prices is established, with favorable fundamentals for planting and seed industries [1] - Recent increases in natural rubber prices are attributed to rainy weather in Southeast Asia affecting raw material output, maintaining a tight supply situation, while downstream tire production rates are recovering, supporting rubber prices [1] - In the white feather broiler sector, prices for live chickens and chicks have increased by 2.56% and 38.38% week-on-week, respectively, driven by the summer stocking season [1] Group 3 - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock breeding, feed processing, and animal health to reflect the overall performance of the livestock sector [1] - The index focuses on upstream industry allocation within the agricultural and food supply chain [1] - Investors without stock accounts can consider the Guotai China Securities Livestock Breeding ETF Connect A (012724) and Connect C (012725) [1]

Core Views - The breeding sector is experiencing improved supply-demand dynamics due to intensified policy regulation, with measures from the National Development and Reform Commission (NDRC) aimed at optimizing pig production capacity, which is expected to enhance CPI targets and stabilize pig prices [4][50] - The beef industry is undergoing significant supply reduction, with a deep cycle anticipated as the number of breeding cows declines sharply, leading to lower beef supply starting in the second half of 2025 [6][88] - Smart agriculture is benefiting from ongoing policy incentives and increased funding, with water conservancy investments projected to reach 1.4 trillion yuan in 2024, marking a 12.8% year-on-year increase [6][50] Breeding Sector - The breeding industry is seeing a favorable supply-demand balance, with policies aimed at controlling production capacity and improving profitability for leading companies such as Muyuan Foods and Wens Foodstuffs [4][50] - The profitability of self-breeding operations is stable, while external pig purchases show fluctuating profits, indicating a need for careful management of breeding strategies [20][25] - The average weight of pigs being slaughtered has decreased, which is expected to reduce supply pressure and potentially increase pig prices in the coming months [41][42] Beef Industry - The domestic beef supply is expected to decrease significantly due to a reduction in breeding cow numbers, with the industry mirroring the pre-2019 pig cycle in terms of supply adjustments [6][88] - The beef market is characterized by a long adjustment period from breeding to market, typically requiring 2-3 years, which complicates supply management [70] Smart Agriculture - The smart agriculture sector is poised for growth driven by government policies and funding, with a focus on modernizing irrigation systems and enhancing water management practices [6][50] - The market for smart agriculture is projected to expand significantly, with the government aiming to establish 13 million acres of efficient water-saving irrigation [6] Animal Health - The veterinary drug sector is experiencing a structural shift due to the implementation of new GMP standards, which are raising industry entry barriers and promoting consolidation among leading firms [51][66] - The veterinary raw material drug prices are entering a recovery phase after a prolonged downturn, with demand expected to rise as breeding profitability improves [53][66] Investment Recommendations - Key investment targets include Muyuan Foods, Wens Foodstuffs, and Jiusan Foods in the breeding sector, as well as Deyu Water Saving and Ruipu Biological in the smart agriculture and animal health sectors, respectively [4][66][67]