格隆汇8月19日｜申联生物(688098.SH)今日再度20CM涨停，为连续第三日涨停，报价15.4元，创2021年 3月以来新高。 申联生物昨晚发布股票交易异常波动公告称，经公司自查，并发函向控股股东、实际控制人核实，截至 本公告披露日，公司不存在应披露而未披露的重大事项。公司目前生产经营正常，生产经营未发生重大 变化。公司目前的主营业务是兽用生物制品，艾滋病单克隆抗体等创新药管线由联营公司扬州世之源生 物科技有限责任公司独立运营，相关业务具有研发周期长，投入大，研发风险高的特点。 ...

2025.08. 18 仲景食品：子公司拟出售土地、厂房等资产 仲景食品公告，鉴于野生蓝莓供应环境的变化，为优化公司资产配置并提升运营效率，公司董事会审 议通过议案，同意全资子公司大兴安岭北极蓝食品有限公司对外出售土地、厂房等资产。本次拟出售 的资产账面原值合计5500.96万元。 8月18日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 中国重工：上交所受理公司股票主动终止上市申请 中国重工公告称，公司已于2025年8月14日向上海证券交易所提交股票主动终止上市的申请，并于8 月18日收到上交所出具的《关于受理中国船舶重工股份有限公司股票主动终止上市申请的通知》。 根据通知，上交所决定受理公司股票主动终止上市的申请。公司将在上交所批准后刊登相关终止上市 公告。 两连板申联生物：艾滋病单克隆抗体等创新药管线由联营公司独立运营 申联生物发布异动公告，公司目前的主营业务是兽用生物制品，艾滋病单克隆抗体等创新药管线由联 营公司扬州世之源生物科技有限责任公司独立运营，相关业务具有研发周期长，投入大，研发风险高 的特点。 两连板影石创新：全景无人机产品目前并未产生实 ...

Group 1 - The core business of the company is veterinary biological products, while the innovative drug pipeline, including AIDS monoclonal antibodies, is independently operated by its joint venture, Yangzhou Shizhi Source Biotechnology Co., Ltd. [2] - The related business has characteristics of long research and development cycles, high investment, and significant research risks [2]

Core Viewpoint - The company has received clinical trial approval for its mRNA vaccine targeting feline infectious peritonitis, marking a significant milestone in the development of veterinary nucleic acid vaccines [1] Group 1 - The company's wholly-owned subsidiary, Jinyu Baoling Biological Pharmaceutical Co., Ltd., has obtained the clinical trial approval from the Ministry of Agriculture and Rural Affairs for the feline infectious peritonitis mRNA vaccine [1] - This mRNA vaccine is categorized as a novel innovative vaccine, indicating advancements in vaccine technology [1] - The company is the first in the country to receive clinical approval for a veterinary nucleic acid vaccine targeting feline infectious peritonitis, establishing a foundation for future development in this area [1]

Core Viewpoint - The announcement indicates that the company has received clinical trial approval for its mRNA vaccine targeting porcine epidemic diarrhea virus, marking a significant milestone in the veterinary vaccine sector in China [1] Group 1 - The company has obtained the clinical trial approval for the porcine epidemic diarrhea virus mRNA vaccine (RPS1903) from the Ministry of Agriculture and Rural Affairs [1] - This approval represents the first clinical trial permit for an mRNA vaccine for economic animals in China [1] - The achievement highlights the company's established mRNA vaccine research and development platform for veterinary use, which is expected to broaden its product line and development potential [1] Group 2 - The approval is anticipated to enhance the company's visibility and influence within the industry [1]

Core Viewpoint - The stock of Jinyu Biotechnology Co., Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days from July 15 to July 17, 2025, triggering the abnormal fluctuation standards set by the Shanghai Stock Exchange [2][3]. Group 1: Stock Trading Abnormalities - The stock price of Jinyu Biotechnology rose significantly, with a cumulative increase of over 20% during the specified trading days [2][3]. - The company confirmed that its production and operational conditions remain normal, with no significant changes in the external business environment [4]. Group 2: Financial Performance - The company anticipates a net profit attributable to shareholders of between 57 million to 70 million yuan for the first half of 2025, representing a decrease of 52.92 million to 65.92 million yuan compared to the same period last year, which is a year-on-year decline of 43.05% to 53.63% [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 30 million to 44 million yuan, reflecting a decrease of 63.86 million to 77.86 million yuan year-on-year, a decline of 59.21% to 72.19% [4]. Group 3: Major Events and Developments - The company’s wholly-owned subsidiary, Jinyu Baoling, received a clinical trial approval for an African swine fever subunit vaccine from the Ministry of Agriculture and Rural Affairs [5][12]. - The vaccine development has involved a cumulative investment of approximately 64 million yuan [13]. Group 4: Shareholder and Management Actions - The company’s major shareholder, Inner Mongolia Jinyu Biological Holdings Co., Ltd., confirmed that there are no undisclosed significant matters related to the company, including major asset restructuring or significant transactions [5][8]. - There were no stock trading activities by the company’s directors, senior management, or major shareholders during the period of abnormal stock price fluctuations [8].

