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：2025-072 烟台中宠食品股份有限公司 关于召开 2025 年第三次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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 1 号——主板上市公司规范运作》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 26 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 26 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 12 月 26 日 9:15 至 15:00 的任意时间。 1、本次股东会提案编码表 5、会议的召 ...

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：2025-069 烟台中宠食品股份有限公司 关于第四届董事会第十九次会议决议的公告 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 12 月 10 日烟台中宠食品股份有限公司（以下简称"公司"）第四 届董事会第十九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 11 月 30 日通过专人送达、电子邮件等方式送达给董事和高 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、江移山先生、董海风女士、张蕴暖女士、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《关于部分募投项目变更实施地点、实施主体的议案》。 表决结果：9 票赞成，0 票反 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities for investment at the bottom of the market [3][4] - The poultry sector's fundamentals are expected to improve, with a focus on marginal changes in the cycle [4][5] - The animal health sector is closely monitoring the progress of African swine fever vaccine clinical trials, which could enhance the industry's competitive landscape [6][7] - The pet economy is thriving, with domestic brands rapidly emerging and improving profitability [9][10] Summary by Sections Swine Industry - The average price of live pigs in November was 11.69 yuan/kg, with a month-on-month change of 0 yuan/kg [15] - The number of breeding sows as of the end of October was 39.9 million, a decrease of 1.1% month-on-month and 2.1% year-on-year [15][16] - Investment suggestions include leading companies such as Muyuan Foods and Wens Foodstuffs, with a focus on low-cost performance and dividend increases [16] Poultry Industry - The price of white feather broiler parent stock chicks was 41 yuan/set, down 6 yuan from the previous week [31] - The poultry sector is seeing a gradual recovery, with a recommendation for companies like Shennong Development and Lihua Stock [32] Animal Health - The profitability of self-breeding pigs has been negative for over two months, impacting the animal health sector [40] - Companies like Bio-Pharmaceuticals and Keqian Bio are recommended due to their strong business layouts and customer resources [6][40] Planting Industry - The price of corn was 2229 yuan/ton, with a month-on-month increase of 0.5% and a year-on-year increase of 8% [45] - Companies with early reserves in genetically modified seeds are recommended, including Suqian Agricultural Development and Longping High-Tech [50] Feed Industry - The price of feed for fattening pigs was 3.32 yuan/kg, with a month-on-month decrease of 20 yuan/ton [51] - The feed industry is expected to see increased concentration, with recommendations for Haida Group and He Feng Stock [52] Pet Industry - The pet consumption market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [58] - Recommended companies in the pet food sector include Guibao Pet and Zhongchong Stock, with a focus on the pet medical sector as well [59]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the livestock and pet industries, while highlighting ongoing challenges in pig farming due to supply pressures and price adjustments [2][5][9]. Livestock Industry Overview - Pig farming is experiencing downward price adjustments due to increased supply from smallholders and insufficient demand for cured products, leading to a supply-demand struggle [9][18]. - The number of breeding sows decreased by 0.38% in November, indicating a potential acceleration in capacity reduction [21][9]. - As of December 4, the average price for market pigs was 11.30 CNY/kg, reflecting a week-on-week decline of 1.57% [32][33]. - The profitability of pig farming remains negative, with losses of 167.69 CNY per head for self-bred pigs and 259.39 CNY per head for purchased piglets reported [39][42]. Poultry Industry Insights - The poultry sector is seeing a rise in white chicken prices, with an average price of 7.27 CNY/kg as of December 5, up 1.11% week-on-week [40][44]. - The ongoing outbreaks of avian influenza in overseas markets are expected to benefit the white feather chicken industry in the medium to long term [40][41]. Animal Health Sector - The animal health industry is under pressure due to a decline in demand linked to the overall losses in pig farming, with significant year-on-year decreases in vaccine approvals [50]. - However, the development of new vaccines, including progress in African swine fever vaccine trials, may provide a boost to the sector [50]. Seed Industry Trends - The prices of key agricultural commodities such as wheat, corn, and soybean have shown slight increases, with wheat prices at 2515 CNY/ton, corn at 2357 CNY/ton, and soybean meal at 3111 CNY/ton as of December 5 [53][55]. - The USDA's November report indicates a decrease in global corn and soybean stocks, which may impact future pricing and availability [54][57]. Pet Industry Developments - The pet food export market faced a decline, with October exports amounting to 772 million CNY, down 15.9% year-on-year [58][60]. - Domestic sales of pet food are growing rapidly, with e-commerce sales in October increasing by 19% year-on-year, driven by strong performances from local brands [61][62]. - The Double Eleven shopping festival saw significant sales growth for domestic pet brands, indicating a shift towards local products in the market [62].

