瑞普生物 20250825 摘要 瑞普生物 2025 年上半年营收同比增长 28%，扣非归母净利润增长 34%，主要得益于经济动物动保板块大客户战略和伴侣动物动保板块的 增长，其中生物制品增幅显著，成为业绩增长的关键驱动力。 公司重点推进科技创新，获得多项新兽药注册证书和临床试验批件，包 括全球首个食品动物用 mRNA 疫苗临床批件，并深化与头部养殖集团的 合作，加速海外布局，同时聚焦宠物医疗，提升产品、供应链及医疗整 合。 2025 年上半年，家禽疫苗收入同比增长 24.7%，家畜疫苗收入同比翻 倍增长 110%，宠物板块收入同比增长 108%，主要通过中瑞供应链实 现。家畜疫苗增长主要受益于口蹄疫苗的贡献和新上市宠物疫苗的影响。 宠物业务方面，瑞普生物计划实现瑞普品牌收入不低于 1 亿元，宠物供 应链朝着 10 亿元目标努力，通过并购中瑞供应链新增门店，覆盖全国 超过 1 万家门店，并计划通过收购、营销和品牌一体化提升伴侣动物经 济板块的规模和利润质量。 Q&A 请介绍瑞普生物 2025 年上半年财务业绩的整体情况。 2025 年上半年，瑞普生物实现了显著的经营业绩增长。公司 1 至 6 月份的营 收达到 ...

在"悦己经济"与"情感消费"浪潮驱动下，"它经济"正不断释放潜力：2024年我国城镇宠物猫达7153万 只、宠物狗达5258万只，城镇宠物（犬猫）市场规模超3000亿元，预计2027年将冲刺4000亿元大关。随 着养宠主力军呈现年轻化、高学历化特征，"宠物即家庭成员"的消费观念又推动市场从"量"的扩张转 向"质"的深耕，逐步向医疗等高附加值产业链辐射。而在2025年亚洲宠物展览会（以下简称"亚宠展"） 上，新华财经观察到，作为医疗生态关键一环的宠物药市场正经历深刻的结构性变革。 白热化竞争格局 全球动保（动物保护）行业的业务结构分布，已为市场发展趋势划定清晰轨迹。跨国动保企业勃林格殷 格翰披露，当前其全球动保业务中，伴侣动物业务占比达67%，显著高于畜禽业务的33%。以其为代 表，欧美发达国家动保市场普遍呈现相似的业务结构特征。这种"宠物业务为主、禽畜业务为辅"的格局 并非偶然，而是成熟市场"宠物拟人化"消费趋势的必然结果——宠物药市场成为动保行业的增量板块， 也由此确立了"宠物经济主导"的全球行业基准。 反观中国市场，目前仍以畜禽业务为主导、宠物业务占比尚低，与欧美等发达市场形成显著差异。不 过，国内企业已 ...

动保行业包括生物制品、疫苗、原料药、化学制剂和饲料添加剂等产品。这些 产品在养殖产业链中起到重要作用。根据统计局数据，以 2024 年为例，全国 中国动保市场仍面临国际竞争压力，但国产替代趋势正在形成，如速腾 在中国地区收入明显下降，本土企业逐渐缩小差距，创新药出口有望实 现突破。 动保行业未来增长点在宠物医疗领域，国内企业需积极突破经济动物和 国际市场，关注瑞普生物、科前生物、回云生物等企业，以及普莱克、 金河生物、生物股份和中牧股份等。 行业回归创新驱动，宠物药品及出海拓展成长空间 20250824 摘要 生猪养殖规模化提升，下游议价能力增强，动保行业内卷加剧，毛利率 从 2020 年的 35%以上降至 2023 年的不到 31%，中小型企业面临更 大生存压力。 动保行业创新后劲不足，同质化严重，一类新兽药证书数量明显减少， 产品价格战加剧，如口蹄疫苗单价从 2020 年的 1.45 元/毫升降至 2023 年底的 0.98 元/毫升，降幅超 32%。 动保产品在生猪养殖成本中占比略超 5%，但疫病风险是养殖业面临的 最大风险，对动保产品需求具有刚性，国内生猪养殖环境复杂，疫病对 养殖业构成重大困扰。 一 ...

