Core Points - Yantai Zhongchong Food Co., Ltd. held a temporary shareholders' meeting on November 1, 2025, where a significant resolution regarding the change of the company's business scope and the amendment of the Articles of Association was passed with a high approval rate of 99.91% [1][3] - The meeting was attended by 384 shareholders representing 168,953,645 shares, accounting for 55.51% of the total voting shares, indicating strong participation [2] - The resolution received overwhelming support, with 99.91% of the votes in favor, reflecting shareholders' confidence in the company's strategic adjustments [3] Meeting Overview - The temporary shareholders' meeting took place on October 31, 2025, at the company's conference room in Yantai, Shandong Province, and was chaired by Chairman Hao Zhongli [2] - The meeting utilized a combination of on-site and online voting, with 381 minority shareholders participating, representing 5.10% of the voting shares [2] Voting Results - The resolution to change the business scope and amend the Articles of Association was passed with 168,809,845 votes in favor, representing 99.91% of the valid votes cast [3] - The resolution required a two-thirds majority to pass, and the final results significantly exceeded this threshold, demonstrating strong shareholder consensus [3] Legal Validation - The meeting was legally witnessed by lawyers from Beijing Zhide Law Firm, confirming that the procedures followed were in compliance with relevant laws and regulations [4] - The successful passing of the resolution is expected to optimize the company's business layout and provide a solid foundation for future development [4]

关于 2025 年第二次临时股东会决议的公告 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。 特别提示： 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：2025-067 烟台中宠食品股份有限公司 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： ①现场会议召开日期、时间：2025 年 10 月 31 日 14:30 ②网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 10 月 31 日上午 9:15—9:25，9:30—11:30 和下午 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 10 月 31 日 上午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议召开地点：山东省烟台市莱山区飞龙路 88 号公司会议室 证券代码：002891 证券简称：中宠股份 公告编号：2025-067 过网络投票的股东 378 人，代表股 ...

北京植德律师事务所 关 于 烟台中宠食品股份有限公司 2025 年第二次临时股东会的 法律意见书 植德京(会)字[2025]0146 号 二〇二五年十月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12 th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于烟台中宠食品股份有限公司 2025 年第二次临时股东会的 法律意见书 植德京(会)字[2025]0146 号 致：烟台中宠食品股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第二次临时股东会（以下简称"本次会议"）。 对本法律意见书的出具，本所律师特作如下声明： 1 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表 ...

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [5][44]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 1.1% from October 17 to October 30, 2025, lagging behind the index by approximately 3.08 percentage points [11]. - Among the sub-sectors, only planting and agricultural product processing recorded positive returns, increasing by 1.47% and 0.44% respectively, while fisheries, animal health, breeding, and feed sectors experienced negative returns, declining by 1.22%, 1.63%, 2.56%, and 4.24% respectively [14]. - The overall price of live pigs has rebounded, with the average price rising from 11.17 CNY/kg to 12.56 CNY/kg during the reporting period [23]. - The number of breeding sows as of the end of September 2025 was 40.35 million, a slight decrease of 0.07% from the previous month, indicating a potential for further capacity reduction [23]. - The report highlights the narrowing of losses in pig farming, with self-breeding losses at -89.33 CNY per head and purchased piglet losses at -179.72 CNY per head, showing improvement compared to the previous week [27]. - The average price of broiler chicks increased to 3.58 CNY per chick, while the average price of white feather broilers rose to 7.09 CNY/kg, indicating a slight recovery in poultry prices [29][32]. - The report emphasizes the potential for investment opportunities in leading companies within the industry, particularly in pig farming, poultry farming, feed production, animal health, and pet food sectors [44]. Summary by Sections Market Review - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with a decline of 1.1% from October 17 to October 30, 2025 [11]. - Only a few sub-sectors recorded positive returns, with planting and agricultural product processing increasing by 1.47% and 0.44% respectively [14]. - Over half of the stocks in the industry recorded positive returns during the same period [15]. Industry Key Data - The average price of live pigs increased from 11.17 CNY/kg to 12.56 CNY/kg [23]. - The breeding sow inventory was 40.35 million, slightly down by 0.07% [23]. - The average prices for corn and soybean meal showed slight declines, with corn at 2242.16 CNY/ton and soybean meal at 3028 CNY/ton [25]. - Losses in pig farming narrowed, with self-breeding losses at -89.33 CNY per head [27]. Company Insights - The Q3 performance of pig and chicken farming companies showed a year-on-year decline in profitability due to lower prices compared to the previous year [35]. - Leading companies such as Muyuan Foods and Wens Foodstuffs are highlighted for their market positions and potential for recovery [44].

