证券代码：002891 证券简称：中宠股份 公告编号：2025-005 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。 重要内容提示： 烟台中宠食品股份有限公司（以下简称"公司"）股票价格自 2025 年 1 月 15 日至 2025 年 2 月 5 日，已有 10 个交易日的收盘价不低于"中宠转 2"当期转 股价格（27.81 元/股）的 130%（即 36.16 元/股）。如后续公司股票收盘价格继 续不低于当期转股价格的 130%，预计将有可能触发"中宠转 2"的有条件赎回 条款。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》 （以下简称"《募集说明书》"）中有条件赎回条款的相关规定，届时公司有权 决定按照债券面值加当期应计利息的价格赎回全部或部分未转股的"中宠转 2"。 敬请广大投资者详细了解可转换公司债券（以下简称"可转债"）相关规定， 并及时关注公司后续公告，注意投资风险。 烟台中宠食品股份有限公司 关于"中宠转 2"预计触发赎回条件的提示性公告 一、可转债基本情况 （一）可转换公司债券 ...

Investment Rating - The report gives a "Buy" rating for the company, Zhongchong Co., Ltd. (中宠股份) [5] Core Views - Zhongchong Co., Ltd. is a leading player in the domestic pet food industry, with its own brands entering a rapid growth phase. The company has maintained strong revenue growth, achieving 3.747 billion yuan in revenue in 2023, a year-on-year increase of 15.4% [2][5] - The company has a solid foundation in overseas OEM/ODM business, with overseas revenue accounting for 68% of total revenue in 2023. The company is expanding its production capacity in various countries, which is expected to boost performance [4][5] Summary by Sections 1. Domestic Pet Food Leader, Own Brands Entering Growth Phase - Established in 1998, Zhongchong Co., Ltd. has developed a strong presence in the pet food industry, with products sold in over 70 countries. The company operates three core brands: "Wanpy," "ZEAL," and "Toptrees," covering various product categories [2][18] - The company has seen rapid revenue growth from 2013 to 2023, with a compound annual growth rate (CAGR) of 22.15%. In 2023, the company achieved a net profit of 233.16 million yuan, a year-on-year increase of 120.12% [2][5] 2. Dual-Engine Growth from Domestic and Overseas Markets - Domestic revenue from self-owned brands reached 1.41 billion yuan in 2023, accounting for 32% of total revenue. The company has focused on adjusting its self-owned brands to enhance growth, particularly in staple food products [3][5] - The overseas business generated 2.66 billion yuan in revenue in 2023, driven by strong demand and the expansion of production capacity in multiple countries [4][5] 3. Financial Data: Strong Performance and Profitability Improvement - The company has shown significant revenue growth, with total revenue increasing from 507 million yuan in 2013 to 3.747 billion yuan in 2023, reflecting a CAGR of 22.1%. The net profit has also increased significantly, with a CAGR of 30.7% [25] - The company expects net profit for 2024 to be between 360 million and 400 million yuan, representing a year-on-year growth of 54% to 72% [25][5] 4. Investment Forecast and Recommendations - The report forecasts net profits of 380 million yuan, 450 million yuan, and 550 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 29, 25, and 20 [5]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [17]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 360 million to 400 million yuan in 2024, representing a year-on-year growth of 54.40% to 71.55%. The non-recurring net profit is projected to be between 320 million and 370 million yuan, with a growth rate of 42.26% to 64.49% [8]. - The pet food industry is experiencing positive export data and expanding market size, with a 21.4% year-on-year increase in pet feed production in the first half of 2024. The export volume of pet food in December 2024 reached 32,700 tons, a year-on-year increase of 31.6% [8]. - The company's product profitability has significantly improved, driven by the development of its own brands and an increase in the proportion of high-margin products. The domestic business has become profitable, and overseas operations are steadily growing [8]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 3,248 million yuan in 2022 to 5,807 million yuan in 2026, with a compound annual growth rate (CAGR) of 13.89% [9]. - The net profit is expected to increase from 106 million yuan in 2022 to 581 million yuan in 2026, with a notable growth rate of 120.12% in 2023 and 58.79% in 2024 [9]. - The earnings per share (EPS) are forecasted to rise from 0.36 yuan in 2022 to 1.97 yuan in 2026, reflecting the company's growth trajectory [9]. Market Position - The company is recognized as a leading player in China's pet industry, benefiting from both domestic and international market growth. The report emphasizes the company's strategic focus on optimizing product structure and expanding its global supply chain [8][9]. Valuation Metrics - The report provides a comparison of the company's price-to-earnings (P/E) ratio, which is projected to be 32.07 for 2024, decreasing to 20.45 by 2026, indicating a reasonable valuation range considering the company's growth potential [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Zhongchong Co., Ltd. (中宠股份), is expected to achieve a net profit