Investment Rating - The report maintains a "Positive" outlook on the agriculture, forestry, animal husbandry, and fishery sector, indicating it is expected to outperform the overall market [4][5][52]. Core Insights - The report highlights the strong performance of the pig farming sector, with expectations for a re-evaluation of pig prices due to ongoing market dynamics. It emphasizes the importance of quality pig farming enterprises and suggests focusing on the profitability of breeding support and pet food sectors [4][5]. - During the "618" shopping festival, the pet food industry showed resilience, with leading brands performing well. The report suggests that the performance of top companies may exceed expectations throughout the year [4][5]. - The report notes that pig prices have consistently outperformed market expectations since the beginning of 2025, with futures prices remaining lower than spot prices. It anticipates a slow recovery in production capacity and highlights the potential for profit realization in low-cost pig farming [4][5]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index fell by 3.1%, while the CSI 300 Index decreased by 0.5%. The top five gainers included Bangji Technology (up 24.7%) and Chenguang Biotech (up 13.4%), while the top five losers included Andeli (down 18.7%) and Zhongchong Co. (down 13.4%) [4][5][12]. Pig Farming - As of June 22, the average selling price of external three yuan pigs was 14.29 yuan/kg, with a week-on-week increase of 1.2%. The report indicates that the average weight of market pigs decreased to 128.28 kg, down 0.54 kg from the previous week. The report suggests that the expectations of "reducing weight, stabilizing production capacity, and limiting breeding" may lead to a re-evaluation of pig prices in the second half of the year [4][5]. Poultry Farming - The report notes a significant drop in chick prices, with the average price of white feather broiler chicks at 1.72 yuan/chick, down 29.2% week-on-week. The average price of white feather broilers remained stable at 3.52 yuan/kg, with a slight decrease of 1.7% week-on-week [4][5]. Pet Food - The report emphasizes the importance of monitoring the sales performance of pet food during the "618" shopping festival, with a year-on-year increase of 15% in e-commerce sales. The total sales for pet food reached 7.5 billion yuan, up from 5.5 billion yuan in the previous year, indicating a year-on-year growth of 36% [4][5]. Animal Health - The report highlights the recovery in vaccine sales, with a year-on-year increase of 23.02% in the number of veterinary vaccine batches issued in Q1 2025. It suggests that the profitability of breeding enterprises will drive the demand for vaccines and other products [4][5].

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/6/6-2025/6/19） 行 业 能繁母猪有望持续去化 2025 年 6 月 20 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 所 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑输沪深300指数。2025年6月6日—2025年6月19日，SW 农林牧渔行业下跌1.11%，跑输同期沪深300指数约0.22个百分点；细分板 块中，仅养殖业录得正收益，上涨1.51%；种植业、动物保健、农产品加 工、渔业和饲料均录得负收益，分别下跌2.15%、2.77%、3.51%、4.15%和 4.92%。估值方面，截至2025年6月19日，SW农林牧渔行业指数整体PB（整 体法，最新报告期，剔除负值）约2.58倍，近两周先回升后回落。目前行 业估值处于行业2006年以来的 ...

Investment Strategy Overview - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook for the sector [3][5][6] Market Performance - From the beginning of 2025 to June 16, the agriculture, forestry, animal husbandry, and fishery index achieved an absolute return of +12.81%, outperforming the CSI 300 index by 14.5 percentage points [10][13] - The pet food sector has shown the highest growth, while the aquatic processing sector has also performed well [13][14] Swine Breeding Sector - The swine breeding industry is expected to enter a phase of simultaneous supply and demand growth in the second half of 2025, driven by a sufficient supply of piglets and an increase in domestic slaughtering due to reduced imports from the U.S. [15][30] - The number of breeding sows and total swine stock remains high, with a notable increase in piglet supply observed from January to April 2025 [18][30] - Major companies like Muyuan Foods have reported significant increases in piglet sales, indicating strong market dynamics [17][30] Animal Health Sector - The animal health market is experiencing steady growth, with a market size increase from 472.29 billion yuan in 2016 to 696.51 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [35][36] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [41][48] Seed Industry - The seed industry is undergoing significant transformation, with a focus on the commercialization of biotechnology breeding, which is expected to enhance market concentration and profitability for related companies [4][16][19] - The regulatory environment is becoming clearer, and companies that have passed initial reviews are now obtaining operational licenses, positioning them to benefit from the industry's growth [4][19] Pet Food Sector - China's pet food market is projected to continue growing, driven by demographic changes and rising living standards, with the market size expected to expand significantly [5][23] - The domestic pet food industry is seeing a shift towards increased online sales and domestic product substitution, indicating a robust growth trajectory [5][23][26] Investment Recommendations - The report suggests focusing on leading companies in the sector, including Muyuan Foods, Pulaike, Qiule Seed Industry, Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from favorable market conditions and valuation recovery [5][32]

