Group 1: Macro Economic Insights - The report highlights that after the implementation of the "Equal Tariff 2.0," industry tariffs may become a key new variable in Trump's tariff policy, aiming to reduce the trade deficit and promote manufacturing job recovery in the U.S. [5][8][9] - The U.S. has reached trade agreements with several countries, but most are temporary framework agreements lacking specific content, with significant tariff rate disparities remaining [5][6][7]. - The report notes that the U.S. collected approximately $94.719 billion in tariffs from April to July 2025, indicating a partial achievement of the goal to supplement U.S. fiscal revenue through tariffs [8]. Group 2: Industry Performance - The report indicates that in July 2025, the sales of new energy vehicles in nine European countries reached 217,000 units, a year-on-year increase of 41.6%, with a penetration rate of 27.5% [32]. - The report suggests that the European electric vehicle market is expected to grow further due to new carbon emission regulations and the introduction of new electric vehicle models by various manufacturers [34]. - The agricultural sector, particularly companies like BioShares, is experiencing growth driven by accelerated vaccine development and a strong product pipeline, with revenue for the first half of 2025 reaching 620 million yuan, a year-on-year increase of 1.28% [36][39]. Group 3: Company-Specific Updates - The report states that TaxFriend Co. is expected to benefit from the deepening of fiscal and tax reforms, with projected net profits for 2025-2027 at 212 million, 332 million, and 498 million yuan respectively [46]. - JiBit Co. reported a significant revenue increase of 28.49% year-on-year for the first half of 2025, driven by the success of new game launches and a high dividend payout ratio of 73% [51][52]. - JiaBiyou Co. anticipates continued growth in the second half of 2025, with a projected net profit of 192 million yuan for 2025, supported by favorable market conditions and ongoing restructuring efforts [55][56].

Core Viewpoint - Jinhe Biotechnology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, achieving historical highs in both metrics, driven by strong sales in its veterinary pharmaceutical segment and a favorable cost environment [2][3]. Financial Performance - The company achieved operating revenue of 1.39 billion yuan, a year-on-year increase of 30.45% [2] - Net profit attributable to shareholders reached 138 million yuan, up 51.52% year-on-year [2] - Overall gross margin improved by 1.25 percentage points compared to the same period last year due to lower growth in operating costs relative to revenue growth [2] Business Segments - The veterinary pharmaceutical segment saw robust sales, particularly in the core product, Chlortetracycline, with both domestic and international markets experiencing growth [2][3] - The company has expanded its production capacity for Chlortetracycline to 61,000 tons per year, ensuring sufficient supply to meet future market demand [3] - The vaccine segment has established four major production bases in China and the U.S., with leading market shares in certain vaccine products [4] Market Expansion - The company is actively expanding its sales channels, resulting in increased market share and penetration for Chlortetracycline in the domestic market [3] - The U.S. market has shown a positive response to price increases, leading to further sales growth and market share expansion [3] - The pet care segment is being developed as a strategic focus, with a dual product line strategy in place [5]

疫苗板块，目前公司在内蒙古、杭州、吉林、美国拥有四大生产基地、两大研发中心(美国和金河佑本 研究院)，并构建了四大核心技术平台。目前上市销售的疫苗产品有16个，在研和申报文号的产品共20 多个。 凭借差异化优势和创新型技术，公司产品不断获得市场认可。其中，蓝耳灭活疫苗佑蓝宝(CH-1a株)实 现灭活疫苗市占率国内领先，Top50养猪企业超过90%使用佑本蓝耳解决方案；布病疫苗市场反映良 好；非瘟疫苗处于中试生产阶段,拟向农业农村部申报临床；海外疫苗平台法玛威的产品陆续进入中国 市场，客户认可度不断提升。 此外，金河生物积极推进宠物动保业务。公司宠物板块布局以化药和疫苗产品为主，保健类产品为辅。 目前在售产品15个，保健产品8个(自有品牌)，6个功能性食品及狂犬疫苗1个。公司正在申报的产品十 多个，包括驱虫药、治疗药以及疫苗产品。 金河生物表示，宠物业务板块将作为公司战略重点板块有序推进。此外，随着新产品不断投放市场，兽 用疫苗板块有望成为高速成长板块，将是公司业绩增长的第二曲线。 中证报中证网讯(王珞)7月30日，金河生物（002688）发布2025年半年报。上半年公司实现营业收入 13.90亿元，同比增长3 ...

