转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院宠物芯片研究小组发布的《中国宠物行业（宠物经济）市场前景预测 与投资战略规划分析报告》。 行业主要公司：采纳股份(301122.SZ);康德莱(603987.SH);威高股份(01066.HK);正川股份(603976.SH);山东药 玻(600529.SH);旗滨集团(601636.SH);凯盛科技(600552.SH)等。 本文核心数据：宠物芯片政策汇总;政策解读;发展目标汇总等。 1、政策历程图 中国宠物芯片行业政策早期2010年国内多个地方开启了宠物芯片植入的试点工作，当时各地试点多聚焦于犬 只管理，核心是解决城市养犬统计难、识别难以及狂犬病防疫追溯等问题，且不同地区的试点方案在实施时 间、收费标准和服务细节上各有差异。2019年多个地方密集出台或落地实施《养犬管理条例》，这些条例普 遍强化了养犬登记、免疫管理，且不少地区明确将电子标识(宠物芯片)植入作为核心管理手段，以此规范养 犬行为、保障公共安全。2024年深圳市犬只电子标签植入管理规定(试行)，规定除病犬、孕犬、年龄小于3 个月或体重低于2公斤的幼犬外，深圳所有犬只均应当植入电子标签。确实 ...

Core Viewpoint - The recent developments of Zhengchuan Co., Ltd. (stock code: 603976) include the approval of a convertible bond issuance, a forecasted decline in 2025 performance, and progress in international expansion efforts [1]. Group 1: Convertible Bond Issuance - The company received approval from the China Securities Regulatory Commission on February 1, 2026, to publicly issue convertible bonds with a total face value of 405 million yuan, with a term of 6 years [2]. - The funds raised will be used for the production of borosilicate pharmaceutical glass and compatibility research projects [2]. Group 2: Performance Forecast - On January 29, 2026, the company announced a performance forecast, estimating a net profit attributable to shareholders of 18 million to 24 million yuan for 2025, representing a year-on-year decrease of 54.93% to 66.2% [3]. - The decline in performance is primarily attributed to the impact of pharmaceutical procurement policies and intensified market competition [3]. Group 3: Subsidiary Development - The company's Hong Kong subsidiary, Zhengchuan International (Hong Kong) Co., Ltd., completed its registration in November 2025, which may facilitate the expansion into overseas markets [4].

Core Insights - The global pet chip market is experiencing significant growth, driven by increasing demand for pet identification and recovery solutions, with a projected market size of approximately 4.6 billion yuan in 2024 and expected to exceed 10.5 billion yuan by 2030 [7][10]. Group 1: Global Pet Chip Frequency Composition - The frequency composition of global pet chips is highly concentrated, with 134.2 kHz being the dominant frequency, accounting for 81% of the market, followed by 125 kHz at 16%, and 128 kHz at only 3% [1]. Group 2: Global Pet Chip Implantation Rate - North America leads in pet chip implantation rates at 80%, attributed to a mature pet management system and legislative requirements for chip implantation, while China has a low rate of less than 5% due to the absence of national mandates and awareness issues among pet owners [3]. Group 3: Proportion of Implanted Chips in Dogs vs. Cats - Globally, the proportion of implanted chips in dogs is generally higher than in cats, with dogs making up 90% of implanted pets in China, compared to only 10% for cats. This disparity is influenced by pet management regulations and the activity levels of different pet types [6]. Group 4: Global Pet Chip Market Size - The global pet chip market is projected to reach approximately 4.6 billion yuan by 2024, driven by regulatory changes and increased awareness among pet owners regarding the benefits of chip implantation [7]. Group 5: Future Market Size Forecast - The global pet chip market is expected to grow rapidly from 2025 to 2030, with a compound annual growth rate (CAGR) of 15%, leading to a market size exceeding 10.5 billion yuan by 2030 [10].

Core Viewpoint - Chongqing Zhengchuan Pharmaceutical Packaging Materials Co., Ltd. expects a significant decline in net profit for the year 2025, with projections indicating a decrease of 54.93% to 66.20% compared to the previous year [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of between 18 million to 24 million yuan for 2025, a reduction of 29.25 million to 35.25 million yuan from the previous year [2][4]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 11 million to 16 million yuan, reflecting a decrease of 33.29 million to 38.29 million yuan year-on-year [2][4]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 60.21 million yuan, with a net profit attributable to shareholders of 53.25 million yuan, and a net profit excluding non-recurring gains and losses of 49.29 million yuan [6]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to multiple factors, including the deepening of pharmaceutical procurement policies, reforms in medical insurance payments, and intensified competition in the pharmaceutical market, leading to fluctuations in market demand from downstream customers, a decrease in product prices, and a reduction in sales volume [6].

