中宠股份（SZ 002891，收盘价：58.72元）8月5日晚间发布半年度业绩报告称，2025年上半年营业收入 约24.32亿元，同比增加24.32%；归属于上市公司股东的净利润约2.03亿元，同比增加42.56%；基本每 股收益0.6841元，同比增加40.88%。 （文章来源：每日经济新闻） ...

中宠股份公告，2025年上半年营业收入24.32亿元，同比增长24.32%。净利润2.03亿元，同比增长 42.56%。公司拟向全体股东每10股派发现金红利2元（含税）。 ...

烟台中宠食品股份有限公司 2025年半年度报告 2025-052 2025年8月 烟台中宠食品股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人郝忠礼、主管会计工作负责人肖明岩及会计机构负责人(会计 主管人员)刘微声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 在本报告"第三节 管理层讨论与分析"中"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容，注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 304,372,705 为基数， 向全体股东每 10 股派发现金红利 2.00 元（含税），送红股 0 股（含税），不 以公积金转增股本。 2 | . | . | | | --- | --- | --- | | | | 1 | | | 1 | | | | œ | | | | | 2 | | 第一节 | 重要提示、目录和释 ...

Summary of Key Points from Conference Call Records Industry Overview Pet Food Industry - The pet food industry is experiencing a significant trend towards domestic high-end products, with companies like Guobao and Zhongchong performing exceptionally well. Sales growth for the industry from January to May was approximately 17%, with Guobao's online growth at about 49% and Zhongchong's online growth between 25% and 30% [1][2][4]. - Guobao's sub-brand, Freigate, is expected to open up long-term growth potential, with an estimated profit of 800 million yuan for the year and a low valuation, suggesting a potential for increased investment [1][4]. - Zhongchong's Wanpi brand showed strong performance in the first half of the year, with an expected profit of 440-450 million yuan, and optimistic projections for next year at 580-600 million yuan [1][4]. Restaurant Industry - The restaurant industry has entered a consumption replacement cycle, with positive outlooks for Yum China, Xiaocaiyuan, and Green Tea. Xiaocaiyuan is projected to achieve a profit of around 700 million yuan, corresponding to a valuation of about 14 times [1][5]. - Green Tea is noted for its higher cost-performance ratio, while Yum China benefits from growth in takeout and KFC business [1][5]. Beverage Industry - The tea beverage sector is seeing attention on brands like Guming and Mixue, with Guming expected to exceed 2 billion yuan in profit and a continuous growth in store openings [1][5]. Automotive Industry - Xiaomi's automotive business is projected to significantly increase production capacity by the end of 2025, supporting a sales target of over 400,000 units this year and an expected 700,000 to 900,000 units next year. The Ultra version models have a high sales ratio, with an average price of about 300,000 yuan, enhancing gross margins [1][7]. Core Insights and Arguments Performance Trends - The overall performance of the new consumption sector has shown signs of a pullback since early June, particularly in the food and beverage industry post the 618 shopping festival. However, the rise of domestic high-end pet food brands is notable, with four out of the top five brands on Tmall being domestic [2][4]. - Guobao's revenue growth in the second quarter is expected to be around 25%, despite a 5%-10% decline in overseas OEM revenue due to trade tensions [2][4]. Investment Recommendations - The pet food industry is expected to maintain a high level of prosperity, with strong recommendations for Guobao and Zhongchong [1][4]. - In the restaurant sector, investment opportunities are identified in Yum China, Xiaocaiyuan, and Green Tea, with Xiaocaiyuan's expansion and profitability being particularly highlighted [1][5]. Market Dynamics - The gold and jewelry industry is experiencing a shift towards differentiation, with companies like Laopu benefiting from this trend. Despite a 20% decline in overall industry volume in the second quarter, certain companies continue to perform well [2][24]. - The cosmetics industry is facing a systemic pullback, but long-term growth potential remains strong for companies like Maogeping, