曾经一年内涨3倍。 净利润和扣非净利润，同比都增长了40%以上，同期营收也增长超过24%，但上半年业绩披露后，宠物经济龙头之一的中宠股份（002891.SZ），股价却不 涨反跌。 8月6日盘中，中宠股份一度重挫7%以上，收盘时仍跌2.18%，报收57.44元。今年6月5日，该股曾达到74元的年内高点，过去一年内更是飙涨3倍。但最近两 个月，该股大幅跑输大盘，最大调整幅度已超25%。 中宠股份在半年报中称，该公司面临市场风险主要有两方面，一方面，境外市场作为主要收入来源正面临挑战，随着全球经济一体化推进，泰国、越南等新 兴经济体凭借人工成本优势逐步参与国际竞争，当前宠物食品企业虽然数量有限，但未来可能对中国出口产品形成冲击。为此，该公司将通过多元化市场布 局、优化成本结构和提升产品竞争力应对海外市场竞争风险。 另一方面，国内宠物食品市场虽随居民收入增长快速扩容，但行业门槛较低导致新进入者激增，而国际品牌加速布局中国市场。伴随本土企业规模扩张及外 资技术引进，市场竞争日趋激烈，可能推高品牌推广等销售费用并挤压行业毛利率，将加强渠道建设，推进品牌与服务升级，实施精准定位与差异化策略以 应对国内市场竞争风险。 市场人 ...

Investment Rating - The report maintains an investment rating of "A" for the agriculture sector, suggesting a focus on the recovery cycle of feed and marginal improvements in breeding [1]. Core Insights - The agriculture sector has shown a decline of 2.97% in the past week, with the animal health, food and feed additives, fruit and vegetable processing, aquaculture, and seeds sub-industries performing the best [1][22]. - The report highlights a potential recovery in the feed industry due to the decline in upstream raw material prices and improvements in the breeding sector, particularly for Haida Group, which is expected to see an upward trend in its operational fundamentals [2][4]. - The report emphasizes that the current market may be overly pessimistic about the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [3]. Summary by Sections Swine Breeding - As of August 1, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.70, 16.04, and 14.38 yuan per kilogram, reflecting increases of 0.74%, 3.22%, and 1.77% respectively [2][31]. - The average pork price was 20.60 yuan per kilogram, down 1.29% from the previous week, while the average wholesale price for piglets was 27.00 yuan per kilogram, up 3.85% [31]. - The report suggests that the swine breeding industry is expected to enter a profitability cycle starting from Q2 2024, although the average debt reduction rate indicates a long road ahead for the industry [3]. Poultry Breeding - The weekly price for white feather broilers was 6.83 yuan per kilogram, up 1.94%, while the price for broiler chicks rose significantly by 33.16% to 2.57 yuan per chick [46]. - The report notes that the breeding profit for broilers is currently negative at -0.43 yuan per chick, and egg prices have decreased by 2.70% to 7.20 yuan per kilogram [46]. Feed Processing - In June 2025, the total industrial feed production in China was 27.67 million tons, a slight decrease of 0.1% month-on-month but a year-on-year increase of 6.6% [55]. - The report indicates that the production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7% respectively [55]. Aquaculture - As of August 1, 2025, the prices for sea cucumbers, shrimp, and bass remained stable at 90.00 yuan per kilogram, 320.00 yuan per kilogram, and 50.00 yuan per kilogram respectively [64]. - In freshwater products, the price for grass carp was 16.70 yuan per kilogram, down 0.30%, while crucian carp saw a slight increase of 0.09% to 22.99 yuan per kilogram [64]. Crop and Grain Processing - As of August 1, 2025, soybean prices were stable at 3926.32 yuan per ton, while corn and wheat prices slightly decreased to 2402.75 yuan and 2440.50 yuan per ton respectively [75]. - The report highlights a significant increase in the price of enoki mushrooms, which rose by 37.78% to 6.20 yuan per kilogram [75].