Group 1 - The company Zhengchuan Co., Ltd. forecasts a net profit attributable to shareholders of 18 million to 24 million yuan for the year 2025, representing a decrease of 29.2488 million to 35.2488 million yuan compared to the previous year, which is a year-on-year decline of 54.93% to 66.2% [1] - The primary reasons for the performance change include the deepening of pharmaceutical procurement policies, healthcare payment reforms, and intensified competition in the pharmaceutical market, leading to fluctuations in market demand from downstream customers, a decline in product prices, and a reduction in product sales, which resulted in decreased operating revenue and a year-on-year decline in gross profit [1]

Core Viewpoint - Zhengchuan Co., Ltd. (603976.SH) expects a significant decline in net profit for the year 2025, primarily due to various market pressures and policy changes affecting the pharmaceutical industry [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 18 million to 24 million yuan for 2025, representing a decrease of 29.2488 million to 35.2488 million yuan compared to the previous year, which is a year-on-year decline of 54.93% to 66.20% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 11 million to 16 million yuan, reflecting a decrease of 33.2942 million to 38.2942 million yuan year-on-year, equating to a decline of 67.54% to 77.69% [1] Market Conditions - The anticipated decline in performance is attributed to the deepening of pharmaceutical procurement policies, reforms in medical insurance payments, and intensified competition in the pharmaceutical market [1] - Fluctuations in market demand from downstream customers, price reductions for certain products, and a decrease in product sales are contributing factors to the expected decline in operating revenue and gross profit [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2025 to be between 18 million and 24 million yuan, a decrease of 29.25 million to 35.25 million yuan compared to the previous year, representing a decline of 54.93% to 66.20%[3]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 11 million and 16 million yuan, down by 33.29 million to 38.29 million yuan year-on-year, reflecting a decrease of 67.54% to 77.69%[5]. - The total profit for the previous year was 60.21 million yuan, with a net profit attributable to shareholders of 53.25 million yuan and a net profit after deducting non-recurring gains and losses of 49.29 million yuan[6]. Factors Affecting Performance - The decline in performance is attributed to multiple factors including the deepening of pharmaceutical procurement policies, medical insurance payment reforms, and intensified market competition, leading to fluctuations in downstream customer demand and a decrease in product prices and sales volume[7]. Earnings Forecast Reliability - The earnings forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[8]. - The company emphasizes that there are no significant uncertainties affecting the accuracy of this earnings forecast[8]. - Investors are advised to pay attention to investment risks as the data provided is preliminary and the final financial figures will be disclosed in the official 2025 annual report[9].

Overview - The company has approved the use of idle self-owned funds for cash management to enhance fund utilization efficiency and increase returns for the company and its shareholders [2][3]. Cash Management Details - The total investment amount for this cash management initiative is 150 million RMB [4]. - The funds used for this cash management are entirely sourced from idle self-owned funds [5]. - The cash management product is a structured deposit from Chongqing Bank, with a term of 365 days [7]. Product Specifications - The structured deposit has a guaranteed minimum return of 1.50% and a floating return of either 0.55% or 0.75% [8]. - The product's start date is January 7, 2026, and it will mature on January 7, 2027 [8]. - The product is linked to the EUR/USD exchange rate, with specific conditions determining the actual annualized return [8]. Risk Control Measures - The company will select investment products that are high in safety, good in liquidity, and of medium to low risk [6][9]. - Independent directors have the authority to supervise and audit the use of funds, ensuring compliance with regulations [10]. - The company will monitor the progress of cash management closely and take necessary actions to ensure fund safety [10]. Impact on the Company - The cash management initiative will not affect the company's normal operational cash flow or its main business development [13]. - Utilizing idle self-owned funds for cash management is expected to improve fund efficiency and create better returns for the company and its shareholders [13]. Decision-Making Process - The board of directors and the supervisory board approved the cash management proposal on June 4, 2025, allowing for a maximum daily balance of 300 million RMB to be used for cash management within a 12-month rolling period [15].

| 证券代码：603976 | 证券简称：正川股份 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：113624 | 债券简称：正川转债 | | 重庆正川医药包装材料股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 履行的审议程序：重庆正川医药包装材料股份有限公司（以下简称"公 司"）于2025年6月4日召开了第四届董事会第二十二次会议、第四届监事会第十 五次会议，审议通过了《关于使用闲置自有资金进行现金管理的议案》，同意公 司使用单日最高余额不超过人民币30,000万元的闲置自有资金进行现金管理，以 上资金额度在董事会审议通过之日起12个月内可以循环滚动使用。具体内容详见 公司于2025年6月5日在上海证券交易所网站（www.sse.com.cn）及指定信息披露 媒体上披露的《关于使用闲置自有资金进行现金管理的公告》（公告编号： 2025-031）。 一、本次现金管理概况 （三）资金来源 本次现金管理的资金 ...

| 证券代码：603976 | 证券简称：正川股份 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：113624 | 债券简称：正川转债 | | 重庆正川医药包装材料股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 一、可转债发行上市概况 （一）可转债发行情况 1、因公司实施 2021 年年度权益分派，"正川转债"的转股价格自 2022 年 6 月 24 日起由 46.69 元/股调整为 46.38 元/股。具体内容请详见公司于 2022 年 6 月 16 日披露的《关于权益分派引起的"正川转债"转股价格调整的公告》（公告 编号：2022-026）。 2、因公司实施 2022 年年度权益分派，"正川转债"的转股价格自 2023 年 6 月 21 日起由 46.38 元/股调整为 46.32 元/股。具体内容请详见公司于 2023 年 6 月 15 日披露的《关于权益分派引起的"正川转债"转股价格调整的公告》（公告 编号：2023 ...