证券日报网讯 9月29日晚间，科前生物发布公告称，根据《兽药管理条例》和《兽药注册办法》规定， 经中华人民共和国农业农村部审查，批准公司申报的猪塞内卡病毒病灭活疫苗（HB16株，悬浮培养） 为新兽药，并核发《新兽药注册证书》。 （编辑 任世碧） ...

格隆汇9月29日丨科前生物(688526.SH)公布，根据《兽药管理条例》和《兽药注册办法》规定，经中华 人民共和国农业农村部审查，批准公司申报的猪塞内卡病毒病灭活疫苗（HB16株，悬浮培养）为新兽 药，并核发《新兽药注册证书》，作用与用途：用于预防猪塞内卡病毒病。免疫产生期为二免后21日； 免疫期为6个月。 ...

科前生物(688526)9月29日公告，根据《兽药管理条例》和《兽药注册办法》规定，经中华人民共和国 农业农村部审查，批准公司申报的猪塞内卡病毒病灭活疫苗（HB16株，悬浮培养）为新兽药，并核发 《新兽药注册证书》。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8]. Core Insights - The company's main business continues to show strong growth, with a focus on building a comprehensive pet ecosystem [2][5]. - In the first half of 2025, the company achieved operating revenue of 1.708 billion yuan, a year-on-year increase of 20.53%, and a net profit attributable to the parent company of 257 million yuan, up 57.59% year-on-year [4][5]. - The company is expanding its market share in the economic animal health sector by focusing on large clients, with significant revenue growth in various product categories [5]. - The company has made substantial progress in its R&D efforts, with a total R&D investment of 114 million yuan in the first half of 2025, accounting for 6.67% of operating revenue [5]. - The company is actively enhancing its pet medical ecosystem, achieving over 40% year-on-year growth in self-owned product supply chain shipments [5]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported operating revenue of 886 million yuan, a year-on-year increase of 21.02%, and a net profit of 141 million yuan, up 93.89% year-on-year [4][5]. - The revenue from poultry biological products reached 611 million yuan, a year-on-year increase of 24.71%, while livestock biological products saw a remarkable growth of 110.55% [5]. Revenue and Profit Forecast - The revenue projections for 2025-2027 are adjusted to 3.635 billion, 4.175 billion, and 4.649 billion yuan, representing year-on-year growth rates of 18.39%, 14.88%, and 11.35% respectively [6][7]. - The net profit attributable to the parent company is forecasted to be 459 million, 551 million, and 629 million yuan for the same period [6][7]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 22.75, 18.95, and 16.62 respectively [7][8]. - The return on equity (ROE) is expected to improve from 10% in 2025 to 12% in 2027 [7][8].