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 新增 2025 年日常性关联交易的专项核查意见 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《北京证券交易 所股票上市规则》《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，对路斯股份新增 2025 年日常性关联交易的事项 进行了核查，具体情况如下： 一、日常性关联交易预计情况 （一）预计情况 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 23 日 召开第五届董事会第十五次会议，审议通过了《关于预计 2025 年日常性关联交 易的议案》，详见公司于 2025 年 4 月 25 日在北京证券交易所（www.bse.cn）披 露的《关于预计 2025 年日常性关联交易公告》（公告编号：2025-031）。 因业务发展需要，公司（含合并范围内子公司）拟新增向温州锦恒宠物用品 有限公司（以下简称"温州锦恒"）及其关联企业采购咬胶等原料的日常性关联 交易 ...

Market Overview - The feed sector experienced a decline of 1.07% on July 29, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Lude Environment (688156) closed at 20.02, down 2.58% with a trading volume of 34,800 shares and a transaction value of 69.87 million [1] - Other notable declines include: - Lusi Co. (832419) down 2.18% to 21.56 - Zhongchong Co. (002891) down 1.95% to 54.19 - Bangji Technology (603151) down 1.86% to 24.78 [1] Capital Flow Analysis - The feed sector saw a net outflow of 201 million from institutional investors, while retail investors contributed a net inflow of 96.49 million [1] - Specific stock capital flows include: - Jin Xin Nong (002548) with a net inflow of 10.17 million from institutional investors [2] - He Feng Co. (603609) with a net inflow of 5.69 million from institutional investors [2] - Petty Co. (300673) experienced a net outflow of 54,400 from institutional investors [2]

Overview - The role of pets in families is evolving from animals to family members, leading to a significant increase in pet owners' focus on pet health and a willingness to purchase health products for pets [1][12] - The market for pet health products in China is projected to reach 12.65 billion yuan in 2024, with a year-on-year growth of 15.73%, and over 80% of this market is attributed to dog and cat health products [1][12] Development Background - The increase in pet ownership is driven by demographic changes such as an aging population, rising divorce rates, and declining birth rates, leading to more people seeking companionship from pets [6][10] - Over 90% of pet owners now consider their pets as family members, which enhances their willingness to spend on pet care, thus driving the growth of the pet health product market [6][10] Industry Chain - The upstream of the pet health product industry includes suppliers of basic nutritional raw materials such as vitamins and minerals, as well as functional raw materials like glucosamine and probiotics [8] - The midstream involves the production and manufacturing of pet health products, while the downstream includes sales channels such as pet stores, veterinary clinics, and e-commerce platforms [8] Current Market Situation - The demand for pet health products is becoming more refined and personalized, with increasing interest in products targeting specific health functions such as joint protection and digestive care [1][12] - Companies are encouraged to develop more personalized products to meet the diverse needs of different pet breeds, ages, sizes, and health conditions [1][12] Competitive Landscape - The pet health product market in China is relatively concentrated, with key players including Shanghai Hongxing Pet Products Co., Ltd., Shenzhen Hongrui Biotechnology Co., Ltd., and others [15][17] - Notable companies like Guobao Pet Food Group Co., Ltd. reported a total revenue of 5.245 billion yuan in 2024, with health products contributing 0.46 billion yuan, accounting for 0.88% of total revenue [19] Future Trends - Functional health products such as those for joint health and immune support are expected to dominate the market, while personalized health products based on genetic testing and AI algorithms are anticipated to emerge [21] - There is a growing consumer preference for natural and organic ingredients in pet health products, aligning with concerns about food safety and health [21]

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [2][51]. Core Insights - The pet industry is experiencing a significant shift from "basic subsistence" consumption to "quality upgrade" consumption, with a notable 73% year-on-year increase in sales of pet products in live streaming sessions [4][11]. - The 618 shopping festival saw total sales in the pet food sector reach 7.5 billion yuan, indicating resilience in demand and structural upgrades within the industry [5][19]. - The rise of domestic brands is evident, with a substantial increase in the number of new products launched during the 618 festival, reflecting a strong response to consumer demand for quality and innovation [16][19]. Summary by Sections Live Streaming Sales - Sales of pet products in Li Jiaqi's live streaming room increased by 73% year-on-year, with essential items like staple food, snacks, and cat litter making up 92% of total sales [10][11]. - The new generation of pet owners (67% being post-90s and post-00s) is shifting their purchasing criteria from "having food" to "prioritizing ingredient lists," emphasizing the importance of quality and health in pet food [4][10]. 618 Shopping Festival Insights - The 2025 618 shopping festival saw pet food sales reach 7.5 billion yuan, showcasing the industry's robust demand and structural upgrades [5][19]. - The competition landscape is evolving, with platforms like Taobao and Tmall shifting focus from price wars to long-term value, promoting a healthier growth model based on brand loyalty and consumer engagement [5][19]. Offline Marketing Strategies - Brands are increasingly adopting experiential marketing strategies to enhance consumer engagement and drive premiumization, with examples including themed pop-up stores and integrated service models [6][32][41]. - The "4S model" by Chaoyun Group integrates various pet services, creating a comprehensive service ecosystem that enhances customer experience and brand loyalty [41]. Investment Recommendations - The report suggests focusing on domestic brands that are rapidly emerging in the pet economy, particularly those aligned with the dual themes of "domestic substitution" and "consumption upgrade." Recommended stocks include: Guibao Pet, Petty Co., Zhongchong Co., and Lusi Co., with a watch on Chaoyun Group [6].

