证券代码：832419 证券简称：路斯股份 公告编号：2025-086 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 9 月 11 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 5.会议主持人：郭百礼先生 山东路斯宠物食品股份有限公司 2025 年第二次临时股东会决议公告 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。 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 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。 （二）会议出席情况 出席和授权出席本次股东会的股东共 12 人，持有表决权的股份总数 47,676,227 股，占公司有表决权股份总数的 46.1503%。 其中通过网 ...

关于山东路斯宠物食品股份有限公司 上海市广发律师事务所 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"）2025 年第二次临时 股东会于2025年9月11日15时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，委派孙薇维律师、成赟律师出席现场会议， 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。 2025 年第二次临时股东会的法律意见书 本法律意见书仅供本次股东会之目的使用，不得被任何人用于其他任何目的。 本所同意，公司可以将本法律意见书作为公司本次股东会公告材料，随其他需公 1 告的信息一起向公众披露，本所依法对发表的法律意见承担责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神发表意见如下： 为出 ...

Market Overview - The feed sector experienced a decline of 0.53% on September 12, with Petty Holdings leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Aonong Biological (603363) saw a significant increase of 4.01%, closing at 5.45, with a trading volume of 1.52 million shares and a turnover of 820 million yuan [1] - Jin Xin Nong (002548) rose by 3.64%, closing at 5.13, with a trading volume of 1.25 million shares and a turnover of 653 million yuan [1] - Petty Holdings (300673) declined by 2.52%, closing at 18.57, with a trading volume of 56,500 shares and a turnover of 106 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 140 million yuan [2] - Aonong Biological had a net outflow of 37.79 million yuan from institutional investors, while retail investors contributed a net inflow of 4.36 million yuan [3] - Jin Xin Nong had a net inflow of 11.78 million yuan from institutional investors, but a net outflow of 25.86 million yuan from retail investors [3]

Core Insights - The financing buy-in for Lusi Co., Ltd. (832419) on September 5 amounted to 3.5369 million yuan, with a net financing buy-in of 685,900 yuan, indicating a positive market sentiment towards the stock [1][2]. Financing Activity Summary - On September 5, the net financing buy-in was 685,900 yuan, with a financing balance of 14.5304 million yuan, representing 0.72% of the circulating market value [2]. - Over the past three trading days, the cumulative net buy-in reached 1.7184 million yuan, and in the last 20 trading days, there were 11 days with net financing buy-ins [1][2]. - The financing balance increased by 4.95% from the previous day, reflecting a strengthening bullish sentiment in the market [3]. Margin Trading Overview - The total margin trading balance on September 5 was 14.5304 million yuan, with an increase of 685,900 yuan compared to the previous day [3]. - The margin trading balance has shown a consistent upward trend over the past few days, with notable increases on September 4 (5.07%) and September 3 (2.85%) [3].

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 | 一、持续督导工作概述 | | --- | | 序号 | 项目 | 工作内容 | | --- | --- | --- | | 1 | 公司信息披露审阅情况 | 事前审阅路斯股份重要的信息披露文件及其他相关 文件。 | | | 督导公司建立健全并有效执 | 督导路斯股份建立健全并有效执行公司治理制度（包 | | 2 | 行规则制度情况 | 括但不限于根据新《公司法》及《北京证券交易所股 | | | | 票上市规则》的规定，修订并完善公司治理制度等）。 | | | | 按照中国证监会和北京证券交易所的相关规定，定期 | | 3 | 募集资金使用监督情况 | 查阅公司募集资金账户对账单，核查公司募集资金存 | | | | 放与使用情况。 | | 4 | 督导公司规范运作情况 | 督导路斯股份严格执行各项法律法规及公司内部的 | | | | 管理制度，督导三会规范运作。 | | | | 2025 年上半年就路斯股份募集资金存放与使用情况 | | 5 | 现场核查情况 | 进行了一次现场核查，同时关注公司上半年的合规经 | | | | 营及财务状况等。 | | ...