Core Viewpoints - The report anticipates a significant reversal in the livestock cycle, recommending Hong Kong-listed dairy farming stocks as core investments [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are leaders in their respective sectors [1][3] Livestock Sector - The livestock sector is expected to benefit from a cyclical rebound, with a focus on both beef and milk production, as domestic prices are projected to rise significantly by 2027 [14][40] - The report highlights that the domestic milk price has been in decline for nearly four years, leading to pressure on production capacity, while the beef-to-milk price ratio has reached historical highs, prompting faster culling of dairy cows [14][40] Swine Sector - The swine sector is experiencing a gradual recovery, with leading companies expected to benefit from improved cash flows and dividend potential as industry capacity contracts [1][15] - The report emphasizes that the current valuation of leading swine companies is at historical lows, indicating potential for valuation recovery [15][22] Poultry Sector - The poultry sector is seeing an increase in supply, with expectations for demand recovery, particularly in the white-feathered chicken segment, which is entering a consumption peak [24][30] - The report notes that the price of broiler chickens has shown a slight recovery, with a projected increase in profitability for leading poultry companies [24][30] Pet Sector - The pet industry is identified as a promising new consumption sector, benefiting from the rise of domestic brands and emotional consumer trends [16][20] - The report recommends leading pet food companies, which are expected to continue their growth trajectory due to product upgrades and direct sales transformations [20][16] Feed Sector - The feed sector is highlighted for its deepening industrialization and clear division of labor, with leading companies expected to widen their competitive advantages through technology and service [1][3] Agricultural Products - The report tracks agricultural product prices, noting that the price of corn has increased by 4% month-on-month, while soybean meal prices are at historical lows, indicating a potential for future recovery [2][22] - The report also mentions that the egg market is under pressure from supply increases, while the demand for soybeans is tightening in the medium to long term [2][18]

Core Insights - The report anticipates a significant reversal in the livestock cycle, particularly recommending Hong Kong-listed dairy farming stocks [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are expected to benefit from the livestock cycle recovery [1][3] - The report highlights the expected upward trend in domestic beef and milk prices, suggesting a strong recovery in the performance of livestock companies [1][14] Livestock Sector - The livestock sector is projected to experience a major turnaround, with a focus on dairy farming stocks such as YouRan Agriculture and Modern Farming [1][14] - The report indicates that the domestic beef and milk markets are likely to see a price rebound, driven by a reduction in production capacity and improved demand dynamics [1][14] - The anticipated "meat-milk resonance" is expected to enhance profitability for dairy farming companies, with significant earnings recovery potential [1][14] Swine Sector - The swine sector is expected to see a gradual recovery in prices, with leading companies like Huazhong and Muyuan Foods positioned to benefit from valuation corrections [1][14] - The report notes that the cash flow of leading swine companies is improving, which may lead to higher dividend payouts in the future [1][15] - The current market conditions suggest that the swine industry is stabilizing, with a focus on maintaining reasonable breeding levels [22] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with expectations for demand recovery to support price stabilization [24] - The report highlights that the white-feathered chicken market is showing signs of recovery, with prices expected to improve as the consumption season approaches [24] - Leading poultry companies are anticipated to maintain strong profitability amid changing supply dynamics [24] Pet Industry - The pet industry is identified as a promising growth area, with domestic brands gaining traction and expected to benefit from rising consumer sentiment [1][16] - The report emphasizes the potential for local pet food brands to capture market share, particularly in the high-end segment [1][16] - The performance of leading pet food companies is projected to remain strong, driven by product upgrades and direct sales strategies [20] Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies leveraging technological and service advantages [1][14] - The report indicates that feed prices are at historical lows, providing a strong cost support for livestock producers [1][14] - The anticipated tightening of supply-demand balance in the feed market is expected to lead to gradual price recovery [1][14] Agricultural Products - The report tracks agricultural product prices, noting that the price of live pigs was 11.25 yuan/kg at the end of November, down 10% month-on-month, while the price of 7kg piglets increased by 18% [2][22] - The report also highlights that corn prices have increased by 4% month-on-month, indicating a potential bottoming out in the market [2][22] - The overall agricultural sector is showing resilience, with the SW Agricultural Index outperforming the broader market [2][22]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The industry is experiencing dual support for pig prices due to supply and demand factors, with expectations for continued pressure on large pig sales from individual farmers [4][13] - The overall trend indicates a reduction in breeding stock, with significant implications for the industry as losses in pig farming accelerate [26] Summary by Sections Weekly Observation - There is significant short-term pressure on large pig sales from individual farmers, while large farming groups face less pressure to meet annual sales targets [4][13] - As of December 5, 2025, the average price of pigs nationwide is 11.19 yuan/kg, showing a week-on-week decrease of 0.08 yuan/kg and a year-on-year decrease of 4.40 yuan/kg [4][13] Weekly Perspective - The pig farming sector is facing losses, leading to an accelerated reduction in breeding stock. The price of pigs continues to decline, creating deeper losses for farmers [26] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others [26] Market Performance (December 1-5) - The agricultural sector underperformed the market by 1.86 percentage points, with the Shanghai Composite Index rising by 0.37% while the agricultural index fell by 1.49% [28][32] - Notable stock performances include Haodangjia (+16.15%), Xiwang Food (+10.26%), and Biological Shares (+9.66%) [28][35] Price Tracking (December 1-5) - The average price of pigs on December 5 is 11.20 yuan/kg, with a slight increase from the previous week [38] - The average price of piglets is 19.26 yuan/kg, also showing a week-on-week increase [38] - Other agricultural products such as white feather chicken and beef have seen price increases, with corn futures rising by 2.50% [38][49] Major Meat Import Volumes - In October 2025, pork imports totaled 70,000 tons, a year-on-year decrease of 21.1%, while chicken imports were 7,100 tons, down 72.1% [55][57] Feed Production - In October 2025, the total industrial feed production in China was 29.07 million tons, reflecting a month-on-month decrease of 4.2% [57]