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing capacity regulation policies in the pig industry, recommending a "platform + ecosystem" model represented by Dekang Agriculture and Animal Husbandry [3] - The report highlights the need to shift from a cyclical perspective to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [6][17] - The report identifies key investment opportunities in the pig farming sector, particularly in leading companies with cost advantages, such as Muyuan Foods and Wens Foodstuffs [6][17] Summary by Sections 1. Pig Industry - In May, the national breeding sow inventory reached 40.42 million heads, a year-on-year increase of 1.15% and a month-on-month increase of 0.1%, indicating a stable capacity within the green regulatory range [6][16] - The average pig price rose to 14.66 CNY/kg, with the complete cost for leading enterprises dropping to around 12 CNY/kg, suggesting a favorable profit outlook [5][16] - The report recommends focusing on companies with strong financial performance, such as Dekang Agriculture and Animal Husbandry, Muyuan Foods, and Wens Foodstuffs [6][17] 2. Poultry Industry - The price of parent chicken seedlings remains high, with the average price at 47.93 CNY, reflecting a 5.25% increase [7][18] - The report notes a persistent contradiction between high production capacity and weak consumption in the white feather chicken industry, leading to potential market share gains for integrated enterprises [7][18] - Key investment targets include leading companies in imported breeding stock and fully integrated enterprises like Yisheng and Shengnong Development [7][18] 3. Feed Industry - The report highlights a recovery in aquaculture profitability due to rising fish prices and falling feed prices, with expectations for a rebound in demand for aquaculture feed in 2025 [8][19] - The leading companies are expected to improve their market share and cash flow as the capital expansion phase ends [8][19][21] 4. Pet Industry - The report indicates strong performance from domestic pet brands during the Tmall 618 sales event, with brands like Guibao and Zhongchong showing significant growth [11][22] - The competitive landscape is intensifying, with a focus on brands that demonstrate continuous high growth and strong overseas performance [11][22] 5. Agricultural Products - The report notes a significant reduction in grain imports, with a 29.7% year-on-year decrease in the first five months of 2025, which may support price recovery [12][29] - The report emphasizes the importance of domestic supply and the need for price increases to enhance farmers' income [12][29] 6. Market and Price Situation - The report states that the Shanghai and Shenzhen 300 Index closed at 3922 points, reflecting a 1.95% increase, while the agriculture index rose by 0.80% [30][31] - The report highlights the overall stability in the pig market, with average prices showing a slight decline due to seasonal consumption effects [52]

