本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 根据《上市公司独立董事管理办法》《北京证券交易所上市公司持续监管指 引第 1 号——独立董事》等相关规定，山东路斯宠物食品股份有限公司（以下简 称"公司"）董事会就公司在任独立董事熊德斌、黄栋、赵飞的独立性情况进行 评估并出具如下专项意见： （一）独立董事及其配偶、父母、子女、具有主要社会关系的人员未在公司 或公司附属企业任职； （二）独立董事及其配偶、父母、子女未直接或间接持有公司已发行股份百 分之一以上，不是公司前十名股东中的自然人股东； （三）独立董事及其配偶、父母、子女不是直接或间接持有公司已发行股份 百分之五以上的股东，未在公司前五名股东任职； （四）独立董事及其配偶、父母、子女未在公司控股股东、实际控制人的附 属企业任职； （五）独立董事不是公司及公司控股股东、实际控制人或者其各自的附属企 业有重大业务往来的人员，未在有重大业务往来的单位及其控股股东、实际控制 人处任职； （六）独立董事不是为公司及公司控股股东、实际控制人或者其各自附属企 业提 ...

关于山东路斯宠物食品股份有限公司 2023 年度募集资金存放与实际使用情况 鉴证报告 致同会计师事务所 (特殊普通合伙) 目 录 关于山东路斯宠物食品股份有限公司 2023 年度募集资金 存放与实际使用情况鉴证报告 山东路斯宠物食品股份有限公司 2023年度募集资金 存放与实际使用情况的专项报告 1-3 㠪ੂՐ䇗ᐾӁࣗᡶδ⢯⇀Ფ䙐ਾՏε ѣള्Ӣ ᵓ䱩॰ᔰള䰞ཌཝ㺍 22 ਭ 䎑⢯ᒵ൰ 5 ቸ 䛤㕌 100004 ⭫䈓 +86 10 8566 5588 Ֆⵕ +86 10 8566 5120 ̟ზw౨ೇ٤ഓڕᄗԛ 2ۜkk౨ೇ٤ഓނᆇࠡڕसۤರဈԅڕ ྑௐď2022 ભ༉ՈĐxۤwͺ࠸ᄃ௪߬྾ൎڂର౨ೇڟ႕ďೋĐxԅྑௐ Ωᄥ 2023 ભէᅥົͱفēͬᄃୣઝఘყಬcᅹ௲cჼēϢӉၽ༔ެޚৃc ӽч೭ݧᄷӖྫྷরಾাഎךڂՌಹݖԅ႓ఉēแਬԅ႓ఉಾၽಬಠߋᄃ ٝᆴԅݮ҄౨ճাഎךڂՌಹݖΩᄥԅ 2023 ભէᅥົͱفඔѻߋᄃࠒৢd แਬ̟ზwᄯڳᅟЈޙݖಝୣߋᄃྜᅹ႕ԛ 3101 ۜkॅಮϭ ಌݧޙಌၧྻෳԅߋᄃྜxԅڟՇܣޙۤಬಠߋᄃٝᆴēྻճ 2023 ભէᅥ ົͱفಾϢӉၽᄷӖӐͱݦۦसͬᄃdၽߋᄃٝᆴ ...

证券代码：832419 证券简称：路斯股份 公告编号：2024-038 山东路斯宠物食品股份有限公司 2023 年度董事会审计委员会履职情况报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 根据《上市公司治理准则》《北京证券交易所股票上市规则（试行）》和山东 路斯宠物食品股份有限公司（以下简称"公司"）《公司章程》《董事会专门委员 会工作制度》等规定和要求，公司董事会审计委员会在 2023 年度积极审慎地开 展审计工作，充分发挥自身专业优势，切实有效地履行了监督职责。现就 2023 年度履职情况报告如下： 一、审计委员会基本情况 公司于 2023 年 7 月 5 日完成董事会换届选举，同日召开第五届董事会第一 次会议，审议通过《关于选举第五届董事会专门委员会委员的议案》，换届前的 审计委员会成员为独立董事熊德斌先生、独立董事罗超先生、非独立董事付晓明 先生，其中熊德斌先生担任主任委员；换届后为独立董事熊德斌先生、独立董事 黄栋先生、非独立董事寇兴刚先生，主任委员保持不变。 根据中国证监会颁布并于 2 ...