7月30日晚间，金河生物(002688)发布2025年半年报。期内，公司实现营业收入13.90亿元，同比增长 30.45%；实现归属于上市公司股东的净利润1.38亿元，同比增长51.52%，收入和利润规模均创半年度业 绩历史新高。 公司方面表示，业绩增长主要是兽用化学药品板块销售持续向好，主要产品金霉素内外销市场销量齐 增，特别是海外市场销量继续增长。化药板块业绩迅速增长是公司本期整体业绩大幅提升的主要原因。 同时，公司在营业收入增加的情况下，受玉米等原材料价格下降的影响，营业成本增长幅度小于营业收 入增长幅度，整体毛利率较上年同期增加1.25个百分点。 据介绍，公司兽用化药产品在中国、美国、加拿大、欧洲、南美、东南亚、印度、越南等国家和地区养 殖业中得到广泛使用。国内方面，去年10月，公司金霉素预混剂产品增加靶动物绵羊羔羊获农业农村部 批准增加了新的应用场景和适用空间。随着下游生猪养殖端盈利状况改善，市场需求回暖，公司通过大 力拓展销售渠道，实现了金霉素国内市场占有率和渗透率的进一步提升。与此同时，海外市场量价齐 增，美国市场价格上调后客户接受程度较高，销售量继续增长，并对其他海外市场产生一定的辐射带动 效 ...

7月30日，金河生物（002688.SZ）发布2025年半年报。上半年公司实现营业收入13.90亿元，同比增长 30.45；实现归属于上市公司股东的净利润1.38亿元，同比增长51.52%，收入和利润规模均创半年度业 绩历史新高。 对于业绩增长的主要原因，半年报显示，公司兽用化学药品板块销售持续向好，主要产品金霉素内外销 市场销量齐增，特别是海外市场销量继续增长。化药板块业绩迅速增长是公司本期整体业绩大幅提升的 主要原因。 同时，公司在营业收入增加的情况下，受玉米等原材料价格下降的影响，营业成本增长幅度小于营业收 入增长幅度，整体毛利率本期较上年同期增加1.25个百分点。 半年报显示，公司兽用化药业务板块构建了以金霉素预混剂为核心、多品类化药协同发展的格局。兽用 化药产品在中国、美国、加拿大、欧洲、南美、东南亚、印度、越南等国家和地区养殖业中得到广泛使 用。2024年10月，公司金霉素预混剂产品增加靶动物绵羊羔羊获农业农村部批准，金霉素预混剂产品增 加了新的应用场景和适用空间。 随着下游生猪养殖端盈利状况改善，市场需求回暖，公司通过大力拓展销售渠道，实现了金霉素国内市 场占有率和渗透率的进一步提升。海外市场量 ...

Investment Strategy Overview - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook for the sector [3][5][6] Market Performance - From the beginning of 2025 to June 16, the agriculture, forestry, animal husbandry, and fishery index achieved an absolute return of +12.81%, outperforming the CSI 300 index by 14.5 percentage points [10][13] - The pet food sector has shown the highest growth, while the aquatic processing sector has also performed well [13][14] Swine Breeding Sector - The swine breeding industry is expected to enter a phase of simultaneous supply and demand growth in the second half of 2025, driven by a sufficient supply of piglets and an increase in domestic slaughtering due to reduced imports from the U.S. [15][30] - The number of breeding sows and total swine stock remains high, with a notable increase in piglet supply observed from January to April 2025 [18][30] - Major companies like Muyuan Foods have reported significant increases in piglet sales, indicating strong market dynamics [17][30] Animal Health Sector - The animal health market is experiencing steady growth, with a market size increase from 472.29 billion yuan in 2016 to 696.51 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [35][36] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [41][48] Seed Industry - The seed industry is undergoing significant transformation, with a focus on the commercialization of biotechnology breeding, which is expected to enhance market concentration and profitability for related companies [4][16][19] - The regulatory environment is becoming clearer, and companies that have passed initial reviews are now obtaining operational licenses, positioning them to benefit from the industry's growth [4][19] Pet Food Sector - China's pet food market is projected to continue growing, driven by demographic changes and rising living standards, with the market size expected to expand significantly [5][23] - The domestic pet food industry is seeing a shift towards increased online sales and domestic product substitution, indicating a robust growth trajectory [5][23][26] Investment Recommendations - The report suggests focusing on leading companies in the sector, including Muyuan Foods, Pulaike, Qiule Seed Industry, Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from favorable market conditions and valuation recovery [5][32]

Investment Rating - The overall industry investment rating is "Positive" for planting, livestock, and agricultural product processing sectors, while "Neutral" for forestry and fishery sectors [2]. Core Views - Recent grain price increases indicate a potential bottoming out of the planting industry chain, while livestock prices remain low with potential for high-level capacity adjustments. The importance of domestic agricultural supply is highlighted by tariff countermeasures, suggesting a favorable policy environment for industry development [20][23]. Summary by Sections 1. Livestock Industry Chain - **Pork**: Production capacity growth has stagnated, with the sector's valuation at a historical low, indicating long-term investment opportunities. The average price of pork is 14.82 CNY/kg, down 0.02 CNY from last week. The demand is expected to weaken in the short term, leading to a potential weak fluctuation in pork prices [5][20]. - **Poultry**: Chicken prices are fluctuating, with the average price for white feather broilers at 3.75 CNY/jin, up 0.02 CNY from last week. The industry faces high production levels, but potential price increases may occur due to reduced imports from the U.S. following tariff impositions [9][21]. - **Yellow Chicken**: Prices are expected to rise as supply tightens and consumption recovers, with prices for yellow chicken at 11.2 CNY/kg, up 0.51 CNY from last month [10][23]. - **Animal Health**: The industry shows signs of recovery, with improved performance in Q1. The introduction of domestic vaccines is expected to drive growth in the sector [11][23]. 2. Planting Industry Chain - **Seed Industry**: The focus on food security is leading to improved policies for the seed industry, with expectations for transgenic technology to accelerate. The performance of leading companies is expected to improve as valuations are currently low [12][24]. - **Grain Prices**: Recent increases in grain prices, with corn at 2327 CNY/ton (up 30 CNY) and wheat at 2462 CNY/ton (up 10 CNY), suggest investment opportunities in the sector. The decline in grain imports in Q1 indicates a tightening supply [13][24]. 3. Recommended Companies and Ratings - **Companies with Buy Ratings**: Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are highlighted as recommended investments [3][52].

