Core Viewpoint - Luye Pharma Group Limited has completed the issuance of 1.5 million exchangeable preferred shares, which can be exchanged for existing shares of Boan Biotechnology, representing approximately 16.15% of Boan's total issued shares [1] Group 1 - The issuer, Luye Geneora Holding Limited, a wholly-owned subsidiary of the company, has allocated and issued 1.5 million exchangeable preferred shares to the subscribers [1] - The exchangeable preferred shares can be converted into shares of Boan Biotechnology without the issuance of any new shares by Boan [1] - Based on the initial exchange price of HKD 11.718, the total number of Boan shares deliverable upon the exchange of all preferred shares is up to 100,486,431 shares [1]

从资金流向上来看，当日动物保健板块主力资金净流出7682.64万元，游资资金净流出3965.3万元，散户 资金净流入1.16亿元。动物保健板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月12日动物保健板块较上一交易日上涨1.82%，生物股份领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。动物保健板块个股涨跌见下表： ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][51]. Core Insights - Recent recovery in pig prices is noted, with expectations for continued price increases as the seasonal consumption peak approaches. The inventory of breeding sows remains relatively high, indicating significant potential for capacity reduction [51]. - The report highlights investment opportunities in leading pig farming companies due to expected capacity reduction and improving profitability margins in chicken farming [51]. - The report emphasizes the importance of strong R&D capabilities in animal health companies and the long-term growth potential of domestic pet food leaders [51]. Industry Performance Overview - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, declining by 0.92% from November 28 to December 11, 2025, lagging behind the index by approximately 1.73 percentage points [12]. - Among the sub-sectors, only animal health and planting recorded positive returns, increasing by 1.96% and 1.18%, respectively, while other sectors such as agricultural product processing, feed, breeding, and fishery experienced declines of 1.01%, 1.5%, 3.03%, and 3.76% [15][18]. - Approximately 68% of stocks in the industry recorded negative returns during the same period, with over 60% of stocks showing losses [16][18]. Valuation Metrics - As of December 11, 2025, the overall price-to-book (PB) ratio for the SW agriculture, forestry, animal husbandry, and fishery industry is approximately 2.75 times, reflecting a recent decline in valuation. This level is around 61.8% of the historical median since 2006, indicating a relatively low historical valuation [19]. Key Industry Data - **Pig Farming**: The average price of external three yuan pigs rose from 11.28 CNY/kg to 11.45 CNY/kg during the reporting period. However, self-breeding pig farming continues to incur losses, with profits at -163.34 CNY per head, while purchased pig farming shows a loss of -240.69 CNY per head [23][28]. - **Poultry Farming**: The average price of broiler chicks increased slightly to 3.54 CNY per chick, while the average price of white feather broilers rose to 7.33 CNY/kg, with losses of -0.71 CNY per bird [30][33]. Company Highlights - The report suggests focusing on key companies such as Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299) due to their market leadership and potential for recovery [51][52].

Group 1 - The China Livestock Breeding Index (930707) increased by 0.44% as of December 12, 2025, with notable gains in constituent stocks such as Luo Niu Shan (000735) up 6.21%, and BioShares (600201) up 2.99% [1] - The Central Reserve Frozen Pork Rotation Storage Auction will take place on December 18, 2025, with 3,100 tons available for bidding, as announced by the China Storage Network [1] - Recent analysis indicates that traditional peak season for pork consumption is leading to a steady recovery in demand, driven by colder weather and increased demand for cured meats in southern regions, although supply remains high due to previous production capacity [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 65.6% of the index, including Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index reflects the overall performance of listed companies involved in livestock feed, veterinary drugs, and livestock farming [1]

Company Overview - Junshi Biosciences Co., Ltd. (君赛生物) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] - The company focuses on innovative cell therapies and drug development for solid tumors, aiming to provide safer, more effective, and affordable immunotherapy options [3][4] Product Information - The core product, GC101, is the world's first tumor-infiltrating lymphocyte (TIL) therapy that does not require high-intensity lymphodepletion or IL-2 administration, potentially becoming the first TIL therapy approved in China [3][4] - Clinical trials have shown that GC101 can provide objective response rates of 30% for metastatic melanoma and 41.7% for non-small cell lung cancer, with a median progression-free survival of 5.5 months for melanoma patients [4] Financial Performance - The company reported revenues of RMB 6.812 million, RMB 3.372 million, and RMB 6.830 million for the fiscal years ending June 30, 2023, 2024, and 2025, respectively [5] - Losses for the same periods were RMB 94.391 million, RMB 163.652 million, and RMB 97.580 million, indicating significant financial challenges [6][7] Market Overview - The global oncology drug market is projected to grow to USD 253.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% from 2020 to 2024 [8] - The Chinese oncology drug market is expected to reach RMB 258.2 billion by 2024, with a CAGR of 6.9% during the same period [11] TIL Therapy Market - The global TIL therapy market is anticipated to grow from USD 10.4 million in 2024 to USD 1.692 billion by 2030, with a CAGR of 59.3% from 2024 to 2028 [14] - In China, the TIL therapy market is expected to reach USD 200 million by 2030, with a CAGR of 40.0% from 2030 to 2035, outpacing global growth rates [14][17] Board of Directors - The board consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors, with a term of 3 years [18] Shareholding Structure - As of December 5, 2025, Dr. Jin holds a 34.5% stake in the company, with other significant shareholders including Kai Tai Capital and Yuan He Yuan Dian [21][23]