证券代码：832419 证券简称：路斯股份 公告编号：2024-032 山东路斯宠物食品股份有限公司 关于召开 2023 年年度股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 本次股东大会的召集人为董事会。 （三）会议召开的合法性、合规性 本次股东大会的召开符合《公司法》等法律、法规及公司章程的有关规定, 本次会议召开不需要相关部门批准。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 同一表决权只能选择现场、网络中的一种。 （一）股东大会届次 本次会议为 2023 年年度股东大会。 （二）召集人 （五）会议召开日期和时间 1、现场会议召开时间：2024 年 5 月 10 日下午 15:00。 2、网络投票起止时间：2024 年 5 月 9 日 15:00—2024 年 5 月 10 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于 ...

国投证券股份有限公司 关于山东路斯宠物食品股份有限公司 偶发性关联交易事项的专项核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为山东 路斯宠物食品股份有限公司（以下简称"路斯股份"或"公司"）向不特定合格 投资者公开发行股票并在北京证券交易所上市的保荐机构，根据《证券发行上市 保荐业务管理办法》《北京证券交易所股票上市规则（试行）》《北京证券交易 所证券发行上市保荐业务管理细则》等相关法律、法规及规范性文件的规定，对 路斯股份偶发性关联交易事项进行了核查，具体情况如下： 一、关联交易概述 （一）关联交易概述 公司控股子公司 CAMBODIAN LUHENG PET FOOD CO., LTD.（中文名称： 柬埔寨路恒宠物食品有限公司，以下简称"柬埔寨路恒"）正在建设年产 7,500 吨宠物食品项目（以下简称"二期项目"），并计划从中国境内进口主要的生产 设备及配件。根据项目建设需要，柬埔寨路恒拟与温州苏恒进出口有限公司（以 下简称"苏恒进出口"）签订代理采购框架协议，由苏恒进出口在中国境内代理 采购相关设备及配件，代理采购价款预计不超过 3,000 万元。苏恒进出口公司为 温州锦恒宠物 ...

证券代码：832419 证券简称：路斯股份 公告编号：2024-023 公司 2024 年度工作计划。 山东路斯宠物食品股份有限公司 第五届董事会第八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事熊德斌、黄栋因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《2023 年度总经理工作报告》 1.议案内容： 公司总经理孙洪学先生对公司 2023 年度生产经营情况做具体报告，并汇报 （一）会议召开情况 1.会议召开时间：2024 年 4 月 9 日 2.会议召开地点：公司会议室 3.会议召开方式：现场、通讯 4.发出董事会会议通知的时间和方式：2024 年 3 月 29 日以通讯方式发出 5.会议主持人：郭百礼先生 6.会议列席人员：监事 7.召开情况合法、合规、合章程性说明： 本次会议的召开符合《公司法》等法律法规及公司章程的规定。 （二）会议出席情况 2.议案表决结果：同意 7 票；反对 0 ...

本人熊德斌，作为山东路斯宠物食品股份有限公司（以下简称"公司"）的 独立董事，根据《公司法》《证券法》《北京证券交易所股票上市规则（试行）》 《北京证券交易所上市公司持续监管指引第 1 号——独立董事》等法律法规和 《公司章程》《独立董事工作制度》等规定，在 2023 年度的工作中忠实与勤勉 地履行职责，积极出席相关会议，认真审议董事会各项议案，对公司重要事项 发表了独立意见，切实维护了公司和股东的利益，较好地发挥了独立董事的作 用。现就 2023 年度履职情况汇报如下： 一、本人的基本情况 本人现任贵州大学教授。2020 年 12 月至今，任公司独立董事，兼任公司 董事会审计委员会主任委员、提名委员会委员。 证券代码：832419 证券简称：路斯股份 公告编号：2024-034 山东路斯宠物食品股份有限公司 2023 年度独立董事述职报告（熊德斌） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 二、出席董事会及股东大会情况 报告期内，本着勤勉尽责的态度，本人积极参加公司召开的董事会及股东 大会，认 ...

