烟台中宠食品股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步规范公司董事、高级管理人员的薪酬管理，建立科学有效 的激励和约束机制，有效调动董事、高级管理人员的积极性，确保公司发展战略 目标的实现，依据《中华人民共和国公司法》《上市公司治理准则》等国家相关 法律、法规、规范性文件的规定及《烟台中宠食品股份有限公司章程》（以下简 称《公司章程》），特制定本薪酬管理制度。 （一）公司长远利益原则：应与公司持续健康发展目标相符，短期与长期激 励相结合，防止短期行为，促进公司可持续发展； （二）权责利对等原则：按工作岗位、工作成绩、贡献大小及责权利相结合 等因素确定基本工资薪酬标准； （三）绩效挂钩原则：年度薪酬与个人岗位职责目标完成情况挂钩，与公司 经营业绩、年度考核结果、行为规范等相结合； （四）竞争原则：注重收入市场化，制定合理的薪资结构比例，保持公司薪 酬的吸引力以及在市场上的竞争力，有利于公司吸引人才。 第二章 薪酬的管理机构 第四条 公司股东会负责审议董事的薪酬，公司董事会负责审议公司高级管 理人员的薪酬。 第五条 董事会下设的薪酬与考核委员会是董事、高级管理人员薪酬方案制 定与 ...

每经AI快讯，中宠股份（SZ 002891，收盘价：54.53元）12月10日晚间发布公告称，公司第四届第十九 次董事会会议于2025年12月10日在公司会议室以现场加通讯相结合的会议方式召开。会议审议了《关于 预计公司及子公司2026年度日常关联交易的议案》等文件。 2025年1至6月份，中宠股份的营业收入构成为：宠物食品及用品占比96.03%，其他业务占比3.97%。 截至发稿，中宠股份市值为166亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 曾健辉） ...

烟台中宠食品股份有限公司 （此页无正文，为烟台中宠食品股份有限公司第四届董事会第五次独立董事 专门会议审查意见的签署页） 全体独立董事： 王欣兰 张晓晓 唐玉才 第四届董事会第五次独立董事专门会议审查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《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》《上市公司独立董事管理办法》及《烟台中宠食品股份有限公司 章程》等法律、法规和规范性文件的有关规定，作为公司的独立董事，经认真审 阅相关材料，基于独立判断的立场，发表审查意见如下： 一、关于预计公司及子公司 2026 年度日常关联交易的审查意见 公司预计 2026 年度拟发生的日常关联交易为公司发展和日常生产经营所需 的正常交易，符合公司实际情况。上述预计的关联交易不存在损害公司和中小股 东利益的情形，没有违反国家相关法律法规的规定，遵循了公开、公平、公正的 市场交易原则，没有对上市公司独立性产生影响。 综上所述，我们认可并同意将上述议案提交公司董事会审议。 （以下无正文） 日期：2025 年 11 月 30 日 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-071 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 关于预计公司及子公司 2026 年度日常关联交易的公告 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、日常关联交易基本情况 （一）日常关联交易概述 根据日常生产经营需要，烟台中宠食品股份有限公司（以下简称"公司"） 及子公司预计 2026 年度将与关联方日本伊藤株式会社（以下简称"日本伊藤"）、 爱淘宠物生活用品（柬埔寨）有限公司（以下简称"爱淘宠物"）、重庆乐檬宠 物食品有限公司（以下简称"乐檬宠物"）、重庆乐檬科技有限责任公司（以下 简称"乐檬科技"）发生日常关联交易总额不超过 135,210.00 万元，2025 年 1-11 月实际发生总额为 65,845.77 万元。 2025 年 12 月 10 日，公司召开第四届董事会第十九次会议，会议以 5 票赞 成，0 票反对，无弃权票，4 票回避表决，审议通过《关于预计公司及子公司 2026 年度日常关联交易的议案》。根据《深圳证券交易所股票上市规则》《公司章 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-070 1 证券代码：002891 证券简称：中宠股份 公告编号：2025-070 债券代码：127076 债券简称：中宠转 2 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 关于部分募投项目变更实施地点、实施主体的公告 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。 烟台中宠食品股份有限公司（以下简称"公司"或"中宠股份"）于 2025 年 12 月 10 日召开第四届董事会第十九次会议、第四届董事会审计委员会第十三 次会议，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》，根据 公司发展规划及募投项目实际情况，为提高募集资金的使用效率，本次在募集资 金投资用途未发生变更的情况下，公司部分募投项目拟变更实施地点、实施主体， 本次部分募投项目变更实施地点、实施主体在董事会审批权限范围内，无需提交 公司股东会审议。现将有关情况公告如下： 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 ...

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]