行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

3、公司位于浙江省温州市平阳县水头镇标准园区宠乐路1号，专注于宠物用品和宠物零食的研发、生产 和销售。 来源：新浪证券-红岸工作室 2月26日，源飞宠物跌1.35%，成交额2700.61万元，换手率1.14%，总市值41.88亿元。 异动分析 宠物经济+跨境电商+共同富裕示范区+人民币贬值受益+一带一路 4、根据2024年年报，公司海外营收占比为85.78%，受益于人民币贬值。 5、2023年3月31日互动易回复：公司的海外基地主要为柬埔寨爱淘和柬埔寨莱德，其作为公司推进全球 化产能布局、提高市场竞争力的重要战略，主要定位为公司在东南亚地区的生产基地并作为国内产能的 补充；同时作为建立东南亚供应链的尝试，公司设立柬埔寨生产基地有利于降低劳动力成本和应对国际 贸易摩擦。目前，柬埔寨爱淘和柬埔寨莱德已投产，往年产能利用率在80%左右。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 1、温州源飞宠物玩具制品股份有限公司的主营业务是宠物用品和宠物食品的研发、生产和销售。公司 的主要产品是宠物零食、宠物牵引用具、宠物玩具、宠物干粮、宠物湿粮。 2、2022年10月14日互动易回复：公 ...

Group 1 - The core viewpoint of the article highlights the strategic partnership between Yuanfei Pet (源飞宠物) and the trendy toy brand Heyone (黑玩), focusing on the "pet + trendy toy" sector to explore new consumer scenarios through supply chain management capabilities [1] Group 2 - In the recent stock performance, Yuanfei Pet's stock price has shown significant fluctuations, with a recent price of 22.13 yuan, reflecting a slight increase of 0.05% after a 0.85% decline over the past five days [2] - The trading volume on February 12 was 33.25 million yuan, indicating a net outflow of main funds, with the technical support level noted at 22.12 yuan [2] Group 3 - For the financial report analysis, Yuanfei Pet reported a revenue of 1.281 billion yuan for the first nine months of 2025, representing a year-on-year growth of 37.66%, while the net profit attributable to the parent company was 130 million yuan, up by 8.75% [3] - The gross profit margin remained stable at 22.99%, with overseas revenue accounting for 85.78% of total revenue, benefiting from the depreciation of the RMB [3] Group 4 - Institutional views suggest a target price of 23.98 yuan for Yuanfei Pet, indicating a potential upside of approximately 7.39% from the current stock price [4] - The forecast for net profit growth in 2025 is projected at 9.33%, with a stable long-term revenue growth expectation, although market sentiment is neutral, necessitating attention to inventory turnover and capacity optimization progress [4]

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., is experiencing growth in the pet economy, benefiting from cross-border e-commerce and the depreciation of the RMB, with a significant portion of its revenue coming from overseas sales [2][3]. Company Overview - Wenzhou Yuanfei Pet Toy Co., Ltd. specializes in the research, production, and sales of pet products and pet food, with main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company was established on September 27, 2004, and went public on August 18, 2022 [7]. - As of September 30, the company had 13,600 shareholders, a decrease of 10.74% from the previous period, with an average of 7,888 circulating shares per shareholder, an increase of 53.27% [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.281 billion yuan, representing a year-on-year growth of 37.66%, and a net profit attributable to the parent company of 130 million yuan, up 8.75% year-on-year [7]. - The company's revenue composition includes 52.09% from pet snacks, 24.77% from leashes, 9.79% from staple food, 7.72% from other products, and 5.64% from toys [7]. Market Position and Strategy - The company has a significant overseas revenue share of 85.78%, benefiting from the depreciation of the RMB [3]. - The overseas bases in Cambodia are crucial for the company's global capacity layout and market competitiveness, aimed at reducing labor costs and addressing international trade frictions [3]. - The company is positioned within the light industry manufacturing sector, specifically in entertainment products, and is part of various concept sectors including the pet economy and cross-border e-commerce [7]. Shareholder and Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include new entrants such as Caitong New Vision Mixed A and Haitong Growth Value Mixed A, with notable changes in holdings among existing shareholders [8].

