Core Insights - The report maintains a positive outlook on the pig farming industry, recommending continued investment in pig farming despite recent price declines due to supply pressures [1][7][21] - The report highlights a significant drop in pig prices, with the average price for market pigs at 12.67 yuan/kg, down 3.65% week-on-week [7][32][33] - The report indicates ongoing losses in pig farming, with self-breeding and purchased pig farming yielding losses of 74.11 yuan/head and 236.57 yuan/head respectively [7][37] Industry Overview - The agricultural sector index has decreased by 1.97% week-on-week, while the Shanghai and Shenzhen 300 index increased by 1.07% [11] - Since January 2, 2025, the agricultural sector has seen a total increase of 16.95%, compared to a 15.63% increase in the Shanghai and Shenzhen 300 index [12][11] - The report notes that the pig farming sector is currently in a downward cycle, with supply pressures gradually being released [21] Pig Farming Data Tracking - The number of breeding sows has slightly decreased by 0.80% month-on-month in August, indicating a potential reduction in future supply [22][7] - The average weight of market pigs at the time of sale is reported at 128.55 kg [22][8] - The report emphasizes that the current breeding and purchasing sentiment is declining due to stricter environmental regulations and market conditions [17][21] Poultry Farming Data Tracking - The average price for white feathered chickens is reported at 6.90 yuan/kg, with a slight increase of 0.29% week-on-week [38][41] - The report notes that the poultry industry is facing uncertainties due to ongoing outbreaks of avian influenza in overseas markets [38][39] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [46] - The report highlights that the industry is seeing a recovery in sales, with some vaccines showing substantial year-on-year growth [46] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have shown slight increases, indicating a potential upward trend in agricultural input costs [50] - The report emphasizes the importance of food security and the need for advancements in agricultural biotechnology [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, with a total export value of 834 million yuan in August 2025 [55][56] - Domestic sales of pet food continue to grow, with significant increases reported on e-commerce platforms [57] - The report suggests that companies with strong domestic sales and innovative product offerings are likely to gain market share [59]

Core Viewpoint - The announcement by Keqian Bio regarding the approval of its inactivated vaccine for porcine Seneca virus disease (HB16 strain) as a new veterinary drug by the Ministry of Agriculture and Rural Affairs of the People's Republic of China [1] Group 1 - Keqian Bio has received approval for its inactivated vaccine for porcine Seneca virus disease, which is a significant development for the company [1] - The approval was granted in accordance with the Veterinary Drug Management Regulations and the Veterinary Drug Registration Measures [1] - The company has been issued a New Veterinary Drug Registration Certificate following the review by the relevant authorities [1]

Core Insights - The animal health sector experienced a slight increase of 0.46% on September 29, with Shenlian Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Shenlian Biological (688098) closed at 10.59, up 1.92% with a trading volume of 68,700 shares and a turnover of 72.32 million yuan [1] - Other notable performers included: - Biological Shares (600201) at 9.48, up 1.50% with a turnover of 503 million yuan [1] - Pulaike (603566) at 13.78, up 1.03% with a turnover of 54.30 million yuan [1] - Zhongmu Shares (600195) at 7.12, up 0.85% with a turnover of 49.02 million yuan [1] Capital Flow - The animal health sector saw a net outflow of 7.69 million yuan from institutional investors, while retail investors contributed a net inflow of 8.08 million yuan [2] - The detailed capital flow for key stocks includes: - Shenlian Biological: net outflow of 5.50 million yuan from retail investors [3] - Biological Shares: net outflow of 7.67 million yuan from retail investors [3] - Pulaike: net outflow of 4.08 million yuan from retail investors [3]

Core Viewpoint - The company, Keqian Bio (688526.SH), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine against Porcine Seneca Valley Virus (HB16 strain), marking a significant advancement in veterinary medicine [1] Group 1 - The vaccine is specifically designed for the prevention of Porcine Seneca Valley Virus disease [1] - The immunization period begins 21 days after the second vaccination and lasts for 6 months [1] - The approval is in accordance with the "Veterinary Drug Management Regulations" and "Veterinary Drug Registration Measures" [1]

证券代码：688526 证券简称：科前生物 公告编号：2025-050 武汉科前生物股份有限公司 新兽药名称：猪塞内卡病毒病灭活疫苗（HB16 株，悬浮培养） 英文名：Porcine Senecavirus A Vaccine, Inactivated (Strain HB16, Suspension Culture) 新兽药注册证书号：（2025）新兽药证字 109 号 注册分类：一类 研制单位：华中农业大学、武汉科前生物股份有限公司、山西维 尔富生物科技有限公司、安徽东方帝维生物制品股份有限公司 监测期：5 年 关于获批新兽药注册证书的自愿性信息披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，经中华人民共 和国农业农村部审查，批准公司申报的猪塞内卡病毒病灭活疫苗 （HB16 株，悬浮培养）为新兽药，并核发《新兽药注册证书》，具 体详情如下： 一、新兽药的基本信息 二、该兽药产品研发及市场背景情况 前每头份病毒含量为 10 9.0TCID50。 作用与用途：用于预防 ...

