智通财经APP获悉，华创证券发布研报称，虽然24年Q2开始，行业内卷的扩散对动保企业造成了不小 的冲击，但从供给角度看，持续恶化的内卷局面，客观上已经造成一批企业在出清的路上，25年以来该 行看到兽药原料药价格的企稳回升，其中大环内酯类产品甚至迎来了比较大幅的价格和盈利修复，也看 到多数疫苗品种批签发的同比改善。在此过程中，企业业绩也呈现出明显的分化，但表现好的企业都具 备同一个特质即创新，无论是产品的创新、营销手段的创新还是资本运作的创新，最后在利润表上都有 直观的呈现，值得给予持续重点关注。 华创证券主要观点如下： 疫苗批签发：25年多数疫苗品种批签发均同比增长，新型疫苗表现更胜一筹 根据中国兽药基础数据库，从1-12月全年累计批签发数据来看，多数疫苗品种均同比增长，具体来看， 其中猪用疫苗方面，口蹄疫疫苗、圆环疫苗、伪狂犬疫苗、猪瘟疫苗、胃腹二联疫苗、猪乙脑疫苗分别 同比+6.4%、+13.0%、+5.1%、+11.7%、+21.3%、+7.9%，仅蓝耳疫苗、猪细小疫苗分别同 比-3.7%、-4.5%;禽用疫苗方面，禽流感三价苗、新城疫疫苗、鸭传染性浆膜炎疫苗分别同比+22.8%、 +8.8%、+17. ...

Summary of the Conference Call for 瑞普生物 (Reap Bio) Company Overview - 瑞普生物 is engaged in the animal health industry, focusing on poultry products, vaccines, and pet care products. The company has shown resilience in its poultry segment and is optimizing its product structure with an increasing share of vaccine business [2][3]. Key Points Industry and Business Performance - The poultry products business remains the core driver of performance, with a significant contribution to overall revenue [2][3]. - Vaccine business has shifted from a 50:50 ratio with pharmaceuticals to a 60:40 ratio, indicating a substantial increase in vaccine sales [3]. - The pet care segment achieved record sales, nearing 1 billion yuan in 2025, marking the highest level in the company's history [3]. - The company has made breakthroughs in research and development, particularly in subunit vaccines and mRNA vaccines, with plans to launch industry-leading products [2][3]. Financial Performance and Challenges - In Q4 2025, the downturn in the pig farming sector exerted pressure on the company's continued use of formulations, but the poultry segment's profitability and emerging pet business mitigated the overall impact [2][4]. - The raw material drug business underperformed expectations, particularly with the price of florfenicol experiencing a downturn. The company plans to focus on high-margin products and optimize production capacity [2][5]. Strategic Initiatives - The company is enhancing its service model by providing comprehensive lifecycle services to major clients, which has helped maintain profitability despite market challenges [4]. - Plans to expand the customer base in the supply chain business to 20,000 pet hospitals and stores by 2028, aiming for total sales exceeding 2 billion yuan [3][8]. - The company is also pursuing international market expansion, with a goal for export revenue to account for at least 10% of total income in the next 3-5 years [11]. Product Development and Market Position - The cat trivalent vaccine is a core product in the pet segment, accounting for 30%-40% of sales, with plans for market share expansion through channel promotion and brand enhancement [6][7]. - The company is actively engaging with large-scale breeding and food processing enterprises to ensure stable growth in synthetic biology projects, particularly in the silk protein project, which has significant market potential [12]. Future Outlook - The company anticipates continued growth in the pet segment, with strong performance expected in Q4 2026, particularly during promotional events like Double Eleven [5]. - The overall strategy includes optimizing product structure and enhancing operational efficiency to sustain revenue and profit growth [3][4]. Miscellaneous - Non-operating income for Q4 is expected to be around 100 million yuan, primarily from government subsidies and investment income [10]. - The company is in the process of listing with 瑞派 (Ruipai) and has submitted necessary documentation to the Hong Kong Stock Exchange [9]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and future outlook in the animal health industry.