Industry Overview - The 27th Asia Pet Expo attracted over 510,000 visitors, showcasing the robust growth of China's pet economy, with a market size projected to reach 811.4 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 25.4% from 2015 to 2023 [1] - The pet-related business market in China has expanded from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, indicating a significant upward trend [1] Company Performance - The pet sector achieved revenue of 6.381 billion yuan in the first half of 2025, a year-on-year increase of 22.03%, with net profit reaching 660 million yuan, up 20.28% [1] - Leading company Guobao Pet reported revenue of 3.221 billion yuan and net profit of 378 million yuan, with growth rates of 32.72% and 22.55% respectively [2] - Zhongchong Co. followed closely with revenue of 2.432 billion yuan and net profit of 203 million yuan, marking a 42.56% increase in net profit, the highest in the industry [2] - Petty Co. experienced a decline in both revenue and net profit, reporting 728 million yuan and 79 million yuan, down 13.94% and 19.23% respectively, attributed to U.S. tariff policies affecting overseas orders [3] - Lusi Co. reported an 11.32% increase in revenue to 391 million yuan but a 12.07% decrease in net profit to 30.46 million yuan due to falling product prices [3] Market Trends - The pet economy is driven by a generational shift in consumer attitudes, with younger generations (90s and 00s) becoming the primary pet owners, leading to a growing "it economy" around pets [5] - The pet food market holds a 52.8% share, followed by pet medical services at 28.0%, with increasing penetration rates in pet diagnosis, training, insurance, and travel [5] - The average cost of pet medical services is rising due to advancements in medical technology and diversified drug supply [5] Regulatory Environment - Recent policies from the Ministry of Agriculture and Rural Affairs and the State Administration for Market Regulation have focused on establishing standards for the pet industry [6] - Local governments are incorporating pet industry development into their plans, with initiatives aimed at promoting collaboration across various sectors [6] Investment Activity - The pet industry has seen 634 financing events as of the first quarter of 2025, with online platforms being the most active [6] - The pet economy concept index has risen by 43.21% year-to-date, indicating strong interest from the capital market [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 391 million yuan in H1 2025, representing a year-on-year growth of 11.32%. However, the net profit attributable to the parent company was 30.46 million yuan, down 12.07% year-on-year. The gross margin decreased to 20.86% from 22.36% in H1 2024 due to the ramp-up of production capacity in the Cambodian subsidiary. The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 80 million, 97 million, and 117 million yuan respectively, corresponding to EPS of 0.78, 0.94, and 1.13 yuan per share. The current PE ratios are 27.7, 22.9, and 19.0 times for the respective years. The company is optimistic about the potential of its staple food products and the new brand to enhance market coverage [5][6]. Financial Performance Summary - In H1 2025, domestic sales revenue was 145 million yuan, a slight decline of 0.06%, primarily due to a 9.72% decrease in meat powder revenue. However, pet food domestic sales grew by 5.42%, with staple food sales increasing by 25.06%. The company’s export revenue reached 246 million yuan, up 19.25% year-on-year, with significant growth in jerky, canned food, and staple food products. The gross margin for exports decreased by 1.66 percentage points, while domestic gross margin fell by 2.45 percentage points [6]. Brand Development - The company launched a new brand "Miaoguan" in H1 2025, focusing on high cost-performance products. The existing "Lusi" brand continues to innovate and upgrade to higher value-added product lines. The dual-brand strategy enhances the product matrix and improves the company's ability to target different market segments [7].

Group 1: Industry Overview - The pet market in China is experiencing robust growth, with the urban dog and cat consumption market size increasing from 170.8 billion yuan in 2018 to 300.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [6][9] - The pet food segment remains the largest market share at 52.8% in 2024, while the medical market holds 28.0% [6][9] - The concentration of pet food brands in China is relatively low compared to the U.S., with the top ten brands accounting for only 26% of sales in 2024, indicating potential for new entrants [15][18] Group 2: Product Strategies - Companies are adopting multi-brand strategies to diversify their product offerings, with Guobao Pet's brands targeting different market segments, including high-end and low-end products [28][30] - Zhongchong's pet food revenue from snacks is projected to reach 70% in 2024, while its main food revenue is steadily increasing [32][38] - Petty's plant-based chewing gum and meat snacks are significant revenue contributors, with plant-based products accounting for 36.6% of total revenue in 2024 [42][43] Group 3: Research and Development - Guobao Pet leads in R&D spending, with its R&D expenses projected to grow from 44.05 million yuan in 2020 to 85.48 million yuan in 2024 [2][3] - Zhongchong's R&D expenses are expected to increase by 52% year-on-year to 72.68 million yuan in 2024 [2][3] - Lusi's R&D expense ratio is the highest in the industry, reaching 3.04% in 2024 [2][3] Group 4: Capacity Expansion - Companies are expanding their production capacities globally, with Zhongchong establishing factories in North America and Guobao Pet expanding in Thailand [2][3] - Petty's production facilities are distributed across New Zealand, China, and Southeast Asia, while Lusi is developing a factory in Cambodia [2][3] Group 5: Marketing Strategies - Companies are increasing their marketing expenditures to enhance brand influence, with Guobao Pet's sales expense ratio exceeding 20% in 2024 [2][3] - Zhongchong is actively participating in co-branding activities and leveraging authoritative media endorsements [2][3] - Petty focuses on scenario-based marketing, while Lusi emphasizes participation in industry exhibitions [2][3] Group 6: Financial Performance - Guobao Pet shows the highest revenue and net profit growth rates from 2021 to 2024, with a revenue CAGR of 26.8% and a net profit CAGR of 64.2% [2][3] - In 2024, Guobao Pet's domestic revenue is expected to account for 67.7% of its total revenue, while Petty's overseas revenue is projected to be 82.6% [2][3] - As of September 4, 2025, Guobao Pet has the largest market capitalization at 39.6 billion yuan, with a price-to-earnings (PE) ratio of 51x [2][3]

证券之星消息，9月4日饲料板块较上一交易日上涨1.55%，路斯股份领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流出5866.74万元，游资资金净流出1396.35万元，散户资金 净流入7263.09万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603363 | 傲农生物 | 2206.86万 | 2.47% | -751.43万 | -0.84% | -1455.43万 | -1.63% | | 002891 中宠股份 | | 1912.35万 | 2.65% | -943.39万 | -1.31% | -968.96万 | -1.34% | | 301498 乖宝宠物 | | 947.86万 | 1.98% | 441.98万 | 4 0.92% | ...

Group 1 - The pet economy concept stocks in the A-share market experienced significant gains, with Jieya Co., Ltd. rising over 10% [1] - Yiyi Co., Ltd. hit the daily limit with a 10% increase [1] - Tianyuan Pet increased by over 9%, while Lusi Co., Ltd. rose over 8% [1] Group 2 - Peti Co., Ltd. saw an increase of over 7%, and Chuangyuan Co., Ltd. rose over 6% [1] - Guai Bao Pet and Suo Bao Protein both increased by over 5% [1] - Zhongchong Co., Ltd. and Yuanfei Pet both rose over 4% [1]