Zhengye Biotechnology Holding Ltd (NASDAQ: ZYBT)

Zhengye Biotechnology Holding Ltd is a holding company incorporated in the Cayman Islands that conducts its operations through its subsidiary Jilin Zhengye which focuses on the research development manufacturing and sale of veterinary vaccines for livestock. The company’s product portfolio includes vaccines for swine cattle goats sheep poultry and dogs and it markets these products in 29 provincial regions across China and exports to Vietnam Pakistan and Egypt.

The company generates revenue primarily from the manufacturing and sale of its veterinary vaccines under its own brand. Domestic sales accounted for the majority of revenue representing 97.3 percent in 2025 98.3 percent in 2024 and 99.2 percent in 2023 while international sales contributed the remaining share. Revenue figures were RMB116.4 million in 2025 RMB186.4 million in 2024 and RMB211.7 million in 2023.

Within the competitive veterinary vaccine industry Zhengye Biotechnology Holding Ltd holds a position supported by a diversified portfolio of approximately fifty vaccines covering major livestock species. The company faces competition from firms such as Jinyu Bio-Technology Co Ltd Wuhan Keqian Biology Co Ltd Shanghai Shenlian Biomedical Co Ltd Guangdong Yongshun Biopharmaceutical Co Ltd and Shanghai Haili Biotechnology Co Ltd. Its competitive advantages include high production quality backed by GMP and ISO certifications strong research and development capabilities with fifty one research and development staff and collaborations with universities and research institutes an extensive distribution network reaching domestic and overseas markets and an experienced management team with deep industry expertise.

The company serves two main types of customers direct end users such as livestock farmers and local governments and distributors that resell its products domestically and abroad. Specific customers that have contributed significantly to revenue include MYF which accounted for 13.7 percent of revenue in 2025 44.6 percent in 2024 and was one of the two top customers in 2023 alongside Shuangbaotai which represented 15.0 percent of revenue that year.