of 360-400 million yuan for 2024, representing a year-on-year growth of 54.4%-71.55% [4][9]. - The company has established a strong foothold in the pet food industry, focusing on its own brands and expanding its overseas business [5][8]. - The domestic business has turned profitable in 2024, with a significant growth potential for its proprietary brands [6]. Company Overview - Zhongchong Co., Ltd. was founded in 1998 and is a leader in the pet food sector in China, offering a wide range of products including dog and cat food, snacks, and health products [5]. - The company has a total market capitalization of 11.7 billion yuan and a current share price of 39.95 yuan [3]. Financial Performance - The company forecasts revenues of 4.427 billion yuan in 2024, with a year-on-year growth rate of 18.13% [11]. - The projected net profit for 2024 is 380 million yuan, reflecting a growth rate of 62.81% compared to the previous year [11]. - The earnings per share (EPS) for 2024 is estimated at 1.29 yuan, with a corresponding price-to-earnings (P/E) ratio of 31 [9][11]. Brand Development - The company has focused on building its proprietary brands, with "Wanpy," "Zeal," and "Toptrees" being the core brands that account for approximately 80% of domestic business [6]. - The brand "Toptrees" has rapidly gained recognition in the mid-to-high-end market since its establishment in 2021 [6]. Overseas Expansion - The company operates 22 modern pet food production bases globally and has expanded its export business to 68 countries and regions [8]. - Plans are in place to build a second factory in the United States, which will add 12,000 tons of production capacity [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company is expected to achieve a significant year-on-year increase in net profit for 2024, with estimates ranging from 360 to 400 million yuan, representing a growth of 54.40% to 71.55% [6]. - The company's self-owned brand revenue is recovering rapidly, with online GMV for its brands increasing by 26% year-on-year [6]. - The overseas ODM business is showing steady growth, with a 22.8% increase in pet food exports from China [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 3,747 million yuan in 2023 to 5,920 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16.2% [6][8]. - The net profit attributable to the parent company is expected to rise from 233 million yuan in 2023 to 510 million yuan in 2026, reflecting a CAGR of about 19.2% [6][8]. - The gross margin is anticipated to improve from 26.3% in 2023 to 30.2% by 2026, indicating enhanced profitability [6].

Investment Rating - The report maintains a positive investment rating for Zhongchong Co Ltd (002891) [1] Core Views - Zhongchong Co Ltd is expected to achieve a net profit attributable to the parent company of 3.6-4.0 billion yuan in 2024, representing a year-on-year increase of 54.4-71.6% [1] - The company's domestic sales growth has accelerated, while overseas sales profitability has improved, with foreign exchange contributing to incremental gains [1] - In Q4 2024, the company achieved a median net profit attributable to the parent company of 0.98 billion yuan, a year-on-year increase of 73.7% [1] Domestic Sales - The company's domestic sales growth is expected to further accelerate in Q4 2024, with profitability gradually improving due to product structure adjustments and cost reduction initiatives [3] - The "Wanpi" brand completed adjustments by the end of Q1 2024, with its 100% fresh meat products performing exceptionally well in sales [3] - New products such as freeze-dried goat milk sticks were launched offline, contributing to the continuous acceleration of the "Wanpi" brand's growth and a significant increase in customer unit price [3] - The "Leading" brand maintained rapid growth, collaborating with the popular drama IP "Empresses in the Palace" and launching new baked cat food products [3] - The "Zeal" brand also maintained rapid growth, with popular products including the 0-number cans and air-dried food [3] Overseas Sales - Overseas sales orders grew steadily in Q4 2024, with both exports and overseas subsidiaries performing well [3] - According to the General Administration of Customs, China's pet food export value increased by 21.2% year-on-year in Q4 2024 (October-November), indicating continued strong demand [3] - The company's overseas production capacity is gradually expanding, with bases in the US, Canada, and New Zealand releasing incremental capacity [3] - As of August 2024, the company had 22 pet food production bases globally, exporting products to 82 countries and regions across five continents, with its own brands exported to 68 countries and regions [3] Financial Projections - The company's net profit attributable to the parent company is projected to be 3.8 billion yuan in 2024, 4.4 billion