Core Viewpoint - The company has received clinical trial approval for its African swine fever subunit vaccine from the Ministry of Agriculture and Rural Affairs, marking a significant step in its vaccine development efforts [1] Group 1: Company Developments - The company's wholly-owned subsidiary, Jinyu Baoling Biological Pharmaceutical Co., Ltd., has been granted the clinical trial approval (Approval No: 2025058) for the African swine fever vaccine [1] - The vaccine is specifically designed to prevent African swine fever virus infections, indicating a targeted approach to addressing this critical issue in the livestock industry [1] - The company has invested approximately 64 million yuan in research and development for this vaccine in collaboration with research institutions since 2023 [1] Group 2: Clinical Trial Process - The clinical trials will be conducted at Jinyu Baoling, and the vaccine must complete these trials and undergo registration application before it can be marketed and sold [1] - Approval from regulatory bodies is required after the completion of clinical trials, highlighting the importance of compliance in the pharmaceutical development process [1]

Core Insights - The company, Haili Biological (603718.SH), reported a significant net profit increase of 172.28% in 2024, with non-recurring gains accounting for 93.82% of net profit, despite a revenue decline in Q1 2025 [2][5][8] - Haili Biological has transitioned from animal health products to human health products, leading to a substantial restructuring of its business model [2][9] Financial Performance - In 2024, Haili Biological's net profit reached approximately 1.71 billion yuan, with a notable increase attributed to asset disposals and acquisitions [4][5] - The company achieved an investment return exceeding 1 billion yuan from the sale of a 30% stake in WuXi Vaccines, which had previously generated low returns [5][6] - The sale of Yangling Jinhai at a nominal price of 1 yuan was a strategic move to eliminate ongoing losses, with the company recovering all debts owed by Yangling Jinhai [6][8] Asset Management - Haili Biological completed the acquisition of a 55% stake in Shaanxi Ruisheng Biotechnology, which is focused on oral tissue repair and regeneration materials, resulting in a goodwill of approximately 782 million yuan [9][10] - The company has prioritized finding quality projects in the oral and IVD sectors following the restructuring, although it acknowledges the challenges in identifying such opportunities [3][9] Market Dynamics - The oral vaccine market, particularly for foot-and-mouth disease, is facing increased competition and declining profitability, prompting Haili Biological to divest from Yangling Jinhai [7][8] - The revenue from Ruisheng Biotechnology in 2024 was approximately 265 million yuan, slightly below expectations, but the net profit exceeded targets [11]

Core Viewpoint - TianKang Pharmaceutical Co., Ltd. has completed its IPO counseling work with CITIC Securities, indicating a move towards public listing despite recent declines in revenue and profit [1][2]. Financial Performance - In 2024, TianKang Pharmaceutical reported a revenue of 1.052 billion yuan, a decrease of 0.29% year-on-year, and a net profit attributable to shareholders of 153 million yuan, down 8.44% [1]. - For the first quarter of 2025, the company generated a revenue of 220 million yuan, a decline of 28.32% compared to 307 million yuan in the same period of 2024, with a net profit of approximately 33.33 million yuan, down 52.16% from 69.66 million yuan [3]. Shareholding Structure - The two largest shareholders of TianKang Pharmaceutical are TianKang Biological Co., Ltd. holding 58.94% and Xinjiang Production and Construction Corps State-owned Assets Management Co., Ltd. holding 10% [3]. - Xinjiang Production and Construction Corps State-owned Assets Management Co., Ltd. holds 22.92% of TianKang Biological Co., Ltd., making it the controlling shareholder [3]. Management Changes - In 2024, several key management changes occurred: Chairman Yang Yan and Supervisor Zhao Qin resigned due to retirement age, while Pan Yiping was reassigned due to internal adjustments [4][5]. - Zhang Jie was appointed as the new Chairman, and other new appointments included Hao Yiding as Secretary of the Board and Kong Chuxin as Supervisor and Chairman of the Supervisory Board [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company [5][3]. Core Views - The company experienced a revenue decline of 11.48% year-on-year in 2024, with total revenue reaching 942 million yuan, while the net profit attributable to shareholders was 382 million yuan, down 3.43% year-on-year. However, in Q1 2025, the company showed a significant recovery with a revenue increase of 19.65% year-on-year, amounting to 245 million yuan, and a net profit of 108 million yuan, up 24.08% year-on-year [1][2]. - The decline in 2024 was primarily due to price pressures from intense industry competition, leading to a 12.75% drop in revenue from the main business of veterinary biological products, despite a 1.19% increase in sales volume compared to 2023. The gross margin for the main business fell by 7.72 percentage points to 65.07% [1][2]. - The company has been optimizing its cost management, with total expense ratios decreasing by 1.68 percentage points to 21.25% in 2024, mainly driven by a reduction in sales expenses [1]. Financial Performance Summary - The company forecasts net profits of 450 million yuan, 549 million yuan, and 639 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.97 yuan, 1.18 yuan, and 1.37 yuan. The PE ratios are projected to be 17, 14, and 12 times for the same years [3][4]. - The revenue for 2025 is expected to rebound to 1.11 billion yuan, reflecting a growth rate of 17.75%, followed by further growth in subsequent years [4]. - The company has received five new veterinary drug registration certificates in 2024, including a significant vaccine for pigs, and is actively developing multiple vaccine products for pets and ruminants [2]. Industry Outlook - The recovery in downstream breeding profitability is anticipated to drive demand for animal health products, contributing to the company's revenue growth in 2025 and beyond [2]. - Continuous investment in R&D and technological upgrades is expected to enhance product safety, effectiveness, and production efficiency, supporting revenue growth [2].