证券代码：001222 证券简称：源飞宠物 公告编号：2025-031 温州源飞宠物玩具制品股份有限公司 第三届董事会薪酬与考核委员会关于 2025 年限制性股票 激励计划激励对象名单的核查意见及公示情况说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 温州源飞宠物玩具制品股份有限公司（以下简称"公司"）依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）《深圳证券交易所上市公司自律监管指南第 1 号 ——业务办理》等有关法律、法规和规范性文件和《温州源飞宠物玩具制品股份 有限公司章程》（以下简称"《公司章程》"）的规定，公司对《温州源飞宠物 玩具制品股份有限公司 2025 年限制性股票激励计划（草案）》（以下简称"《激 励计划（草案）》"）的激励对象名单进行了内部公示，董事会薪酬与考核委员 会结合公示情况对激励对象的有关信息进行了核查，相关公示情况及核查意见如 下： 一、公示情况及核查方式 1、激励对象名单的公示情况 公司于 2025 年 7 月 22 日在巨潮资讯网（www.cninfo. ...

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., is experiencing growth in the pet economy, benefiting from e-commerce, currency depreciation, and its global expansion strategy. Group 1: 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 is located in Pingyang County, Wenzhou, Zhejiang Province, and was established on September 27, 2004, with its stock listed on August 18, 2022 [7] - As of March 31, the company had 12,600 shareholders, a decrease of 4.17% from the previous period, with an average of 6,222 circulating shares per person, an increase of 4.35% [7] Group 2: Financial Performance - In the first quarter of 2025, the company achieved revenue of 335 million yuan, a year-on-year increase of 36.30%, while net profit attributable to the parent company was 25.368 million yuan, a decrease of 30.57% [7] - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8] Group 3: Market Position and Strategy - The company's overseas revenue accounted for 85.78% of total revenue, benefiting from the depreciation of the RMB [3] - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with an annual capacity utilization rate of around 80% [3] - The main business revenue composition includes pet snacks (46.31%), leashes (34.81%), and other pet products (14.99%) [7] Group 4: Trading Activity - On August 4, the company's stock rose by 3.68%, with a trading volume of 143 million yuan and a turnover rate of 9.01%, bringing the total market capitalization to 3.873 billion yuan [1] - The stock has seen a net outflow of 996,300 yuan from major investors today, with no significant trend in major holdings [4][5]

Market Overview - The entertainment products sector experienced a decline of 0.39% on July 31, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Individual Stock Performance - Helen Piano (300329) closed at 9.17, up 1.55% with a trading volume of 163,000 shares and a transaction value of 150 million [1] - Source Pet (001222) closed at 19.41, up 1.30% with a trading volume of 60,400 shares and a transaction value of 117 million [1] - Jinling Sports (300651) closed at 26.58, down 4.42% with a trading volume of 241,200 shares and a transaction value of 645 million [2] - Shuhua Sports (605299) closed at 10.38, down 4.16% with a trading volume of 285,000 shares and a transaction value of 299 million [2] Capital Flow Analysis - The entertainment products sector saw a net outflow of 118 million from main funds, while retail investors had a net inflow of 121 million [2][3] - Main funds showed a net inflow in Helen Piano of 11.72 million, while Source Pet had a net inflow of 7.21 million [3] - Jinling Sports experienced a significant net outflow of 4.42 million from main funds [3]