Core Viewpoint - The report discusses the financial performance and operational changes of Shandong Lukang Pharmaceutical Co., Ltd., highlighting significant growth in sales net profit margin and the impact of asset disposal on profitability [1][11]. Financial Performance - The company's operating revenue for the reporting periods was 562.14 million yuan, 614.67 million yuan, and 623.31 million yuan, with net profits of 13.80 million yuan, 24.62 million yuan, and 40.83 million yuan respectively [1][2]. - The sales net profit margins increased from 2.55% in 2022 to 4.18% in 2023, and further to 6.55% in 2024, primarily due to changes in product structure and asset disposal gains [3][11]. Gross Margin Analysis - The comprehensive gross margins for the reporting periods were 22.19%, 24.65%, and 23.96%, with the main business gross margin contributing significantly to overall profitability [3][4]. - The gross margin for the human medicine segment showed a steady increase, with the formulation drug gross margin rising from 33.68% to 41.46% over the reporting periods [4][5]. Cost Structure - The operating costs for the company were 473.95 million yuan, 463.13 million yuan, and 437.40 million yuan, indicating a controlled cost structure relative to revenue growth [2][6]. - Direct material costs accounted for approximately 75.45% of total revenue, reflecting the significant impact of raw material prices on overall profitability [6][8]. Market Competition and Product Performance - The raw material drug gross margin fluctuated, showing a decline in 2023 due to market competition, followed by a recovery in 2024 [5][9]. - The veterinary medicine segment experienced variable gross margins, influenced by market demand and competition, with margins of 15.66%, 18.16%, and 13.23% over the reporting periods [9][10]. Asset Disposal Impact - The company realized substantial asset disposal gains in 2024, amounting to 283.26 million yuan, significantly boosting net profit and sales net profit margin [9][10]. - The asset disposal was linked to the completion of land storage for the southern plant area, which was part of a strategic relocation initiative [10][11]. Export and Revenue Matching - The customs declaration data matched closely with overseas revenue, with minor discrepancies deemed reasonable due to small sample exports and timing differences [13][14]. - The company’s overseas revenue was diversified across several countries, including the UK, Netherlands, and Egypt, with stable trade and tariff policies [16][17]. Sales Expenses - The sales expense ratios were 8.45%, 9.40%, and 9.11%, significantly lower than the industry average, indicating efficient cost management in sales promotion [19][20]. - The increase in promotional expenses from 2023 was attributed to strategic marketing efforts to enhance product visibility and market share [19].

Group 1 - The report indicates that the North Exchange has accelerated its IPO approvals, with a total of 9 companies approved from January to June 2025, suggesting an increase in listing pace as companies finalize their 2024 annual reports [3][11]. - The average number of effective online subscription accounts reached 460,100, with an average of 475.2 billion yuan in frozen funds during the same period, reflecting heightened market activity [3][12]. - The average fundraising amount per company in the North Exchange for the first half of 2025 was 396 million yuan, representing a 94.55% increase compared to 2024, indicating a trend towards larger fundraising efforts [3][20]. Group 2 - The North Exchange's overall PE ratio decreased to 50.12X, with the North 50 Index closing at 1,382.74 points, down 0.71% for the week, highlighting a volatile market environment [4][30][32]. - The report notes that 143 companies in the North Exchange have a PE ratio exceeding 45X, with 71 companies exceeding 105X, indicating a significant portion of the market is highly valued [4][35]. - The average maximum online subscription limit was 9.81 million yuan, with a notable increase to 16.13 million yuan in the first half of 2025, suggesting improved investor capacity for participation [3][24]. Group 3 - The report highlights that from January 1, 2024, to June 13, 2025, the average subscription rate for companies raising over 200 million yuan was 0.14%, compared to 0.06% for those raising less, indicating a correlation between fundraising size and subscription success [3][17]. - The average subscription threshold for 100 shares was 1.5827 million yuan, which increased to 1.8591 million yuan in the first half of 2025, reflecting rising entry costs for investors [3][27]. - The report emphasizes the importance of focusing on companies with reasonable valuations and strong performance potential, particularly those that align with new industrial and technological trends [4][44].

