Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][46] Core Insights - The profitability of pig farming has shown signs of recovery, with self-breeding pig farming profits turning positive [30] - The industry has slightly underperformed compared to the CSI 300 index, with a decline of 0.72% from January 5 to January 15, 2026, lagging behind the index by approximately 3.34 percentage points [14] - The report highlights the potential for price recovery in pig farming due to seasonal demand, and emphasizes the importance of capacity reduction in the breeding sector [46][48] Industry Performance Overview - The SW agriculture, forestry, animal husbandry, and fishery industry index has a current PB ratio of approximately 2.63, indicating a slight decline in valuation and positioning at about 59.2% of the historical average since 2006 [21] - Among the sub-sectors, animal health, fishery, agricultural product processing, and planting recorded positive returns, with increases of 8.52%, 4.59%, 1.77%, and 0.45% respectively, while feed and breeding sectors saw declines of 0.99% and 2.34% [17][18] Key Industry Data - The average price of external three-breed pigs fluctuated from 12.86 CNY/kg to 12.48 CNY/kg and then rebounded to 12.76 CNY/kg between January 2 and January 15, 2026 [22] - As of January 15, 2026, the average price of corn was 2363.82 CNY/ton and soybean meal was 3184 CNY/ton, both showing a recent increase [27] - The profit for self-breeding pig farming reached 7.39 CNY/head, while the profit for purchased pig farming was 48.35 CNY/head, indicating a shift from loss to profit [30] Company Insights - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299), which are positioned well for potential growth in the sector [48][49] - The report notes that the domestic pet market has growth potential, with exports expected to maintain rapid growth, highlighting opportunities in leading domestic companies [48]

Core Viewpoint - The approval of a new veterinary drug, a trivalent inactivated vaccine for Newcastle disease, avian influenza (H9 subtype), and infectious bursal disease, represents a significant advancement for the poultry industry, addressing critical diseases that cause substantial economic losses [1] Company Summary - The company,普莱柯 (603566.SH), announced the approval of its wholly-owned subsidiary, 洛阳惠中生物技术有限公司, for a new veterinary drug [1] - The new vaccine is officially registered as of January 12, 2026, under the Ministry of Agriculture and Rural Affairs of the People's Republic of China [1] Industry Summary - Newcastle disease, avian influenza (H9 subtype), and infectious bursal disease are major infectious diseases that severely impact the poultry industry, leading to significant economic losses [1] - The new trivalent inactivated vaccine offers several advantages: 1. Utilizes suspension cell culture technology for more controllable and efficient production [1] 2. Achieves high soluble expression of VP2 protein for infectious bursal disease in a baculovirus vector [1] 3. Provides immunity lasting over 4 months and allows for multi-disease prevention with a single injection, reducing stress on chicken populations from frequent vaccinations [1]

Core Viewpoint - The company has received approval from the Ministry of Agriculture and Rural Affairs for a new veterinary drug, which will enhance its product offerings in the poultry vaccine market [1] Group 1: Product Development - The new veterinary drug is a trivalent inactivated vaccine for preventing Newcastle disease, H9 subtype avian influenza, and infectious bursal disease [1] - The vaccine is characterized by efficient production, high expression, and long-lasting immunity [1] Group 2: Market Impact - The approval of the new veterinary drug certificate will enrich the company's poultry vaccine product line and improve its competitive edge in the market [1]

Core Viewpoint - The announcement indicates that the company's wholly-owned subsidiary, Luoyang Huizhong Biotechnology Co., Ltd., has received a new veterinary drug registration certificate for a trivalent inactivated vaccine targeting three chicken diseases, enhancing the company's product portfolio and competitiveness in the poultry vaccine market [1] Group 1 - The vaccine is designed to prevent three diseases: Newcastle disease, avian influenza (H9 subtype), and infectious bursal disease [1] - The registration certificate was issued by the Ministry of Agriculture and Rural Affairs on January 12, 2026, marking a significant regulatory milestone for the product [1] - The vaccine is classified as a Category III new veterinary drug, indicating its potential impact on animal health and the poultry industry [1] Group 2 - The product still requires approval for veterinary drug product registration before it can be marketed, indicating further steps in the regulatory process [1] - This development enriches the company's poultry vaccine offerings, which is expected to enhance its competitive edge in the market [1]

Core Viewpoint - The company has obtained a new veterinary drug registration certificate for a trivalent inactivated vaccine targeting Newcastle disease, avian influenza (H9 subtype), and avian adenovirus disease (I group 4) [1] Group 1: Regulatory Compliance - The vaccine registration is in accordance with the Veterinary Drug Management Regulations and the Measures for the Approval Number Management of Veterinary Drug Products [1] - The company is currently in the process of applying for the veterinary product approval number issued by the Ministry of Agriculture and Rural Affairs, which is required before the product can be marketed [1]

