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].

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].

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]

截至2025年7月25日收盘，中牧股份（600195）报收于7.88元，较上周的7.89元下跌0.13%。本周，中牧 股份7月25日盘中最高价报8.03元。7月24日盘中最低价报7.75元。中牧股份当前最新总市值80.47亿元， 在动物保健板块市值排名4/11，在两市A股市值排名2113/5148。 本周关注点 公司公告汇总: 中牧股份收到首笔搬迁补偿款人民币贰仟万元整 公司公告汇总 中牧实业股份有限公司（股票代码：600195）于2024年10月29日召开第八届董事会2024年第二十一次临 时会议，审议通过了关于公司拟签订《成都市国有土地上房屋搬迁补偿协议》的议案，同意公司与成都 成华棚户区惠民改造建设有限责任公司签订关于成都市成华区蜀陵路59号的搬迁补偿协议，并授权公司 管理层操作具体事宜。2024年11月13日，双方正式签订了该协议，搬迁补偿款将分阶段支付。2025年7 月23日，公司收到首笔搬迁补偿款人民币贰仟万元整（¥20,000,000.00）。公司将根据《企业会计准 则》对上述款项进行相应会计处理，具体影响以会计师事务所年度审计结果为准。本次搬迁事项符合相 关法律法规和政策文件的规定，涉及的土地 ...

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]

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]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8][64] Core Viewpoints - The report highlights the long-term value reassessment opportunities in the pig industry, with expectations of price fluctuations in the range of 14-15 CNY/kg post-Chinese New Year 2025, indicating a potential downward trend in prices due to supply pressures [4][15] - The poultry sector is experiencing price declines, with a focus on marginal improvements in the cycle, while the animal health sector is expected to see performance recovery and investment opportunities in the pet medical industry [5][6][28] - The pet economy is thriving, with domestic brands rapidly emerging, and the report anticipates continued improvement in industry profitability [7][58] Summary by Sections 1. Pig Industry - The average price of pigs is currently around 14.6 CNY/kg, with a slight weekly decline [14] - The report recommends companies with low costs and strong financials, specifically highlighting Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [15][64] 2. Poultry Industry - The report notes a decline in poultry prices, with a focus on the cyclical improvements expected in the future [27] - Recommendations include Shennong Development and Lihua Stock [5][28] 3. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the pig farming industry [6][38] - Investment opportunities in the pet medical sector are highlighted, with a market size of approximately 840 billion CNY [7][38] 4. Planting Industry - The report indicates a decrease in wheat and corn prices, with recommendations for companies involved in genetically modified seeds [44][50] 5. Feed Industry - The total industrial feed production in the first half of 2025 reached 15,850 million tons, showing a year-on-year growth of 7.7% [48][50] - Recommendations include Haida Group and attention to He Feng Stock [50] 6. Pet Industry - The pet consumption market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [55][58] - Recommended companies in the pet food sector include Guai Bao Pet, Zhongchong Stock, and Petty Stock [58][64]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **pork industry** and the **pet supply chain** market in China, focusing on recent trends, regulatory impacts, and market dynamics. Key Points on the Pork Industry 1. **Pork Price Trends**: Pork prices are on a downward trend due to supply influences, with prices fluctuating around 14 RMB after a brief increase to over 15 RMB in June. This aligns with expectations of high annual output and piglet replenishment rates, indicating limited short-term price increases [1][2]. 2. **Regulatory Impact**: The government aims to stabilize pork supply and prevent price surges, with large farming enterprises playing a crucial role. Stricter measures may be implemented, including environmental regulations and financial controls, to achieve long-term stabilization [1][5]. 3. **Market Dynamics**: The pork industry is undergoing a natural price decline and capacity reduction process. Leading companies like Muyuan Foods are becoming more resilient in the competitive landscape, transitioning from cyclical to value stocks, making them attractive for long-term investment [1][7]. 4. **Production Forecast**: The pork price outlook for Q3 and H2 remains cautious, with high production levels expected to persist. The growth in output is anticipated to keep prices low, as the supply of pigs is not expected to decrease significantly in the short term [4][6]. 5. **Vaccination Developments**: The approval of clinical trials for African swine fever subunit vaccines is a positive development, although the timeline for market availability remains uncertain. This could directly impact companies like BioFeng and Zhongmu [3][15]. Key Points on the Pet Supply Chain 1. **Market Performance**: The pet consumption market showed strong performance in H1 2025, with total spending reaching approximately 77.3 billion RMB, an 8.8% year-on-year increase. Online sales dominate, while offline pet store sales grew only about 1% [8][9]. 2. **Trends in Pet Food**: The pet food market is experiencing product diversification and precision in consumer demand. High-end products and scientific pet care concepts are driving market upgrades, with categories like baked food seeing rapid growth [9][12]. 3. **Emerging Brands**: New brands are quickly rising by meeting consumer needs, indicating a shift towards higher quality and specialized products in the pet food sector [9][12]. 4. **Future Directions**: Domestic pet brands are expected to continue moving towards mid-to-high-end markets, focusing on scientific pet care and product upgrades to maintain growth. The competitive landscape in lower-end markets remains intense [12][14]. 5. **Market Outlook**: The pet industry outlook is optimistic, driven by differentiated products and strong domestic demand. The annual growth rate of new pet owners is stable at around 8%, with online sales growth of 15-16% last year [13][14]. Additional Insights - The pork industry is expected to see a gradual transition towards stable production levels, benefiting leading companies with lower costs and higher certainty in performance [6][7]. - The approval of the African swine fever vaccine is a significant milestone, but the path to market remains complex and uncertain, necessitating close monitoring of developments [15][17]. - The pet supply chain is poised for rapid growth over the next three to five years, presenting a compelling investment opportunity as consumer preferences evolve [14].