Core Viewpoint - The company, Wenzhou Yuanfei Pet Products Co., Ltd., is experiencing growth in the pet economy, benefiting from e-commerce and the depreciation of the RMB, with a significant portion of its revenue coming from overseas 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 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 March 31, the company reported a revenue of 335 million yuan for the first quarter of 2025, representing a year-on-year growth of 36.30%, while net profit attributable to the parent company was 25.37 million yuan, a decrease of 30.57% [7]. Financial Performance - The company's overseas revenue accounted for 85.78% of total revenue, benefiting from the depreciation of the RMB [3]. - The main business revenue composition includes pet snacks (46.31%), leashes (34.81%), other pet products (14.99%), and pet injection-molded toys (3.89%) [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. Market Position and Strategy - The company operates primarily through major domestic e-commerce platforms such as Tmall, Taobao, Douyin, JD.com, Pinduoduo, and Xiaohongshu [2]. - The company has established production bases in Cambodia to enhance its global capacity and reduce labor costs, with an average capacity utilization rate of around 80% [3]. Technical Analysis - The average trading cost of the stock is 19.52 yuan, with the current price fluctuating between resistance at 20.50 yuan and support at 18.22 yuan, indicating potential for range trading [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is positioned as a leading player in the domestic pet supplies and food market, leveraging quality overseas customer resources and global production capacity advantages. It is actively developing its own brands to create a second growth curve. The company experienced a revenue turning point in Q2 2023 due to inventory replenishment and is expected to see revenue and profit resonance in 2024 as it focuses on its own brands [1]. Summary by Sections Company Overview - The company, Yuanfei Pet, was established in 2004 and initially focused on OEM/ODM business, primarily in pet leashes and snacks. It has formed deep partnerships with major international retailers like Walmart and PetSmart, with significant revenue from the US and Europe [14]. - The company has a diversified production capacity across multiple locations, including bases in Wenzhou and Cambodia, and is expanding its production capabilities [14]. Pet Industry - The domestic pet food market is growing at a CAGR of 10.1%, outpacing the global growth rate of 4.6%. In contrast, the pet supplies market in China is growing at a slower rate of 2.9% due to price wars among domestic brands and a slowdown in dog consumption growth [2]. 2B Business - The company's 2B business benefits from a strong production layout in Southeast Asia, deep partnerships with leading international channels, and technological advantages, including the development of over 8,000 new products annually [3]. Brand Business - The company is building its own sales channels and has launched three proprietary brands: Pikapoo, Haloway, and Legend Elf, which are expected to drive significant revenue growth. The brands focus on high-quality ingredients and unique selling propositions tailored to domestic pet needs [4]. - Recent sales data shows substantial growth for these brands on platforms like Douyin, with Pikapoo achieving significant sales rankings in its category [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.633 billion, 2.107 billion, and 2.540 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 187 million, 225 million, and 259 million yuan. The EPS for 2025-2027 is estimated at 0.98, 1.18, and 1.36 yuan [1][9]. - The report indicates a PE ratio of 20, 16, and 14 for the years 2025-2027 based on the closing price of 19.15 yuan on July 28, 2025 [1].

Investment Rating - The report maintains an "Overweight" rating for the pet industry, indicating that the industry index is expected to outperform the market index by over 10% in the next six months [4]. Core Insights - The pet industry in China is projected to continue its rapid growth, with the urban pet consumption market expected to increase from 170.8 billion yuan in 2018 to 300.2 billion yuan by 2024, reflecting a CAGR of approximately 9.9% [3]. - The pet food market is anticipated to grow from 89.1 billion yuan to 158.5 billion yuan during the same period, with a CAGR of about 10.1% [3]. - The pet healthcare market, including vaccines and medications, is expected to see significant growth, with a projected increase from 8.54 billion yuan to 37.22 billion yuan, representing a CAGR of 27.8% [3]. - The report highlights that the pet ownership penetration rate in China is still relatively low compared to mature markets, indicating substantial room for growth [3]. Market Dynamics - The pet ownership demographic is shifting towards younger generations, with post-90s pet owners constituting 41.2% and post-00s pet owners rising to 25.6% [3]. - The report notes that the pet industry in China is characterized by a low concentration of market players, with the top three companies holding only 3.6% of the market share [3]. - The competitive landscape is fragmented, with numerous small and medium-sized enterprises alongside established brands like Guai Bao Pet and Zhong Chong Co [3]. Investment Recommendations - The report suggests focusing on key players in the pet industry, including Guai Bao Pet (301498), Zhong Chong Co (002891), Yi Yi Co (001206), Yuan Fei Pet (001222), Tian Yuan Pet (301335), and Pu Lai Ke (603566) [3].

Core Viewpoint - The company is set to implement a 2025 restricted stock incentive plan, which aims to enhance its long-term incentive mechanism and align the interests of the company, shareholders, and management [1][3]. Group 1: Compliance and Eligibility - The company has confirmed that there are no prohibitive circumstances under relevant laws and regulations that would prevent the implementation of the stock incentive plan [1][2]. - The incentive plan's targets include senior management, middle management, and core technical personnel, excluding independent directors and shareholders holding more than 5% of the company's shares [2]. Group 2: Process and Approval - The formulation and review process of the incentive plan comply with the relevant laws and regulations, ensuring that it does not harm the interests of the company or its shareholders [2][3]. - The plan requires approval from the company's shareholders before it can be implemented [2]. Group 3: Benefits of the Incentive Plan - The implementation of the incentive plan is expected to improve management efficiency, promote sustainable development, and ensure the achievement of the company's strategic and operational goals [3].

