Zhengye Biotechnology makes vaccines for farm animals like pigs, cows, and chickens, selling mostly to Chinese farmers and some buyers in Vietnam, Pakistan, and Egypt.
Revenue was CNY 0.12B in 2025, but gross margin fell to 8.30% and net income was negative, so the business is losing money.
No clear edge: many larger animal vaccine makers like Zoetis and Boehringer Ingelheim dominate, and Zhengye's shrinking margins and losses show it can't fend them off.
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