每经记者｜许立波 每经编辑｜张海妮 与此形成对比的是，宠物创新药正成为新的增长引擎。mRNA疫苗等前沿技术正在被引入动保领域，推 动行业回归创新驱动的本质。在产业的"水深火热"与"创新突围"之间，中国动保企业正在摸索新的发展 路径。产品同质化导致低价内卷 动保行业也称为兽药行业，从规模看，中国动保产业已发展为一个体量接近700亿元的市场。根据中国 兽药协会披露的数据，2019年至2023年，国内兽药企业销售额从503.95亿元增至696.51亿元，年均复合 增长率达8.4%。不过近年来，受行业竞争加剧影响，市场增速明显放缓，毛利率持续下行，出现增收 不增利的情况。 8月20日至24日，第二十七届亚洲宠物展（以下简称亚宠展）在上海新国际博览中心举行。今年亚宠展 规模约为31万平方米，海内外参展企业2600多家，预计将吸引超51万专业观众和宠物爱好者参观。 亚宠展的热度正是近年来国内动物保健行业高速发展的缩影。伴随着市场规模持续增长，越来越多的玩 家正在被吸引入局，动保行业也不可避免地陷入低价内卷的旋涡。 国海证券在日前发布的研报中指出，动保行业作为养殖产业链的上游，其行业景气度往往跟下游生猪养 殖行业紧密相关。 ...

Core Insights - The pet economy in China is rapidly growing, driven by urbanization, aging population, and increasing pet ownership, with pet numbers expected to reach 124 million by 2024, a 2.1% increase year-on-year [1] - The pet medicine market in China is projected to grow from 9.39 billion yuan in 2020 to 20.95 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.2% [1][2] - By 2029, the pet medicine market is expected to reach 35.41 billion yuan, with a CAGR of 10.4% from 2025 to 2028 [2] Market Dynamics - The pet medicine market is currently dominated by foreign companies, with major players including Merck, Bayer, and Zoetis, while domestic companies are beginning to establish a foothold [3] - The approval process for new pet medicines has been slow, with only two new class one pet drugs approved in the past eight years, indicating a market that has been more focused on generic drugs [3][4] - Domestic companies are improving their product quality and expanding their product lines, with 11 companies having cat trivalent vaccines approved for sale by 2024 [4][5] Competitive Landscape - Domestic pet medicine companies are enhancing their competitiveness through improved quality control, targeted efficacy, and compliance with international standards [5] - The shift in consumer perception towards domestic pet medicines is creating opportunities for local brands to expand their market share [5] - Companies like Guangzhou Pharmaceutical Group and China Resources Sanjiu are entering the pet medicine market, indicating a trend of cross-industry participation [6] Challenges and Strategies - Companies entering the pet medicine market face challenges such as adapting to animal-specific formulations and building effective marketing teams [7][8] - Successful market entry requires a focus on channel development, with both online and offline strategies being essential for growth [8][10] - Companies are advised to develop innovative products that meet market demands and avoid homogenization, while also considering global supply chain restructuring and market diversification [10][11] Future Outlook - The future of the pet medicine market will involve a shift from treatment-focused products to comprehensive health management solutions [12] - Companies that can transition to preventive health management will likely dominate the market, as consumer preferences evolve towards holistic pet care [12]

