公司报告 | 半年报点评 科前生物（688526） 证券研究报告 需求延续&产品推陈出新，25H1 业绩亮眼 事件： 公司 25 年半年度实现营收 4.87 亿元，同比+21.7%；实现归母净利润 2.2 亿元，同比+44.1%。 其中，单 Q2 实现营业收入 2.42 亿元，同比+23.8%；实现归母净利润 1.1 亿元，同比+70.8%。 我们的分析和判断： 1、下游养殖企业盈利持续动保需求有所增量 25H1 养殖端盈利改善，同比实现扭亏为盈，带动动保需求保持良好态势。批签发方面，25H1 同比增长 17%，其中 25Q2 与 Q1 基本持平，25Q2 较 24Q4 增长 9%。从产品结构看，25H1 圆环、腹泻苗批签发量同比增超 50%，伪狂、猪瘟苗增速介于 35%-45%。单 Q2 来看，圆环、 伪狂苗环比保持超 10%增长，而口蹄疫疫苗因季节性因素环比下降超 40%。 2、25H1 公司疫苗产品销售情况持续改善 25H1 公司疫苗签发量同比增长 43%，其中猪瘟、腹泻和圆环疫苗增速显著，分别达到 50%、 85%和 153%，主要受益于行业需求旺盛以及猪丁型冠状病毒灭活疫苗、圆支二联苗等新产品 的迭 ...

Core Insights - Hohhot's dairy industry is leveraging full-chain technological innovation to achieve breakthroughs, from grass breeding to dairy processing, forming a complete ecological chain from "a blade of grass" to "a cup of milk" [1][6] Group 1: Technological Advancements - The construction of a probiotic smart factory in Hohhot has led to the domestic production of 7 types of yogurt fermentation agents, previously reliant on imports, reducing costs and increasing self-sufficiency [3] - The Inner Mongolia Kete Biological Company has established the world's largest lactic acid bacteria germplasm resource bank, with a projected annual output value increase of 4 billion yuan and tax revenue of 1.5 billion yuan upon full production [3] - The National Dairy Technology Innovation Center is focusing on key links in the entire industry chain, aiming to break international seed source monopolies and achieve self-sufficiency in high-quality breeding [5] Group 2: Research and Development - The National Dairy Technology Innovation Center has initiated 237 out of 600 research projects, with breakthroughs in areas such as milk protein preparation and the development of lactose-free milk powder [5] - The establishment of a high-throughput phenotyping robot at the National Grass Technology Innovation Center has significantly improved breeding efficiency, shortening the breeding cycle for alfalfa by 4-5 years [6] - The development of a new β-galactosidase technology has led to the launch of China's first fully enzyme-based lactose-free milk powder, addressing the reliance on imported key raw materials [5] Group 3: Industry Ecosystem - Hohhot's dairy industry has formed a complete innovation system that spans from grass breeding to dairy product sales, creating a high-quality development "ecological closed loop" [6] - The integration of various technological innovations across the entire industry chain supports the overall growth and competitiveness of the dairy sector [6][7]