2025年上半年，下游养殖行情整体较为低迷状态，叠加大型养殖集团普遍采取较为激进的成本管控策略， 动保行业竞争加剧。2025H1公司推向市场的创新产品猪伪狂犬病活疫苗（HN1201-R1株）、以新支流减 腺五联灭活疫苗为代表的腺病毒系列禽用联苗得到市场的初步认可，为公司贡献新的业绩增长点。分产品 看，2025H1公司生物制品收入4.01亿元，同比+13.17%，其中，猪用生物制品收入1.31亿元，同 比-11.49%，行业竞争加剧导致猪用疫苗板块短期承压；禽用生物制品收入2.59亿元，同比+30.01%，主要 是普莱柯（南京）的新生产基地全面投入使用，高致病性禽流感疫苗产能进一步释放，2025H1公司高致 病性禽流感疫苗收入同比增长近60%；反刍动物用生物制品收入168万元，同比+39.62%。2025H1公司化 学药品收入1.24亿元，同比+20.94%。 宠物板块表现亮眼，打开中长期成长空间 宠物板块，公司继续坚持"线下"与"线上"并重的原则，一方面通过开展各种营销活动、优选合作经销商等 措施对猫三联灭活疫苗在内的重点产品进行市场推广，一方面在线上积极探索利用各大新媒体平台以直播 或种草等方式对相关产品进 ...

➢ 2025H1 整体收入稳增，畜禽板块提振显著。2025H1 公司生物制品收入 实现 4.01 亿元，同比+13.17%。其中，猪用产品收入实现 1.31 亿元，同比- 11.49%；禽用产品收入实现 2.59 亿元，同比+30.01%；反刍动物用产品收入实 现 0.02 亿元，同比+39.62%；宠物用产品收入实现 0.10 亿元，同比+49.65%。 化学药品、功能性保健品、技术许可或转让收入分别实现 1.24 亿元、0.13 亿元、 0.15 亿元，分别同比+20.94%、+124.47%、-3.95%。 ➢ 禽苗产能释放拓市，多品驱动业绩增长。面对行业日益加剧的竞争态势，公 司积极深化与大型养殖集团的战略合作，稳步提升规模化养殖场的开发力度和服 务深度，2025 年上半年公司整体营收同比增长 15.58%，进一步巩固了公司疫苗 和化学药品的市场占有率。2025 年上半年，公司推向市场的创新产品得到市场 的初步认可，猪伪狂犬病活疫苗（HN1201-R1 株）、以新支流减腺五联灭活疫 苗为代表的腺病毒系列禽用联苗也为公司贡献了新的业绩增长点。此外，普莱柯 （南京）的新生产基地全面投入使用后，公司高致病性 ...

Core Viewpoint - The company, Pulaike Biological Engineering Co., Ltd., has released its 2024 annual report summary, highlighting its financial performance, profit distribution plan, and the current state of the veterinary medicine industry in China. Company Overview - Pulaike operates in the veterinary medicine manufacturing sector, providing essential support for high-quality development in livestock farming and pet health management [5]. - The company focuses on the research, production, and sales of veterinary biological products, chemical drugs, and traditional Chinese veterinary medicine, with over 80 biological products and 200 chemical drugs in its portfolio [17][18]. Industry Situation Industry Scale - In 2023, China's veterinary medicine production enterprises achieved sales of 69.651 billion yuan, with a gross profit of 21.297 billion yuan. The industry has shown an overall upward trend over the past decade, with a compound annual growth rate of 6.16% [6]. Competitive Landscape - The industry consists of 1,620 veterinary medicine production enterprises, primarily medium and small-sized. Large enterprises account for 15.25% of biological product companies and 4.02% of chemical drug companies, indicating a stable industry concentration [7]. Development Trends - The veterinary medicine industry aims to provide high-quality products and services for livestock and pet owners. Companies with core competitiveness in technology innovation, product quality, market expansion, and comprehensive service capabilities will thrive in a highly competitive market [9]. Regulatory Policies - New regulations regarding veterinary drug registration and animal disease prevention have been introduced, aiming to enhance the authenticity and standardization of registration materials and improve disease control measures [10][11]. Financial Performance - For the fiscal year 2024, the company reported a net profit of 92.8065 million yuan, with a proposed cash dividend of 4 yuan per 10 shares, amounting to an estimated total distribution of 136.7677 million yuan [27][26]. Shareholder Information - The company has a total share capital of 346,062,273 shares, with 4,142,900 shares repurchased and not participating in the profit distribution [27][28]. Cash Management - The company plans to use up to 650 million yuan of idle funds for cash management, focusing on safe and liquid short-term investment products [34][35].