• 中国人口结构变化推动宠物饲养需求增加，95 后、00 后及老龄人口成为 养宠主力军，多宠家庭数量呈现增长趋势，中老年宠物比例预计未来五年 提升 20%，宠物主粮市场呈现多元化购买行为，成分和功效是消费者首要 关注因素。 • 中宠股份海外子公司 2023 年合计收入约 33 亿元，占整体外销收入 50%，美国子公司盈利能力保持较高增长，美国第一工厂净利率达 21%。公司积极搭建资源 IP，通过联名 IP 实现品牌破圈，不断提升自身 影响力与市场份额。 中宠股份在国内市场和海外市场的发展情况如何？ 长江农业研究员光前如何评价中宠股份的产品矩阵和自主品牌发展？ 中宠股份在产品矩阵和自主品牌发展方面表现出色。公司加快了产品推陈出新 的速度，自主品牌进入明显的加速成长期，建议投资者重点关注。中宠股份从 1998 年成立以来，一直专注于零食主粮领域的研发、生产和销售，竞争力强 劲。自 2017 年上市后，公司进入快速发展阶段，收购领先品牌并与京东等进 行战略合作，同时在全球布局产能，包括加拿大、新西兰和洛杉矶工厂。这些 举措提升了公司的抗风险能力。 中宠股份 20250415 摘要 • 中宠股份自 2017 年上市后 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-017 债券代码：127076 债券简称：中宠转 2 烟台中宠食品股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 2025 年 4 月 7 日，烟台中宠食品股份有限公司（以下简称"公司"）召开第 四届董事会第十四次会议、第四届监事会第十次会议，审议通过了《关于使用部 分闲置自有资金进行现金管理的议案》。为了提高自有资金使用效率，为公司及 股东获取更多的回报，在不影响公司日常生产经营的前提下，同意公司及子公司 使用不超过人民币 5 亿元的闲置自有资金购买银行及其理财子公司的产品、资产 管理计划、收益凭证等投资产品以及进行深圳证券交易所认可的其他投资行为。 投资期限为自董事会审议通过之日起 12 个月内。在投资期限内，该额度可以循 环使用。 同时，公司董事会授权财务总监在该额度范围及投资期限内行使投资决策权， 公司财务部为具体执行部门。公司将按照相关规定严格控制风险，对相关投资产 品进行严格评估，选择流动性与投资回报相对较好的标的。具体情况如下 ...

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-016 烟台中宠食品股份有限公司 关于第四届监事会第十次会议决议的公告 本公司及监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。 一、监事会会议召开情况 2025 年 4 月 7 日烟台中宠食品股份有限公司（以下简称"公司"）第四届监 事会第十次会议在公司会议室以现场加通讯相结合的会议方式召开。会议通知已 于 2025 年 3 月 28 日通过专人送达、电子邮件等方式发出，本次会议应出席监事 3 人，实际出席监事 3 人，其中赵雷先生、王继成先生以通讯表决方式出席会议， 公司监事会主席赵雷主持会议。本次会议的召开符合有关法律、法规及《公司章 程》的规定，会议合法有效。 二、监事会会议审议通过情况 经与会监事对本次监事会议案的审议表决，形成如下决议： 1、审议通过《关于使用部分闲置自有资金进行现金管理的议案》 《关于使用部分闲置自有资金进行现金管理的公告》详见公司指定的信息披 露媒体《中国证券报》《上海证券报》《证券日报》《证券时报》和巨潮资讯网 （http:// ...

