多联疫苗是指含有不同种病原体相关抗原的疫苗，采用按生物分类学的"种(Species)"进行定义，用于预 防不同病原微生物引起的疾病。多联疫苗有利于简化免疫程序、减少疫苗接种次数、增加疫苗接种的便 利性和依从性，对于提高疫苗接种率、进一步减轻公共卫生负担具有重要意义。 人民财讯11月19日电，为支持疫苗产业高质量发展，加快推进国产多联疫苗的研发和上市，近日，国家 药监局药审中心发布《多联疫苗临床试验技术指导原则》。《指导原则》主要包括立题相关考虑、临床 试验设计和上市后变更三个部分，适用于多联疫苗的临床研发。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][10]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 1.708 billion yuan, a year-on-year growth of 20.53%, and a net profit attributable to shareholders of 257 million yuan, up 57.59% [3][4]. - The economic animal health segment is performing steadily, while the pet health segment is emerging as a new strategic direction, contributing to long-term growth [5][4]. - The company is focusing on large customer strategies and has established strategic partnerships with leading breeding groups, enhancing its market share through brand strength and product quality [4]. Financial Summary - The company expects its earnings per share (EPS) to be 0.99 yuan, 1.27 yuan, and 1.40 yuan for the years 2025, 2026, and 2027 respectively [5][6]. - Projected operating revenues for 2024 to 2027 are 3.070 billion yuan, 3.650 billion yuan, 4.221 billion yuan, and 4.692 billion yuan, with growth rates of 13.32%, 18.90%, 15.64%, and 11.14% respectively [6][9]. - The company's net profit attributable to shareholders is forecasted to be 300.72 million yuan in 2024, increasing to 650.39 million yuan by 2027, reflecting a growth rate of -33.70% in 2024 followed by positive growth in subsequent years [6][9].