证券日报网讯中宠股份（002891）10月21日在互动平台回答投资者提问时表示，截至2025年10月20日， 公司股东户数为43045户。 ...

证券研究报告-季报点评 增持(维持) 市场数据(2025-10-20) | 收盘价(元) | 55.62 | | --- | --- | | 一年内最高/最低(元) | 72.24/29.37 | | 沪深 300 指数 | 4,538.22 | | 市净率(倍) | 5.85 | | 流通市值(亿元) | 169.29 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 9.50 | | 每股经营现金流(元) | 0.77 | | 毛利率(%) | 30.54 | | 净资产收益率_摊薄(%) | 11.53 | | 资产负债率(%) | 42.05 | | 总股本/流通股(万股) | 30,437.64/30,437.63 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -9% 17% 42% 68% 93% 119% 144% 170% 2024.10 2025.02 2025.06 2025.10 中宠股份 沪深300 相关报告 《中宠股份(002891)公司点评报告：产品结构 持续优化，2025Q1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002891证券简称：中宠股份公告编号：2025-065 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"中宠转2"2025年付息的公告 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。 特别提示： ● "中宠转2"将于2025年10月27日按面值支付第三年利息，每10张"中宠转2"（面值1,000元）利息为6.00 元（含税） ● 债权登记日：2025年10月24日 ● 下一付息期起息日：2025年10月25日 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张可转换公司债券，每张面值100元，发行总额76,904.59万 元。根据《烟台中宠食品股份有限公司公开发行可转换公司债券募集说明书》有关条款的规定，在"中 宠转2"的计息期限内，每年付息一次，现将"中宠转2"2024年10月25日至2025年10月24日期间的付息事 项公告如下： 一、可转债发行基本情况 ...

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：2025-065 烟台中宠食品股份有限公司 关于"中宠转 2"2025 年付息的公告 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。 特别提示： 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 张可转换公司债券，每张面值 100 元，发行总额 76,904.59 万元。根据《烟台中 宠食品股份有限公司公开发行可转换公司债券募集说明书》有关条款的规定，在 "中宠转 2"的计息期限内，每年付息一次，现将"中宠转 2"2024 年 10 月 25 日至 2025 年 10 月 24 日期间的付息事项公告如下： 一、可转债发行基本情况 1 "中宠转 2"将于 2025 年 10 月 27 日按面值支付第三年利息，每 10 张 "中宠转 2"（面值 1,000 元）利息为 6.00 元（含税） 债权登记日：2025 年 10 月 24 日 ...

日前，宠物食品行业龙头企业中宠股份（002891.SZ）发布的2025年第三季度报告，"增收不增利"的反差尤为显眼。 报告显示，中宠股份第三季度营收同比增长15.86%，达到14.28亿元，创下单季新高但增速较前两个季度有所回落；同期归母净利润却同比下滑6.64%，至 1.30亿元。 这种营收与利润背道而驰的现象，引发市场对宠物食品行业当前发展模式的关注。10月15日，即财报发布次日，中宠股份股价跌近6%。 值得注意的是，快速扩张也带来了一些隐忧。除了高企的费用，中宠股份前三季度的资产减值损失同比增加77.02%，主要系存货跌价计提增加。同时，有 息负债增至14.88亿元，有息资产负债率达到27.73%。 有分析师指出，中宠股份当前正处在从代工向品牌转型的关键阶段。这种转型必然伴随着短期阵痛，但长期看，建立强大的自主品牌才能形成持续竞争力。 随着国内养宠渗透率提升和宠物食品国产替代趋势加速，中宠股份若能成功度过这段投入期，未来有望在广阔的宠物食品市场中占据更有利位置。 对于投资者而言，更需要关注的是中宠股份当前的高投入能否在未来转化为稳定的盈利能力，以及自主品牌能否真正成为驱动公司长期增长的引擎。随着宠 物经 ...

2025 年 10 月 20 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 熊子兴 S0350522100002 xiongzx@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn 投资要点: 生猪：生猪调控持续深化，看好板块价值重估机会 投资建议：生猪行业进入调控期以来，相关部门召开会议强化调控措施， 通过减少产能手段调控猪价，短期看由于下半年生猪出栏量或有增加以 及大猪库存或有消化，猪价依然面临下行压力，我们持续认为，调控猪 价是抗通缩的最有效方式之一，相关单位进行政策调控，最终是希望猪 价恢复合理区间，因此这一轮调控不太可能会很激烈，更可能是调控-加 码-修正，政策具有持续性。由于生猪行业产能调控，更多机会来自于低 成本带来的业绩兑现以及分红提升带来的价值重估，首推头部猪企牧原 股份、温氏股份，建议关注德康农牧、神农集团、巨星农牧。 家禽：禽板块基本面有望改善 投资建议：①白羽鸡引种端：据中国畜牧业协会数据，2025 年 9 月，祖 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a focus on sectors with good performance and potential recovery in demand [3]. Core Insights - The liquor sector is experiencing a gradual improvement in sales dynamics, with a continued focus on clearing inventory. The report suggests that when performance no longer declines, it will signal a potential recovery in stock prices [7][13]. - The food sector shows a divergence in performance, with new consumption categories maintaining good momentum while traditional categories face weaker demand. The report emphasizes the importance of monitoring the recovery in traditional consumption [21][31]. Summary by Sections Liquor Sector - Sales dynamics in Q3 improved compared to May-June, but the report anticipates continued inventory clearance with a double-digit year-on-year decline expected. The demand from government and business sectors remains under pressure, while the banquet and mass consumption markets are relatively stable [7][13]. - Major brands like Moutai and Wuliangye are expected to see varied performance, with Moutai projected to achieve a 4% increase in revenue year-on-year, while Wuliangye may experience an 8% decline [14][16]. Food Sector - The overall demand environment in Q3 was relatively weak, with retail sales growth slowing down. However, sectors like snacks and beverages continue to show good performance, while traditional categories like seasonings and beer remain subdued [21][31]. - The report highlights that raw material costs are generally declining, but the trend is slowing down. Packaging prices have increased, impacting profit margins across various segments [24][25]. - Specific companies such as Yili and Mengniu are facing growth pressures, while new dairy companies are expected to maintain strong growth due to structural improvements [31][35]. Investment Strategy - The report recommends focusing on sectors with good performance, such as snacks and beverages, while also keeping an eye on traditional consumption recovery. Specific stock recommendations include West Wheat Foods in the snack sector and leading liquor brands like Shanxi Fenjiu and Luzhou Laojiao [10][11].