Core Viewpoint - The pet economy continues to thrive, with Zhongchong Co., Ltd. reporting impressive financial results for the first half of 2025, achieving nearly 2.5 billion yuan in revenue and over 400 million yuan in net profit, reflecting a significant year-on-year growth [1][2]. Financial Performance - Zhongchong Co., Ltd. achieved total operating revenue of 2.432 billion yuan, a year-on-year increase of 24.32% [2][4]. - The net profit attributable to shareholders reached 203 million yuan, marking a 42.56% increase compared to the previous year [2][4]. - The pet snacks segment generated revenue of 1.529 billion yuan, accounting for approximately 62.89% of total revenue, with a year-on-year growth of 6.37% [5]. - The pet staple food segment saw the fastest growth, contributing 783 million yuan in sales, a remarkable increase of 85.79% year-on-year [2][5]. Business Analysis - The three core proprietary brands of Zhongchong Co., Ltd. have seen continuous improvement in gross margins, driving overall performance [2]. - The company's overseas business accounted for 64.75% of total revenue, indicating a strong global supply chain strategy [2]. Market Trends - The pet economy in China is projected to reach a market size of 1.15 trillion yuan by 2028, driven by emotional and rational pet ownership trends [6][7]. - The number of urban pets in China is expected to exceed 120 million by 2024, with a market scale of 300.2 billion yuan, reflecting a year-on-year growth of 7.5% [6]. - Analysts suggest that the pet food and medical sectors will continue to expand, enhancing the profitability of related companies [7].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6][10]. Core Insights - The company has shown strong growth in its self-owned brands, with a 24.3% year-on-year increase in revenue for H1 2025, reaching RMB 2.43 billion, and a 42.6% increase in net profit, amounting to RMB 200 million [6][7]. - The revenue breakdown shows that pet snacks contributed RMB 1.53 billion (up 34.7%), pet food RMB 780 million (up 85.8%), and pet supplies RMB 120 million (up 23.1%) [7]. - The gross margin improved by 3.4 percentage points to 31.38%, driven by higher margins in domestic sales and increased efficiency in overseas operations [7]. - The company is expected to continue benefiting from its brand influence and operational scale, with projections for net profits of RMB 480 million, RMB 600 million, and RMB 720 million for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21.7%, 24.4%, and 21.3% [7][9]. Summary by Sections Company Overview - The company operates in the food industry, specifically focusing on pet products, with a current market capitalization of RMB 17.48 billion and a share price of RMB 57.44 as of August 6, 2025 [2]. Recent Performance - The company reported a significant increase in revenue and net profit for H1 2025, with Q2 revenue at RMB 1.33 billion (up 23.4%) and net profit at RMB 110 million (up 29.8%) [6][7]. Financial Projections - Future projections indicate a steady increase in revenue from RMB 5.62 billion in 2025 to RMB 8.17 billion by 2027, with corresponding net profits expected to rise from RMB 479 million to RMB 723 million [9][12]. Shareholder Information - Major shareholders include Yantai Zhongxing Biological Technology Co., Ltd., holding 24.03% of shares, and institutional investors account for 6.1% of the circulating A-shares [2][4].