Group 1: Business Performance and Growth - The company's core products continue to drive growth, with the vaccine business accounting for over 50% of the overall business, becoming a key driver for product structure upgrade [2] - In 2025, the company achieved significant progress in R&D, obtaining the world's first clinical approval for an mRNA vaccine for food animals, and established a GMP mRNA vaccine production line [2] - The company has optimized internal management, resulting in a net profit growth rate significantly higher than revenue growth, showcasing operational resilience [2] Group 2: Market Expansion and Future Plans - In 2025, the company completed multiple overseas product registrations, laying the foundation for future large-scale exports [3] - Future global expansion will focus on new product registrations, acquisitions of overseas companies, and increased R&D investment to gradually enhance the export share of formulations and vaccines [3] - The company aims to deepen its market presence in the pet sector and synthetic biology, contributing to performance growth [2] Group 3: Supply Chain and Coverage - As of 2025, the company's supply chain covers approximately 7,000 pet hospitals and 4,000 pet stores, achieving a national coverage rate of about 35% [3] - Key provinces for supply chain expansion include Guangdong, Jiangsu, and Shandong, while regions like Sichuan and Fujian present untapped market opportunities [3] Group 4: Product Focus and Cost Management - The raw material drug segment will focus on high-margin products such as enrofloxacin and tobramycin, while enhancing production efficiency and reducing unit costs [3] - The company is monitoring the impact of the declining pig cycle on its livestock formulation business, maintaining profitability through comprehensive solutions for poultry clients [4] Group 5: Synthetic Biology Project - The synthetic biology project, initiated in 2025 with a total investment of 680 million yuan, aims to establish a demonstration project for the industrialization of microbial protein [3] - The project is on track, with equipment commissioning and trial production expected to commence by the end of 2026 [3]

Core Viewpoint - The vaccine industry is showing significant growth in the first three quarters of the year, with various vaccine types, including circular, diarrhea, brucellosis, and cat trivalent vaccines, continuing to perform well [1][2] Vaccine Batch Issuance - In the first three quarters, most vaccine types have seen substantial year-on-year growth, with specific increases in pig vaccines such as foot-and-mouth disease (+9.1%), circular vaccine (+29.5%), pseudorabies vaccine (+27.0%), and swine fever vaccine (+17.7%) [1] - Poultry vaccines like avian influenza trivalent vaccine (+9.6%) and Newcastle disease vaccine (+12.4%) also showed stable growth, while brucellosis vaccine experienced a remarkable increase of +60.2% [1][2] - Pet vaccines, particularly domestic rabies vaccine (+22.8%) and domestic cat trivalent vaccine (+74.4%), have maintained high growth rates [1] Factors Driving Growth - The growth in pig vaccines is attributed to multiple factors, including farming profitability, increased pig slaughter rates, and the introduction of new products [2] - The poultry vaccine sector continues to grow steadily, while the brucellosis vaccine benefits from the ongoing launch of new products [2] Veterinary Drug Raw Materials - As of October 22, the Veterinary Pharmaceutical Index (VPI) stands at 69.29, reflecting a 0.1% increase from the end of September and a 6.4% increase year-on-year [3] - The VPI index has shown a positive trend in October, with an average of 69.33, marking a 0.9% increase from September [3][4] Price Trends and Market Dynamics - The price of veterinary raw materials has been on the rise due to tightened supply and increased demand from large orders, particularly for products like tylosin [4] - The overall price increase in veterinary raw materials is driven by a combination of cost factors, corporate strategies, and market demand [4] Investment Recommendations - The industry is gradually recovering from a downturn, with a focus on undervalued companies that exhibit both elasticity and certainty [5] - Companies that have shown strong performance typically possess innovative qualities in product development, marketing strategies, or capital operations [6] - Recommended companies for investment include Ruipu Biological (300119.SZ), Kexin Biological (688526.SH), and others [6]

Investment Rating - The report maintains a "Recommendation" rating for the animal health industry, expecting it to outperform the benchmark index by over 5% in the next 3-6 months [79]. Core Insights - The report highlights significant growth in vaccine approvals for circular, pseudorabies, and diarrhea vaccines, with notable year-on-year increases [7][8]. - The animal drug raw material market shows a continued strong performance in macrolide products, with price indices reflecting a structural differentiation among various products [52][53]. - The overall demand for animal health products is expected to recover, driven by improved profitability in the breeding sector and the introduction of new products [68][69]. Summary by Sections Vaccine Approvals - In April, major vaccine varieties for pigs showed substantial year-on-year growth, with circular vaccine up by 71.2%, pseudorabies vaccine by 73.3%, and diarrhea vaccine by 220% [7][8]. - Cumulative data from January to April indicates most vaccine types experienced significant growth, particularly in pig vaccines, with circular vaccine up by 52.3% and pseudorabies vaccine by 48.2% [8][9]. Raw Material Prices - As of the end of April, the Veterinary Pharmaceutical Index (VPI) was 69.2, reflecting a 5.6% increase from the previous month and a 13.4% increase year-on-year [52][53]. - Prices for macrolide products such as Tylosin, Tylvalosin, and Tilmicosin have shown strong performance, with increases of 10.1%, 17.6%, and 15.4% respectively compared to the end of March [53][54]. Market Outlook - The report anticipates a stable upward trend in the demand for animal health products, supported by a robust breeding sector and ongoing product innovation [68][69]. - The competitive landscape is expected to lead to a dual recovery in performance and valuation for the sector, with a focus on larger companies that can leverage their financial strength and product diversity [69][70]. Investment Recommendations - The report suggests focusing on companies such as Reap Bio, Kexin Bio, and others, which are well-positioned to benefit from the anticipated market recovery [68][70].