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company continues to advance its proprietary brands and expand its overseas OEM production capacity [1][4] - In Q3 2025, the company achieved revenue of 3.86 billion yuan, a year-on-year increase of 21.05%, and a net profit of 333 million yuan, up 18.21% year-on-year [3][4] - The gross profit margin improved to 30.54%, an increase of 2.98 percentage points from the previous year [3] - The company showcased its three core proprietary brands at the Shanghai Pet Expo, enhancing brand recognition and promoting international expansion [3][4] Financial Performance - For Q3 2025, the company reported a single-quarter revenue of 1.43 billion yuan, a year-on-year increase of 15.86%, with a gross margin of 29.11% [3] - The projected net profit for 2025 and 2026 is estimated at 499 million yuan and 553 million yuan, respectively, with corresponding EPS of 1.64 and 1.82 yuan [4][9] - The company is expected to maintain a strong growth trajectory with revenue growth rates of 18.61% and 12.89% for 2025 and 2026, respectively [4][9] Business Strategy - The company is enhancing its brand power through strategic marketing initiatives and participation in international pet expos [3][4] - The establishment of a new factory in Mexico and ongoing projects in the U.S., Canada, and Cambodia are expected to accelerate the growth of its OEM business [4]

Summary of China Pet Foods Conference Call Company Overview - **Company**: China Pet Foods (002891.SZ) - **Market Cap**: Rmb16.6 billion / $2.3 billion - **Current Price**: Rmb56.36 - **Target Price**: Rmb65.00, indicating a potential upside of 15.3% [2][14] Industry Insights - **Industry**: Pet Food Industry - **Growth Trajectory**: The company is noted for its robust growth trajectory, which is considered rare among staple food companies [2] Key Takeaways from the Conference Call 1. Domestic Market Outlook - **4Q25 Projections**: Management anticipates a 35%+ year-over-year (YoY) growth in domestic sales for 4Q25, despite a high comparable base in 4Q24 [1][4] - **Full Year 2025**: Expected to surpass 35% YoY growth, supported by a mid-single-digit net profit margin (NPM) [1] - **2026 Expectations**: Management is optimistic about sustaining a robust 35%+ YoY growth in the domestic market [1][4] 2. International Expansion - **New Production Lines**: The new production lines in Canada are expected to contribute significantly to revenue in 4Q25 [1] - **Global Distribution Strategy**: A global distributor exhibition is planned for November to accelerate the company's brand presence internationally [1] - **Sales Contribution**: Factories in the US, Canada, and Mexico are projected to contribute Rmb400 million, Rmb100 million, and Rmb100 million in incremental sales, respectively [1][13] 3. Profitability and Margin Expansion - **Domestic Profitability**: Management expects margin expansion due to an optimized product structure and stable selling ratios [1] - **Overseas Margins**: Gross profit margins (GPM) for overseas factories are projected to be around 28-29%, with net profit margins (NPM) of approximately 15% for US factories [13] - **Cost Factors**: Easing raw material costs for staple foods are noted, while prices for baked and fresh-meat products are rising [8] 4. Long-term Vision - **Sales Target for 2028**: The company aims to achieve Rmb10 billion in total sales by 2028, with over Rmb5 billion from overseas and Rmb4 billion from the domestic market [1][10] - **Domestic Margin Goals**: High single-digit percentage margins are targeted for the domestic market [10] 5. Risks and Challenges - **Key Risks**: - Slower-than-expected domestic revenue growth - Food safety issues - Foreign exchange fluctuations - Rising freight and raw material costs - Potential tariffs on pet food exports to the US [12] 6. Investment Recommendation - **Rating**: Buy - **Valuation Methodology**: Target price based on a sum-of-the-parts (SOTP) approach, with a 27x 2026E price-to-earnings (PE) ratio [2][11] Additional Insights - **Market Position**: The company is positioned favorably due to its global supply chain layout and operational capabilities, which are expected to enhance its competitive edge [2] - **Sales Channels**: There is a noted opportunity for structural growth in the offline-to-online (O2O) channel, despite a general decline in offline sales year-to-date [8] This summary encapsulates the key points discussed during the conference call, highlighting the company's growth prospects, market strategies, and potential risks.