Core Viewpoint - The legal opinion letter from Merits & Tree Law Offices confirms the legality and compliance of Wenzhou Yuanfei Pet Toy Co., Ltd.'s 2025 restricted stock incentive plan, which aims to attract and retain talent while aligning the interests of shareholders, the company, and key personnel [1][2][4]. Group 1: Company Overview - Wenzhou Yuanfei Pet Toy Co., Ltd. is a legally established and validly existing listed company, with a registered capital of 190.89 million RMB and a business scope that includes the production and sale of pet toys and related products [4][5]. - The company has been publicly listed on the Shenzhen Stock Exchange since August 18, 2022, with a total of 34.1 million shares issued [5]. Group 2: Incentive Plan Details - The 2025 restricted stock incentive plan aims to establish a long-term incentive mechanism to motivate senior management, middle management, and core technical personnel, ensuring alignment of interests among all parties [6][7]. - The plan involves granting up to 2.50954 million shares of restricted stock, accounting for 1.31% of the company's total share capital of 190.89 million shares [10][11]. Group 3: Eligibility and Conditions - The incentive plan targets 62 individuals, including senior management and core technical personnel, excluding independent directors and major shareholders [7][8]. - The granting of restricted stock is contingent upon the fulfillment of specific performance conditions and compliance with legal regulations [24][25]. Group 4: Granting and Vesting Conditions - The initial grant price for the restricted stock is set at 9.63 RMB per share, which is compliant with the relevant regulations [21][22]. - The vesting schedule includes a 12-month, 24-month, and 36-month period for the initial grant, with specific performance targets set for each year [19][28]. Group 5: Legal Compliance and Procedures - The legal opinion confirms that the incentive plan has undergone necessary legal procedures, including board and shareholder approvals, and is in compliance with the Company Law, Securities Law, and relevant regulations [31][30]. - The plan includes provisions for adjustments in case of corporate actions such as stock splits or dividends, ensuring that the incentive structure remains intact [29][30].

Core Viewpoint - The article discusses the compliance requirements and conditions for stock incentive plans of listed companies, emphasizing the need for adherence to regulations and the importance of transparency in the implementation of such plans [4][5][6]. Compliance Requirements for Listed Companies - Financial reports for the most recent accounting year must not have received a negative or unable-to-express opinion from auditors [4]. - Internal controls must also be free from negative opinions or inability to express opinions from auditors [4]. - There should be no instances of profit distribution that violate laws, regulations, or company commitments in the last 36 months [4]. Compliance Requirements for Incentive Objects - Incentive objects must not include shareholders or actual controllers holding more than 5% of the company's shares [4]. - They must not have been recognized as inappropriate candidates by the China Securities Regulatory Commission (CSRC) in the last 12 months [4]. - There should be no significant legal violations leading to administrative penalties or market bans by the CSRC in the last 12 months [4]. Compliance Requirements for Incentive Plans - The total number of shares involved in all effective stock incentive plans must not exceed 10% of the company's total equity [5]. - Individual incentive objects must not receive more than 1% of the company's total equity through all effective stock incentive plans [5]. - The reserved rights for incentive objects must not exceed 20% of the total rights to be granted in the current incentive plan [5]. Disclosure Requirements for Incentive Plans - The purpose of the incentive plan, criteria for selecting incentive objects, and the number of rights to be granted must be clearly stated [5]. - The plan must include details on the effective period, grant dates, and any conditions for exercising rights [6]. - The plan must also disclose the methods for determining the grant price and exercise price, including any independent financial advisor's opinions on the plan's feasibility [6]. Performance Assessment Criteria - Performance assessment indicators must be objective, clear, and beneficial for enhancing the company's competitiveness [8]. - The plan should include a clear process for granting rights and exercising them, ensuring compliance with relevant regulations [6][8].

Core Viewpoint - The company, Wenzhou Yuanfei Pet Toy Co., Ltd., has proposed a restricted stock incentive plan aimed at attracting and retaining talent, aligning the interests of shareholders, the company, and key personnel for long-term development [1][8]. Group 1: Incentive Plan Overview - The incentive plan involves granting 2,509,540 restricted shares, accounting for approximately 1.31% of the company's total share capital of 190,890,000 shares [2][13]. - The initial grant consists of 2,009,540 shares (1.05% of total shares), with a reserve of 500,000 shares (0.26% of total shares) [2][13]. - The grant price for the restricted shares is set at 9.63 yuan per share [2][20]. Group 2: Eligibility and Management - The plan targets 62 individuals, including senior and middle management, as well as core technical personnel, excluding independent directors and major shareholders [3][11]. - The plan will be managed by the company's board of directors, with a compensation and assessment committee overseeing its implementation [9][10]. Group 3: Performance Conditions - The performance assessment for the first grant will be based on the company's revenue targets for the years 2025 (1.772 billion yuan), 2026 (2.33 billion yuan), and 2027 (2.74 billion yuan) [23][24]. - The release of shares from restrictions is contingent upon meeting these performance targets, with specific percentages of shares becoming available based on the achievement of revenue goals [23][24]. Group 4: Adjustments and Compliance - The plan includes provisions for adjustments to the number of restricted shares and grant prices in the event of corporate actions such as stock splits or capital increases [28][29]. - The company commits not to provide financial assistance to incentive recipients for acquiring shares under this plan [4][5].