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-015 表决结果：9 票赞成，0 票反对，无弃权票，一致通过。 烟台中宠食品股份有限公司 关于第四届董事会第十四次会议决议的公告 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。 一、董事会会议召开情况 2025 年 4 月 7 日烟台中宠食品股份有限公司（以下简称"公司"）第四届 董事会第十四次会议在公司会议室以现场加通讯相结合的会议方式召开。会议通 知已于 2025 年 3 月 28 日通过专人送达、电子邮件等方式送达给董事、监事和高 级管理人员，本次会议应出席会议董事 9 人，实际出席会议董事 9 人，其中郝忠 礼先生、伊藤范和先生、董海风女士、郝宸龙先生以通讯表决方式出席会议，公 司董事长郝忠礼先生主持了本次会议，公司全体监事、高级管理人员列席会议， 会议的召开符合《中华人民共和国公司法》及《公司章程》的规定。 二、董事会会议审议情况 经与会董事对本次董事会议案的审议表决，形成如下决议： 1、审议通过《关于使用部分闲置自有资金进行现金管理的议案》 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-014 债券代码：127076 债券简称：中宠转 2 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。 烟台中宠食品股份有限公司 关于 2025 年第一季度可转债转股情况的公告 重要提示： | 证券简称：中宠股份 | | --- | | 证券代码：002891 | 债券代码：127076 债券简称：中宠转 2 转股价格：27.81 元/股 转股起始时间：2023 年 5 月 4 日 转股截止时间：2028 年 10 月 24 日 （四）可转换公司债券转股价格调整情况 1、本次发行的可转债初始转股价格为 28.35 元/股，不低于募集说明书公告 转股股份来源：仅使用新增股份转股 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠食 品股份有限公司（以下简称"公司"）于 2022 年 10 月 25 日公开发行了 7,690,459.00 张可转换公司债券，每张面值 100.00 元，发行总额为 76,904.59 万元 ...

Summary of Zhongchong Co., Ltd. Conference Call Company Overview - Zhongchong Co., Ltd. was established in 1998, initially focusing on OEM production for pet food for companies in Japan and the US. [3] - The company has shifted towards its own brand business, forming a brand matrix with three brands: Wanjia, Ziyou, and Lingqian. [3] - In 2023, the company's overseas revenue accounted for approximately 70%, primarily from self-built factories in the US, New Zealand, and Canada, as well as export OEM business in Cambodia and Southeast Asia. [3] Financial Performance - Revenue increased from 648 million yuan in 2015 to 3.75 billion yuan in 2023, with an average annual growth rate of 24.5%. [5] - Profit rose from 56 million yuan in 2015 to 233 million yuan in 2023, with a gross margin of 19.5%. [5] - The company expects significant revenue growth in late 2023 and early 2024 as inventory destocking ends. [5] Product Structure and Margins - The product structure is primarily focused on snacks (over 60%), with dry food and canned food making up about 15% and 16-17%, respectively. [6] - Gross margins for dry food and canned food are higher than for snacks, with overseas margins exceeding domestic margins due to a focus on B2B OEM business abroad. [6] Market Outlook - The domestic pet food market is projected to reach 158.5 billion yuan by 2024, with a compound annual growth rate (CAGR) of over 10% expected over the next three years. [8] - The penetration rate of pet ownership in Chinese households is significantly lower than in developed countries, indicating potential for growth. [10] Competitive Landscape - The domestic pet food market has a low concentration, with CR3 at approximately 14% and CR10 below 25%. [11] - The trend of import substitution is evident, with domestic brands gaining market share through effective marketing and competitive pricing. [11] Core Competitive Advantages - The company has a diverse brand portfolio, covering various market segments from mid-range to high-end. [12] - Strong online presence with 60% of revenue from online sales and partnerships with major retailers. [12] - Continuous marketing investment has led to sustained revenue growth. [12] Production Capacity and Supply Chain - The company is expanding production capacity through IPOs and self-funding, with utilization rates for canned and dry food at 60-70%. [15] - Located in Yantai, Shandong, the company benefits from proximity to major poultry production areas, providing cost advantages in raw material procurement. [16] International Business Development - The overseas OEM business is expected to grow steadily, with significant demand from developed markets like the US and emerging markets in Southeast Asia. [18] - The company is expanding its production capacity in the US and New Zealand, with new factories expected to enhance revenue and profitability. [19] Brand Development and Marketing Strategies - The company collaborates with well-known IPs and celebrities for brand promotion, enhancing visibility and sales performance. [14] - The Great Jack's brand targets high-end markets in Canada, while the Wanjia brand focuses on cost-effectiveness in Southeast Asia. [21] Profitability Forecast and Valuation - Revenue forecasts for 2024 to 2026 are 4.48 billion, 5.36 billion, and 6.38 billion yuan, with net profits of 380 million, 450 million, and 550 million yuan, respectively. [22] - The company is expected to maintain a strong growth trajectory, supported by its dual domestic and international business strategies, leading to a favorable investment outlook. [22]

