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]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7600 | 0.6600 | 15.15 | 0.4300 | | 每股净资产（元） | 5.34 | 4.64 | 15.09 | 4.05 | | 每股公积金(元) | 0.83 | 0.82 | 1.22 | 0.86 | | 每股未分配利润(元) | 3.33 | 2.70 | 23.33 | 2.14 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.78 | 6.96 | 11.78 | 5.49 | | 净利润(亿元) | 0.78 | 0.68 | 14.71 | 0.43 | | 净资产收益率(%) | 14.15 | 14.19 | -0.28 | 10.73 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5604.91万股，累计占流通股比： 59.88%，较上 ...

证券代码：832419 证券简称：路斯股份 公告编号：2025-013 山东路斯宠物食品股份有限公司 第五届董事会第十五次会议决议公告 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）会议召开情况 1.会议召开时间：2025 年 4 月 23 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：2025 年 4 月 11 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 公司 2025 年度工作计划。 2.议案表决结果：同意 7 票；反对 0 票；弃权 0 票。 3.回避表决情况： 本议案不涉及关联交易事项，不存在回避表决情形。 4.提交股东大会表决情况： 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事赵飞、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《2024 年度总经 ...

单位：元 | | | 预计 2025 | 年 | 2024 年与关联 | 预计金额与上年实 | | --- | --- | --- | --- | --- | --- | | 关联交易类别 | 主要交易内容 | 发生金额 | | 方实际发生金额 | 际发生金额差异较 | | | | | | | 大的原因 | | | 向山东天成鑫利农业发展 | 32,000,000 | | 22,761,055.65 | 根据业务开展需要, | | 购买原材料、 | 有限公司采购鸭产品；向 | | | | 本期公司向温州锦 | | | 温州锦恒宠物用品有限公 | | | | 恒宠物用品有限公 | | 燃料和动力、 | 司及其关联企业采购咬胶 | | | | 司及其关联企业采 | | 接受劳务 | 等原料。 | | | | 购咬胶等原料的金 | | | 向寿光天成饲料有限公司 | 45,300,000 | | 18,726,174.43 | 额预计增加。 根据业务开展需要， | | | 销售动物油脂；向潍坊奥 | | | | 本期公司向潍坊奥 海饲料有限公司销 | | | 海饲料有限公司销售肉粉 | | | | | | 销售产品 ...

证券代码：832419 证券简称：路斯股份 公告编号：2025-025 一、本人的基本情况 本人现任上海市锦天城律师事务所合伙人。2023 年 7 月至今，任公司独立 董事，兼任公司薪酬与考核委员会主任委员、审计委员会委员。 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，认真审议每个议案，对所有议案均投了赞成票，没有投反对票和弃权票。 与会前后，本人充分利用自身专业知识，结合公司经营情况，积极参与讨论并 提出合理化建议，客观、独立、审慎地行使独立董事权力，为公司董事会做出 科学决策起到了积极的作用。 山东路斯宠物食品股份有限公司 2024 年度独立董事述职报告（黄栋） 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。 本人黄栋，自 2023 年 7 月 5 日起任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》 ...

山东路斯宠物食品股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） | | | | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-89 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 371A016600 号 山东路斯宠物食品股份有限公司全体股东： 一、审计意见 我们审计了山东路斯宠物食品股份有限公司（以下简称路斯股份）财务 报表，包括 2024 年 12月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 相关信息披露详见财务报表附注三-26"收入"和附注五-33"营业收入和营 业成本"。 1 ...