Group 1 - The core viewpoint is that pet economy concept stocks are performing strongly against the market trend, with Zhongchong Co., Ltd. reaching a historical high [1] - Tianyuan Pet's stock increased by over 10%, while Lusi Co., Ltd. and Ruipu Bio both rose by over 5% [1] - The report from Tianfeng Securities indicates that China's pet consumption market has surpassed 300 billion yuan, highlighting the growth potential in comparison to the more mature U.S. pet market [1] Group 2 - The pet consumption in China is still at a relatively low level compared to the U.S., suggesting significant room for growth [1] - The logic of simultaneous increase in both volume and price is clearly defined in the context of the pet economy [1]

Core Insights - The pet industry in China is experiencing rapid growth, with an annual growth rate of 20%, leading to a market size exceeding 300 billion yuan in 2024 [1] - The pet food market is projected to reach 158.5 billion yuan in 2024, accounting for 52.8% of the total market [1] - The pet medical sector is also expanding significantly, with a market size of 84.1 billion yuan in 2024, representing 28% of the industry [1] - The smart pet products segment is growing at an impressive rate of 40% in 2024 [1] - Leading companies are showing strong performance, with Zhongchong Co. reporting a revenue of 3.189 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.56% [1] - Policy support is fostering innovation in consumption scenarios, leading to the emergence of new business models such as pet cafes and themed hotels [1] Pet Food Industry - The pet food market is dominated by high-quality products, with a notable preference for premium baked and freeze-dried foods [1] - Customization services are on the rise, driven by consumer demand for quality and innovation [1] Pet Medical Industry - The pet medical sector is characterized by technological advancements and standardization, with widespread application of new technologies [1] - The introduction of pet medical insurance is becoming more common, enhancing accessibility to medical services [1] Smart Pet Products - The smart pet products market is integrating technology with daily life, featuring innovations such as smart feeders and pet washing machines [1] Pet Services Industry - The pet services sector is diversifying and personalizing, covering areas such as grooming, boarding, training, and photography [1] - There is a focus on meeting individual consumer needs within the service offerings [1] Challenges in the Industry - Despite the industry's prosperity, challenges such as low-quality pet food and a shortage of medical resources persist [1] - Leading companies are taking initiatives to address these issues through resource integration and the development of pet industry parks [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's self-owned brand development has entered a high-speed growth phase, focusing on the "main food" strategy with frequent new product launches, significantly enhancing profitability. The company is expected to launch 2-3 core products in 2025, focusing on upgrading major products and continuously iterating on staple canned food and baked goods. The overseas production capacity is steadily expanding, with a solid global production layout enhancing risk resistance. The profitability of the US and Canadian factories is strong, and the self-owned brand's overseas business is growing rapidly, opening up future performance growth points. The expected EPS for 2025 and 2026 is 1.49 and 1.95 yuan, respectively, corresponding to PE ratios of 38X and 29X, making it a key recommendation [2][4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.465 billion yuan, a year-on-year increase of 19.15%, and a net profit attributable to shareholders of 394 million yuan, a year-on-year increase of 68.89%. In Q4 of 2024, revenue was 1.276 billion yuan, up 23.31% year-on-year, with a net profit of 112 million yuan, up 98.2% year-on-year. In Q1 of 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a net profit of 91 million yuan, up 62.13% year-on-year [4][8]. Strategic Insights - The company is focusing on the rapid growth of its self-owned brands, with domestic sales expected to grow by over 40% year-on-year, driven by the rapid growth of the "Wanpi" brand. The company is also expanding its overseas production capacity, with a global strategy taking shape across five countries, including China, the US, Canada, New Zealand, and Cambodia. The US and Canadian factories are expected to add significant snack production capacity, ensuring stable growth and enhancing global supply chain resilience [2][8]. Future Projections - The company is projected to achieve total revenue of 5.124 billion yuan in 2025, with a net profit of 549 million yuan, and further growth is expected in subsequent years, with revenues reaching 6.700 billion yuan and net profits of 714 million yuan by 2026 [14].

Financial Performance - In 2024, the company achieved a revenue of CNY 4.465 billion, representing a year-on-year growth of 19.15% [2] - The net profit attributable to shareholders for 2024 was CNY 394 million, with a significant increase of 68.89% [2] - For Q1 2025, the revenue reached CNY 1.101 billion, showing a year-on-year growth of 25.41% [2] - The net profit attributable to shareholders in Q1 2025 was CNY 91 million, reflecting a growth of 62.13% [2] Global Operations and Risk Management - The company has established a comprehensive tariff response system, minimizing the impact of tariff adjustments on its business [3] - It is the only Chinese company with pet snack factories in the US and Canada, and has a diversified production capacity across multiple countries [3] - The portion of revenue affected by the recent tariff adjustments is relatively low, as it primarily involves exports to the US, which will be shifted to production in Cambodia [3] - The company’s products are sold in 85 countries across five continents, enhancing its resilience against localized risks [7] Brand Development and Market Strategy - In 2024, the company expanded its self-owned brand business into 9 new countries, increasing its global market coverage to 73 countries [3] - The company emphasizes long-term development and strategic investments in brand building, while optimizing resource allocation for maximum impact [4] - The domestic pet food market is experiencing rapid growth, with increasing concentration towards leading brands, indicating a favorable environment for domestic brands [6] Investor Relations and Returns - The company is committed to providing stable cash dividends to investors, with a proposed cash distribution of CNY 1.50 per 10 shares for the 2024 fiscal year [9] - The total expected cash dividend for 2024 is CNY 146.94 million, which represents 37.31% of the net profit attributable to shareholders [9]