Core Insights - The company reported a significant increase in net profit for Q3 2025, achieving 106 million yuan, a year-on-year growth of 23.02% [1] - The overall revenue for the first nine months of 2025 reached 2.54 billion yuan, reflecting a 13.50% increase compared to the previous year [1] - The company has received multiple approvals for veterinary products, including the world's first mRNA vaccine for food animals, indicating a strong position in the market [3] Financial Performance - For Q1-Q3 2025, the company's revenue was 822 million yuan, 886 million yuan, and 837 million yuan, with year-on-year growth rates of 20.0%, 21.02%, and 1.44% respectively [2] - The net profit for the same quarters was 116 million yuan, 141 million yuan, and 106 million yuan, with year-on-year growth rates of 28.45%, 93.89%, and 23.02% respectively [2] - The company’s operating expenses decreased, with sales expenses at 366 million yuan (14.4% of revenue) and management expenses at 158 million yuan (6.20% of revenue) for the first nine months of 2025 [2] Product Development and Strategic Initiatives - The company has received clinical trial approval for an mRNA vaccine for pig diarrhea, which is a significant advancement in veterinary medicine [3] - In addition to the mRNA vaccine, seven other new products have been approved, enhancing the company's product portfolio in the veterinary and pet medicine sectors [3] - The company plans to invest 679 million yuan in a microbial protein project, which is expected to generate annual revenue of 1.3 billion yuan upon full production [3] Future Projections - Revenue projections for 2025-2027 are 3.512 billion yuan, 4.010 billion yuan, and 4.478 billion yuan, with corresponding net profits of 440 million yuan, 509 million yuan, and 591 million yuan [4] - The expected growth rates for net profit are 46.4%, 15.6%, and 16.0% for the respective years [4] - The company maintains a "buy" rating based on these projections [4]

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 - The company, Pulaike (603566), has received approval from the Ministry of Agriculture and Rural Affairs for a new veterinary drug, a four-in-one inactivated vaccine for poultry diseases, marking a significant development in the veterinary pharmaceutical industry [1] Group 1: Company Developments - Pulaike and its wholly-owned subsidiary, Luoyang Huizhong Biotechnology Co., Ltd., jointly applied for the new veterinary drug, which includes vaccines for Newcastle disease, infectious bronchitis, avian influenza (H9 subtype), and avian adenovirus disease [1] - The new veterinary drug registration certificate was publicly announced on October 11, indicating successful regulatory approval [1] Group 2: Market Context - As of now, there are no similar four-in-one inactivated vaccine products available for sale in the poultry market, highlighting a potential competitive advantage for the company [1]

Core Viewpoint - The Ministry of Agriculture and Rural Affairs has approved the new veterinary drug registration for a four-in-one inactivated vaccine developed by Pulaike Bioengineering Co., Ltd. and its subsidiary Huizhong Bio, which targets multiple poultry diseases [1] Group 1: Product Development - The four-in-one inactivated vaccine addresses Newcastle disease, infectious bronchitis, avian influenza (H9 subtype), and avian adenovirus disease (Group I, Type 4) [1] - The total investment in the product development amounts to 7.3635 million yuan [1] - The vaccine provides immunity for at least six months with a single injection [1] Group 2: Market Position - Currently, there are no similar four-in-one inactivated vaccines for poultry available in the market [1] - The acquisition of the new veterinary drug registration certificate is expected to enhance the company's product competitiveness [1] - This development is anticipated to create a new growth point for the company's performance [1]

Core Viewpoint - The company, Reap Bio (300119.SZ), has received a new veterinary drug registration certificate from the Ministry of Agriculture and Rural Affairs for a multi-strain inactivated vaccine targeting avian diseases, marking a significant advancement in the poultry vaccine market in China [1] Group 1: Product Approval - The company and its subsidiaries have obtained the new veterinary drug registration certificate for a vaccine that includes strains for Newcastle disease, infectious bronchitis, avian influenza (H9 subtype), and infectious bursal disease [1] - This product approval fills a market gap for QX-type infectious bronchitis virus multi-strain vaccines in China [1] Group 2: Strategic Implications - The approval reflects the company's forward-looking layout and innovative capabilities in the poultry vaccine sector [1] - The new vaccine enhances the company's product line in poultry vaccines, which is expected to further solidify its leading position in the industry [1] - The introduction of this product is anticipated to provide a new growth point for the company's performance [1]