Core Viewpoint - The company plans to temporarily use part of its idle raised funds to supplement working capital after returning previously used funds, ensuring compliance with regulations and maintaining the integrity of its investment projects [1][4][5]. Fundraising Overview - The company issued 7,690,459 convertible bonds at a face value of 100.00 RMB each, raising a total of 769.05 million RMB, with a net amount received of 754.96 million RMB after deducting fees [1][2]. - The total adjusted net amount after the exemption of securities registration fees is 754.96 million RMB [2]. Investment Project Details - The funds raised will be allocated to various projects, including: - 28.42 million RMB for a 60,000-ton high-quality pet dry food project - 31.20 million RMB for a 40,000-ton new pet wet food project - 6.48 million RMB for a 2,000-ton freeze-dried pet food project - 4.00 million RMB for intelligent warehouse renovation - 18.09 million RMB for working capital [2]. Use of Idle Funds - The company intends to use up to 500 million RMB of idle funds to temporarily supplement working capital for a period of 12 months, ensuring it does not affect the ongoing investment projects [3][4]. - The use of these funds is limited to operations related to the main business and will not involve high-risk investments [3][4]. Financial Efficiency - Utilizing idle funds is expected to save approximately 15.50 million RMB in financial costs based on the current one-year loan benchmark rate of 3.10% [4]. - This approach aims to enhance the efficiency of fund usage and reduce financial costs while benefiting the company and its shareholders [4]. Approval Process - The board of directors and the supervisory board have approved the use of idle funds, confirming that it aligns with the company's interests and does not harm the interests of minority shareholders [5][6]. - The sponsor institution has verified that the approval process complies with relevant regulations and does not harm shareholder interests [6].

Group 1 - The Supervisory Board of the company held its ninth meeting, which was conducted both in-person and via communication methods, with all three supervisors present [1] - The meeting was legally valid and followed all relevant laws, regulations, and the company's articles of association [1] - The Supervisory Board unanimously approved the temporary use of up to RMB 500 million of idle raised funds to supplement working capital, with a duration of 12 months from the date of approval by the Board of Directors [1] Group 2 - The announcement regarding the use of idle raised funds is available in designated media outlets, including China Securities Journal and Shanghai Securities Journal [2] - The company has ensured that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - The Supervisory Board's decision reflects a strategic move to ensure the normal operation of the company's projects while managing liquidity [1]

联储证券股份有限公司 关于烟台中宠食品股份有限公司提前归还募集资金后 继续使用部分闲置募集资金暂时补充流动资金的核查意见 联储证券股份有限公司（以下简称"联储证券"或"保荐机构"）作为烟台 中宠食品股份有限公司（以下简称"中宠股份"或"公司"）2022 年度公开发行 可转换公司债券持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等有关规定，对中宠股份提前归还募集资金后继续使用部分闲置 募集资金暂时补充流动资金事项进行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，公司于 2022 年 10 月 25 日公开发行了 7,690,459.00 张可转换公司债券，每张面值 100.00 元， 总募集资金 769,045,900.00 元。扣除承销及保荐费用人民币 12,000,000.00 元（含 税金额）后，实际收到人民币 757,045,900.00 元。本次可转换公司债券 ...

债券代码：127076 债券简称：中宠转 2 关于使用部分闲置募集资金暂时补充流动资金的公告 证券代码：002891 证券简称：中宠股份 公告编号：2025-013 烟台中宠食品股份有限公司 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。 2025 年 3 月 26 日，烟台中宠食品股份有限公司（以下简称"公司"）召开 第四届董事会第十三次会议、第四届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资金投资 项目建设资金需求及项目正常进行的前提下，使用不超过人民币 5 亿元的闲置募 集资金暂时补充流动资金，期限为自公司董事会审议批准之日起 12 个月内。具 体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，公司于 2022 年 10 月 25 日公开发行了 7,690,459.00 张可转换公司债券，每张面值 100.00 元， 总募集资金 769,045,900.00 元。扣除承销及保荐费用人民币 12,000,000.00 元（含 税金额）后，实际收 ...