大消费概念持续活跃 丽人丽妆3连板 智通财经5月19日电，午后大消费概念持续活跃，医美、宠物经济方向领涨，丽人丽妆走出3连板，拉芳 家化、源飞宠物涨停，天元宠物、锦波生物、百龙创园、路斯股份股价创出历史新高。消息面上，据粤 开证券统计，国内消费医疗对应万亿级市场规模。医美领域市场规模预计2025年达到3529亿元。 ...

证券代码：832419 证券简称：路斯股份 公告编号：2025-040 山东路斯宠物食品股份有限公司 2024 年年度股东会决议公告 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 （一）会议召开情况 1.会议召开时间：2025 年 5 月 15 日 2.会议召开地点：公司会议室 3.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 4.会议召集人：董事会 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0.0000%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公司在任董事 7 人，出席 7 人； 2.公司在任监事 3 人，出席 3 人； 3.公司董事会秘书出席会议； 公司部分副总经理列席会议。 二、议案审议情况 5.会议主持人：郭百礼先生 6.召开情况合法合规的说明： 本次会议的召开符合《公司法》等法律、法规及公司章程的有关规定，且不 需要相关部门的批准 ...

上海市广发律师事务所 关于山东路斯宠物食品股份有限公司 2024 年年度股东会的法律意见书 致：山东路斯宠物食品股份有限公司 山东路斯宠物食品股份有限公司（以下简称"公司"）2024 年年度股东会 于 2025 年 5 月 15 日在山东路斯宠物食品股份有限公司会议室召开。上海市广发 律师事务所经公司聘请，委派邵彬律师、孙薇维律师出席现场会议，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）等法律法规、其他规范性文件以及《山东路斯宠物 食品股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次股东会 的召集和召开程序、召集人及出席会议人员的资格、会议议案、表决方式和表决 程序、表决结果和会议决议等出具本法律意见书。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺，公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一 切足以影响本法律意见书的事实和文件均已向本所披露，而无任何隐瞒 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 6, 2025, from 15:00 to 17:00 [3] - The event was conducted online, allowing investors to participate remotely [3] - Key company representatives included the General Manager, Vice General Manager, and Board Secretary [4] Group 2: Dividend Policy - The proposed cash dividend for the 2024 fiscal year is CNY 1.00 per 10 shares (including tax) [4] - The dividend plan considers the company's profitability, capital expenditure, and debt repayment capacity [4] - The company aims to enhance the timeliness of cash dividends while focusing on long-term investor returns and future growth [4] Group 3: Raw Material Price Management - The company plans to strengthen supply chain management and develop quality suppliers to mitigate reliance on specific vendors [5] - A flexible procurement strategy will be implemented to adjust purchasing based on raw material price trends [5] - Increased R&D investment will focus on high-value products that can withstand raw material price fluctuations [5] Group 4: Market Growth and Challenges - Export revenue growth rates for 2024 and Q1 2025 were 16.6% and 33.3%, respectively, while domestic growth rates were 4.4% and -0.6% [6] - The decline in meat powder business revenue impacted domestic growth; excluding this, domestic pet food business grew by 21.3% and 14.7% [6] - The company recognizes the need to improve brand positioning and sales expense allocation due to low gross margins in staple products [6] Group 5: Strategic Initiatives - The company plans to adopt a multi-brand strategy and increase marketing expenses to enhance brand presence [7] - A new brand "Miaoguan" has been launched, focusing on high cost-performance products [7] - Continuous R&D efforts will aim to create differentiated products and improve customer retention and brand influence [7]