Core Viewpoint - The company, Keqian Bio (688526), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine against Porcine Seneca Valley Virus (HB16 strain) as a new veterinary drug [1] Group 1 - The approval is in accordance with the "Veterinary Drug Management Regulations" and the "Veterinary Drug Registration Measures" [1] - The company has been issued a "New Veterinary Drug Registration Certificate" for the vaccine [1]

Core Viewpoint - The company, Keqian Bio (688526.SH), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine for Seneca virus A (HB16 strain) as a new veterinary drug [1] Group 1: Company Developments - Keqian Bio has been granted a new veterinary drug registration certificate for its inactivated vaccine targeting Seneca virus A, which is significant for the company's product portfolio [1] - The approval aligns with the regulations set forth in the Veterinary Drug Administration Regulations and the Veterinary Drug Registration Measures [1] Group 2: Industry Context - Seneca virus disease, caused by Seneca virus A, primarily affects pigs and is characterized by lesions that can be confused with other diseases such as foot-and-mouth disease and vesicular stomatitis [1] - The disease has been reported in countries like Canada, Brazil, and the United States, indicating its prevalence and the potential market need for effective vaccines [1]

Core Viewpoint - The company, Keqian Bio (688526.SH), has received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China for its inactivated vaccine against Seneca virus disease in pigs, marking a significant advancement in veterinary medicine [1] Group 1: Company Developments - Keqian Bio has been granted a new veterinary drug registration certificate for its inactivated vaccine (HB16 strain, suspension culture) [1] - The approval is in accordance with the Veterinary Drug Administration Regulations and the Veterinary Drug Registration Measures [1] Group 2: Industry Context - Seneca virus disease, caused by Seneca virus A (SVA), is a viral infectious disease primarily affecting pigs, characterized by lesions similar to foot-and-mouth disease and other diseases [1] - The disease is transmitted mainly through contact and has been reported in countries such as Canada, Brazil, and the United States [1]

Summary of the Pet Medical Industry Conference Call Industry Overview - The pet market in China is expanding, with the urban dog and cat consumption market expected to exceed 300 billion yuan in 2024, with an average annual spending of over 2,000 yuan per pet driven by demographic changes, single economy, aging population, and consumption upgrades [1][2] Key Drivers of Pet Medical Market - The pet medical market is primarily driven by: - Aging pets, with 27% of dogs and 18% of cats over 6 years old, incurring annual medical costs of 2,400 yuan, double that of younger pets [3][4] - Expansion of disease spectrum requiring more specialized treatments [4] - Increased awareness of preventive medicine, with a significant rise in vaccine and deworming product consumption [4] Growth of Pet Hospitals - The number of pet hospitals in China has significantly increased from 13,000 in 2014 to 34,000 in 2024, with a slowdown in growth rate observed in recent years [5] - The expansion is more pronounced in lower-tier cities, with first-tier cities showing a 12% growth rate, while new first-tier, second-tier, and third-tier cities have growth rates of 17% and over 20% respectively [5][7] - The chain rate of pet hospitals has increased from 5% in 2017 to 25% in 2024 [5] Competitive Landscape - The market share of leading chain veterinary hospitals remains low, with the top three brands (New Ruipeng, Ruipai, and New Rui Rui Chen) holding only 7% of the market [6] - Increased competition has led these top institutions to enhance their customer acquisition capabilities [6] Current Challenges in the Industry - Overall customer spending per visit has slightly decreased, while the profit margin has narrowed, with the loss ratio increasing to 26% [8] - The industry faces significant challenges, including a shortage of qualified veterinary professionals [8] Characteristics of Pet Owners - The pet owner demographic is becoming younger and more professional, with a focus on high-quality care and a willingness to invest in their pets' health [9] - Pet owners are increasingly informed and expect high standards in veterinary services [9] Regulatory and Economic Support - The development of the pet medical industry is supported by policies, capital investment, and a favorable economic environment [10] - The introduction of regulations has improved industry standards and reduced the shortage of veterinary medicines [10] Future Trends - The pet medical market is expected to evolve towards standardization, specialization, digitalization, and localization [11] - Addressing the needs of aging pets and the last-mile issues in lower-tier markets will be crucial for future growth [11] Notable Companies to Watch - Companies with core competencies in preventive medicine and elderly pet care, such as Ruipeng Bio, and those excelling in R&D like Keqian Bio, Laike Bio, and Zhongmu Bio, are recommended for attention [13]

Core Viewpoint - The animal health sector experienced a rise of 1.59% on September 26, with Bio-Pharmaceuticals leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.65% and 1.76% respectively [1] Group 1: Market Performance - The animal health sector's individual stock performance showed significant variations, with Bio-Pharmaceuticals closing at 9.34, up by 7.23%, and a trading volume of 1.0367 million shares, resulting in a turnover of 973 million yuan [1] - Other notable performers included Huisheng Biological at 20.68, up by 1.87%, and Ruipu Biological at 20.93, up by 1.60% [1] Group 2: Capital Flow - The animal health sector saw a net inflow of 86.5157 million yuan from institutional investors, while retail investors experienced a net outflow of 44.7995 million yuan [2] - The capital flow data indicates that major stocks like Bio-Pharmaceuticals had a net inflow of 12.63% from institutional investors, despite a significant outflow from retail and speculative investors [3]