Core Insights - The company reported a revenue of 2.544 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.50%, and a net profit attributable to shareholders of 362 million yuan, up 45.64% year-on-year [1] - In Q3 2025, the company achieved a revenue of 837 million yuan, with a year-on-year increase of 1.44%, and a net profit of 106 million yuan, reflecting a growth of 23.02% year-on-year [1] - The company has made significant advancements in mRNA vaccine development, including obtaining the world's first clinical trial approval for a food animal mRNA vaccine, showcasing its technological strength and forward-looking capabilities in the veterinary vaccine sector [1] Product Development - In Q3, the company received approvals for seven new products across various categories, including biological products, chemical drugs, and antibodies, enhancing its product matrix in the pet and animal medicine sectors [2] - The new products include vaccines for Newcastle disease, infectious bronchitis, avian adenovirus, and several others, which will drive high-quality development for the company [2] - The company has also adjusted the use of some raised funds to support the construction of a biological manufacturing industrialization project, aiming to expand into the new high-quality alternative protein sector [2] Operational Efficiency - The company has improved its profitability model through cost reduction and value innovation, leading to enhanced production efficiency and reduced operational costs [3] - During the reporting period, the sales and management expense ratios decreased by 0.27 percentage points year-on-year [3] - Looking ahead, the company is expected to maintain a competitive edge in the animal health sector and explore new growth opportunities through continued investment in mRNA vaccines and the development of ruminant vaccines [3]

Core Viewpoint - Reap Bio (300119.SZ) has recently obtained a new veterinary drug registration certificate from the Ministry of Agriculture and Rural Affairs, indicating progress in its product development and regulatory approval process [1]. Group 1: New Drug Registration - Reap Bio's subsidiary, South China Agricultural University Biological Pharmaceutical Co., Ltd. (referred to as "South China Bio"), has successfully registered two diagnostic reagent products as veterinary drugs [1]. - The company has also received approval for two vaccine products after passing the production strain change review by the Ministry of Agriculture and Rural Affairs [1]. Group 2: Details of New Veterinary Drugs - The newly registered veterinary drugs include: - Recombinant Cat Interferon ω (lyophilized form) developed by Reap Bio and Zhongke Baike (Tianjin) Biopharmaceutical Co., Ltd., classified as a Class II veterinary drug [2]. - Avian Influenza Virus H7 subtype (rLN79 strain) and H5 subtype (rFJ56 strain) diagnostic reagents developed in collaboration with South China Agricultural University and other partners [2]. - The vaccine products include: - Bivalent inactivated vaccine for Avian Influenza Virus (H5 subtype) combining strains H5N6 rHN503 and H5N1 rHN504, developed by multiple institutions including South China Agricultural University [2]. - Quadrivalent inactivated vaccine for Avian Influenza Virus (H5 and H7 subtypes) combining multiple strains, also developed by South China Agricultural University and its partners [2].

Core Viewpoint - Reap Bio (300119.SZ) has recently obtained a new veterinary drug registration certificate from the Ministry of Agriculture and Rural Affairs, indicating progress in its product development and regulatory approval process [1]. Group 1: New Drug Registration - Reap Bio's subsidiary, South China Agricultural University Biological Pharmaceutical Co., Ltd. (referred to as "South China Bio"), has successfully registered two diagnostic reagent products as veterinary drug products [1]. - The company has also received approval for two vaccine products, which have passed the production strain change review by the Ministry of Agriculture and Rural Affairs [1]. Group 2: Details of New Veterinary Drugs - The newly registered veterinary drugs include: - Recombinant Cat Interferon ω (lyophilized type) developed by Reap Bio and Zhongke Baike (Tianjin) Biological Pharmaceutical Co., Ltd. [2] - Avian Influenza Virus H7 subtype (rLN79 strain) developed by South China Agricultural University and other partners [2]. - Additionally, two inactivated vaccines for avian influenza have been applied for, including: - Bivalent inactivated vaccine for Avian Influenza Virus (H5N6 rHN503 strain + H5N1 rHN504 strain) [2]. - Quadrivalent inactivated vaccine for Avian Influenza Virus (H5N6 rHN503 strain + H5N1 rHN504 strain, H7N9 rHN705 strain + rHN706 strain) [2].