Core Insights - The freeze-dried food industry in China is part of the agricultural and agricultural product processing sector, with upstream focusing on raw materials and freeze-drying equipment, midstream on food freeze-drying processing, and downstream on wholesalers, supermarkets, convenience stores, and food companies [1] Industry Overview - The freeze-dried food industry is primarily concentrated in Shandong and Jiangsu, with additional presence in Anhui, Henan, and Fujian [3] - Upstream raw material companies are mainly located in Xinjiang, Gansu, Shandong, and Hubei, while upstream refrigeration equipment companies are found in Beijing and Shanghai. Midstream freeze-dried food companies are predominantly in Shandong and Fujian [6] Company Performance - In the first half of 2024, the revenue from pet snacks for Guai Bao Pet reached 1.194 billion yuan. The gross margin varies significantly among listed companies, with Lai Yi Fen's candy and fruit products gross margin exceeding 45%, while Hao Xiang Ni's health-preserving products have a gross margin of only 11.50% [7][8] - The number of stores for Lai Yi Fen is the highest among listed companies, totaling 3,472 [7] Company Financials | Company Name | Revenue (Billion Yuan) | Gross Margin (%) | Other Indicators | | --- | --- | --- | --- | | Hao Xiang Ni (002582) | 0.35 | 11.50% | Store Count: 390 | | Lai Yi Fen (603777) | 3.41 | 45.18% | Store Count: 3,472 | | Liang Pin Pu Zi (603719) | 6.67 | 33.15% | Store Count: 2,814 | | San Zhi Song Shu (300783) | 0.35 | 21.32% | Store Count: 415 | | Guai Bao Pet (301498) | 1.194 | 39.19% | Pet Feed Sales: 176,000 tons | | Lu Si Co. (832419) | 0.215 | 26.41% | | | Zhong Chong Co. (002891) | 1.136 | 25.45% | Pet Food and Supplies Sales: 99,600 tons | | Pei Ti Co. (300673) | 0.190 | 29.87% | Pet Food and Others Sales: 30,100 tons [8] Recent Developments - Since 2024, representative companies in the freeze-dried food industry have engaged in strategic partnerships, established new companies, and built R&D centers [11]

Core Insights - The company reported a revenue of 778 million yuan for 2024, marking an 11.68% year-on-year increase, with a net profit of 78.36 million yuan, up 14.57% [1] - The company achieved a revenue of 184 million yuan in Q1 2025, reflecting a 17.58% year-on-year growth, with a net profit of 16.51 million yuan, increasing by 17.34% [1] Revenue Growth and Product Performance - The company accelerated the upgrade of core products, with staple food revenue increasing by 53.42% to 102 million yuan, accounting for 13.3% of total revenue; canned product revenue grew by 59.71% to 47.98 million yuan, driven by strong overseas demand [2] - Domestic market share for pet food increased by 21.34%, showcasing the brand's influence and channel penetration [2] Profitability and Cost Management - The overall gross margin for 2024 was 22.87%, up 3 percentage points year-on-year, with overseas revenue gross margin rising by 2.95 percentage points due to higher margins on canned products [2] - The company improved production efficiency and expanded staple food capacity, leading to a net profit growth of 14.57%, surpassing revenue growth [2] International Expansion and Market Strategy - The company implemented a dual-driven strategy of "export-oriented and domestic sales coordination," with overseas revenue increasing by 16.64%, now accounting for 62.97% of total revenue [3] - The Cambodia project has commenced production, with a second phase under development, which will alleviate capacity constraints and enhance global supply chain efficiency [3] Brand Development and Innovation - The company added 14 new patents in 2024, including one invention patent, reinforcing its technological leadership in the pet food sector [3] - The Gansu subsidiary was recognized as a provincial "specialized, refined, and innovative" enterprise, and the laboratory received CNAS national certification, enhancing the company's research and product credibility [3] Overall Outlook - The company is focused on optimizing product structure and expanding overseas capacity, with high-value products like staple food and canned goods driving growth [4] - With steady domestic market penetration and ongoing brand development, the company is positioned to maintain its leadership in the pet food industry and pursue its long-term goal of becoming a global pet food brand [4]