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The recent decline in pig prices has led to increased resistance from the breeding sector, with large producers gradually easing their selling pace. However, high temperatures have weakened terminal demand, resulting in low slaughter volumes and insufficient consumer support [1][22]. - The corn and soybean meal prices have risen, while wheat prices have decreased. The corn market is buoyed by a decrease in circulation due to the wheat harvest, and soybean supply remains ample due to favorable weather conditions in major production areas [2][44]. - The natural rubber price has increased, supported by tightening supply due to weather impacts on production and recovering demand from tire manufacturers [62]. Summary by Sections 1. Market Review - The agriculture, forestry, animal husbandry, and fishery sector outperformed the market, with the sector index rising by 1.62% compared to a 0.25% decline in the Shanghai Composite Index [13]. - The sub-sectors showed varied performance, with livestock farming and animal health sectors increasing by 3.92% and 1.13%, respectively, while planting and feed sectors experienced declines [13][18]. 2. Key Data Tracking - The average price of live pigs was reported at 14.02 yuan/kg, down 0.21% week-on-week, while the average price of piglets fell by 4.69% to 32.89 yuan/kg [21][22]. - The average weight of slaughtered pigs decreased to 128.82 kg, and the national frozen meat inventory rate increased to 13.89% [22]. - White feather broiler prices dropped to 7.27 yuan/kg, and chick prices fell to 2.74 yuan each, reflecting a weak market for poultry [31][21]. 3. Investment Recommendations - For the pig farming sector, the report suggests that the industry capacity cycle has bottomed out, and with ongoing policy support for inventory reduction, a long-term profit uptrend is expected post-inventory clearance. Recommended stocks include Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuff [3][71]. - The report also highlights opportunities in the planting chain due to the upward trend in grain prices, recommending stocks like Suqian Agricultural Development and Beidahuang [3][71]. - In the pet food sector, the report notes ongoing growth and price increase logic, recommending companies such as Guibao Pet and Zhongchong Co [3][71].

Core Points - The company announced a cash dividend of 0.40 yuan per share (including tax) for the fiscal year 2024 [1][3] - The profit distribution plan was approved at the annual general meeting held on May 16, 2025 [1][2] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [2] - The total number of shares eligible for the dividend is 341,919,373 shares, after excluding 4,142,900 shares held in the company's repurchase account [3] Dividend Calculation - The cash dividend per share is calculated as follows: (Total eligible shares × Cash dividend per share) ÷ Total share capital = (341,919,373 shares × 0.40 yuan) = 136,767,749.20 yuan in total [3][4] - The reference price for ex-dividend trading is calculated based on the previous closing price minus the cash dividend [4] Implementation Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders who have completed designated transactions [5] - For individual shareholders holding unrestricted circulating shares, the actual cash dividend after tax is 0.40 yuan per share, with specific tax implications based on holding periods [5][6] Taxation Details - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax [5] - For shares held for less than one year, the tax will be calculated upon the transfer of shares, with a potential effective tax rate of 10% for certain holding periods [6] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.36 yuan per share [6][7] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's securities affairs department at the provided phone number [8]

近日，金河生物（002688）公告显示，子公司金河佑本获得由国家知识产权局颁发的发明专利证书，发 明名称为"一种猫传染性鼻气管炎和猫泛白细胞减少症的二联亚单位疫苗及其制备方法和应用"。 2024年年报显示，公司首批业务团队已组建，在售产品主要包括8个天然植物提取物和益生元类保健产 品及1个狂犬疫苗，正在申报的产品有11个，包括驱虫药、治疗药和疫苗产品，为未来的市场拓展奠定 了坚实基础。 2025年5月，在第十七届东西部小动物临床兽医师大会上，金河生物"艾宠易"获得"2025年度科技创新品 牌奖"殊荣。这份荣誉不仅是对金河生物在宠物医疗领域的高度认可，更是对公司研发创新能力及产品 品牌价值的赞誉。 面向未来，金河生物表示，宠物业务将作为战略重点板块有序推进。公司将依托现有化药和疫苗的基础 和优势，积极布局宠物用药产品，包括宠物用保健品、预防及治疗用药和疫苗等品类，充分利用好宠物 经济在未来几年带来的市场空间和红利，为公司的大动保战略贡献力量。(燕云) 金河生物表示，该发明创新地实现了一次表达纯化过程即可同时生产两种病毒亚单位疫苗的方法，纯化 过程简单，生产用酶可回收再利用，降低生产成本。该发明专利的取得是公司不 ...

