Core Viewpoint - *ST Lvkang has completed a share transfer to Zongteng Network, changing its controlling shareholder and actual controller, which may impact its future strategic direction and operations [1] Group 1: Share Transfer Details - On November 24, 2025, *ST Lvkang announced that it received notification from Kangyi Investment regarding the completion of share transfer procedures related to Zongteng Network [1] - Following the share transfer, Zongteng Network holds approximately 46.61 million shares of *ST Lvkang, accounting for 29.99% of the total share capital [1] - The controlling shareholder has changed from Kangyi Investment to Zongteng Network, with the actual controller shifting from Lai Tanping to Wang Zuan [1] Group 2: Financial Performance - For the first half of 2025, *ST Lvkang's revenue composition was as follows: veterinary medicine 61.79%, photovoltaic film 26.1%, biopesticides 5.99%, others 2.83%, and food additives 2.19% [1] - As of the report date, *ST Lvkang's market capitalization is 6.2 billion yuan [1]

Group 1 - The core point of the article is the completion of the share transfer of *ST Lvkang, changing its controlling shareholder from Shanghai Kangyi Investment Co., Ltd. to Fujian Zongteng Network Co., Ltd., with the actual controller changing from Lai Tanping to Wang Zuan [2] - *ST Lvkang received notification from the share transfer parties that the securities transfer registration procedures related to the share transfer to Zongteng Network were completed on November 21, with Zongteng Network holding 46.6084 million shares, accounting for 29.99% of the company's total share capital [2] - *ST Lvkang focuses on the research, production, and sales of veterinary drugs and has established a dual business model of "animal health products + photovoltaic film products" following the acquisition of Lvkang Yushan and the establishment of Lvkang Haining [2] Group 2 - Zongteng Network positions itself as a global cross-border e-commerce infrastructure service provider, focusing on cross-border warehousing and logistics, offering integrated logistics solutions for global cross-border e-commerce merchants, export trading companies, and overseas brands [2] - This acquisition marks Wang Zuan's first listed platform [3]

Core Viewpoint - On November 20, 2023, the stock of Pulaike experienced a decline of 0.58%, with a trading volume of 43.79 million yuan, indicating a negative trend in market performance [1] Financing Summary - On the same day, Pulaike had a financing buy-in amount of 4.09 million yuan and a financing repayment of 12.67 million yuan, resulting in a net financing outflow of 8.58 million yuan [1] - As of November 20, the total financing and securities lending balance for Pulaike was 135 million yuan, which is 2.82% of its circulating market value, indicating a low financing balance compared to the past year [1] - The company repaid 100 shares of securities lending and sold 700 shares, with a selling amount of 9,674 yuan, while the remaining securities lending volume was 25,700 shares, with a balance of 355,200 yuan, which is above the 50th percentile of the past year [1] Company Overview - Pulaike Bioengineering Co., Ltd. was established on June 22, 2002, and listed on May 18, 2015, primarily engaged in the research, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine [2] - The revenue composition 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 September 30, 2023, the number of shareholders was 16,700, a decrease of 7.26%, while the average circulating shares per person increased by 7.83% to 20,739 shares [2] Financial Performance - For the period from January to September 2023, Pulaike achieved an operating income of 823 million yuan, representing a year-on-year growth of 8.04%, and a net profit attributable to shareholders of 157 million yuan, reflecting a significant increase of 47.86% [2] Dividend Information - Since its A-share listing, Pulaike has distributed a total of 1.125 billion yuan in dividends, with 568 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2023, the sixth largest circulating shareholder was the Guotai Zhongzheng Livestock Breeding ETF, holding 5.4716 million shares, an increase of 2.0217 million shares from the previous period [3] - The Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 3.832 million shares as a new shareholder [3]

Investment Rating - The report maintains a "Buy" rating for Jinhe Biological (002688) with a target price not specified [1]. Core Views - The company reported a revenue of 2.036 billion yuan for the first three quarters of 2025, a year-on-year increase of 22.86%, and a net profit attributable to shareholders of 139 million yuan, up 22.25% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 646 million yuan, a 9.20% increase year-on-year, but the net profit dropped to 1.15 million yuan, a decline of 94.94% year-on-year [2][3]. - The decline in Q3 profit is attributed to increased marketing efforts, higher employee compensation, and increased R&D expenses [3]. - The main product, Jinmeisu, has seen a cost reduction, and both domestic and international sales are performing well [4]. - The company is actively expanding its pet business, focusing on pharmaceuticals and vaccines, with a dual-brand strategy for domestic and international markets [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.036 billion yuan, a 22.86% increase year-on-year, and a net profit of 139 million yuan, up 22.25% year-on-year [2]. - In Q3 2025, revenue was 646 million yuan, a 9.20% increase year-on-year, while net profit fell to 1.15 million yuan, a 94.94% decline year-on-year [2][3]. Market and Product Analysis - The sales of the main product, Jinmeisu, have increased significantly, with growth in both domestic and international markets [4]. - The company has adjusted the cost of Jinmeisu downwards, benefiting from lower raw material prices and increased production capacity [4]. - The pet business is a key strategic focus, with plans to develop a range of pharmaceutical and vaccine products [5]. Future Outlook - The company forecasts revenue for 2025-2027 to be 2.835 billion, 3.030 billion, and 3.274 billion yuan respectively, with net profits projected at 197 million, 326 million, and 423 million yuan [7]. - The report highlights the potential for growth in the pet market, which is expected to exceed 300 billion yuan in 2024 [5].