Investment Rating - The report maintains a "Positive" outlook on the pig farming industry, emphasizing the long-term value of quality pig enterprises amidst the "anti-involution" trend [3][4]. Core Insights - The report highlights the slight increase in the breeding sow inventory in Q2 2025, indicating a potential adjustment in production capacity going forward [3]. - It notes the ongoing decline in average slaughter weights for pigs, suggesting a shift in market dynamics and the need for quality-focused investments [3]. - The report also discusses the recovery in the chicken breeding sector, with a noted increase in the price of broiler chicks, although challenges remain due to high inventory levels [3]. - In the pet food sector, the report indicates a stable growth trajectory despite some short-term sales fluctuations, with a focus on leading brands [3]. - The animal health segment is expected to see a recovery in performance driven by improved profitability in livestock farming and rising demand for vaccines [3]. Summary by Sections Pig Farming - The average price of pigs is reported at 14.39 CNY/kg, with a week-on-week decline of 2.0% [3]. - The average slaughter weight for pigs has decreased to 128.83 kg, down 0.2 kg from the previous week [3]. - The breeding sow inventory at the end of Q2 2025 is reported at 40.43 million heads, a slight increase of 40,000 heads from Q1 2025 [3]. Chicken Farming - The average price of broiler chicks has increased by 54.3% week-on-week to 1.25 CNY/chick [3]. - The average price of broiler chickens is reported at 3.15 CNY/kg, with a week-on-week increase of 3.3% [3]. - The report anticipates a potential rebound in chick prices during July and August, despite current inventory pressures [3]. Pet Food - The total sales of pet food during the 5-6 month period reached 5.83 billion CNY, reflecting a year-on-year growth of 6% [3]. - The cumulative sales for the first half of 2025 reached 14.91 billion CNY, showing a year-on-year increase of 12% [3]. - Leading brands are expected to continue outperforming the market, with a focus on product innovation and market leadership [3]. Animal Health - The report notes a 15.8% year-on-year increase in vaccine approvals, with a total of 9,128 batches approved from January to May 2025 [3]. - The recovery in livestock profitability is expected to drive demand for animal health products, particularly vaccines [3].

Investment Rating - The industry is rated as "Buy" [5] Core Views - The long-term logic remains solid, with expectations for supply and demand in natural rubber to recover [2] - Recent policy guidance indicates a positive shift in pig prices, with a long-term view suggesting the industry may enter a prolonged profit upcycle [4][70] - The agricultural sector is experiencing a mixed performance, with animal health and aquaculture sectors showing positive trends, while feed and poultry sectors face challenges [14][18] Summary by Sections 1. Market Review - The agricultural sector outperformed the market, with the agricultural index down 0.14% while the Shanghai Composite Index rose 0.69% [14] - Key sub-sectors showed varied performance, with animal health up 5.13% and feed down 0.71% [14][18] 2. Key Data Tracking - Pig prices decreased to 14.27 yuan/kg, down 3.65% week-on-week, while chicken prices increased to 6.4 yuan/kg, up 2.56% [22][34] - Natural rubber prices rose to 14,840 yuan/ton, up 3.16% week-on-week, driven by tight supply and recovering demand from the tire industry [61] 3. Investment Recommendations - Focus on pig farming sector with recommendations for companies like Muyuan Foods and Wens Foodstuffs [4][70] - Attention to post-cycle sectors, particularly in feed and animal health, with companies like Haida Group and Reap Bio [4][70] - In the planting chain, investment opportunities are highlighted for companies such as Suqian Agricultural Development and Beidahuang [4][70] - The pet food sector is also recommended due to ongoing growth and price increases, with companies like Guibao Pet and Zhongchong Co. [4][70]