Core Viewpoint - The demand for feed-grade chlortetracycline (金霉素) in China is expected to rise significantly due to increased livestock farming and new applications in ruminants, with an estimated usage of around 10,000 tons in 2024, reflecting a year-on-year increase of 25.0% [1][8]. Industry Overview - Feed-grade chlortetracycline, a widely used feed additive, is primarily utilized to promote animal growth and improve feed conversion rates while also preventing animal diseases [3]. - The production process involves multiple key steps, including raw material preparation, fermentation, filtration, drying, and quality inspection, ensuring high quality and stability of the final product [4]. Industry Chain - The industry chain consists of raw material supply (mainly corn, peanut meal, and yeast powder), production manufacturing, and application in livestock and aquaculture [5][6]. Current Industry Status - The production of feed-grade chlortetracycline in China began in 1986, but the "comprehensive ban on antibiotics" policy implemented in July 2020 has limited the use of many growth-promoting additives. However, chlortetracycline remains in use due to its clinical effectiveness and low drug residues [7][8]. Competitive Landscape - The market is dominated by a few key players, with 金河生物 (Jinhe Biology) holding a 51% market share, followed by 驻马店华中正大 (Zhumadian Huazhong Zhengda) at 26% and 浦城正大 (Pucheng Zhengda) at 19% [9]. - 金河生物 reported a revenue of 1.39 billion yuan in the first half of 2025, a year-on-year increase of 30.45%, with a net profit of 138 million yuan, up 51.52% [10]. Development Trends - The industry is facing stricter environmental regulations, necessitating increased investment in advanced technologies to reduce waste emissions [12]. - There is a trend towards optimizing product structures, with new formulations like sustained-release and composite products expected to replace traditional types [13]. - The penetration of Chinese feed-grade chlortetracycline in overseas markets is anticipated to increase, particularly in emerging markets such as Southeast Asia and Africa, driven by initiatives like the Belt and Road [14].