Core Viewpoint - The company has been deeply engaged in the pet food industry for nearly 30 years, utilizing both OEM and self-owned brands to drive growth, with significant international and domestic sales achievements [1] Group 1: Export Business - The company has established a global supply chain with production capacities in six countries, achieving an export revenue of 1.57 billion yuan, accounting for 65% of total revenue as of H1 2025 [1] - North America is the largest sales market, and the company has proactively built overseas production capacities to mitigate trade risks, with net profit margins for various overseas factories ranging from 13% to 21% [2] - The company’s export performance has significantly outperformed the industry during trade tensions and tariff increases [2] Group 2: Domestic Sales - The company has developed three core self-owned brands, "WANPY," "TOPTREES," and "ZEAL," capturing the mid-to-high-end domestic market, with domestic sales revenue reaching 860 million yuan, accounting for 35% of total revenue as of H1 2025 [1] - The pet food industry still has considerable growth potential, with a fragmented competitive landscape allowing leading domestic brands to increase market share [3] - The company’s product matrix is improving under its explosive product strategy, with significant online ranking improvements during promotional periods [3] Group 3: Profitability - The company has benefited from favorable raw material costs and exchange rates, leading to continuous improvement in gross margins, with expectations for further increases in gross and net profit margins due to a higher proportion of self-owned products [4] - Revenue projections for 2025-2027 are 5.42 billion, 6.54 billion, and 7.87 billion yuan, with year-on-year growth rates of 21.3%, 20.8%, and 20.3% respectively, and net profits of 470 million, 580 million, and 740 million yuan, with growth rates of 18.3%, 24.8%, and 27.2% respectively [4]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that pig prices are stabilizing at low levels, with a continued reduction in breeding stock. As of October 17, 2025, the national average price for live pigs is 11.18 yuan/kg, showing a week-on-week increase of 0.19 yuan/kg but a year-on-year decrease of 6.52% [3][12] - The report highlights that the price of piglets has further declined, which may accelerate the culling of sows. The price for 7kg piglets has dropped to 165 yuan/head, below the industry average cost of 300 yuan/head, leading to potential losses that could hasten the elimination of sows [4][19] - The report notes that the domestic pet market is experiencing a rise in local brands, particularly during the Double Eleven pre-sale event, where the top eight brands in sales are all domestic [5][22] Summary by Sections Weekly Observation - The pig price is in a low-level fluctuation, with breeding stock reduction continuing. The proportion of breeding stock in actual sales is 1.02%, with a week-on-week increase of 0.09 percentage points but a year-on-year decrease of 5.07 percentage points. The utilization rate of breeding facilities is 32%, down 2.4 percentage points from the previous period and down 15.9 percentage points year-on-year [12][13] Weekly Perspective - The report suggests that losses in pig farming may accelerate the reduction of breeding stock. The price of live pigs continues to decline, reaching a new low for the year, and the losses in pig farming are deepening. The report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and others [29][30] Market Performance (October 13-17) - The agricultural sector underperformed the market by 0.73 percentage points, with the Shanghai Composite Index down 1.47% and the agricultural index down 2.20%. Notable stock performances include Shenyin Wanguo Biological (+10.33%) and others [32][37] Price Tracking (October 13-17) - The average price for live pigs is 11.17 yuan/kg, down 0.01 yuan/kg from the previous week. The average price for piglets is 17.99 yuan/kg, down 0.73 yuan/kg. The average price for white strip meat is 14.68 yuan/kg, down 0.51 yuan/kg [6][47] Key News (October 13-17) - The Ministry of Agriculture and Rural Affairs held a video conference to strengthen the inspection and slaughtering of pigs, emphasizing the importance of quality control in pork products [38]

中宠股份前三季度实现营业收入38.6亿元，同比增长21.05%；归母净利润3.33亿元，同比增长18.21%。今年以来，中宠股份的WANPY顽皮品牌入驻北美 地区最大宠物电商平台Chewy，标志其在北美市场的渠道持续深耕。 据证券时报·数据宝统计，截至10月17日收盘，本周（10月13日至10月17日）46家机构合计进行195次"买入型"（包括买入、增持、推荐、强烈推荐、强烈 买入）评级，合计覆盖140股。 本周有8股获得3家及以上机构评级，中宠股份和小商品城评级机构家数居前，分别有16家和9家。 | | 简称 | 评级机构 | 总市值 | 滚动市图率 | 申万行业 | | --- | --- | --- | --- | --- | --- | | | | 家数 | (亿元) | (倍) | | | 002891 | 中宠股份 | 16 | 168.99 | 37.96 | 农林牧渔 | | 600415 | 小商品城 | 9 | 1051.76 | 25.03 | 商贸零售 | | 688041 | 海光信息 | 7 | 5305.30 | 224.16 | 电子 | | 601336 | 新华保险 | 6 ...