Investment Rating - The report maintains a positive outlook on the agricultural sector, specifically highlighting investment opportunities in the pig farming and pet food industries [3][4]. Core Insights - The report emphasizes the strong performance of the pet food sector during the "618" shopping festival, with leading brands showing significant sales growth. It also notes the potential for re-evaluation of pig prices due to changing market conditions [4][5]. - The agricultural index increased by 1.8%, contrasting with a 1.1% decline in the Shanghai and Shenzhen 300 index, indicating a favorable market environment for agricultural stocks [5]. Summary by Sections Agricultural Stock Market Performance - The agricultural index rose by 1.8%, while the Shanghai and Shenzhen 300 index fell by 1.1%. The top five gainers included ST Tianshan (13.6%), Juxing Agriculture (13.2%), and Xiwang Food (12.4%) [5][12]. - The report suggests focusing on the sales performance of pet food during the "618" shopping festival and the re-evaluation of pig prices, particularly for undervalued leading pig farming companies [4][5]. Pig Farming - Pig prices continue to show strong fluctuations, with a national average selling price of 14.42 CNY/kg as of June 2, reflecting a week-on-week increase of 0.8%. The report indicates that the overall industry remains profitable, with a profit of 125.3 CNY per head for large-scale farms [4][5]. - The report highlights the expectation of a re-evaluation of pig prices in the second half of the year, driven by strong market realities and declining breeding costs [4][5]. Pet Food - The "618" shopping festival saw explosive sales in the pet food sector, with major brands performing exceptionally well. The festival's duration was extended, leading to increased sales [4][14]. - Key brands such as Guai Bao Pet and Zhongchong Co. showed significant improvements in their rankings on e-commerce platforms, indicating a strong market presence [21][23][28]. Animal Health - The report notes that the re-evaluation of pig prices may drive demand for animal health products, particularly vaccines. The first quarter of 2025 saw a 23.02% year-on-year increase in vaccine approvals [4][5]. - Companies focusing on pet health products are expected to benefit from the growing demand in the market [4][5].

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5][77]. Core Insights - The pig farming sector is showing signs of recovery, with the industry capacity cycle having bottomed out. The current high inventory levels and peak post-slaughter weights suggest a potential turning point in inventory, which may lead to a long-term profit uptrend after destocking [4][75]. - The report highlights a stable increase in pig prices, with the national average price for live pigs at 14.40 yuan/kg, reflecting a week-on-week increase of 1.41%. However, the demand is expected to weaken as the summer approaches [1][24]. - The natural rubber market is experiencing a downward trend, with prices dropping to 13,615 yuan/ton, a decrease of 7.57% week-on-week. This shift indicates a transition from strong reality to weak expectations in the market [3][65]. Summary by Sections 1. Market Overview - The agriculture, forestry, animal husbandry, and fishery sector outperformed the market, with a weekly increase of 1.79% compared to a slight decline in major indices [14]. - The pig farming segment is witnessing a slight increase in slaughter weights, with the average weight at 129.18 kg, down 0.15% week-on-week [24]. 2. Key Data Tracking - The average price of live pigs decreased by 0.9% month-on-month, while the average price of piglets increased by 5.2% year-on-year [2][23]. - The inventory of breeding sows remained stable at 40.38 million heads, with a year-on-year increase of 1.3% [2][23]. 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting stocks like Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture for potential long-term gains [4][75]. - For the post-cycle sector, companies like Haida Group and Ruipu Biological are highlighted due to the rising demand for feed and veterinary products [4][75]. - In the planting chain, the report suggests investing in companies like Suqian Agricultural Development and Beidahuang, as grain prices are on an upward trend [4][75]. 4. Commodity Insights - The report notes a significant drop in natural rubber prices, indicating a cautious sentiment among manufacturers regarding raw material procurement [3][65]. - The prices of corn and soybean meal have shown mixed trends, with corn prices slightly increasing while soybean meal prices have decreased [50][54].