Investment Rating - The report does not explicitly state an investment rating for the animal health industry, but it highlights potential growth areas such as pet pharmaceuticals and international expansion [1]. Core Insights - The animal health industry is experiencing a slowdown in growth, with increasing competition leading to a "Matthew Effect" where larger companies gain more market share at the expense of smaller firms [3][39]. - The industry is shifting back to a research and development-driven model, with innovation becoming crucial for future growth [4][83]. - The pet pharmaceutical market and international expansion are identified as key areas for long-term growth, with pet medical consumption projected to reach approximately 84 billion yuan in 2024 [5][78]. Summary by Sections 1. Overview of the Animal Health Industry - The animal health industry, also known as the veterinary drug industry, includes a wide range of products such as vaccines, antibiotics, and feed additives [11][12]. - The market size has grown from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, with a CAGR of 8.43% [3][12]. 2. Increasing Competition and Market Dynamics - The industry is facing a slowdown in growth, with sales increasing from 62.095 billion yuan in 2020 to 69.651 billion yuan in 2023, while average gross profit has decreased from 21.998 billion yuan to 21.297 billion yuan [3][39]. - The "Matthew Effect" is evident as larger companies leverage their product portfolios and R&D investments to capture more market share [3][52]. 3. Shift Towards R&D and Innovation - The industry is moving away from its cyclical nature, with a focus on integrated strategies and innovation to counteract competitive pressures [4][69]. - The average profit per head in self-breeding pig farming is expected to improve significantly in 2024, indicating potential for recovery in related sectors [4][62]. 4. Growth Opportunities in Pet Pharmaceuticals and Exports - The pet medical market is projected to grow rapidly, with a significant increase in demand for preventive care and treatment as pet owners become more health-conscious [5][78]. - The report highlights the successful export of domestic pet pharmaceuticals, marking a breakthrough in international markets [5][78]. 5. Key Companies to Watch - Companies such as 瑞普生物 (Reap Bio), 科前生物 (KQ Bio), and 回盛生物 (Hui Sheng Bio) are recommended for attention due to their innovative approaches and market positioning [6].

Group 1: Non-ferrous Metals - Tin Industry - The company, Xiyie Co., is a global leader in the tin and indium industry, expected to benefit significantly from the rising price center, leading to profit enhancement. The company has excellent resource endowments with substantial growth potential in tin, tungsten, and indium production [2][4]. - The domestic market share of the company in tin metal is projected to reach 47.98% in 2024, with a global market share of 25.03%, positioning it as the top tin producer worldwide. The company plans to invest 101 million yuan in exploration, adding 52,400 tons of non-ferrous metal resources in 2024 [4]. - The company is actively pursuing both internal resource development and external partnerships to enhance its industry chain advantages, with a production scale of 1.5 million tons/year for tin and 560,000 tons/year for tungsten planned [4][5]. Group 2: Agriculture - Animal Health Industry - Ruip Bio is a leading player in the domestic animal health industry, with robust growth in both livestock and pet health segments. The company is expected to see steady progress in livestock health and rapid growth in pet health products, with a projected market size of 20.95 billion yuan for pet medicine by 2024 [6][7]. - The company has achieved a compound annual growth rate of over 16% in revenue from 2015 to 2024, with total revenue expected to reach 3.07 billion yuan in 2024. The company has established a strong presence in over 70 cities through strategic acquisitions and partnerships [7]. - The company is focusing on enhancing its product matrix in pet health, with a significant emphasis on vaccine development, including a breakthrough in the cat trivalent vaccine, which is expected to double revenue in 2025 [6][7]. Group 3: Communication - New Yi Sheng - New Yi Sheng has raised its earnings forecast and target price, maintaining a buy rating. The company is expected to achieve a net profit of 3.7 to 4.2 billion yuan in the first half of 2025, representing a year-on-year growth of 327.68% to 385.47% [9][10]. - The company is expanding its production capacity, with the first phase of its factory in Thailand completed in the first half of 2023 and the second phase expected to be operational in early 2025. The demand for 1.6T products is anticipated to begin ramping up in the second half of 2025 [10].