Core Viewpoint - The company, Wenzhou Yuanfei Pet Products Co., Ltd., is experiencing growth in the pet products market, particularly benefiting from overseas sales and the depreciation of the RMB, with a significant portion of its revenue coming from international markets [2][3]. Company Overview - Wenzhou Yuanfei Pet Products Co., Ltd. specializes in the research, production, and sales of pet supplies and pet food, with its main products including pet snacks, leashes, toys, dry food, and wet food [2][7]. - The company is located in Pingyang County, Wenzhou, Zhejiang Province, and was established on September 27, 2004, with its stock listed on August 18, 2022 [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.281 billion yuan, representing a year-on-year growth of 37.66%, and a net profit attributable to shareholders of 130 million yuan, up 8.75% year-on-year [7]. - The company's overseas revenue accounted for 85.78% of total revenue, benefiting from the depreciation of the RMB [3]. Product Composition - The revenue composition of the company includes pet snacks (52.09%), leashes (24.77%), staple food (9.79%), other products (7.72%), and toys (5.64%) [7]. Market Position and Strategy - The company is positioned within the light industry manufacturing sector, specifically in entertainment products, and is involved in concepts such as new retail, cross-border e-commerce, and small-cap growth [7]. - The company has established overseas production bases in Cambodia to enhance its global capacity and reduce labor costs, with production facilities already operational [3]. Shareholder Information - As of September 30, 2025, the company had 13,600 shareholders, a decrease of 10.74% from the previous period, with an average of 7,888 circulating shares per shareholder, an increase of 53.27% [7][8]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8].

Core Viewpoint - The article discusses the status of various convertible bonds, highlighting which bonds are subject to strong redemption and which are not, along with details on shareholder reduction plans for specific companies [1][2]. Group 1: Convertible Bonds Status - Shouhua Convertible Bond is subject to strong redemption with a redemption price of 100.616 and a current price of 130.495 [2][4]. - Libai Convertible Bond and Huachen Convertible Bond are not subject to strong redemption [1][2]. - Other convertible bonds listed include Congsheng, Fumiao, and Jiamei, with their respective current prices and redemption details [4][6]. Group 2: Shareholder Reduction Plans - Jiangshan Oupai's shareholders plan to reduce their holdings by no more than 3% [1]. - Jinpu Garden's shareholders plan to reduce their holdings by no more than 2% [1].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pig price is weakening, and supply pressure remains after the festival, with the current industry breeding profit turning positive and the sentiment for replenishment continuing to recover [2][12] - The industry policy is undergoing a profound transformation, focusing on protecting farmers' rights and activating enterprise innovation, which may lead to a better performance of growth stocks in the future [3][12] - The high-quality development of the industry is imperative, with cost-leading and farmer-linked enterprises likely to enjoy excess profits and valuation premiums [3][13] Summary by Sections 1. Swine Industry - The swine breeding sector has seen a slight increase of 0.2%, gradually digesting concerns about slow capacity reduction [2][12] - The average weight of pigs for slaughter has decreased from high levels, with prices adjusting weakly to 12.31 CNY/kg [2][12] - The price of 7 kg piglets has risen to 367 CNY, indicating a weak expectation for capacity reduction [2][12] - The policy shift towards protecting farmers' rights and promoting innovation is expected to positively influence pig prices and profitability in 2026 [3][12] 2. Poultry Industry - The poultry sector is experiencing a contradiction of "high capacity, weak consumption," with the price of broiler chickens at 3.7 CNY/kg, down 3.4% week-on-week [4][13] - The impact of avian influenza in France may lead to a reduction in imported breeding chickens, potentially increasing prices for parent stock [4][13] - Integrated enterprises and contract farming are expected to expand market share in 2026 [4][14] 3. Feed Industry - The prices of various aquatic products have rebounded, with significant year-on-year increases for some species [5][15] - Hai Da Group is recommended due to its clear long-term growth path and plans to increase its dividend payout ratio [6][15][16] - The company aims for a global sales target of 100 million tons by 2050, with ongoing overseas market expansion [6][16] 4. Pet Industry - The pet industry is facing pressure with concerns over Q4 2025 performance, but there are signs of recovery in domestic sales [7][17] - Companies like Zhongchong and Peidi are recommended for their strong domestic sales growth potential [7][17] 5. Agricultural Products - Domestic soybean meal prices have increased slightly, supported by weather disturbances and procurement demand [8][18] - Corn prices have shown fluctuations, with a slight decrease due to reduced channel stocking [8][18] - The price of eggs has decreased, indicating a potential peak in trade inventory [8][18]

