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]

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 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301509 | 金凯生 科 | 20.02 | 23.43 | 27.84 | 31.48 | 13.09 | | 832419 | 路斯股 份 | 14.74 | 15.79 | 21.64 | 23.51 | 8.64 | | 300858 | 科拓生 物 | 11.58 | 13.57 | 14.77 | 16.00 | 8.31 | | 603226 | 菲林格 尔 | 10.00 | 2.49 | 6.32 | 6.82 | 7.91 | | 831768 | 拾比佰 | 10.35 | 25.37 | 10.18 | 10.98 | 7.84 | | 871694 | 中裕科 技 | 9.59 | 16.07 | 17.37 | 18.63 | 7.24 | | 002793 | 罗欣药 业 | 10.02 | 5.38 | 4. ...

A股宠物经济概念股持续拉升，中宠股份此前涨停，路斯股份涨超10%，乖宝宠物涨超9%，天元宠物、 科拓生物跟涨。 ...

证券代码：832419 证券简称：路斯股份 公告编号：2025-012 山东路斯宠物食品股份有限公司 简式权益变动报告书 信息披露义务人及其主要负责人保证公告内容不存在虚假记载、误导性陈述 或者重大遗漏。 信息披露义务人保证除本报告书披露的信息外，没有通过任何其他方式增加 或减少其在上市公司中拥有权益的股份。 上市公司名称：山东路斯宠物食品股份有限公司 股票上市地点：北京证券交易所 股票简称：路斯股份 股票代码：832419 信息披露义务人：潍坊浚源股权投资中心合伙企业（有限合伙） 住所：山东省寿光市东环路东南环路北（商务小区）5 号楼 A 座 118 室 权益变动性质：股份减少 信息披露义务人声明 一、本报告书系信息披露义务人根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《北京证券交易所股票上市规则（试行）》 《公开发行证券的公司信息披露内容与格式准则第 55 号——北京证券交易所上 市公司权益变动报告书、上市公司收购报告书、要约收购报告书、被收购公司董 事会报告书》及其他相关法律、法规和部门规章的有关规定编写。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不 ...

证券代码：832419 证券简称：路斯股份 公告编号：2025-011 山东路斯宠物食品股份有限公司 持股 5%以上股东权益变动达到 5%的提示性公告 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。 山东路斯宠物食品股份有限公司（以下简称"公司"）于 2025 年 3 月 17 日 收到公司持股 5%以上股东潍坊浚源股权投资中心合伙企业（有限合伙）（以下简 称"潍坊浚源"）出具的《股份减持进展告知函》，潍坊浚源于 2025 年 3 月 13 日 至 2025 年 3 月 17 日通过集中竞价交易累计减持公司股份 634,700 股。公司于 2025 年 1 月 21 日、2025 年 2 月 19 日两次披露《持股 5%以上股东减持公司股份的预 披露公告》后，因回购注销原用于股权激励的 20,000 股限制性股票，总股本由 103,326,400 股调整为 103,306,400 股，该项股本变动已于 2025 年 3 月 11 日办理完 成工商登记手续。根据调整后的总股本计算，潍坊浚源持有公司股份的比 ...