Pulike Biological Engineering Co., Ltd. (603566)

Individual Stock Analysis Report | Industry: Veterinary Pharmaceutical Manufacturing | Report Date: September 13, 2026 | As of September 11, 2026 Close

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Pulike's operating performance in the first half of 2026 came under notable pressure: operating revenue of RMB 491.27 million, down 12.18% year-on-year; net profit attributable to parent of RMB 77.3242 million, down 33.45% year-on-year; net profit attributable to parent after deducting non-recurring items of RMB 64.2875 million, down 35.80% year-on-year; net cash flow from operating activities of RMB 78.0702 million, down 59.98% year-on-year. Among these, Q2 2026 revenue was approximately RMB 242 million and net profit attributable to parent was approximately RMB 36.591 million, down approximately 13.8% and 42.2% year-on-year respectively, with the profit decline significantly exceeding the revenue decline, indicating that profitability continues to weaken.

The company's business covers veterinary biological products, chemical drugs, traditional Chinese veterinary medicine, and pet health products, with a relatively complete product structure and R&D platform. In 2025, poultry vaccine and antibody revenue was approximately RMB 485 million, chemical drug revenue was approximately RMB 254 million, and pet segment revenue exceeded RMB 62 million, all achieving growth; however, swine vaccine revenue was approximately RMB 263 million, down approximately 21.75% year-on-year, and the recovery of the swine business remains an important variable for performance restoration. In 2025, net profit attributable to parent grew 99.33% year-on-year to RMB 184.99 million, but non-recurring gains and losses were approximately RMB 61.4994 million, accounting for approximately 33.24% of net profit attributable to parent; sustainable profit quality should still primarily reference deducted non-recurring profit.

The company's medium- to long-term growth relies on its vaccine R&D platform, growth in poultry vaccines and chemical drugs, pet business expansion, and new product registration. Recently, a subsidiary obtained a temporary approval number for a foot-and-mouth disease vaccine containing South African type 1, and obtained a national Class II new veterinary drug registration certificate for fluralaner and moxidectin drops; however, the relevant products still need to complete batch release or obtain product approval numbers, and there is uncertainty regarding actual market launch and revenue contribution. The company also terminated some pet vaccine expansion projects, involving remaining raised funds of approximately RMB 204 million, reflecting its increasingly cautious judgment on short-term demand in the pet medical market and the necessity of capacity expansion.

As of September 11, 2026, the stock closed at RMB 10.26, with a dynamic PE of approximately 23.8–24.3x, below MA5, MA10, and MA20. It has weakened continuously over recent trading days, with main-force funds showing overall net outflow on the day and over the past 5 trading days. RSI6 is approximately 27, approaching short-term oversold territory, but RSI14 is approximately 45–46, not yet entering a typical medium-term extreme oversold zone; RMB 10.05–10.20 is an important support to watch, and RMB 10.60–10.85 is the short-term resistance zone. The current valuation already incorporates certain expectations for profit recovery and new business growth, and subsequent confirmation requires mutual validation between fundamental improvement and price-volume repair.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Swine vaccines and drugs: 2024 revenue was approximately RMB 336 million, gross margin 82.66%, revenue down 22.58% year-on-year, gross margin down 1.23 percentage points from the previous year. Representative products include swine circovirus and mycoplasma pneumoniae bivalent inactivated vaccine, "Yuankexin," porcine transmissible gastroenteritis-porcine epidemic diarrhea bivalent vaccine, and ceftiofur sodium for injection.
• Poultry vaccines and antibodies: 2024 revenue was approximately RMB 429 million, up 3.31% year-on-year, gross margin 56.22%, the largest single product category by revenue scale; highly pathogenic avian influenza product revenue grew more than 30% year-on-year in 2024.
• Chemical drugs: Covering ceftiofur, doxycycline hydrochloride, enrofloxacin, florfenicol, gamithromycin, and compound fipronil drops for livestock and poultry anti-infection, deworming, and pet medication. 2024 revenue was approximately RMB 223 million, down 41.19% year-on-year, gross margin 39.38%, down 2.80 percentage points from the previous year.
• Pet vaccines, pet drugs, and pet health products: Covering feline trivalent vaccine, rabies vaccine, external deworming drugs, antibacterial drugs, skin and ear canal medications, functional health products, and pet supply chain products. 2024 sales revenue exceeded RMB 46 million; as of the end of 2024, covered more than 8,000 pet hospitals through distributors.
• Functional health products and technology licensing: 2024 functional health products and other business revenue was approximately RMB 18.65 million, gross margin 56.51%; technology licensing or transfer revenue was approximately RMB 9.83 million, gross margin 99.97%, but the revenue amount is relatively small and cannot be regarded as a stable main revenue source.

2.3 Industry Chain Upstream and Downstream Position and Cost-Profit Structure

Pulike is positioned in the midstream of the animal health industry chain, covering the R&D, production, and sales of veterinary biological products, chemical drugs, traditional Chinese veterinary medicine, and pet health products, with a relatively complete product structure and a strong vaccine R&D platform.

• Inputs required for biological products include bacterial and viral seeds, antigens, culture media, cell culture-related materials, adjuvants, and other biological raw materials; inputs required for chemical drugs include active pharmaceutical ingredients, pharmaceutical excipients, and chemical synthesis intermediates; in addition, glass bottles, rubber stoppers, packaging materials, cold chain, production equipment, energy, machinery materials, and laboratory consumables need to be procured.
• In 2024, material costs for veterinary biological products were approximately RMB 113 million, accounting for 28.38% of the cost of that product category; labor costs were approximately RMB 47.06 million, accounting for 11.86%. The 2022 annual report disclosed that material costs for chemical drugs were approximately RMB 149 million, accounting for 78.36% of the cost of that product category, indicating that the chemical drug business is more sensitive to prices of active pharmaceutical ingredients and chemical raw materials.
• The company is not a resource-based enterprise and does not possess resource control or pricing power over bulk chemical raw materials; overall, it is a price taker for raw materials and some production factors. Upstream bargaining power mainly comes from centralized procurement, supplier management, quality standards, and long-term cooperation.
• The 2025 annual report summary disclosed that the company coordinates raw material requirements across production bases, unifies quality standards, and evaluates suppliers through indicators such as quality, cost, delivery, and service, optimizing procurement plans in combination with market, total cost, and demand analysis.
• The 2024 annual report text retrieved in this search did not reveal the procurement amounts and proportions of the top five suppliers, so supplier concentration is missing, and supplier concentration risk cannot be judged based on this.
• Downstream customers include large-scale pig farming groups and large-scale pig farms, poultry farming groups and farms, ruminant farming customers, government procurement systems corresponding to veterinary authorities, as well as pet hospitals, pet clinics, pet distributors, and online pet consumption channels.
• The 2025 annual report summary disclosed that the company mainly adopts direct sales for large-scale livestock and poultry farming groups and online pet channels; mainly sells through distributors to small and medium-sized farms, family farms, and offline pet B-end users; some mandatory immunization products adopt a government procurement model.
• In 2024, main business direct sales revenue was approximately RMB 596 million, gross margin 68.57%; distributor model revenue was approximately RMB 414 million, gross margin 51.09%; government procurement revenue was approximately RMB 13.6 million, gross margin 50.94%. Direct sales gross margin is higher than the distributor model, reflecting that channel expenses, rebates, and price concessions in the distribution segment压低 profit margins.
• The increased scale, intensification, and intelligence of large farming groups have enhanced their bargaining power over upstream animal health enterprises. Industry prices and orders are jointly affected by farming cycles, farming profits, disease outbreaks, bidding, centralized procurement by large customers, and product homogenization competition.
• This search did not find the top five customer sales proportions disclosed in the 2024 or 2025 annual reports. The 2022 annual report only disclosed that there was no situation where a single customer's sales proportion exceeded 50% of the total; this data is from an earlier year and cannot directly represent customer concentration in 2024 or 2025, and could not be cross-verified with the latest annual report.
• In 2024, net cash flow from operating activities was approximately RMB 269 million, down 4.95% year-on-year; the annual report explained this was mainly related to decreased sales orders and corresponding collections; the company also disclosed that it continued to strengthen accounts receivable collection and customer credit management. The directly retrievable annual report text in this search could not extract the accounts receivable balance at the end of 2024, accounts receivable turnover days, and accounts receivable as a proportion of operating revenue, so it cannot be precisely determined whether the company exchanged extended payment terms for large customer orders.
• Upstream top five supplier procurement amounts and proportions, and downstream top five customer sales proportions for 2024 and 2025 are all missing. The available customer concentration information only comes from the 2022 annual report, which disclosed that there was no situation where a single customer's sales proportion exceeded 50% of the total; this data is relatively early, and the source and year have limitations, so it cannot be asserted that current customer concentration is low based on this.

The company is located in the midstream of the animal health industry chain and is a veterinary drug enterprise with relatively strong R&D and production capabilities and a relatively complete product structure: upstream, it lacks resource-based pricing power over biological and chemical raw materials; downstream, it faces bargaining pressure from large farming groups and channel customers, but its vaccine R&D platform, registered product reserves, and high-margin vaccines provide a certain technology premium. Further profit improvement mainly depends on the recovery of high-margin swine vaccines, volume growth of poultry and pet products, upgrading of the chemical drug product structure, cost reduction through large-scale production, and an increased proportion of direct sales to large customers.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Q2 2026 single-quarter data is calculated based on data disclosed in the semi-annual report and Q1 report. H1 2026 net profit attributable to parent after deducting non-recurring items was RMB 64.2875 million, down 35.80% year-on-year; basic earnings per share RMB 0.23, down approximately 32.35% year-on-year; net cash flow from operating activities RMB 78.0702 million, down 59.98% year-on-year; weighted average return on equity 2.95%, down 1.42 percentage points from the same period last year; net assets attributable to shareholders of the listed company at period-end RMB 2.54649 billion, down 2.28% from the end of 2025.

In H1 2026, the company's revenue, net profit attributable to parent, and net profit attributable to parent after deducting non-recurring items all declined year-on-year, with the Q2 net profit attributable to parent decline further widening; the profit decline was significantly larger than the revenue decline, and profitability remains under pressure. H1 gross margin was approximately 55.76%, down approximately 6.7 percentage points year-on-year; net margin was approximately 15.75%, significantly down from the same period last year. The high growth in 2025 net profit attributable to parent had certain structural factors, with total non-recurring gains and losses of approximately RMB 61.4994 million, accounting for approximately 33.24% of net profit attributable to parent; therefore, sustainable profitability is better referenced by net profit attributable to parent after deducting non-recurring items of approximately RMB 123 million. In terms of 2025 business, poultry vaccine and antibody revenue was approximately RMB 485 million, up 13% year-on-year; chemical drug revenue was approximately RMB 254 million, up approximately 13.9% year-on-year; swine vaccine revenue was approximately RMB 263 million, down approximately 21.75% year-on-year; pet segment revenue exceeded RMB 62 million, up approximately 34% year-on-year, but the scale remains relatively small.

3.2 Profit Forecast

Forecast data mainly comes from the Hithink RoyalFlush institutional aggregation as of September 12, 2026, which is a terminal aggregation formed from excerpts of multi-institutional research reports, not official company guidance, and may not necessarily be equivalent to consensus expectations with broader coverage such as Wind. Representative institutional forecasts: Huachuang Securities forecasts 2026–2028 net profit attributable to parent of RMB 183 million, RMB 217 million, and RMB 240 million, with EPS of RMB 0.53, RMB 0.63, and RMB 0.69; Guotou Securities forecasts net profit attributable to parent of RMB 189 million, RMB 220 million, and RMB 250 million; Zhongyuan Securities forecasts net profit attributable to parent of RMB 194 million, RMB 206 million, and RMB 233 million, with EPS of RMB 0.56, RMB 0.60, and RMB 0.67. The main disagreements lie in the recovery speed of the swine vaccine business, the growth magnitude of poultry vaccines and chemical drugs, the pace of pet business volume growth, and the progress of new product registration and commercialization.

3.3 Valuation Level and Institutional Ratings

As of September 11, 2026, Pulike's closing price was approximately RMB 10.26. Based on 2025 EPS of approximately RMB 0.5346, static PE is approximately 19.2x; based on 2025 full-year EPS of approximately RMB 0.5346, deducting H1 2025 EPS of approximately RMB 0.34 and adding H1 2026 EPS of approximately RMB 0.23, TTM EPS is approximately RMB 0.4246, TTM PE is approximately 24.2x, and the market platform shows approximately 24.8x. Based on net assets per share before adjustment as of June 30, 2026 of approximately RMB 7.6979, PB is approximately 1.33x, and the market platform shows approximately 1.40x. Based on institutional forecast averages, forward PE for 2026–2028 is approximately 19.4x, 16.5x, and 14.7x respectively; based on Huachuang Securities EPS forecasts, approximately 19.4x, 16.3x, and 14.9x respectively. The current valuation is not extremely overvalued, but the market has already given certain expectations for future profit recovery and new business growth. Institutional target price range is RMB 13.20–16.82, with an average public target price of approximately RMB 14.44; relative to the closing price of RMB 10.26, the mechanically calculated potential upside corresponding to Huachuang Securities, Guotou Securities, Zhongyuan Securities, and the Futu target price average is approximately 29.1%, 28.7%, 64.0%, and 40.7% respectively. The above target prices were mainly formed in May 2026, earlier than the disclosure of the 2026 semi-annual report, and there may be risks of lagging target prices and subsequent downward revisions to profit forecasts. The main uncertainties in valuation judgment include whether the swine vaccine business can stabilize, the revenue growth rate of poultry vaccines and chemical drugs, pet business volume growth, new veterinary drug registration progress, and whether operating cash flow can recover.

4. Recent News and Announcements

4.1 2026 Semi-Annual Report: Revenue, Profit, and Operating Cash Flow Declined Year-on-Year

On August 25, 2026, the company disclosed the "2026 Semi-Annual Report" and its summary. In H1 2026, operating revenue was RMB 491.27 million, down 12.18% year-on-year; net profit attributable to shareholders of the listed company was RMB 77.3242 million, down 33.45% year-on-year; net profit attributable to parent after deducting non-recurring gains and losses was RMB 64.2875 million, down 35.80% year-on-year; net cash flow from operating activities was RMB 78.0702 million, down 59.98% year-on-year; basic earnings per share RMB 0.23, down 32.35% year-on-year. The company stated that the performance decline was mainly affected by factors such as pig slaughter prices remaining at low levels for an extended period, intensified competition in the animal health industry, and an increase in the applicable VAT rate for biological products. During the same period, the company adjusted its livestock marketing organizational structure and business model, and strengthened expense management, accounts receivable management, and technical services. This announcement shows that the company's main business faces downstream farming prosperity and industry competition pressure, and subsequent changes in collections, inventory, and accounts receivable need to be monitored.

4.2 Subsidiary Approved to Produce Foot-and-Mouth Disease Vaccine Containing South African Type 1

On July 22, 2026, the company disclosed that its controlling subsidiary Zhongpu Biopharmaceutical Co., Ltd. received veterinary drug product approval numbers from the Ministry of Agriculture and Rural Affairs for two vaccines: swine foot-and-mouth disease type O, South African type 1 bivalent inactivated vaccine, and bovine and ovine foot-and-mouth disease type O, type A, South African type 1 trivalent inactivated vaccine. Both product approval numbers are valid from July 20, 2026 to July 19, 2028, developed against currently prevalent strains. Zhongpu Biological's existing production lines have sufficient capacity, but the products still need to undergo veterinary drug product batch release procedures before they can be marketed. This is a temporary approval number, and there is uncertainty as to whether formal production approval can be obtained subsequently; product sales also depend on national epidemic prevention policies, market capacity, animal epidemics, and provincial immunization plans.

4.3 Subsidiary Obtained National Class II New Veterinary Drug Registration Certificate

On August 25, 2026, the company disclosed that "Fluralaner and Moxidectin Drops," jointly filed by its wholly-owned subsidiary Luoyang Huizhong Veterinary Drug Co., Ltd. and other units, was approved as a national Class II new veterinary drug. The product's main ingredients are fluralaner and moxidectin, mainly used for treating flea infestations in cats, controlling flea allergic dermatitis, and treating roundworm infections in cats. The company stated that the product can expand the indication range of pet chemical drugs and has synergistic internal and external parasite deworming effects. Before the product can be marketed and sold, it still needs to obtain a veterinary drug product approval number from the Ministry of Agriculture and Rural Affairs, and short-term performance contribution is uncertain.

4.4 Termination of Some Fundraising Investment Projects, Involving Remaining Funds of Approximately RMB 204 Million

The company disclosed on June 15, 2026 its intention to terminate the "Biological Products Workshop and Supporting Facilities Renovation and Expansion Project," which was approved at the 2026 Second Extraordinary Shareholders' Meeting held on June 30, 2026. The project originally planned to invest RMB 214.8205 million in raised funds; as of May 31, 2026, approximately RMB 27.1255 million had been invested, with remaining raised funds of RMB 204.072 million, including interest, wealth management income, and pending quality guarantee deposits. As of June 30, 2026, the remaining uninvested raised funds amounted to RMB 203.9852 million. Reasons for termination include pet medical consumption market performance falling short of expectations, intensified industry competition, and the company's original production lines having already obtained the capability to produce pet vaccines after upgrading under the new version of veterinary drug GMP, with existing capacity able to cover current and future market demand for a period. After termination, the remaining raised funds continue to be centrally managed in the dedicated raised funds account. This matter helps reduce capital expenditure under unclear demand conditions, but also reflects the company's increasingly cautious judgment on short-term demand for pet vaccine expansion projects.

4.5 Use of No More Than RMB 210 Million of Idle Raised Funds for Cash Management

On August 25, 2026, the company announced its intention to use no more than RMB 210 million of temporarily idle raised funds for cash management, investing in principal-protected wealth management products with high security and good liquidity, with the quota rollable over 12 months. This matter was approved at the Fourth Meeting of the Sixth Board of Directors held on August 24, 2026, and does not need to be submitted to the shareholders' meeting for review. As of June 30, 2026, the company's raised funds balance was approximately RMB 203.99 million, the original cash management authorization quota was RMB 210 million, and the cash management balance at the end of the reporting period was approximately RMB 203 million. This matter does not change the use of raised funds and is mainly for improving the efficiency of idle raised funds, but market fluctuation and other investment risks still exist.

4.6 Implementation of 2025 Annual Profit Distribution

On June 9, 2026, the company disclosed the implementation announcement for the 2025 annual equity distribution, distributing a cash dividend of RMB 4.00 per 10 shares (including tax) to all shareholders. The record date was June 15, 2026, and the ex-rights/ex-dividend date and dividend payment date were June 16, 2026. This dividend matter is an execution matter after approval by the annual shareholders' meeting and is not a new buyback or capital operation plan. The company previously disclosed that 2025 net profit attributable to shareholders of the listed company was RMB 184.99 million, and the 2025 cash dividend ratio was relatively high.

4.7 Shareholder Structure Generally Stable, No Recent Major Reduction, Increase, or Pledge Risk Announcements Found

As of June 30, 2026, the largest shareholder Zhang Xuke held 109.299 million shares, accounting for 31.58% of total share capital, with no change during the reporting period; Sun Jinzhong held 17.0272 million shares, accounting for 4.92%, with no change during the reporting period; Hu Wei held 3.3867 million shares, accounting for 0.98%, with no change during the reporting period. Among the top ten shareholders, funds under Shanghai Zhengda Asset Management Co., Ltd. reduced holdings by 789,600 shares, with period-end holdings of 4.7634 million shares, accounting for 1.38%; Liu Xingjin increased holdings by 181,500 shares, with period-end holdings of 2.9999 million shares, accounting for 0.87%. The above changes come from the top ten shareholders statistics in the semi-annual report and cannot be inferred as recent continuous trading behavior. As of September 13, 2026, among the company announcements and public information retrieved, no newly released large-scale reduction plans, increase plans, or pledge risk announcements by the controlling shareholder, actual controller, or directors and senior management were found.

4.8 No New Share Buybacks or Recent Performance Forecasts Found from June to September 2026

As of September 13, 2026, no new performance forecasts or performance warnings for the 2026 annual results were found in the recent announcement list; the most recent formal performance information is the 2026 semi-annual report. During the same period, no new share buyback plans, buyback progress, or buyback cancellation announcements were retrieved.

4.9 No Recent Major Mergers and Acquisitions, Regulatory Penalties, or Rectification Matters Found

As of September 13, 2026, no recent disclosures of major mergers and acquisitions, asset restructuring, control changes, or major external investment matters by the company were retrieved. As of the 2026 semi-annual report and recent announcements, no disclosures were found of regulatory penalties or rectification imposed on the company, controlling shareholder, or actual controller due to violations of laws and regulations. The above "not found" conclusions are based on targeted searches of the Shanghai Stock Exchange announcement index, the company's announcement list, and multiple announcement databases, and are not equivalent to an absolute exclusion of all market rumors or matters not yet announced.

4.10 Latest Progress in September 2026: Holding Semi-Annual Performance Briefing

The company has announced that it will hold the 2026 semi-annual performance briefing on September 2, 2026. As of September 13, 2026, no major new buybacks, mergers and acquisitions, shareholder reductions, regulatory penalties, or performance forecast matters for September have been found in the public announcement list.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Pulike closed at RMB 10.26, weakening for multiple consecutive trading days and below MA5, MA10, and MA20, with a weak short-term technical pattern. RSI6 is approximately 27, indicating short-term near-oversold conditions, but RSI14 is approximately 45–46, not yet entering a typical medium-term extreme oversold zone; therefore, both technical rebounds and continued trend weakening need to be confirmed in combination with price position and volume. The stock price is currently below the Bollinger middle band and above the lower band, with the RMB 10.05–10.20 area being an important recent support to watch. On the capital side, main-force funds showed overall net outflow on the day and over the past 5 trading days, with recent turnover in the range of approximately RMB 21 million–49 million, indicating relatively limited trading activity.

5.3 Short-Term Trend Outlook (Next Week, Scenario Analysis, for Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario analysis based on data as of the September 11, 2026 close and historical prices, does not constitute investment advice, and does not constitute buy, sell, hold, or stop-loss instructions.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high subjective heuristic weight, approximately 50%; not a statistical probability): Price range of RMB 10.05–10.65. Trigger conditions include no obvious volume breakdown near RMB 10.05–10.20, turnover maintained at recent levels of approximately RMB 20 million–50 million, and the stock price reclaiming the MA20 and Bollinger middle band area near RMB 10.40–10.50. RSI6 is low but main-force funds remain biased toward outflow, making it more appropriate to define this as weak consolidation or technical repeated observation.
• Weaker downside (moderate subjective heuristic weight, approximately 30%; not a statistical probability): Price range of RMB 9.56–10.05. Trigger conditions include an effective close below RMB 10.05, while turnover rises above RMB 50 million, main-force funds continue net outflow, or the broader market, agriculture/forestry/animal husbandry/fishery, and animal health sectors weaken simultaneously. If both the Bollinger lower band and recent low are lost, support may be sought near the 52-week low of RMB 9.56; volume expansion alone cannot independently determine whether it is selling pressure release or capital absorption.
• Rebound strengthening (relatively low subjective heuristic weight, approximately 20%; not a statistical probability): Price range of RMB 10.60–11.00, with the RMB 11.20 area observed in a strong scenario. Trigger conditions include single-day turnover continuously expanding to above RMB 50 million–60 million, the stock price reclaiming RMB 10.60 and further breaking through resistance near RMB 10.85 and the Bollinger upper band, while main-force funds shift from net outflow to continuous net inflow. Low RSI6 provides conditions for a technical rebound, but the limited institutional holding ratio and capital flow bias toward outflow still require clear price-volume confirmation.

③ Capital and Liquidity Background

As of September 11, 2026, volume was approximately 2.58 million shares, turnover approximately RMB 26.47 million, and estimated turnover rate based on total share capital approximately 0.75%; on most recent trading days, turnover was approximately RMB 20 million–50 million, and main-force funds showed overall net outflow over the past 5 trading days. Shareholder data as of June 30, 2026: top ten shareholders collectively held approximately 47.43%, institutional holdings accounted for approximately 7.56% of free-float A shares, including funds, general legal persons, and sunshine private funds, but the institutional holding ratio is not high. Since shareholder data is approximately two and a half months from the market date, holdings may have changed during the period and can only serve as chip background. Combined with recent trading activity, daily turnover below RMB 50 million means relatively limited bid-ask depth, and key levels may experience more obvious slippage; if turnover expands but the price cannot simultaneously reclaim resistance levels, it is necessary to observe whether it is volume-based realization or increased selling pressure.

A checkable volume confirmation signal is: if single-day turnover continuously reaches above RMB 50 million–60 million in the coming week, and the closing price simultaneously holds above RMB 10.60 and further breaks through RMB 10.85, it can be regarded as an improvement in capital participation compared with current levels; if only turnover expands but the price falls below RMB 10.05, it is more biased toward downside pressure release rather than active capital entry.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

• Observe whether the RMB 10.05–10.20 support zone can stabilize on shrinking volume; if effectively broken, watch the RMB 9.56–9.80 strong support zone.
• Observe whether the RMB 10.60–10.85 resistance zone can be broken with expanded turnover.
• Observe whether main-force funds shift from net outflow over the past 5 days to continuous net inflow.
• Observe whether single-day turnover can continuously exceed RMB 50 million–60 million. The above are all observation ideas, not operational instructions.

The above scenario analysis is based on the September 11, 2026 closing data and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, and do not constitute buy or sell recommendations. Please make independent judgments in combination with the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The animal health industry in which Pulike operates includes sub-sectors such as veterinary biological products, veterinary chemical drugs, and pet health products. The industry is affected both by animal disease prevention and control demand and by farming cycles, farming profits, government procurement, bargaining power of large-scale farming customers, and product homogenization competition. The "Veterinary Drug Industry Development Report (2024)" cited in the company's annual report shows that in 2024 there were 1,681 veterinary drug manufacturers nationwide, with total sales of approximately RMB 67.996 billion and gross profit of approximately RMB 19.179 billion; among these, the concentration of veterinary biological products is higher than that of veterinary chemical drugs. The above industry size and concentration data are based on the company's annual report citation; this summary did not separately obtain the original full text of the report.

6.2 Competitive Landscape

• In 2024, there were 1,681 veterinary drug manufacturers nationwide, with total sales of approximately RMB 67.996 billion and gross profit of approximately RMB 19.179 billion; there were 196 veterinary biological product enterprises, with sales of approximately RMB 15.401 billion and gross profit of approximately RMB 7.892 billion; there were 1,485 veterinary chemical drug enterprises, with sales of approximately RMB 52.595 billion and gross profit of approximately RMB 11.287 billion.
• Among veterinary biological product enterprises, there were 25 large and medium-sized enterprises, accounting for 12.80% of the total number of enterprises and 64.95% of sales; among veterinary chemical drug enterprises, there were 75 large and medium-sized enterprises, accounting for 5.05% of the total number of enterprises and 57.40% of sales.
• Biological products involve bacterial and viral seeds, R&D, registration, GMP production, and quality systems, with relatively high entry barriers, and industry concentration is higher than that of chemical drugs; chemical drug enterprises are more numerous and product homogenization is relatively high, with more intense price competition.
• The increased scale of downstream farming groups has enhanced procurement bargaining power; market-oriented competition for mandatory immunization vaccines has intensified, and bidding, centralized procurement, and customer service capabilities affect enterprise profitability.
• Technology platforms, product registration reserves, quality stability, comprehensive disease solution capabilities, and large customer service capabilities are the main competitive factors; pet vaccines and pet drugs are new growth directions, but domestic brands still need to undergo product registration, veterinarian education, hospital coverage, and consumer trust accumulation.

6.3 Main Competitors

Pulike's characteristic is that it places equal emphasis on vaccines, chemical drugs, traditional Chinese veterinary medicine, and pet business, participating in competition through its R&D platform and relatively complete product structure; Ringpu Biology emphasizes a comprehensive animal health platform and diversified livestock, poultry, and pet layout; China Animal Husbandry Industry highlights scale, state-owned background, government procurement, and comprehensive product capabilities; Boehringer Ingelheim Animal Health and Keqian Biology are more specialized in veterinary biological products and swine vaccines respectively; Huisheng Biology mainly competes in veterinary chemical drugs and preparations. The above companies do not have all products as direct substitutes, and comparison should distinguish between vaccines, chemical drugs, pet drugs, and government procurement sub-markets.

7. Risk Warnings

• Pig farming prosperity and swine vaccine demand recovery falling short of expectations: The company's 2025 swine vaccine revenue was approximately RMB 263 million, down approximately 21.75% year-on-year; the H1 2026 performance decline was also affected by pig slaughter prices remaining at low levels for an extended period. If farming customer profitability and immunization demand continue to be under pressure, the swine vaccine business may continue to drag on revenue and profit.
• Poultry vaccine and chemical drug growth falling short of expectations: Although 2025 poultry vaccine and antibody and chemical drug revenue grew approximately 13% and approximately 13.9% respectively, the company's overall revenue and profit still declined significantly in H1 2026; if poultry vaccine and chemical drug increments are insufficient to offset the swine vaccine decline, revenue recovery and profit growth may fall below institutional forecasts.
• Profit quality and non-recurring gains and losses fluctuation risk: 2025 net profit attributable to parent was RMB 184.99 million, of which non-recurring gains and losses were approximately RMB 61.4994 million, accounting for approximately 33.24%; if subsequent non-recurring income decreases while the deducted non-recurring main business does not improve simultaneously, net profit attributable to parent may experience significant fluctuations.
• Operating cash flow and collection risk: H1 2026 net cash flow from operating activities was only RMB 78.0702 million, down 59.98% year-on-year; the company has strengthened accounts receivable collection and customer credit management, but currently available data lacks accounts receivable balance and turnover indicators. If large customer collection cycles extend, cash flow and asset operating efficiency may be further suppressed.
• New product registration and commercialization risk: The foot-and-mouth disease vaccine containing South African type 1 is currently a temporary approval number and still needs batch release and faces uncertainty regarding subsequent formal production approval; fluralaner and moxidectin drops still need to obtain a veterinary drug product approval number before market launch, and national epidemic prevention policies, market capacity, immunization plans, and pet channel sales of related products may all affect actual revenue contribution.
• Pet business expansion falling short of expectations risk: The company terminated the biological products workshop and supporting facilities renovation and expansion project, with remaining raised funds of approximately RMB 204 million, due to reasons including pet medical consumption market performance falling short of expectations and intensified industry competition; although the pet segment maintains growth, its scale is still relatively small, and new products need to undergo hospital coverage, veterinarian education, and consumer recognition processes.
• Gross margin and intensified competition risk: The company's H1 2026 gross margin was approximately 55.76%, down approximately 6.7 percentage points year-on-year; the scale and centralized procurement of downstream large farming groups enhance bargaining power, chemical drug homogenization competition is relatively strong, and price concessions, rebates, and competitive pressure in direct sales and distribution channels may continue to compress profit space.
• Stock price and liquidity risk: As of September 11, 2026, the stock price is below MA5, MA10, and MA20, and main-force funds showed overall net outflow over the past 5 trading days; recent daily turnover is approximately RMB 21 million–49 million, and the turnover rate estimated based on total share capital is approximately 0.75%. If key support levels are broken with volume, low trading depth may amplify price volatility and trading slippage.
• Institutional forecast and valuation revision risk: The current stock price corresponds to a dynamic PE of approximately 23.8–24.3x, and the market has already formed certain expectations for profit recovery and new business growth; some institutional target prices were formed before the disclosure of the 2026 semi-annual report. If swine vaccine recovery, new product commercialization, or cash flow improvement fall short of expectations, profit forecasts and valuation centers may face downward revisions.

8. Conclusion and Outlook

Pulike has a diversified layout in veterinary vaccines, chemical drugs, and pet health business. Poultry vaccines and antibodies, chemical drugs, and pet business all achieved growth in 2025, and R&D investment and technology platforms also provide support for new product registration and product upgrades. If swine vaccine demand gradually stabilizes, poultry vaccines and chemical drugs continue to grow, and new pet products complete market launch and generate sales, the company's revenue and profit still have room for recovery; institutional aggregate forecasts for 2026–2028 net profit attributable to parent average approximately RMB 183 million, RMB 215 million, and RMB 241 million respectively, but these forecasts are not official company guidance, and the main disagreements center on swine vaccine recovery, poultry vaccine and chemical drug growth rates, pet volume growth, and new product commercialization progress.

Short-term fundamentals remain in an adjustment phase, with H1 2026 revenue, deducted non-recurring profit, and operating cash flow declining simultaneously, and gross margin at approximately 55.76%, down approximately 6.7 percentage points year-on-year; the high profit growth in 2025 also included a relatively large non-recurring gains and losses factor. Therefore, subsequent observation focuses include whether the swine vaccine business can stabilize, whether poultry and chemical drug product growth can offset the swine vaccine decline, whether new pet products can be converted into actual revenue, and whether collections and operating cash flow improve. Technically, if the stock price continues below the moving averages and Bollinger middle band, the weak pattern may continue; if it reclaims RMB 10.60–10.85 with expanded turnover, it would help improve market confirmation of operational recovery.

The company terminated the pet vaccine expansion project and will use approximately RMB 204 million of idle raised funds for principal-protected cash management, which helps reduce capital expenditure under unclear demand conditions, but also indicates that pet vaccine expansion and market demand still need further verification. Overall, the company's growth logic remains, but performance recovery is highly dependent on downstream farming prosperity, product structure, customer collections, and new product commercialization, and whether the valuation can be supported depends on whether main business improvement is sustainable.

Data Sources

• Pulike Biological Engineering Co., Ltd. 2024 Annual Report
• Pulike (603566)_Company Announcements_Pulike: 2024 Annual Report Sina Finance_Sina
• Pulike (603566)_Company Announcements_Pulike: 2025 Annual Report Summary Sina Finance_Sina
• Pulike (603566)_Company Announcements_Pulike: 2022 Annual Report Sina Finance_Sina
• PULIKE (603566.SH) - Earnings Summary
• Pulike: The company's listed peers mainly include China Animal Husbandry Industry, Boehringer Ingelheim Animal Health, Keqian Biology, Ringpu Biology, and Huisheng Biology等-Yaoxuanzhi
• High, accounting for 40.10%, biological products accounting for 24.80%. The company has long focused on the veterinary biological products track and is a leading domestic veterinary vaccine enterprise, but compared with comparable companies in the same industry, China Animal Husbandry Industry's products cover multiple series including animal vaccines, high-tech chemical drug preparations, feed and feed additives, Pulike's products cover multiple series including animal vaccines, antibodies, high-tech chemical drug preparations, traditional Chinese veterinary medicine, while the company currently only covers biological vaccine products; the absence of animal chemical drug products, which account for the highest market share, is not conducive to further expansion of the company's operating scale, nor to providing downstream customers with more comprehensive and complete overall solutions for animal disease prevention, control, and treatment.
• Pulike (603566) Industry Comparison_F10_Hithink RoyalFlush Financial Services Network
• Pulike Biological Engineering Co., Ltd. 2025 Annual Report
• Pulike (603566)_Company Announcements_Pulike: 2026 Semi-Annual Report Summary Sina Finance_Sina
• Pulike (603566) 2026 Interim Report Brief: Net profit down 33.45% year-on-year, company accounts receivable volume relatively large_Stock Channel_Stockstar
• Pulike 2025 Annual Report Interpretation: Net profit attributable to parent up 99.33%, selling expenses down 13.36%_Sina Finance_Sina
• Pulike (603566) Profit Forecast_F10_Hithink RoyalFlush Financial Services Network
• Pulike (603566) 2025 Annual Report and 2026 Q1 Report Review: Swine vaccines under pressure, cost reduction and efficiency improvement results remarkable__Sina Finance_Sina
• 603566 | Pulike Biological Engineering Inc Stock - Investing.com
• Single Stock Research
• Pulike (603566) Financial Indicators_Sina Finance_Sina
• Profit Distribution | Shanghai Stock Exchange
• Pulike Biological Engineering Co., Ltd. 2026 Semi-Annual Report Summary|Shanghai Securities News
• SSE e-Interaction
• Pulike Biological Engineering Inc (603566) Historical Prices - Investing.com
• Pulike Biological Engineering Inc Stock Technical Analysis (603566)
• Pulike (603566) 5-Day Oscillation Main-Force Funds Net Outflow, Net Outflow on September 11 - Economic Observer Network - Professional Financial News Website
• Pulike (603566) Individual Stock Analysis_Bull Cross Stock Diagnosis_Hithink RoyalFlush Finance
• Pulike (603566)_Company Announcements_Pulike: 2026 Semi-Annual Report Sina Finance_Sina
• Pulike (sh603566) Quotes and Trends

This report is automatically retrieved, compiled, and generated by AI based on public channel information, with information as of the September 11, 2026 close. There may be timeliness differences; specific data should be subject to the company's formal announcements and authoritative data terminals. This report is solely for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.