Core Viewpoint - Dongwu Securities report indicates that Zhongchong Co., Ltd. achieved a 42.6% year-on-year increase in net profit attributable to shareholders in H1 2025, driven by rapid growth in its proprietary brands [1] Group 1: Company Performance - The company is accelerating its overseas expansion, with a factory in Mexico expected to be operational by 2025, which will benefit from the release of production capacity in North America and Mexico [1] - Zhongchong Co., Ltd. is a leader in the global pet food industry, with its domestic proprietary brands, Wanpi and ZEAL, recovering growth after adjustments [1] - The company maintains long-term partnerships with multiple clients in its overseas business, ensuring a stable customer base [1] Group 2: Financial Projections - The company has a comprehensive global production capacity layout, with ongoing capacity expansion to ensure long-term stable growth [1] - The net profit forecasts for 2025-2027 are 450 million, 550 million, and 650 million yuan, representing year-on-year growth of 14%, 23%, and 18% respectively [1] - Corresponding price-to-earnings ratios (PE) are projected to be 40, 32, and 27 times for the years 2025, 2026, and 2027 [1]

Financial Performance - In the first half of 2025, the company achieved a revenue of 2.432 billion CNY, representing a year-on-year growth of 24.32% [11] - The net profit attributable to shareholders was 203 million CNY, with a year-on-year increase of 42.56% [11] - Domestic business revenue reached 857 million CNY, growing by 38.89% [11] - Revenue from pet staple food was 783 million CNY, showing an impressive growth of 85.79% [11] Global Expansion - The company has established over 22 modern production bases globally, with more than 10 new projects underway [11] - The newly built factory in Mexico represents an investment of nearly 100 million CNY and covers an area of 10,000 square meters [13] - The Canadian factory's second production line has been completed, enhancing production capacity in North America [12] Market Position and Strategy - The company aims to become a leader in the global pet food industry, with a focus on its own brands such as "WANPY" and "TOPTREES" [14] - The domestic pet food market is experiencing a shift towards quality and personalized consumption, with increasing brand concentration [16] - The company is leveraging its global production capacity and strong brand matrix to enhance market share and brand influence [16] Marketing Initiatives - The "WANPY" brand has engaged in significant marketing efforts, including collaborations with media and celebrities to enhance brand recognition [17] - The brand has launched a new product series targeting various life stages of pets, achieving notable market performance [17] Future Outlook - The company plans to focus on building its own brands, expanding into overseas markets, and enhancing its global supply chain [18] - The year 2025 is seen as a pivotal year for deepening the company's five-year strategic plan, aiming for healthy and high-quality industry development [18]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue increase of 24.32% and a net profit increase of 42.56% for the first half of 2025, achieving a revenue of 2.432 billion yuan and a net profit of 203 million yuan [7] - The company's profitability is gradually improving due to optimized product layout, differentiated channel strategies, and the realization of scale effects, with a gross margin of 31.4% in the first half of 2025 [7] - The company is expected to achieve net profits of 461 million yuan, 579 million yuan, and 749 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 39, 31, and 24 times based on the closing price on August 5 [7] Financial Performance - The company's revenue for 2023 is projected at 3.747 billion yuan, with a growth rate of 15.4%, and is expected to reach 5.260 billion yuan by 2025, with a growth rate of 17.8% [6][8] - The net profit for 2023 is estimated at 233 million yuan, with a growth rate of 120.1%, and is expected to increase to 461 million yuan by 2025, with a growth rate of 17.1% [6][8] - The company's gross margin is expected to improve from 26.3% in 2023 to 30.1% in 2025, while the net profit margin is projected to rise from 7.8% to 9.3% over the same period [8] Market Performance - The company's stock has shown a performance of -5% compared to the market index over the last 12 months, while the market index (CSI 300) has increased by 52% [4]