Summary of Conference Call Industry and Company Involved - The conference call primarily discusses the **agriculture industry**, focusing on the **pet sector** and **livestock farming**, particularly **swine farming** and **pet medical care**. Key Points and Arguments Pet Sector 1. The company has been continuously recommending the **pet sector**, with a recent emphasis on the **breeding sector** as well. The focus includes **pet food** and **pet medical care** [1][8] 2. Recent offline surveys indicate a shift in the pet market towards **fresh food** and **differentiated products**, highlighting the competitive landscape driven by product innovation [9][10] 3. The pet market is currently characterized by high marketing costs and increased competition, necessitating a focus on product quality and consumer education [13][14] 4. Domestic leading brands are gaining traction, particularly in the mid to high-end market segments, despite facing competition from foreign brands [15][16] Livestock Farming 5. The company has started to recommend the **swine farming sector** due to favorable market conditions and stable pig prices, which have remained between **14 to 15 yuan** per kilogram since the Chinese New Year [3][4] 6. There has been a significant increase in the average weight of pigs post-Chinese New Year, with an increase of nearly **8 kilograms**, indicating a positive trend in livestock growth [4] 7. Despite the current stability, there is a bearish outlook on pig prices due to high supply pressures, presenting a potential buying opportunity in the livestock sector [6] Pet Medical Care 8. The pet medical care sector is viewed as having substantial growth potential, with expectations for the market to develop into a **billion-dollar industry** [18][19] 9. The domestic pet medical market is still in its early stages compared to mature markets like the U.S., indicating significant room for growth in pet health management and spending [19] 10. Companies with strong R&D capabilities and a focus on pet vaccines and pharmaceuticals are expected to thrive in the evolving market landscape [20][22] Financial Performance and Projections 11. The company anticipates a **20%** growth rate over the next two to three years, supported by the launch of new products in the pet medical sector [24] 12. Current valuations suggest that the company is trading at less than **18 times** earnings, indicating a favorable investment opportunity [24] Additional Insights 13. Recent policy changes are expected to accelerate trends in the livestock sector, with ongoing adjustments in regulations impacting market dynamics [6][7] 14. The competitive landscape in the pet food market is shifting towards product-driven strategies, with an emphasis on health and premium offerings [11][12] Conclusion The conference call highlights a positive outlook for both the pet and livestock sectors, driven by product innovation, market stability, and favorable growth projections. The emphasis on R&D and adapting to consumer trends is crucial for companies operating in these industries.

Summary of the Conference Call on the Pet Pharmaceutical Industry Industry Overview - The pet pharmaceutical market in China is experiencing rapid growth, with a compound annual growth rate (CAGR) of 22%, driven by rigid demand throughout the pet lifecycle [1][2] - The aging pet population is increasing, with the proportion of senior dogs over seven years old rising significantly, leading to higher demand for medications for age-related diseases [1][2] Key Insights - The market size is projected to grow from less than 9.4 billion yuan in 2020 to nearly 21 billion yuan by 2024, indicating a robust growth trajectory [2] - The demand for pet medications is characterized by its rigidity, affecting various age groups, with high incidence rates of conditions like dental calculus and skin diseases [2] - The industry faces supply bottlenecks, particularly in medications for elderly diseases, which are heavily reliant on imports [4] Supply Chain and Innovation - The industry is exploring human drug conversion to alleviate supply-demand conflicts, exemplified by the release of a directory of urgently needed human medications for pets [4] - There is a push for accelerated research and innovation to develop effective treatments for chronic diseases and tumors, with the first domestic monoclonal antibody drug clinical approval achieved in June [4] Progress in Domestic Vaccine Development - Domestic companies have made significant strides in the core vaccine sector, particularly with the launch of the first approved domestic cat trivalent vaccine by Ruipuhua in January 2024 [5][6] - By June 2025, a total of 11 domestic cat trivalent vaccines are expected to be on the market, breaking the monopoly previously held by foreign companies [5][6] Market Dynamics - The pet vaccine market is vast, with the mandatory rabies vaccine market valued at approximately 3-4 billion yuan, and both cat and dog trivalent vaccines around 2 billion yuan each [6] - Domestic vaccines have advantages in strain matching and pricing, typically being 20% cheaper than imported alternatives [7] Competitive Landscape - The cat trivalent vaccine market remains in a blue ocean state, with less than 10% immunization penetration among urban pet cats, indicating significant growth potential [8][9] - Over 10 domestic companies are involved in the pet vaccine sector, including traditional veterinary medicine firms and those transitioning from human pharmaceuticals [10] Challenges and Future Trends - Domestic companies face challenges in channel development, needing to overcome the premium pricing power of foreign brands [11] - Companies like Ruipuhua and PlaiKe are working to narrow the gap by building their own or partnering with pet hospitals [11][12] - Future trends include a focus on mRNA technology and innovative drug delivery methods, which could reshape the competitive landscape and create larger market opportunities due to the increasing management needs of aging pets [13]

