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 ...

研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 熊子兴 S0350522100002 xiongzx@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn 最近一年走势 | 行业相对表现 | | | 2025/12/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 农林牧渔 | -0.9% | -0.5% | 11.6% | | 沪深 300 | -0.9% | 2.8% | 16.9% | 相关报告 《农林牧渔行业周报：生猪去化或将加速（推荐） *农林 牧渔*程一 胜，熊子 兴，王思 言》 —— 2025-11-10 2025 年 12 月 08 日 行业研究 评级：推荐(维持) 《农林牧渔行业周报：双十一开启，关注宠物板块 行情（推荐）*农林牧渔*程一胜，熊子兴，王思言》 ——2025-10-20 《农林牧渔行业周报：如何看生猪板块持续性（推 荐）*农林牧渔*程一胜，熊子兴，王思言》—— 2025-09-22 ...

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].

证券研究报告 | 2025年12月07日 2025年12月08日 农林牧渔 2025 年 12 月投资策略 优于大市 牧业大周期反转预计在即，核心推荐港股奶牛养殖标的 月度重点推荐组合：优然牧业（牧业大周期受益龙头），现代牧业（国内牧 业龙头企业）、牧原股份（生猪养殖龙头）。 各细分板块推荐逻辑：1）肉牛及原奶：牧业大周期反转预计在即，看好国 内肉奶景气共振上行，牧业公司业绩有望迎来高弹性修复。2）生猪：头部 企业现金流快速好转，并有望转型为红利标的，在全行业产能收缩的背景下， 龙头的成本优势有望明显提高，强者恒强。3）宠物：宠物作为新消费优质 赛道，长期景气受益人口趋势，且国内自主品牌正快速崛起，头部宠食标的 中期业绩增长确定性仍较强。4）饲料：畜禽养殖工业化加深，产业分工明 确，饲料龙头凭借技术和服务优势，有望进一步拉大竞争优势。5）禽：供 给波动幅度有限，行情有望随需求复苏，龙头企业凭借单位超额收益优势有 望实现更高现金流分红回报。 农产品价格跟踪：1）生猪：11 月末生猪 11.25 元/公斤，月环比-10%，7kg 仔猪价格约 216 元/头，月环比+18%。2）禽：11 月末白鸡毛鸡价格 7.10 ...

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]

Core Insights - The agricultural sector, particularly the pig farming industry, is experiencing a downturn with significant profit declines due to falling pig prices and macroeconomic capacity adjustments [2][6][7] - Leading companies with low costs and strong cash flow are recommended for investment, including Muyuan Foods, Wens Foodstuff, Dekang Agriculture, and Shennong Group [2][6] - The feed industry shows continued growth, with major players like Haida Group benefiting from increased sales and improved profit margins [3] - The pet food sector is witnessing high growth in proprietary brands, although overall profits are under pressure due to declining export revenues [4] Pig Farming Industry - In Q3 2025, the pig farming sector's revenue decreased by 6% year-on-year to approximately 121.6 billion yuan, with net profit dropping by 70% to around 5.9 billion yuan [2] - The average profit for self-breeding and self-raising pigs fell to 42 yuan per head, a decrease of about 13 yuan from Q2 2025 [2][7] - The industry is entering a phase of loss-driven capacity reduction, with supply pressures expected to persist into the first half of 2026 [6][7] Feed Industry - The feed sector's revenue grew by 13.4% year-on-year in the first three quarters of 2025, with a 14.2% increase in Q3 [3] - Major feed companies are seeing a rise in sales volume and market share, with Haida Group's feed exports increasing by approximately 24% [3] - The outlook for the feed industry remains positive, with expectations for continued growth in both domestic and international markets [3] Pet Food Industry - The pet food sector's revenue increased by 9.6% year-on-year in Q3 2025, but net profit fell by 6.1% [4] - Domestic sales for leading brands like Guibao Pet and Zhongchong Co. are growing at around 40% [4] - Export revenues for pet snacks have declined, particularly in the U.S. market, where exports fell by 42% [4]