Market Overview - The entertainment products sector increased by 0.43% on January 23, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Qixin Group (002301) closed at 8.38, up 3.08%, with a trading volume of 368,300 shares and a transaction value of 306 million yuan [1] - Tongda Chuangzhi (001368) closed at 28.90, up 2.30%, with a trading volume of 35,300 shares and a transaction value of 101 million yuan [1] - Huali Technology (301011) closed at 28.15, up 1.88%, with a trading volume of 28,800 shares and a transaction value of 80.81 million yuan [1] - Mingyue Optical (301101) closed at 44.80, up 1.86%, with a trading volume of 39,400 shares and a transaction value of 176 million yuan [1] - Zhejiang Zhengte (001238) closed at 57.41, up 1.79%, with a trading volume of 6,672 shares and a transaction value of 38.09 million yuan [1] Capital Flow - The entertainment products sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 145 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Qixin Group had a net inflow of 26.39 million yuan from institutional investors, but a net outflow of 2.38 million yuan from speculative funds [3] - Yingpais (002899) saw a net inflow of 12.42 million yuan from institutional investors, while retail investors had a net outflow of 16.35 million yuan [3] - Guangbo Co. (002103) had a net inflow of 5.94 million yuan from institutional investors, with a net outflow of 11.49 million yuan from retail investors [3]

Market Overview - The entertainment products sector increased by 0.01% on January 20, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down by 0.01%, while the Shenzhen Component Index closed at 14155.63, down by 0.97% [1] Top Performers - Qixin Group (002301) closed at 8.19, up by 3.02%, with a trading volume of 407,800 shares and a transaction value of 330 million yuan [1] - Chenguang Group (6688809) closed at 28.25, up by 1.99%, with a trading volume of 79,000 shares and a transaction value of 221 million yuan [1] - Source Medical (001222) closed at 23.92, up by 1.57%, with a trading volume of 29,400 shares and a transaction value of 70.11 million yuan [1] Underperformers - Hailun Piano (300329) closed at 15.20, down by 5.00%, with a trading volume of 86,000 shares and a transaction value of 132 million yuan [2] - Zhejiang Natural (605080) closed at 25.80, down by 4.83%, with a trading volume of 77,600 shares and a transaction value of 202 million yuan [2] - Gaole Shares (002348) closed at 6.02, down by 3.22%, with a trading volume of 314,400 shares and a transaction value of 192 million yuan [2] Capital Flow - The entertainment products sector saw a net inflow of 3.75 million yuan from institutional investors, while retail investors experienced a net outflow of 101 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying and retail selling [2] Individual Stock Capital Flow - Mingyue Lens (301101) had a net inflow of 27.42 million yuan from institutional investors, while retail investors saw a net outflow of 26.08 million yuan [3] - Qixin Group (002301) experienced a net inflow of 25.44 million yuan from institutional investors, with retail investors facing a net outflow of 44.78 million yuan [3] - Guangbo Shares (002103) had a net inflow of 17.20 million yuan from institutional investors, while retail investors saw a net outflow of 31.73 million yuan [3]

Market Overview - The entertainment products sector experienced a decline of 1.04% on January 15, with Sanbaisuo leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Tongda Chuangzhi (001368) with a closing price of 26.19, up 2.46% [1] - Zhejiang Zhengte (001238) at 52.75, up 2.19% [1] - Chenguang Co. (6688809) at 27.96, up 1.30% [1] - Significant decliners included: - Sanbaisuo (001300) at 17.00, down 4.97% [2] - Chuangyuan Co. (300703) at 26.98, down 4.66% [2] - Qunxing Toys (002575) at 6.41, down 3.75% [2] Capital Flow - The entertainment products sector saw a net outflow of 208 million yuan from institutional investors, while retail investors had a net inflow of 161 million yuan [2] - The sector's capital flow details indicate: - Yingpais (002899) had a net inflow of 19.16 million yuan from institutional investors [3] - Shuhua Sports (605299) saw a net inflow of 18.11 million yuan from institutional investors [3] - Morning Light Co. (603899) had a net inflow of 5.89 million yuan from institutional investors [3]