证券代码：002688 证券简称：金河生物 金河生物科技股份有限公司投资者关系活动记录表 编号：2025-004 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访  业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 参与 2025 年内蒙古辖区上市公司投资者网上集体接待日活动的 | | 人员姓名 | 投资者 | | 时间 | 2025 年 7 月 11 日（周五）下午 16:00-18:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事、总经理谢昌贤先生 | | 员姓名 | 董事、董事会秘书路漫漫先生 | | | 财务总监牛有山先生 | | | Q1:请问公司赤藓糖醇项目后期拟继续进行吗？有股友建议转产 | | | 阿洛酮糖可行性如何？ | | | A1：您好！该项目公司目前尚未安排建设，目前无相关信息可提 | | | 供， ...

盈利预测与投资建议。预计2025-2027 年EPS 分别为0.23 元、0.28 元、0.33元，对应动态PE 分别为 30/25/21 倍，维持"持有"评级。 风险提示：产品研发不及预期、产品销售情况不及预期、养殖业突发疫情等风险。 业绩总结：2024年公司实现营业收入12.55亿元，同比降低21.45%，归母净利润为1.09 亿元，同比降低 61.57%。2025 年第一季度公司实现营业收入3.52亿元，同比增长1.06%；归属于上市公司股东的净利润 0.76 亿元，同比降低27.57%。 养殖行业公司资金压力降低或提升动保产品采购意愿。2024年公司各业务板块表现分化，反刍业务显韧 性，新品提供增长潜力。猪用疫苗方面行业竞争激烈导致猪苗板块整体承压。口蹄疫疫苗作为公司基石 产品，市占率保持稳定，但面临价格压力。猪圆环疫苗凭借产品品质实现销量同比大幅上涨52.17%， 但价格同样承压。猪伪狂犬活疫苗销量同比增长28.25%。猪瘟、圆支二联等产品销量有所下滑。反刍 疫苗在下游养殖行情低迷背景下仍具韧性。公司在布病防控领域具备多品类组合和差异化竞争优势，但 受政府招采节奏等因素影响，布病疫苗销量同比下滑1. ...

Core Viewpoint - The company, Jinhe Biology, reported a strong performance in the first quarter of 2025, with significant growth in revenue and net profit, driven primarily by its veterinary chemical products, particularly the sales of its key product, Jinmeisu [4][12]. Revenue and Profit Growth - In Q1 2025, the company achieved an operating income of 625.15 million yuan, representing a year-on-year increase of 20.35% [4][12]. - The net profit attributable to shareholders was 51.12 million yuan, up 13.23% year-on-year [4][12]. - The gross profit margin stood at 35.78% [12]. Product Performance - Revenue from veterinary chemical products increased by 21.47% year-on-year, with Jinmeisu being a major contributor, especially in the U.S. market, which reached a historical high [2]. - The company plans to enhance its product offerings with the full production of a new factory in 2025, which will produce Jinmeisu, Tetracycline, and Strongly Mycin, thereby extending its product line [2]. Research and Development - R&D expenses grew by 27.03% in 2024, indicating a strong commitment to innovation [3]. - The company is focusing on expanding the application of Jinmeisu and has received approval for its use in additional target animals, including sheep [3]. Market Outlook - The global animal health industry is expected to continue growing, with the domestic market showing significant potential, as evidenced by a compound annual growth rate of 8.43% in the domestic veterinary drug market from 2019 to 2023 [5][11]. - The company is optimistic about the future, particularly in the veterinary biological products market and the pet market, which is also expanding [6][11]. Strategic Initiatives - The company is enhancing its collaboration with Shanghai Jiao Tong University to leverage synthetic biology for product development and innovation [8]. - Plans are in place to expand the pet health business, with a focus on both chemical and vaccine products [8]. Competitive Position - The company has established a strong presence in the overseas market, with 60-70% of its chemical products sold internationally, particularly in the U.S. [10]. - The company aims to strengthen its market position by enhancing customer satisfaction and expanding its product offerings in international markets [10].

Core Viewpoint - The company operates in the veterinary pharmaceutical industry, focusing on the production and sales of veterinary biological products, particularly vaccines, which are essential for animal health and food safety in China [2][3]. Company Overview - The company is engaged in the research, development, production, and sales of veterinary biological products, with a product range that includes over a hundred types of vaccines for pigs, poultry, ruminants, and pets [6]. - The veterinary pharmaceutical industry in China has seen continuous growth, with the market size increasing from 41.213 billion yuan in 2013 to 69.651 billion yuan in 2023, and the veterinary biological products market growing from 9.4 billion yuan to 16.276 billion yuan during the same period [2]. Industry Dynamics - China's livestock industry is experiencing growth in output value, driven by rising consumer demand for protein quality and safety, which supports the veterinary pharmaceutical industry's expansion [3]. - The government has prioritized food safety and animal epidemic prevention, leading to a series of development plans and regulatory improvements to promote the healthy and high-quality development of the veterinary pharmaceutical industry [3]. - As of the end of 2024, the national pig inventory was 427.43 million heads, a decrease of 1.6% year-on-year, while the average price for pig sales increased by 10.9% to approximately 17.08 yuan per kilogram [3]. Business Model - The company employs a production model based on order demand, ensuring that production aligns with market needs and inventory levels [9]. - The sales strategy includes direct sales to large-scale farms, collaboration with selected distributors, and participation in government procurement for mandatory vaccination programs [10][11]. Performance Drivers - The company has maintained a stable market share in key vaccine products, with significant sales growth in the pig circovirus vaccine due to its superior product quality [12]. - The company focuses on customer-centric solutions, leveraging high R&D investment to enhance product competitiveness and drive innovation [12].