证券代码：832419 证券简称：路斯股份 公告编号：2025-038 山东路斯宠物食品股份有限公司 2024 年年度报告业绩说明会预告公告 三、 参加人员 公司董事、总经理：孙洪学先生 公司董事、副总经理：寇兴刚先生 公司董事会秘书：李中文先生 公司财务总监：李永峰先生 公司保荐代表人：彭国峻先生 四、 投资者参加方式 本次说明会采用网络方式召开。 （一）会议召开时间：2025 年 5 月 6 日（星期二）15:00-17:00。 （二）会议召开地点 本次年度报告业绩说明会将采用网络方式召开，投资者可登陆东方财富路演 （http://roadshow.eastmoney.com/luyan/4713359）参与本次年报业绩说明会。 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、 说明会类型 山东路斯宠物食品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在 北京证券交易所官网（www.bse.cn）披露了《2024 年年度报告》（公告编号： 2025-015），为方便广大投资者 ...

Core Viewpoint - The company reported revenue and profit growth for 2024 and Q1 2025, driven by overseas market expansion and product structure optimization [1][2] Financial Performance - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit attributable to shareholders of 78.36 million yuan, up 14.57% [1][2] - For Q1 2025, revenue reached 184 million yuan, reflecting a growth of 17.58%, with a net profit of 16.51 million yuan, an increase of 17.34% [1] Revenue Breakdown - Overseas revenue for 2024 was 483 million yuan, growing by 16.64% and contributing over 60% of total revenue, primarily due to significant growth in large customer orders and successful new customer development [2][3] - The company's gross margin improved by 3.0 percentage points to 22.87% in 2024, attributed to rapid growth in overseas canned product sales and cost optimization from large-scale production of staple foods [2] Product Performance - Revenue from core meat jerky products grew steadily, while staple foods and canned products saw growth exceeding 50% [3] - Meat jerky generated 479 million yuan in revenue (+10.63%), accounting for 62.45% of total revenue; staple foods reached 102 million yuan (+53.42%), and canned products 47.98 million yuan (+59.71%) [3] Capacity Expansion and R&D - The company is accelerating global capacity expansion, with a Cambodian subsidiary's first phase producing 3,000 tons of pet food and the second phase partially operational, expected to add 10,500 tons of capacity [4] - R&D investment increased by 7.51% in 2024, focusing on product quality improvement, cost optimization, and new product development, enhancing the company's competitive advantage [4] Investment Outlook - The company aims for sustainable growth through innovation in the pet food market, with projected net profits of 95 million yuan, 115 million yuan, and 139 million yuan for 2025-2027, corresponding to EPS of 0.92, 1.11, and 1.35 yuan per share [4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to achieve steady profit growth driven by overseas expansion in 2024, with continued improvement anticipated in 2025 [1][7] - Revenue for 2024 is projected at 777.64 million yuan, representing a year-on-year increase of 11.68%, while net profit is expected to reach 78.36 million yuan, up 14.57% year-on-year [1][7] - The company is focusing on expanding its market presence, particularly in the pet food sector, with significant growth in overseas sales contributing to overall performance [7] Financial Forecasts - Total revenue is forecasted to grow from 696.31 million yuan in 2023 to 950.99 million yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 22.29% [1][8] - Net profit is expected to increase from 68.40 million yuan in 2023 to 95.58 million yuan in 2025, with a year-on-year growth rate of 21.97% [1][8] - The earnings per share (EPS) is projected to rise from 0.66 yuan in 2023 to 0.93 yuan in 2025, indicating a positive trend in profitability [1][8] Market Data - The closing price of the company's stock is 22.55 yuan, with a market capitalization of 2,329.56 million yuan [5] - The price-to-earnings (P/E) ratio is currently at 29.73, expected to decrease to 24.37 in 2025 [1][5] Business Performance - The company has reported strong growth in its pet snack segment, with overseas sales increasing significantly, particularly in canned products, which have higher profit margins compared to domestic sales [7] - The company has invested in production capacity in Cambodia to better meet overseas demand, while also focusing on domestic market expansion [7]