证券代码：832419 证券简称：路斯股份 公告编号：2024-047 山东路斯宠物食品股份有限公司 公司拟使用额度不超过 10,000 万元的自有资金购买安全性高、流动性好的 理财产品，包括银行理财产品、信托产品、资产管理计划、券商收益凭证及经公 司内部决策程序批准的其他理财产品。 （四） 委托理财期限 使用闲置自有资金购买理财产品公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 委托理财概述 （一） 委托理财目的 山东路斯宠物食品股份有限公司（以下简称"公司"）拟在满足生产经营资 金需求的情况下，根据闲置资金状况和经营计划，适当购买金融机构理财产品， 以提高资金使用效率。 （二） 委托理财金额和资金来源 公司拟使用额度不超过 10,000 万元的自有资金购买金融机构理财产品。 （三） 委托理财方式 1、 预计委托理财额度的情形 在前述额度内，资金可以循环滚动使用，拟投资的期限最长不超过 12 个月。 以上事项自公司股东大会审议通过之日起 12 个月内有效。 二、 决策与审议程序 公司于 2 ...

Business Expansion and Subsidiaries - The company established a foreign holding subsidiary, Cambodia Luheng Pet Food Co., Ltd., to develop international markets, with an expected annual production capacity increase of 3,000 tons from Phase I and 7,500 tons from Phase II of the overseas project[5]. - The company acquired 25% equity of Gansu Lush Pet Food Technology Co., Ltd. for 12.91 million yuan, making it a wholly-owned subsidiary[6]. - A new subsidiary, Karl Luwen (Shouguang) Supply Chain Co., Ltd., was established to expand the pet nutrition and health products business, enhancing product synergy and competitiveness[6]. - The company established two new subsidiaries, including a foreign subsidiary in Cambodia focused on developing the U.S. market, and a domestic subsidiary for pet nutrition products[49]. - The company has increased its consolidated subsidiaries to 7, adding two new subsidiaries in Cambodia and China, focusing on pet food and nutritional health products[118]. Financial Performance - The company's operating revenue for 2023 reached ¥696,313,186.06, representing a 26.82% increase compared to ¥549,051,262.21 in 2022[32]. - The net profit attributable to shareholders for 2023 was ¥68,398,839.47, a significant increase of 58.58% from ¥43,132,201.44 in 2022[32]. - The gross profit margin improved to 19.87% in 2023, up from 15.16% in 2022[32]. - The company's net assets attributable to shareholders rose to ¥479,673,554.29, reflecting a 14.20% increase from ¥420,044,029.83 in 2022[34]. - The operating cash flow for 2023 was ¥104,403,782.87, marking a 116.87% increase from ¥48,140,252.26 in 2022[34]. - The company achieved a total revenue of 689.26 million yuan in 2023, representing a year-on-year growth of 26.46%[46]. - Domestic revenue reached 275.42 million yuan, with a significant increase of 50.73%, while overseas revenue was 413.84 million yuan, growing by 14.22%[46]. - The company reported a net profit growth rate of 57.91% in 2023 compared to 43.00% in 2022[34]. - The total profit for 2023 was ¥77,398,344.06, a 71.20% increase from ¥45,208,981.46 in 2022[67]. Research and Development - The company obtained 2 invention patents and 1 utility model patent during the reporting period, which will help protect intellectual property and maintain technological advantages[7]. - R&D expenditure for the current period amounted to ¥21,966,964.51, representing 3.15% of operating revenue, compared to ¥18,186,470.23 and 3.31% in the previous period[102]. - The total number of R&D personnel increased from 142 to 179, with the proportion of R&D personnel to total employees rising from 8.40% to 9.32%[104]. - Ongoing R&D projects include the development of low-temperature pre-treated fresh meat grain and functional freeze-dried products aimed at improving pet health[106]. - The company is enhancing its product offerings by developing a functional pet snack with colostrum to improve pet immunity and digestive health[1]. Market Trends and Insights - In 2023, the U.S. pet market sales reached $147 billion, a 7.46% increase from $136.8 billion in 2022, with pet food and treats accounting for $64.4 billion, representing 43.81% of the total market[52]. - The European pet food industry size reached €29.1 billion in 2022, growing 5.1% from 2021, with 91 million households owning at least one pet, an increase of 1 million households year-on-year[53]. - In China, the urban pet (dog and cat) consumption market size was ¥279.3 billion in 2023, a 3.2% increase from 2022, with dog consumption at ¥148.8 billion (up 0.9%) and cat consumption at ¥130.5 billion (up 6.0%)[55]. - Pet food accounted for approximately 52.3% of the pet market in China, with a scale of ¥146.1 billion, where staple food represented 67.5% and snacks 26.0%[55]. - The domestic pet market size reached 279.3 billion yuan in 2023, with a compound annual growth rate (CAGR) of 3.90% over the past three years[130]. Corporate Governance and Compliance - The company has appointed new signing accountants from the auditing firm due to internal adjustments, with the new signatories being Zhao Yanmei and Liu Min[27]. - The company has committed to providing timely compensation for any economic losses incurred due to violations of its commitments[166]. - The company has established a commitment to protect the interests of minority shareholders by adhering to profit distribution policies and avoiding dilution of immediate returns[167]. - The company guarantees that the public offering documents are true, accurate, and complete, with no false records or misleading statements[162]. - The company will ensure that any share reduction after the lock-up period will not exceed the legal limits and will be priced no lower than the issuance price[161]. Social Responsibility - The company donated 300,000 yuan to a local education foundation and another 300,000 yuan for school improvement in Gansu province, demonstrating its commitment to social responsibility[119]. - The company is focusing on environmental protection by adhering to environmental laws and regulations, ensuring compliance in all production stages[120]. - The company is committed to ensuring food safety and sustainable development through enhanced production quality management[136].

