Transaction Overview - The company plans to transfer 48.4213% equity of its subsidiary, Hunan Zhong'an Biological Pharmaceutical Co., Ltd. (Zhong'an Bio), to Jiangxi Twin Biological Technology Co., Ltd. for a transaction price of approximately 11.48 million yuan, based on a total equity value of 23.7 million yuan [1][2][16] - After the transaction, the company will hold 20% of Zhong'an Bio's equity, which will no longer be included in the company's consolidated financial statements [2][24] Fundraising Project Progress - The company raised approximately 1.34 billion yuan through a private placement of 63,984,674 shares at a price of 20.88 yuan per share, with a net amount of approximately 1.33 billion yuan after deducting issuance costs [2][3] - The funds raised are allocated to various projects, including the Zhong'an Bio expansion project, which has reached a usable state and has been completed [5][6] Financial Performance of Zhong'an Bio - As of December 31, 2024, Zhong'an Bio reported a net asset value of approximately 20.55 million yuan, with total assets of approximately 31.77 million yuan and total liabilities of approximately 11.22 million yuan [14][16] - The company experienced a net loss of approximately 45.96 thousand yuan in 2024, compared to a net profit of approximately 10.08 million yuan in 2023 [15][16] Strategic Cooperation - The transaction establishes a strategic partnership between the company and Jiangxi Twin Biological, focusing on vaccine and drug research, product procurement, and disease prevention in the livestock industry [20][24] - Both parties aim to enhance their capabilities in disease prevention and control, leveraging shared resources and expertise [21][22] Board and Supervisory Opinions - The company's board and supervisory committee have approved the equity transfer and fundraising project transfer, stating that it aligns with the company's long-term development strategy and does not harm the interests of shareholders [25][26]

证券研究报告：农林牧渔 | 公司点评报告 股票投资评级 增持|维持 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 13.70 | | --- | --- | | 总股本/流通股本（亿股）3.46 / 3.46 | | | 总市值/流通市值（亿元）47 / 47 | | | 52 周内最高/最低价 | 24.10 / 10.95 | | 资产负债率(%) | 15.2% | | 市盈率 | 50.74 | | 第一大股东 | 张许科 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 普莱柯(603566) 业绩见底，25 年 Q1 大幅增长 ⚫ 事件： 事件：1）公司发布 2024 年年报，全年实现营业收入 10.43 亿元， 同比下降 16.77%，归母净利润 0.93 亿元，同比下降 46.82%。猪苗竞 争加大及管理费用增加，公司 24 年业绩下降。2）同时公司发布 2025 年一季报，实现营业收入 2.79 亿元，同比增长 18.32%，归母净利为 0.53 亿元，同比增长 93.75%。禽苗和化药 ...

证券研究报告：农林牧渔 | 公司点评报告 股票投资评级 增持|维持 ⚫ 事件： 事件：1）公司发布 2024 年年报，全年实现营业收入 10.43 亿元， 同比下降 16.77%，归母净利润 0.93 亿元，同比下降 46.82%。猪苗竞 争加大及管理费用增加，公司 24 年业绩下降。2）同时公司发布 2025 年一季报，实现营业收入 2.79 亿元，同比增长 18.32%，归母净利为 0.53 亿元，同比增长 93.75%。禽苗和化药增长助力公司业绩企稳。 ⚫ 猪苗承压，禽苗及化药增长 个股表现 -35% -28% -21% -14% -7% 0% 7% 14% 21% 28% 35% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 普莱柯 农林牧渔 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 13.70 | | --- | --- | | 总股本/流通股本（亿股）3.46 / 3.46 | | | 总市值/流通市值（亿元）47 / 47 | | | 52 周内最高/最低价 | 24.10 / 10.95 | | 资产负债率(%) ...