（记者 胡玲） 2024年1至12月份，瑞普生物的营业收入构成为：兽用生物制品占比43.12%，兽用药物占比33.86%，宠 物供应链占比20.63%，其他占比2.38%。 每经AI快讯，瑞普生物（SZ 300119，收盘价：23.48元）8月25日晚间发布公告称，公司第五届第二十 六次董事会会议于2025年8月22日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于 <2025年半年度报告>及其摘要的议案》等文件。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

每经记者｜许立波 每经编辑｜张海妮 与此形成对比的是，宠物创新药正成为新的增长引擎。mRNA疫苗等前沿技术正在被引入动保领域，推 动行业回归创新驱动的本质。在产业的"水深火热"与"创新突围"之间，中国动保企业正在摸索新的发展 路径。产品同质化导致低价内卷 动保行业也称为兽药行业，从规模看，中国动保产业已发展为一个体量接近700亿元的市场。根据中国 兽药协会披露的数据，2019年至2023年，国内兽药企业销售额从503.95亿元增至696.51亿元，年均复合 增长率达8.4%。不过近年来，受行业竞争加剧影响，市场增速明显放缓，毛利率持续下行，出现增收 不增利的情况。 8月20日至24日，第二十七届亚洲宠物展（以下简称亚宠展）在上海新国际博览中心举行。今年亚宠展 规模约为31万平方米，海内外参展企业2600多家，预计将吸引超51万专业观众和宠物爱好者参观。 亚宠展的热度正是近年来国内动物保健行业高速发展的缩影。伴随着市场规模持续增长，越来越多的玩 家正在被吸引入局，动保行业也不可避免地陷入低价内卷的旋涡。 国海证券在日前发布的研报中指出，动保行业作为养殖产业链的上游，其行业景气度往往跟下游生猪养 殖行业紧密相关。 ...

Group 1 - The core stock price of Reap Bio as of August 22, 2025, is 23.28 yuan, down 0.51% from the previous trading day, with a trading volume of 96,700 hands and a transaction amount of 224 million yuan [1] - Reap Bio's main business includes veterinary medicine and pet healthcare, with product lines such as animal vaccines, chemical drugs, and feed additives, and the company is actively expanding into the pet healthcare market [1] - The company forecasts a net profit attributable to shareholders for the first half of 2025 to be between 244 million yuan and 277 million yuan, representing a year-on-year growth of 50% to 70%, driven by rapid expansion in the pet healthcare sector and overseas market development [1] Group 2 - On the funding flow side, Reap Bio experienced a net outflow of 12.61 million yuan in main funds on the day, while there was a net inflow of 1.25 million yuan in the past five days [1]

Core Insights - The pet economy in China is rapidly growing, driven by urbanization, aging population, and increasing pet ownership, with pet numbers expected to reach 124 million by 2024, a 2.1% increase year-on-year [1] - The pet medicine market in China is projected to grow from 9.39 billion yuan in 2020 to 20.95 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.2% [1][2] - By 2029, the pet medicine market is expected to reach 35.41 billion yuan, with a CAGR of 10.4% from 2025 to 2028 [2] Market Dynamics - The pet medicine market is currently dominated by foreign companies, with major players including Merck, Bayer, and Zoetis, while domestic companies are beginning to establish a foothold [3] - The approval process for new pet medicines has been slow, with only two new class one pet drugs approved in the past eight years, indicating a market that has been more focused on generic drugs [3][4] - Domestic companies are improving their product quality and expanding their product lines, with 11 companies having cat trivalent vaccines approved for sale by 2024 [4][5] Competitive Landscape - Domestic pet medicine companies are enhancing their competitiveness through improved quality control, targeted efficacy, and compliance with international standards [5] - The shift in consumer perception towards domestic pet medicines is creating opportunities for local brands to expand their market share [5] - Companies like Guangzhou Pharmaceutical Group and China Resources Sanjiu are entering the pet medicine market, indicating a trend of cross-industry participation [6] Challenges and Strategies - Companies entering the pet medicine market face challenges such as adapting to animal-specific formulations and building effective marketing teams [7][8] - Successful market entry requires a focus on channel development, with both online and offline strategies being essential for growth [8][10] - Companies are advised to develop innovative products that meet market demands and avoid homogenization, while also considering global supply chain restructuring and market diversification [10][11] Future Outlook - The future of the pet medicine market will involve a shift from treatment-focused products to comprehensive health management solutions [12] - Companies that can transition to preventive health management will likely dominate the market, as consumer preferences evolve towards holistic pet care [12]