Core Viewpoint - Junshi Biosciences has submitted an application for listing on the Hong Kong Stock Exchange, aiming to advance its innovative cell therapy and drug development for solid tumors [1] Company Overview - Junshi Biosciences is a biotechnology company focused on developing safer, more effective, accessible, and affordable immune cell therapies for solid tumors, without being restricted by fixed molecular targets [1] - The company’s core product, GC101, is the world's first tumor-infiltrating lymphocyte (TIL) therapy that does not require high-intensity lymphodepletion chemotherapy or IL-2 administration, positioning it to potentially be the first TIL therapy approved for market in China [1] Market Position - The application for listing is supported by CICC as the exclusive sponsor, indicating a strategic move to enhance its market presence and funding capabilities [1] - According to Frost & Sullivan, the innovative approach of Junshi Biosciences could address some of the most common and difficult-to-treat solid tumors, highlighting its potential impact in the oncology market [1]

Core Insights - The animal health sector experienced a decline of 0.31% on December 10, with *ST Lvkang leading the drop [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index rose by 0.29% to 13316.42 [1] Stock Performance - The following stocks in the animal health sector showed varied performance: - **Biological Shares (600201)**: Closed at 14.53, up 1.18% with a trading volume of 395,300 shares and a turnover of 560 million yuan [1] - **Ruipu Biological (300119)**: Closed at 19.24, up 0.79% with a trading volume of 26,900 shares and a turnover of 51.56 million yuan [1] - **Xianfeng Holdings (002141)**: Closed at 3.82, up 0.53% with a trading volume of 177,700 shares and a turnover of 67.70 million yuan [1] - **Qudongli (920275)**: Closed at 8.71, up 0.23% with a trading volume of 9,815 shares and a turnover of 8.47 million yuan [1] - **Jinhe Biological (002688)**: Closed at 6.05, down 0.17% with a trading volume of 67,700 shares and a turnover of 40.90 million yuan [1] - **Hui Sheng Biological (300871)**: Closed at 19.24, down 0.52% with a trading volume of 23,700 shares and a turnover of 45.48 million yuan [1] - **Dayu Biological (920970)**: Closed at 7.70, down 0.65% with a trading volume of 11,700 shares and a turnover of 892,880 yuan [1] - **KQ Biological (688526)**: Closed at 15.36, down 0.65% with a trading volume of 17,600 shares and a turnover of 26.94 million yuan [1] - **Placo (603566)**: Closed at 12.95, down 0.69% with a trading volume of 27,200 shares and a turnover of 35.32 million yuan [1] - **Shenlian Biological (688098)**: Closed at 8.96, down 1.10% with a trading volume of 31,800 shares and a turnover of 28.66 million yuan [1] Capital Flow - On the same day, the animal health sector saw a net outflow of 13.98 million yuan from institutional investors and 18.34 million yuan from retail investors, while individual investors contributed a net inflow of 32.32 million yuan [3]

据港交所文件：上海君赛生物股份有限公司 - B向港交所提交上市申请书。 ...

据港交所文件：上海君赛生物股份有限公司 - B向港交所提交上市申请书。 本文源自：金融界AI电报 ...

Core Viewpoint - The financial institutions in Jilin Province are leveraging inclusive finance to support key sectors such as agriculture, small and micro enterprises, and technology innovation, leading to significant economic development in the region [1]. Group 1: Financial Support for Biopharmaceuticals - Changchun Zhuoyi Biological Co., Ltd. has benefited from sufficient credit support from the Bank of China, enabling the company to invest in technology and expand production capacity [2]. - The Bank of China has actively engaged with technology companies, providing tailored financial products and services, which has led to successful project approvals and funding for various enterprises [3]. Group 2: Support for Technology Enterprises - The Bank of China has established a specialized service team to assist a pharmaceutical company with a large-scale headquarters project, resulting in the approval of significant credit lines [3]. - Qiushi Spectrum Technology Co., Ltd. has received early-stage support from CITIC Bank, which included a 5 million yuan credit line to facilitate research and development, later increased to 80 million yuan as the company grew [4]. Group 3: Financing Solutions for Automotive Industry - The automotive industry in Changchun faces challenges in financing for small and micro enterprises due to their asset size and lack of traditional collateral [6][7]. - Ping An Bank has introduced a "whitelist scenario loan" scheme that transforms the identity value of core enterprises in the supply chain into financing guarantees, allowing small enterprises to secure loans based on their relationships and order data [8]. Group 4: Agricultural Financing Initiatives - The Bank of China has implemented a green approval channel to expedite loan processing for agricultural enterprises, significantly enhancing their operational capabilities [11]. - Jilin Rural Commercial Bank has developed digital inclusive financial products to support farmers, achieving a loan balance of 208.4 billion yuan for agricultural loans [13]. Group 5: Support for Specialty Industries - Postal Savings Bank has focused on financing for specialty industries in Jilin, providing nearly 15 billion yuan in loans to support local agricultural sectors [14]. - Industrial and Commercial Bank of China has launched various loan products to support grain and important agricultural products, enhancing financial supply for stable production [14].