国盛证券研报指出，中宠股份2025年上半年实现归母净利润2.03亿元，同比+42.6%；其中Q2实现归母 净利润1.12亿元，同比+29.8%。公司业绩符合预期，国内收入增速略超预期。海外业务受关税影响小， 产能扩张下收入增速持续超预期。2025年上半年公司海外收入15.8亿元，同比+18%，海外工厂增速较 快。同时，近期墨西哥工厂正式建成，投资近1亿元，产品覆盖宠物零食等品类，这是继美国工厂、加 拿大工厂、柬埔寨工厂、新西兰工厂之后，公司全球供应链的又一重大战略性布局，同时公司在美国、 加拿大设有工厂，未来当地的二期工厂也将建成投产，整合北美区位优势，推动墨西哥工厂与现有海外 基地形成协同，海外业务有望实现高增长，同时公司积极开拓其他国家市场，降低美国加征关税给公司 造成的影响。品牌持续释能，看好公司全年收入增速。给予"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][19] Core Insights - The company's performance in H1 2025 met expectations, with total revenue reaching 2.432 billion yuan, a year-on-year increase of 24.32%, and a net profit attributable to shareholders of 203 million yuan, up 42.56% year-on-year [3][4] - The domestic business is experiencing rapid growth, with significant contributions from core brands and product innovation [4][5] - The company has adjusted its profit forecasts upward, expecting revenues of 5.413 billion, 6.467 billion, and 7.667 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 465 million, 573 million, and 703 million yuan [6] Revenue Summary - In H1 2025, the company achieved revenue of 2.432 billion yuan, with snacks (including canned food) generating 1.53 billion yuan (up 6% year-on-year) and pet food revenue at 780 million yuan (up 86% year-on-year) [4] - Domestic revenue was 860 million yuan, reflecting a 39% year-on-year growth, while international revenue was 1.57 billion yuan, up 18% year-on-year [4] Profitability Summary - The company reported a gross margin of 31.4% in H1 2025, an increase of 3.4 percentage points year-on-year, with domestic gross margin at 38% and international gross margin at 28% [5] - The net profit margin for Q2 2025 was 8.4%, reflecting a year-on-year increase of 0.4 percentage points [5] Financial Forecasts - The company expects revenue growth rates of 21.2%, 19.5%, and 18.6% for 2025, 2026, and 2027 respectively, with net profit growth rates of 18.0%, 23.2%, and 22.8% for the same years [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.53 yuan, 1.88 yuan, and 2.31 yuan respectively [7] Valuation Metrics - The current stock price corresponds to price-to-earnings (P/E) ratios of 38x, 31x, and 25x for 2025, 2026, and 2027 respectively [6][7]

Summary of China Pet Foods (002891.SZ) 2Q25 Conference Call Company Overview - **Company**: China Pet Foods - **Ticker**: 002891.SZ - **Period**: 2Q25 Key Financial Highlights - **Revenue**: Increased by 23% year-over-year (yoy) to RMB 1,331 million, exceeding guidance of 21% yoy growth [1][7] - **Net Profit**: Rose by 30% yoy to RMB 112 million, slightly above guidance of RMB 110 million [1][12] - **Gross Profit Margin (GPM)**: Improved by 2.9 percentage points yoy to 31.0%, higher than the expected 29.5% [1][7] - **Operating Profit (OP)**: Grew by 15% yoy to RMB 125 million, but lower than the expected growth due to increased selling and administrative expenses [1][7] - **Operating Cash Flow (OCF)**: Decreased by 51% yoy to RMB 45 million, attributed to higher cash outflows for goods and operational expenses [12] Sales Performance - **Domestic Sales**: Contributed 37% of total sales, amounting to RMB 857 million, with a growth rate of 40% yoy [8] - **Overseas Sales**: Accounted for 63% of total sales, reaching RMB 1,478 million, growing at 17% yoy [8] - **Product Categories**: - Staple food sales grew by 86% yoy - Total pet treats sales increased by 6% yoy - Pet supplies saw an 11% yoy growth [8] Cost Structure - **Selling Expense Ratio**: Increased to 12.9%, up by 0.9 percentage points from guidance [7] - **Administrative Expense Ratio**: Rose to 7.8%, 2.3 percentage points higher than expected [7] Strategic Insights - **Brand Development**: The company is focusing on developing its own-brand products, which accounted for 90% of domestic sales in the first half of 2025 [2] - **Global Factory Exposure**: Efforts to mitigate trade tensions through diversified factory locations [2] - **Future Focus Areas**: Upcoming online briefing will cover updates on overseas operations, domestic sales outlook, brand development progress, and raw material costs [2] Dividend Announcement - **Interim Dividend**: Announced at RMB 0.2 per share, up from RMB 0.15 in the previous fiscal year, indicating a 27.3% payout ratio [9] Risks and Challenges - **Key Risks**: - Slower-than-expected domestic revenue growth - Food safety issues - Foreign exchange fluctuations - Increased freight and raw material costs - Potential tariffs on pet food exports to the US [14] Valuation and Price Target - **Price Target**: Set at RMB 63.00, with a current price of RMB 58.72, indicating a potential upside of 7.3% [15] - **Valuation Methodology**: Based on a sum-of-the-parts (SOTP) approach, applying different P/E ratios for domestic and overseas businesses [13] Conclusion - **Overall Performance**: China Pet Foods demonstrated strong sales growth in 2Q25, driven by both domestic and overseas markets, despite facing challenges with rising costs and operational expenses. The company is strategically positioning itself for long-term growth through brand development and global factory diversification.