Investment Rating - The report assigns an "Outperform" rating to Lusi Stock (832419) with a target price range of 13.24-15.89 yuan for 2024, based on a 15-18x PE multiple [5][91] Core Views - Lusi Stock is a leading pet food company with a dual-drive business model focusing on both domestic and international markets [2] - The company has a strong presence in the overseas market, particularly in Europe, while rapidly expanding its domestic brand [2][28] - Lusi is transitioning from a meat-based snack focus to a more diversified product portfolio, including pet staple food, which is expected to become a second growth engine [3][38] - The company is strategically investing in R&D and expanding production capacity, both domestically and in Cambodia, to capture growth opportunities in the US and Chinese markets [3][72][73] Company Overview - Lusi Stock has a stable ownership structure, with Guo Hongqian and Guo Baili as the actual controllers, holding 37.78% and 4.72% of shares respectively [23] - The company has experienced steady revenue growth, with total revenue increasing from 339 million yuan in 2018 to 549 million yuan in 2022, representing a CAGR of 12.8% [26] - Overseas business remains the core revenue source, accounting for 66.5% of total revenue in 2022, down from 83.4% in 2021 due to rapid domestic brand development [2][28] - Meat-based snacks are the main revenue driver, contributing 70.7% of total revenue in 2022, while staple food production capacity added in 2022 is expected to drive future growth [2][32] Industry Analysis - The global pet food market is growing steadily, with the US being the largest market, expected to reach $155.04 billion by 2025 with a CAGR of 8% from 2018-2025 [2][46] - Europe is another significant market, with pet food sales reaching 29.1 billion euros in 2022, up 3.5% from the three-year average [2][52] - China's pet food market has grown rapidly, expanding from 27.8 billion yuan in 2018 to 50.7 billion yuan in 2022, with a CAGR of 16% [2][60] - Staple food is the core category in China's pet food market, accounting for 87.8% of the total market in 2022 [60] Growth Drivers - Domestic staple food production: Lusi has invested in a 30,000-ton pet staple food project, with Phase I contributing over 30 million yuan in revenue in H1 2023 [3][38] - Overseas capacity expansion: The company is building 3,000-ton and 7,500-ton pet snack projects in Cambodia to target the US market [72][81] - R&D investment: Lusi has a higher R&D expense ratio than peers, with at least 10 new products developed each quarter [3][82] - Diversification: The company is expanding into pet nutrition and health products through strategic investments [77] Financial Projections - Revenue is expected to grow from 696 million yuan in 2023E to 1.073 billion yuan in 2025E, with a CAGR of 21.7% [7][86] - Net profit is projected to increase from 69 million yuan in 2023E to 118 million yuan in 2025E [7][91] - Gross margin is forecasted to improve from 20.2% in 2023E to 21.5% in 2025E, driven by staple food production and domestic brand development [90] - R&D expense ratio is expected to remain above 3% from 2023E to 2025E, reflecting the company's focus on product innovation [90]