Group 1 - The stock price of Zhongchong Co., Ltd. has reached a historical high, with 12 trading days in the past month where the stock price set new records [2] - As of 10:09, the stock is up 1.25%, priced at 61.60 yuan, with a trading volume of 3.57 million shares and a turnover of 216 million yuan, resulting in a turnover rate of 1.21% [2] - The latest total market capitalization of the stock in A-shares is 18.173 billion yuan, with the same amount for the circulating market capitalization [2] Group 2 - In the agricultural, forestry, animal husbandry, and fishery industry, the overall increase is 0.42%, with 34 stocks rising, including Andeli, Haida Group, and *ST Xianfeng, which have increases of 10.00%, 5.67%, and 4.86% respectively [2] - The stock has a margin balance of 303 million yuan as of May 13, with a financing balance of 301 million yuan, which has increased by 100 million yuan in the last 10 days, representing a 49.90% growth [2] - In the past 10 days, 16 institutions have rated the stock, with the highest target price set by GF Securities at 61.51 yuan as of April 30 [2] Group 3 - The company's Q1 report shows a total operating income of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91.155 million yuan, a year-on-year increase of 62.13% [3] - The basic earnings per share are 0.3094 yuan, with a weighted average return on equity of 3.65% [3]

为进一步加强与投资者的互动交流，烟台中宠食品股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00- 16:30。届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营 状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 证券代码：002891 证券简称：中宠股份 公告编号：2025-036 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 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 1 特此公告！ 烟台中宠食品股份有限 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-035 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 关于持股 5%以上股东因可转债转股持股比例被动稀释 1、本次权益变动系烟台中宠食品股份有限公司（以下简称"公司"）可转 换公司债券转股导致公司总股本增加，致使公司持股 5%以上股东日本伊藤株式 会社（以下简称"日本伊藤"）权益比例由 2024 年 9 月 9 日的 10.20%被动稀释 至 2025 年 5 月 6 日的 9.9985%，触及跨越 5%的整数倍，不涉及持股数量发生变 化的情形。 2、本次权益变动不涉及要约收购，不会导致公司控股股东、实际控制人发 生变化，不会对公司经营及治理结构产生影响。 近日，因公司可转债转股导致公司总股本增加，公司持股 5%以上股东日本 伊藤在持股数量不变的情况下，权益比例被动稀释，现将本次权益变动情况公告 如下： 一、本次权益变动基本情况 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， ...

Group 1 - The stock price of Zhongchong Co., Ltd. has reached a new historical high, with a recent increase of 5.32%, bringing the price to 60.01 yuan and a total market capitalization of 17.704 billion yuan [2] - In the agricultural, forestry, animal husbandry, and fishery industry, Zhongchong Co., Ltd. is among the top gainers, with a recent increase of 5.32%, while the overall industry has seen a rise of 0.64% [2] - The margin trading data indicates that the latest margin balance for Zhongchong Co., Ltd. is 279 million yuan, with a financing balance of 277 million yuan, reflecting a 60.69% increase over the past 10 days [2] Group 2 - The company's Q1 report shows a revenue of 1.101 billion yuan, representing a year-on-year growth of 25.41%, and a net profit of 91.155 million yuan, which is a 62.13% increase [3] - The basic earnings per share for the company is 0.3094 yuan, with a weighted average return on equity of 3.65% [3]

证券代码：002891 证券简称：中宠股份 公告编号：2025-033 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 关于实际控制人持股比例被动稀释超过 1%的公告 实际控制人郝忠礼先生及肖爱玲女士保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、烟台中宠食品股份有限公司（以下简称"公司"或"中宠股份"）于 2020 年 11 月 4 日披露了《关于实际控制人持股比例被动稀释超过 1%的公告》（公告 编号：2020-150），公司实际控制人郝忠礼先生及肖爱玲女士在持股数量不变的 情况下因公开发行可转换公司债券（中宠转债）转股被动稀释、非公开发行股票 被动稀释导致权益变动，权益变动后持股数量 77,761,559 股，持股比例 39.66% （占 2020 年 10 月 30 日总股本比例）。 2、公司于 2021 年 5 月 12 日披露了《2020 年年度权益分派实施公告》（公 告编号：2021-050），计划于 2021 年 5 月 18 日以资本公积金向全体股东每 10 股 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-034 债券代码：127076 债券简称：中宠转 2 4、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 1 股东烟台和正投资中心（有限合伙）保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 烟台中宠食品股份有限公司持股 5%以上股东烟台和正投资中心（有限合伙） 本次权益变动主要系 2020 年 11 月-2021 年 5 月通过深圳证券交易所的集中竞价 交易方式减持以及可转换公司债券转股引起的权益被动稀释所导致。 1、烟台中宠食品股份有限公司（以下简称"公司"或"中宠股份"）于 2020 年 11 月 4 日披露了《关于持股 5%以上股东权益变动的提示性公告》（公告编 号：2020-152），并在同日披露《简式权益变动报告书》，公司持股 5%以上股 东烟台和正投资中心（有限合伙）（以下简称"和正投资"）因以集中竞价方式 减持、公开发行可转换公司债券转股被动稀释、非公开发行股票被动稀释导致权 益变动，权益变 ...