yuan in 2025, and 5.4 billion yuan in 2026 [3] - The corresponding P/E ratios are 31.0X, 26.9X, and 21.7X for 2024, 2025, and 2026, respectively [3] Key Financial Indicators - The company's operating income is expected to grow from 3.248 billion yuan in 2022 to 6.086 billion yuan in 2026, with a compound annual growth rate (CAGR) of 17.4% [5] - The net profit attributable to the parent company is projected to increase from 106 million yuan in 2022 to 540 million yuan in 2026, with a CAGR of 23.6% [5] - The gross margin is expected to improve from 19.8% in 2022 to 31.0% in 2026 [5] - The return on equity (ROE) is projected to increase from 5.1% in 2022 to 16.4% in 2026 [5] Balance Sheet and Income Statement - The company's total assets are expected to grow from 3.840 billion yuan in 2022 to 5.996 billion yuan in 2026 [7] - The company's operating income is projected to increase from 3.248 billion yuan in 2022 to 6.086 billion yuan in 2026 [7] - The net profit attributable to the parent company is expected to rise from 106 million yuan in 2022 to 540 million yuan in 2026 [7] Cash Flow - The company's operating cash flow is projected to increase from 120 million yuan in 2022 to 687 million yuan in 2026 [7] - The net cash flow from investment activities is expected to decrease from -436 million yuan in 2022 to -100 million yuan in 2026 [7] - The net cash flow from financing activities is projected to decrease from 511 million yuan in 2022 to -119 million yuan in 2026 [7]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately 36 million yuan for 2024, representing a 54.40% increase compared to the previous year's profit of 23.32 million yuan[3] - The net profit after deducting non-recurring gains and losses is projected to be around 32 million yuan, a 42.26% increase from 22.49 million yuan in the same period last year[3] - Basic earnings per share are estimated to be 1.36 yuan, up from 0.80 yuan per share in the previous year[3] - The performance forecast period is from January 1, 2024, to December 31, 2024[3] Business Strategy and Growth - The significant increase in performance is attributed to the company's focus on building its own brands, with products like wanpy, ZEAL, and Toptrees contributing to improved profit margins[5] - The company is actively expanding its global supply chain, leading to steady growth in overseas business and continuous improvement in profitability[5] - The company is committed to accelerating its brand globalization efforts, particularly in its overseas business[5] Caution and Audit - The performance forecast data is preliminary and has not been audited, with final figures to be confirmed in the 2024 annual report[6] - The company emphasizes the importance of cautious decision-making for investors due to the preliminary nature of the financial data[6] - The company has communicated with its auditing firm regarding the performance forecast, and there are no discrepancies reported[4]

Core Viewpoint - The strategic cooperation agreement between Zhongchong Technology and Xingchong Kingdom aims to enhance AI integration in the pet industry through behavior recognition research for dogs and cats [1] Group 1: Strategic Cooperation - Zhongchong Technology and Xingchong Kingdom have officially signed a strategic cooperation agreement focused on intelligent behavior recognition research for pets [1] - The collaboration will involve close cooperation on a project that collects daily behavior data of dogs and cats to establish behavior models [1] Group 2: Data Analysis and Health Monitoring - The project will include data analysis related to pets' eating and drinking habits, daily vital sign monitoring, and energy balance analysis [1] - This data will support Zhongchong's pet food development and digital transformation efforts [1]

烟台中宠食品股份有限公司 关于第四届董事会第十一次会议决议的公告 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。 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：2025-003 1、公司第四届董事会第十一次会议决议； 2、深圳证券交易所要求的其他文件。 一、董事会会议召开情况 2025 年 1 月 9 日，烟台中宠食品股份有限公司（以下简称"公司"）第四 届董事会第十一次会议在公司会议室以现场加通讯相结合的方式召开。会议通知 已于 2024 年 12 月 29 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、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《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会议各项议案审议表决，形成如下决议： 1、审议通过《关于"质量回报双提升"行动方案的议案》。 表 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-001 债券代码：127076 债券简称：中宠转 2 转股截止时间：2028 年 10 月 24 日 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 烟台中宠食品股份有限公司 关于 2024 年第四季度可转债转股情况的公告 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。 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 （四）可转债转股价格调整情况 1 证券代码：002891 证券简称：中宠股份 公告编号：2025-001 债券代码：127076 债券简称：中宠转 2 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 日前二十个交易日公司股票交易均价（若在该二十个交易日内发生过因除权、除 息引起股价调整的情形，则对调整前交易日的价格按经过相应除权、除息调整后 的价格计算）和前一个交易日公司股票交易均价 ...