Group 1 - The company, Zhongchong Co., Ltd. (002891), reported that as of November 30, 2025, the number of shareholders is 29,829 [1]

Core Insights - The Chinese pet market is approaching a scale of 300 billion yuan, with a remarkable compound growth rate, being referred to as the "last blue ocean" for investment opportunities [1] - Despite being a major producer of pet snacks globally, China has yet to develop a domestic brand that commands consumer trust and premium pricing [1][3] Industry Overview - The pet food industry in China has evolved from a manufacturing base to a market-driven sector, with companies like Zhongchong Co., Petty Co., and Guibao Pet relying heavily on OEM/ODM services for foreign brands [3] - The "manufacturing-heavy, branding-light" model has created a dependency that hinders the development of strong domestic brands, as companies struggle to shift from cost control to brand value creation [3][4] Challenges in Branding - Many companies focus on raw material specifications and cost-effectiveness, neglecting brand identity, emotional connection, and user experience, which are crucial for building a strong brand [4] - The dual role of being both competitors and partners to foreign brands complicates strategic decisions, leading to a lack of focus on brand development [4] Financial Dynamics - The industry is caught in a "burning money" cycle, with many new brands relying on social media marketing and influencer partnerships to drive sales, resulting in high sales expenses but low R&D investment [7][8] - Sales expense ratios for leading companies are alarmingly high, often between 15% and 25%, while R&D spending remains low at around 1.5% to 2.5% [8] Trust Issues - A significant "trust deficit" exists in the Chinese pet food market, stemming from past scandals and a perception of domestic products as inferior, which perpetuates a cycle of low pricing and low quality [11][12] - Efforts to rebuild trust through transparency and regulatory compliance have not fully addressed consumer concerns, leaving many brands trapped in low-end market segments [12] Future Outlook - The current market dynamics suggest that true industry leaders will emerge not from flashy marketing but from a focus on quality and technological innovation [13] - The shift in investor sentiment towards profitability and sustainable growth indicates that brands relying solely on aggressive marketing strategies may struggle to survive [12][13]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The pet consumption market shows strong resilience, with a significant growth potential and structural changes observed during the Double Eleven shopping festival, where total sales reached 16,191 billion yuan, a year-on-year increase of 12.30%, with pet food sales at 9.4 billion yuan [3][17] - The report identifies three key trends: the rise of domestic brands, diversification and increased experience demand in pet consumption, and a shift towards health and precision in pet care [4][6][35] Summary by Sections Pet Consumption Performance - The Double Eleven shopping festival demonstrated robust performance in pet consumption, with a sales explosion coefficient of 201% for pet categories, indicating strong consumer resilience and growth potential [3][17] - Tmall remains the primary channel for pet consumption, holding a 64% market share, followed by JD and Douyin at 21% and 14% respectively [17] Trends in Pet Consumption - The trend of domestic brands rising continues, with only three overseas brands making it to the Tmall pet brand top 10 list during Double Eleven [4][22] - Pet consumption is diversifying, with a decrease in the Engel coefficient, indicating a shift from basic needs to more varied and premium offerings [4][22] - Health and precision in pet care are leading industry growth, with new processing techniques and functional foods gaining popularity [4][33] E-commerce Channel Preferences - Different e-commerce platforms exhibit varying consumer preferences, with Tmall showing strong competition in pet food, while Douyin focuses on content marketing and emotional consumption [5][41] - The report highlights the competitive landscape in pet food, with brands like Toptrees and Xucuihua showing significant growth [5][35] Export Market Challenges - The export of pet food faces pressure, with a decline in both quantity and value, indicating challenges in the international market due to tariffs and trade disputes [5][41] Long-term Outlook - The report expresses optimism for the long-term development of the pet food industry, recommending attention to companies like Zhongchong Co., Ltd. and Petty Co., Ltd. as well as other leading pet food brands [6][44]