Core Insights - The feed sector experienced a rise of 0.79% on October 29, with LuSi Co. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Feed Sector Performance - LuSi Co. (code: 920419) closed at 18.22, up 3.76% with a trading volume of 26,200 lots and a transaction value of 46.57 million [1] - AoNong Bio (code: 603363) closed at 5.21, up 2.96% with a trading volume of 787,300 lots and a transaction value of 408 million [1] - ZhiYang Co. (code: 002696) closed at 6.80, up 1.95% with a trading volume of 203,600 lots and a transaction value of 13.8 million [1] - Other notable performers include ZhongChong Co. (code: 002891) at 57.21, up 1.51%, and HaiDa Group (code: 002311) at 57.38, up 1.22% [1] Capital Flow Analysis - The feed sector saw a net inflow of 55.01 million from main funds, while retail funds experienced a net outflow of 20.66 million [2] - Main funds showed a significant net outflow in AoNong Bio of 37.28 million, while HaiDa Group had a net inflow of 36.70 million [3] - The overall trend indicates a mixed sentiment among retail and institutional investors within the feed sector [2][3]

Core Viewpoint - Zhongchong Co., Ltd. has experienced a stock price increase of 9.18% over the past four days, indicating strong market performance and investor interest [1][2]. Group 1: Company Overview - Zhongchong Co., Ltd. is located in Yantai, Shandong Province, and was established on January 18, 2002, with its stock listed on August 21, 2017 [1]. - The company primarily engages in the research, production, and sales of pet food for dogs and cats, with revenue composition as follows: pet snacks 62.89%, pet staple food 32.21%, and pet supplies and others 4.90% [1]. Group 2: Stock Performance - As of the latest report, Zhongchong's stock price is 57.21 CNY per share, with a trading volume of 426 million CNY and a turnover rate of 2.46%, resulting in a total market capitalization of 17.413 billion CNY [1]. - The stock has seen a continuous rise for four days, accumulating a total increase of 9.18% during this period [1]. Group 3: Fund Holdings - The Tongtai Fund has a significant holding in Zhongchong, with its Tongtai Huize Mixed A Fund (008050) increasing its position by 23,100 shares in the third quarter, now holding a total of 31,200 shares, which constitutes 9.71% of the fund's net value [2]. - The fund has realized a floating profit of approximately 26,500 CNY today and 150,100 CNY during the four-day increase [2].

Core Viewpoint - Zhongchong Co., Ltd. has experienced a stock price increase of 9.18% over the past four days, indicating positive market sentiment towards the company [1]. Group 1: Company Overview - Zhongchong Co., Ltd. is located in Yantai, Shandong Province, and was established on January 18, 2002, with its listing date on August 21, 2017 [1]. - The company primarily engages in the research, production, and sales of pet food for dogs and cats [1]. - The revenue composition of the company includes pet snacks at 62.89%, pet staple food at 32.21%, and pet supplies and others at 4.90% [1]. Group 2: Stock Performance - As of the report, Zhongchong's stock price is 57.21 CNY per share, with a trading volume of 426 million CNY and a turnover rate of 2.46%, resulting in a total market capitalization of 17.413 billion CNY [1]. - The stock has seen a continuous rise for four days, with a total increase of 9.18% during this period [1]. Group 3: Fund Holdings - According to data, one fund under Bosera Fund has a significant holding in Zhongchong Co., Ltd. The Bosera Steady Selection Mixed Fund (FOF) A (016368) holds 1,100 shares, accounting for 0.1% of the fund's net value, making it the second-largest holding [2]. - The fund has generated a floating profit of approximately 935 CNY today and 5,291 CNY during the four-day increase [2]. - The Bosera Steady Selection Mixed Fund (FOF) A was established on September 14, 2022, with a current scale of 21.5501 million CNY and a year-to-date return of 5.27% [2].