Core Viewpoint - The company has successfully developed a new veterinary drug, Mirtazapine Ointment, which has been approved as a Class V new veterinary drug by the Ministry of Agriculture and Rural Affairs, indicating a significant advancement in the company's product offerings and innovation capabilities [1][9]. Group 1: New Veterinary Drug Information - New veterinary drug name: Mirtazapine Ointment [2] - Developed by: A collaboration of multiple companies including Qingdao Weilan Pet Biotechnology Co., Ltd., Qingdao Kangdian Animal Pharmaceutical Co., Ltd., and others [2]. - Registration certificate number: (2025) New Veterinary Drug Certificate No. 82 [3]. - Monitoring period: 3 years [3]. - Main ingredient: Mirtazapine [3]. - Indication: Used to control weight loss in cats [3]. - Dosage: Apply a 3.8 cm strip of ointment (equivalent to 2 mg of Mirtazapine) to the inner side of the cat's ear once daily for 14 days, alternating between ears [3]. Group 2: Research and Development - The development of Mirtazapine Ointment involved significant investment, totaling 1.8622 million yuan in research and development costs [4]. - The product has undergone laboratory research, clinical trials, and new veterinary drug registration processes, culminating in the recent issuance of the registration certificate [4]. Group 3: Market Background - Weight loss and decreased appetite in cats are significant clinical signs of potential diseases, which can lead to malnutrition, organ dysfunction, and weakened immunity if not addressed [5]. - The new veterinary drug aims to meet the clinical needs of the pet market, characterized by controllable quality, safety, efficacy, ease of administration, and high compliance [5]. Group 4: Future Procedures - Before the product can be marketed, it must obtain the veterinary product approval number from the Ministry of Agriculture and Rural Affairs, as per relevant regulations [7]. Group 5: Impact on the Company - The acquisition of the new veterinary drug certificate reflects the company's commitment to technological innovation and increased R&D investment, enhancing its product portfolio and potentially providing new growth opportunities for the business [9].

证券日报网讯 8月12日晚间，回盛生物发布公告称，根据《兽药管理条例》和《兽药注册办法》的规 定，经中华人民共和国农业农村部（以下简称"农业农村部"）审查，批准公司与其他单位联合申报 的"青霉素V钾可溶性粉"为新兽药，农业农村部于2025年8月7日核发了《新兽药注册证书》（农业农村 部公告第935号）。 （编辑 楚丽君） ...

正大企业国际2025年上半年业绩强劲增长，生化业务收入暴增近两倍至3.23亿美元，股东应占溢利达 1700万美元，较去年同期的200万美元大幅提升。公司在动保化药产品领域的战略扩张取得显著成效， 但毛利率下滑至12.9%反映出业务结构调整带来的盈利压力。 生化业务快速扩张推动收入激增 正大企业国际生化业务在2025年上半年表现亮眼，收入从2024年上半年的1.08亿美元飙升至3.23亿美 元，增幅接近200%。这一增长主要得益于公司在动保化药产品领域的战略性扩张，该业务收入占比从 去年同期的67%提升至84%。 从财务数据看，公司2025年一季度毛利率仅为12.71%，较2024年全年的15.90%和2023年的19.41%呈现 持续下降趋势。这种趋势表明公司在追求规模扩张的同时，盈利能力面临结构性压力。 公司管理层需要在业务增长与盈利能力之间寻求平衡。虽然动保化药产品带来了显著的收入增长，但如 何提升该业务的盈利水平，特别是增加自主生产比例，将是公司未来发展的关键挑战。 工业业务表现分化影响整体盈利 正大企业国际的工业业务呈现分化态势。在机械设备方面，ECIMetro作为卡特彼勒在中国西部的经销 商，受益于 ...

Group 1 - The overall prosperity of the downstream aquaculture industry is good in the first half of the year [1] - The company's pharmaceutical preparations and raw material drug businesses continue to perform well [1] - In the first half of 2025, pharmaceutical preparations achieved sales revenue of 421 million yuan, a year-on-year increase of 54.23% [1] - Veterinary raw material drugs achieved sales revenue of 333 million yuan, a year-on-year increase of 199.01% [1] Group 2 - Due to the redemption of convertible bonds, the interest expense for convertible bonds decreased by 11.3071 million yuan compared to the previous year [1] - This reduction in interest expense had a certain impact on the company's net profit [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the sales revenue of the raw material drug business segment, which has increased by 15 percentage points compared to the same period last year due to the company's integrated strategy of raw materials and formulations [1] - In the veterinary formulations sector, the company is not only consolidating its advantages in the pig medicine business but also actively expanding into poultry, aquaculture, and ruminant sectors, resulting in substantial revenue growth across these product lines [1] - Revenue from pig medicines accounts for approximately 80% of the total revenue from targeted animal categories, indicating a strong reliance on this segment [1]

Core Viewpoint - The company is increasing its investment in research and technological innovation, focusing on the development of new veterinary drugs to enhance product competitiveness [1] Group 1: R&D Investment - In the first half of 2025, the company invested CNY 31.53 million in R&D, representing a 19.16% increase compared to the same period last year [1] Group 2: Product Development and Approvals - The company is accelerating the efficiency of new drug approvals and production transitions, continuously advancing the approval of new veterinary drugs and comparative products [1] - As of June 30, 2025, the company has obtained 19 new veterinary drug registration certificates, including 4 new certificates in the first half of 2025 for products such as Mianping Ointment, Enconazole, Enconazole Solution, and Qijqing Extract Powder [1] - The company has obtained a total of 219 veterinary drug approval numbers [1]