农林牧渔/动物保健Ⅱ 生物股份（600201.SH） 非瘟疫苗研发加速，新品多点开花成长动能强劲 2025 年 08 月 20 日 投资评级：买入（维持） 日期 2025/8/20 当前股价(元) 9.19 一年最高最低(元) 9.55/5.62 总市值(亿元) 102.17 流通市值(亿元) 102.17 总股本(亿股) 11.12 流通股本(亿股) 11.12 近 3 个月换手率(%) 226.05 股价走势图 -20% 0% 20% 40% 60% 2024-08 2024-12 2025-04 2025-08 生物股份 沪深300 数据来源：聚源 相关研究报告 《非瘟亚单位疫苗临床试验获批，创 新龙头成长动能强劲—公司信息更新 报告》-2025.7.18 《业绩短期承压，持续创新厚积薄发 —公司信息更新报告》-2025.4.27 《业绩短期承压，新品储备充足持续 成长—公司信息更新报告》-2024.11.3 公司猪用疫苗营收保持稳健增长态势，其中猪用非口蹄疫产品营收增长超过 20%，产品结构不断优化。反刍疫苗，牛二联、布病（Rev.1 株）及小反刍兽疫 活疫苗等核心单品放量增长。禽用疫苗，公司组建专属 ...

Core Insights - The global animal vaccine market is projected to exceed $14 billion in 2024, following a market size of over $13.5 billion in 2023, with a compound annual growth rate (CAGR) of 10.10% over the past five years [1][8]. Market Overview - Animal vaccines, also known as veterinary vaccines, are products made from pathogenic microorganisms that stimulate the immune system of animals to produce specific antibodies, thereby preventing infectious diseases [1]. - North America, including the United States and Canada, is the largest regional market for animal vaccines, accounting for approximately 45% of the global market share in 2023 [3]. Industry Competition - Leading companies in the global animal vaccine industry offer a diverse range of products, including vaccines for pets, pigs, poultry, ruminants, and aquaculture [5]. - Major players such as Merck Animal Health, Zoetis, and Boehringer Ingelheim have established multiple production bases worldwide, indicating significant production capacity [5]. Company Profiles - **Merck Animal Health**: Offers pet vaccines, pig vaccines, poultry vaccines, and aquaculture vaccines, with 29 production bases across 12 countries, including a major facility in Suzhou, China [6]. - **Zoetis**: Operates production bases in the United States and China, having established its first R&D and production base in China in 2019 [6]. - **Boehringer Ingelheim**: Maintains over 20 production bases globally, with two facilities located in Nanchang and Taizhou, China [6]. - **Hualan Biological Engineering**: Initially focused on blood products, it has become a major producer of influenza vaccines in China, accounting for over 40% of the national market [6]. - **Fubao Animal Health**: Produces vaccines for pigs, poultry, and aquaculture, with production bases in the United States and Suzhou, China [6].