每经AI快讯，有投资者在投资者互动平台提问：公司的宠物驱虫药氟雷拉纳滴剂等产品显示了研发实 力。但宠物市场不仅是产品之争，更是品牌和渠道之争。请问在宠物板块，公司如何规划自有品牌 （2C）与代工（2B）的业务比重？ 是满足于做'隐形冠军'，还是有打造直面消费者的知名宠物健康品 牌的长期战略？ 在渠道建设上，是主要依托传统的线下兽医院渠道，还是已积极布局线上直营（如天 猫、京东旗舰店）？近期是否有增加与大型宠物医院连锁机构的合作计划？ 蔚蓝生物（603739.SH）10月14日在投资者互动平台表示，公司正积极布局宠物动保产品，已拟定长期 的产品规划方案，涉及化药、生物制品和宠物保健品等领域。公司宠物动保产品目前以自有品牌的生产 销售为主，不涉及代工业务。同时，公司将逐步健全研发与市场运营团队，开展推广以线下兽医院为主 的渠道建设。公司将严格按照《上海证券交易所股票上市规则》等相关规定进行公告，及时履行信息披 露义务，有关信息请以公司在上海证券交易所网站披露的相关公告为准。 （记者 胡玲） ...

Group 1: HanShuo Technology - The company's performance is expected to decline in the first half of 2025 due to U.S. tariffs, customer order rhythm, and decreasing gross margins [1] - The difference between net profit and net profit after deducting non-recurring gains mainly comes from losses on foreign exchange forward contracts [1] - The company is focusing on technological innovation and expanding its IoT smart hardware and digital energy management business [1] - The North American market penetration is accelerating, and the company is expanding into other retail sectors in Europe [1] Group 2: Reap Bio - The comprehensive gross margin increased by 2.36 percentage points due to revenue scale expansion and product structure optimization [2] - The pet health segment showed steady growth, with a 17.94% year-on-year increase in revenue from the supply chain and bioproducts [2] - The raw material drug segment significantly improved, with a gross margin increase of 14 percentage points and a reduction in losses of over 10 million [2] Group 3: HeShun Technology - The company reported a revenue of 296 million in the first half of 2025, a year-on-year increase of 27.93%, but incurred a net loss of 14.31 million [3] - The revenue growth was primarily due to the production of the Renhe factory investment project, which increased depreciation and led to profit decline [3] - The company is transitioning its functional film business from solar backsheet films to window films [3] Group 4: ChaoHongJi - The company has launched high-weight series products to enhance customer unit price and will continue to focus on customer needs [4] - The online subsidiary's net profit increased by 70.64%, promoting the integration of online and offline sales [4] - As of June 30, the company had 1,540 stores, with a net increase of 72 stores, and opened locations in Kuala Lumpur, Thailand, and Cambodia [4] Group 5: TianFu Communication - The company achieved a revenue of 2.456 billion in the first half of 2025, a year-on-year increase of 57.84%, and a net profit of 899 million, up 37.46% [5] - The growth in active business is driven by the increased delivery of high-speed active products [5] - The company is expanding its production capacity in Thailand, with the first phase already in operation [5]

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Core Views - The breeding sector is experiencing improved supply-demand dynamics due to intensified policy regulation, with measures from the National Development and Reform Commission (NDRC) aimed at optimizing pig production capacity, which is expected to enhance CPI targets and stabilize pig prices [4][50] - The beef industry is undergoing significant supply reduction, with a deep cycle anticipated as the number of breeding cows declines sharply, leading to lower beef supply starting in the second half of 2025 [6][88] - Smart agriculture is benefiting from ongoing policy incentives and increased funding, with water conservancy investments projected to reach 1.4 trillion yuan in 2024, marking a 12.8% year-on-year increase [6][50] Breeding Sector - The breeding industry is seeing a favorable supply-demand balance, with policies aimed at controlling production capacity and improving profitability for leading companies such as Muyuan Foods and Wens Foodstuffs [4][50] - The profitability of self-breeding operations is stable, while external pig purchases show fluctuating profits, indicating a need for careful management of breeding strategies [20][25] - The average weight of pigs being slaughtered has decreased, which is expected to reduce supply pressure and potentially increase pig prices in the coming months [41][42] Beef Industry - The domestic beef supply is expected to decrease significantly due to a reduction in breeding cow numbers, with the industry mirroring the pre-2019 pig cycle in terms of supply adjustments [6][88] - The beef market is characterized by a long adjustment period from breeding to market, typically requiring 2-3 years, which complicates supply management [70] Smart Agriculture - The smart agriculture sector is poised for growth driven by government policies and funding, with a focus on modernizing irrigation systems and enhancing water management practices [6][50] - The market for smart agriculture is projected to expand significantly, with the government aiming to establish 13 million acres of efficient water-saving irrigation [6] Animal Health - The veterinary drug sector is experiencing a structural shift due to the implementation of new GMP standards, which are raising industry entry barriers and promoting consolidation among leading firms [51][66] - The veterinary raw material drug prices are entering a recovery phase after a prolonged downturn, with demand expected to rise as breeding profitability improves [53][66] Investment Recommendations - Key investment targets include Muyuan Foods, Wens Foodstuffs, and Jiusan Foods in the breeding sector, as well as Deyu Water Saving and Ruipu Biological in the smart agriculture and animal health sectors, respectively [4][66][67]