Core Viewpoint - Haizheng Pharmaceutical (600267.SH) has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for two veterinary drug products, which will enhance its product line and market competitiveness in the veterinary medicine sector [1] Product Approval - The approved products include Compound Streptomycin Ointment, which is used to treat otitis externa in dogs and cats caused by bacteria sensitive to neomycin, fungi sensitive to streptomycin, and ear mites sensitive to chlorpyrifos [1] - The second product, Tocilizumab Suspension, is intended for the prevention of coccidiosis in piglets and calves [1] Strategic Implications - The approval of these veterinary drug products will enrich the company's veterinary medicine product line and structure, facilitating its strategic layout in the veterinary drug sector [1] - This development is expected to enhance the company's market competitiveness within the veterinary medicine industry [1]

Core Viewpoint - Haizheng Pharmaceutical (600267.SH) has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for two veterinary drug products, which will enhance its product line and market competitiveness in the veterinary medicine sector [1] Group 1 - The company’s subsidiary, Zhejiang Haizheng Animal Health Products Co., Ltd., has been granted approval for the compound streptomycin ointment and torquatozole suspension veterinary drug products [1] - The approval will enrich the company's veterinary drug product line and structure, supporting its strategic layout in the veterinary medicine sector [1] - This development is expected to improve the company's market competitiveness in the veterinary drug market [1]

Core Viewpoint - Haizheng Pharmaceutical announced that its subsidiary, Haizheng Animal Health, received approval from the Ministry of Agriculture and Rural Affairs for two veterinary drug products, which will enhance the company's product line in animal medicine [1] Group 1: Product Approvals - The approved products include Compound Streptomycin Ointment, valid from September 5, 2025, to September 4, 2030, for treating external ear infections in dogs and cats [1] - The second product, Tocilizumab Suspension, is approved for use from October 24, 2025, to October 23, 2030, aimed at preventing coccidiosis in piglets and calves [1] Group 2: Market Impact - The approval of these products will enrich the company's veterinary drug portfolio, although the market launch and sales are subject to uncertainties related to policies and market conditions [1]

Core Viewpoint - The company emphasizes its commitment to innovation and collaboration in research and development, focusing on both the quantity and quality of its R&D efforts [2] Group 1: R&D Strategy - The company is enhancing its R&D foundation and optimizing conventional drug processes to improve cost-effectiveness [2] - It is accelerating the transformation of R&D results, particularly in the fields of biological veterinary medicine and traditional Chinese veterinary medicine [2] Group 2: New Product Development - The company has obtained approval for six new veterinary drug formulations this year, including two products, chlorhexidine acetate soft capsules and enconazole solution, which fill gaps in the domestic market [2] - The approval of new products is expected to enhance the company's market competitiveness, although market acceptance for these new products will require time [2]

Group 1: Industry Overview - The pet economy in Zhejiang Province aims to exceed 30 billion yuan by 2027 and 50 billion yuan by 2030, establishing itself as a national innovation hub for pet economy and a major producer of pet food and supplies [1] - The pet industry is experiencing rapid growth, with various cities like Suzhou and Wuxi implementing supportive policies to enhance the pet economy [1] - The global OTC pet medicine market is projected to grow from 9.8 billion USD in 2025 to 16.4 billion USD by 2034, with a CAGR of 5.9% [4] Group 2: Company Positioning - Haisheng Pharmaceutical is a key player in the veterinary medicine sector, possessing the longest supply chain for sulfonamide raw materials and a comprehensive product range [2] - The company is actively developing pet raw materials and enhancing existing product quality while expanding production capacity to strengthen its competitive edge [1][2] - Haisheng Pharmaceutical has established three research pipelines for pet raw materials, focusing on improving synthesis processes and increasing product variety [2] Group 3: Financial Performance - In the first three quarters of 2025, Haisheng Pharmaceutical reported revenue of 164 million yuan, a year-on-year increase of 40.89%, and a net profit of 49.05 million yuan, up 47.16% [3] - The company achieved a third-quarter revenue of 62.99 million yuan, reflecting a 38.94% year-on-year growth, with a net profit increase of 89.48% [3] - The significant improvement in cash flow, with a net increase of 1527.50%, indicates enhanced profitability and provides a solid foundation for business expansion [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 21.35 [1] Core Insights - The company reported a revenue of 25.44 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.50%. The net profit attributable to shareholders reached 3.62 billion yuan, up 45.64% year-on-year. In the third quarter alone, revenue was 8.37 billion yuan, a 1.44% increase year-on-year, with a net profit of 1.06 billion yuan, reflecting a 23.02% year-on-year growth [4][5] - The traditional livestock and poultry health business continues to grow steadily, with an optimized product structure. The pet health segment is gradually building ecological advantages. The company is also actively expanding into the ruminant vaccine market through a joint venture with Shengwei Biological, focusing on the development and production of vaccines for cattle and sheep [5] - The company is entering the microbial protein industry, which is expected to contribute to new revenue streams. A project for the industrialization of microbial protein with a total investment of 679 million yuan is underway, with 296 million yuan raised for this purpose. This strategic move aims to extend the company's business from animal health to broader high-quality protein solutions [5] Financial Summary - The company is projected to achieve revenues of 35.29 billion yuan, 38.82 billion yuan, and 42.71 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 4.74 billion yuan, 5.03 billion yuan, and 5.49 billion yuan for the same years. Corresponding price-to-earnings ratios (PE) are forecasted to be 22.27, 20.06, and 18.36 [6][7] - The financial indicators show a gross margin of 45.00% for 2025, with a net profit margin of 13.43%. The revenue growth rate is expected to be 14.97% for 2025, with a net profit growth rate of 57.64% [9]