Core Viewpoint - Reap Bio announced the convening of its 29th temporary board meeting on October 24, 2025, to review the proposal for the Q3 2025 report [1] Company Summary - For the year 2024, Reap Bio's revenue composition is as follows: 43.12% from veterinary biological products, 33.86% from veterinary drugs, 20.63% from pet supply chain, and 2.38% from other sources [1] - As of the report, Reap Bio's market capitalization stands at 9.7 billion yuan [1] Industry Summary - The Chinese innovative drug sector has seen significant overseas licensing sales, totaling 80 billion USD this year [1] - There is a contrast in the biopharmaceutical secondary market's activity compared to the primary market, where fundraising has encountered challenges [1]