Investment Rating - The overall industry rating is positive, with expectations for higher returns compared to the CSI 300 index in the next six months [52]. Core Views - The agricultural product prices have shown a divergence recently, with grain prices continuing to rise while livestock prices have stabilized after an initial increase. The importance of domestic food security has been highlighted by tariff countermeasures, and the policy environment for industry development is expected to continue improving, indicating ongoing investment opportunities in the sector [5][18]. - The livestock industry chain is experiencing stagnation in production capacity growth, with the valuation of the sector at a low point, suggesting long-term investment opportunities. The average price of live pigs is currently 14.95 yuan/kg, reflecting a slight decrease from the previous week [5][19]. - The poultry sector is witnessing fluctuations in chicken prices, with the average price for white feather broilers at 3.73 yuan/kg, down 0.02 yuan from last week. The industry is advised to monitor the impacts of avian influenza and tariff countermeasures [21][20]. Summary by Sections Livestock Industry Chain - **Pork**: The production capacity growth has stagnated, and the sector's valuation is at a historical low, indicating potential long-term investment value. The average price of live pigs is 14.95 yuan/kg, down 0.02 yuan from last week [5][19]. - **Poultry**: The average price for white feather broilers is 3.73 yuan/kg, down 0.02 yuan from last week. The industry is advised to monitor the impacts of avian influenza and tariff countermeasures [21][20]. - **Eggs**: The average price for yellow chickens has shown a slight increase, with prices at 10.69 yuan/kg for Lihua yellow chickens, up 0.32 yuan from last month [21]. Planting Industry Chain - **Seed Industry**: The recent announcement of 99 genetically modified corn and soybean varieties pending approval indicates a significant expansion in domestic GM crop varieties, which is expected to enhance agricultural production efficiency [22]. - **Grain Prices**: Recent increases in grain prices, with corn at 2291 yuan/ton and wheat at 2434 yuan/ton, suggest potential investment opportunities in the context of reduced imports and tariff measures against U.S. agricultural products [22][11]. Recommended Companies - The report recommends several companies for investment, including: - Zhongchong Co., Ltd. (Buy) - Muyuan Foods Co., Ltd. (Buy) - Suqian Agricultural Development Co., Ltd. (Buy) [3].

Investment Rating - The industry investment rating is "Positive" with a recommendation to maintain the outlook for long-term investment opportunities in the agriculture sector [1][6]. Core Viewpoints - The report highlights that the livestock production capacity is decreasing, and the valuation of the sector is at a bottom level, indicating long-term investment opportunities [6][22]. - The agricultural sector has shown better performance compared to the broader market, with the feed sub-industry leading in growth [5][27]. Summary by Relevant Sections Livestock Industry - **Pork**: Production capacity is starting to decline, with the national average price for live pigs at 14.5 CNY/kg, down 0.05 CNY from the previous week. The average weight of pigs after slaughter is stable at 89.81 kg. The processing rate for pork is at 26.25%, up 1.45 percentage points from last week. Demand is expected to rise due to school openings, but supply is also increasing, leading to potential price fluctuations [6][22][23]. - **White Chicken**: The average price for chicken seedlings is 2.43 CNY/bird, up 0.18 CNY, while the average price for white feathered meat chickens is 2.97 CNY/kg, up 0.15 CNY. The industry is experiencing a high level of production capacity that needs to be reduced [10][24]. - **Yellow Chicken**: The price for yellow chickens is showing signs of potential increase due to tight supply, with the average price at 11.78 CNY/kg, up 0.37 CNY. The industry is at a historical low in production capacity, suggesting upward price potential [11][25]. - **Animal Health**: The animal health industry is at a recovery point, with increasing sales of domestic vaccines and ongoing research into new vaccines, indicating future growth potential [12][26]. Planting Industry - **Seed Industry**: The environment for the seed industry is improving, with the ongoing industrialization of genetically modified corn and soybeans supporting performance growth for leading companies [13][26]. - **Planting**: Recent grain prices have stabilized, with corn at 2223 CNY/ton (up 29 CNY) and wheat at 2429 CNY/ton (up 26 CNY). Expectations of a rebound in grain prices present investment opportunities in leading companies [14][26]. Recommended Companies - The report recommends buying shares in the following companies: - Denghai Seeds [4] - Muyuan Foods [4] - Suqian Agricultural Development [4]