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Agriculture, Forestry, Animal Husbandry, and Fishery - **Focus**: Pet consumption growth, livestock farming, and feed industry dynamics Key Insights on Pet Industry - **Market Growth**: The Chinese pet market is projected to grow by 7.5% in 2024, with cat products showing particularly strong growth [1][2] - **Food Demand**: Pet food remains a necessity, with staple food and nutritional products gaining market share. There is a clear trend towards health-oriented and specialized products [1][2] - **Export Challenges**: Pet food exports to the U.S. face significant tariffs, currently at 55%. Companies are responding by establishing overseas production facilities [3][4] - **E-commerce Performance**: Domestic brands performed exceptionally well during the 618 shopping festival, with top five brands on Tmall being local. Some brands, like Mediaway, reported a staggering 450% year-on-year growth [5] Trends in Pet Pharmaceuticals - **Market Expansion**: The demand for pet pharmaceuticals is increasing due to the aging pet population and rising penetration rates. The market for diagnostic drugs, vaccines, and dewormers is expanding significantly [1][6][8] - **Vaccination Trends**: There is a trend towards the introduction of major new products in the pet pharmaceutical sector, including the gradual replacement of imported vaccines [6][8] Livestock Farming Insights - **Regulatory Environment**: The pig farming industry is experiencing stricter regulations, leading to improved supply-demand dynamics. As of April 2025, the number of breeding sows has slightly decreased year-on-year [1][12] - **Production Efficiency**: The industry is seeing a rise in production efficiency and a shift towards more rational production practices to stabilize prices [12][13][14] - **Cost and Debt Levels**: Leading pig farming companies maintain a cost advantage, with production costs around 12 to 12.5 RMB per kg. Most companies have a debt-to-asset ratio below 60% [15] Feed Industry Dynamics - **Price Trends**: The prices of bulk feed ingredients are on the rise, leading to a slight increase in overall feed prices. Feed production has rebounded significantly, with a 13.6% year-on-year increase in April 2025 [22][23] - **Market Recovery**: The feed market is expected to continue its recovery, particularly in the pig feed segment, which saw a 15.52% increase in sales [22] Challenges and Opportunities - **Poultry Market**: The white chicken market is facing structural shortages, while the yellow chicken market is at historical lows. Leading companies are adapting by improving breed selection and processing capabilities [16][19] - **Domestic Brands**: Domestic animal health products are gaining traction due to their quality and cost-effectiveness, with significant potential for import substitution [11][21] Future Outlook - **Pet Market Growth**: The pet pharmaceutical market is expected to continue expanding as the pet population ages, with significant growth potential in the domestic market [8][10] - **Livestock Industry Trends**: The livestock industry is likely to see ongoing improvements in production efficiency and a more favorable supply-demand balance in the coming years [12][13][14] This summary encapsulates the critical insights and trends discussed in the conference call, highlighting the growth potential and challenges within the pet and livestock industries.