Investment Rating - The report maintains a positive outlook on the pet food industry, indicating a "Buy" recommendation for companies like Guobao Pet and Zhongchong Co., while suggesting to pay attention to Peidi Co. and Lusi Co. [2][4] Core Insights - The pet food industry in China is experiencing a long-term favorable trend, with short-term acceleration expected. The support from channel partners for leading brands is increasing, and product homogenization is becoming more pronounced. The industry is likely entering a phase of accelerated concentration, benefiting leading publicly listed pet food companies [3][4][5] Summary by Sections 1. Sales Performance During 2025 "618" Shopping Festival - The pet food sector maintained high growth during the 2025 "618" shopping festival, with total online sales reaching 7.5 billion yuan, a year-on-year increase of 36% [3][19] - Domestic brands have further increased their market share, accounting for 65% of the top 20 pet brands on Tmall, up from 55% in 2022 [3][27] - The competitive landscape is stabilizing, with no new brands entering the top ten during the 2025 "618" sales [5][28] 2. Performance of Listed Companies - Guobao Pet's brand Maifudi remains a leader, ranking No. 2 in Tmall's pet brand category during the 2025 "618" festival [3][4] - Zhongchong Co. saw improvements in rankings for its brands, with Wanpi making significant progress [3][4] - Peidi Co.'s brand Jueyan achieved a total GMV of 38 million yuan during the festival, reflecting a year-on-year growth of 52% [3][4] 3. Industry Trends - Long-term trends indicate that the "declining birthrate" is driving an increase in pet ownership, particularly among the "post-00s" demographic [3][4] - The market is witnessing a simultaneous rise in domestic brand replacement and consumption upgrades, with domestic brands' market share accelerating from 2020 to 2024 [3][4] - Short-term indicators show an upward trend in industry prosperity, with a combined GMV growth rate of 16.8% across major platforms from January to May 2025 [3][4] 4. Consumer Behavior and Preferences - There is a growing trend towards pet health products and prescription food, with prescription food sales for cats and dogs increasing by 60% year-on-year [3][4][36] - The top brands in the pet food category are increasingly focusing on health-oriented products, indicating a shift in consumer preferences [3][4][36]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months compared to the benchmark index [8]. Core Views - The company's performance is driven by external sales, with significant growth in revenue and profit expected due to capacity expansion and market recognition of its staple food products [5][6]. - The company is positioned as a quality player in the pet food industry, with a clear long-term growth path supported by ongoing capacity expansion and market development efforts [5][6]. Financial Summary - The company’s projected revenue for 2023 is 696 million yuan, with a year-on-year growth rate of 27%. By 2027, revenue is expected to reach 1,295 million yuan, with a growth rate of 12% [3]. - The net profit attributable to the parent company is forecasted to be 68 million yuan in 2023, growing to 144 million yuan by 2027, reflecting a growth rate of 59% in 2023 and 24% in 2027 [3]. - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2023 to 1.40 yuan in 2027 [3]. - The company’s gross margin is expected to improve, with a notable increase in the gross margin to 22.87% in 2024, up 3 percentage points year-on-year [5]. Market Dynamics - The company has seen a 17.58% year-on-year increase in revenue for Q1 2025, driven by growth in external sales and recognition of staple food products in overseas markets [5]. - The company’s inventory reached 130 million yuan in Q1 2025, reflecting a 25.49% increase year-on-year, primarily due to increased procurement prepayments and inventory buildup for its Cambodian subsidiary [5]. - The Cambodian subsidiary is currently in a ramp-up phase, which has led to increased costs and short-term profit pressure, but is expected to contribute to future growth [5]. Growth Strategy - The company plans to enhance its domestic revenue share through innovation in product development and brand transformation, while also targeting high-growth markets in Southeast Asia and the U.S. [5][6]. - The domestic staple food revenue is projected to grow by 50.77% year-on-year in 2024, aligning with consumer preferences for high-value products [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by breakthroughs in staple food products and the release of overseas production capacity, marking a new chapter in its growth [2] - In Q1 2025, the company reported revenue of 184 million yuan, a year-on-year increase of 17.58%, and a net profit attributable to the parent company of 16.51 million yuan, up 17.34% year-on-year [2] - The company maintains its profit forecast for 2025-2027, expecting net profits of 96 million, 122 million, and 141 million yuan respectively, with corresponding EPS of 0.93, 1.18, and 1.37 yuan per share [2] Revenue and Profit Growth - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit of 78.36 million yuan, up 14.57% year-on-year [2] - The company’s domestic sales accounted for 37.03% of total revenue in 2024, with a 3.06% year-on-year increase, while pet food sales grew by 21.34% [3] - The staple food products saw a remarkable year-on-year growth of 50.77% [3] Market Potential - The pet food market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [4] - The company’s overseas subsidiary in Cambodia has commenced production, which is expected to become a new revenue and profit growth point [4] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow significantly, with estimates of 1,005 million yuan in 2025, 1,208 million yuan in 2026, and 1,413 million yuan in 2027, reflecting year-on-year growth rates of 29.2%, 20.2%, and 17.0% respectively [5] - The net profit attributable to the parent company is expected to reach 96 million yuan in 2025, 122 million yuan in 2026, and 141 million yuan in 2027, with corresponding year-on-year growth rates of 23.1%, 26.1%, and 16.2% [5] - The company’s P/E ratio is projected to decrease from 28.3 in 2025 to 19.3 in 2027, indicating improving valuation metrics [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth driven by breakthroughs in staple food products and the release of overseas production capacity, marking a new chapter in growth [2] - In Q1 2025, the company reported revenue of 184 million yuan, a year-on-year increase of 17.58%, and a net profit attributable to the parent company of 16.51 million yuan, up 17.34% year-on-year [2] - The company maintains its profit forecast for 2025-2027, expecting net profits of 96 million, 122 million, and 141 million yuan respectively, with corresponding EPS of 0.93, 1.18, and 1.37 yuan per share [2] Revenue and Profit Growth - In 2024, the company achieved revenue of 778 million yuan, a year-on-year increase of 11.68%, and a net profit of 78.36 million yuan, up 14.57% year-on-year [2] - The company’s domestic sales accounted for 37.03% of total revenue in 2024, with a 3.06% year-on-year increase, while pet food sales grew by 21.34% [3] - The staple food products saw a remarkable growth of 50.77% year-on-year [3] Market Potential - The pet food market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [4] - The company has successfully launched its Cambodian subsidiary's first phase, producing 3,000 tons of pet food annually, with the second phase under construction [4] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow significantly, with estimates of 1,005 million yuan in 2025, 1,208 million yuan in 2026, and 1,413 million yuan in 2027, reflecting year-on-year growth rates of 29.2%, 20.2%, and 17.0% respectively [6] - The net profit is expected to increase to 96 million yuan in 2025, 122 million yuan in 2026, and 141 million yuan in 2027, with corresponding year-on-year growth rates of 23.1%, 26.1%, and 16.2% [6] - The company’s P/E ratio is projected to decrease from 28.3 in 2025 to 19.3 in 2027, indicating improving valuation metrics [6]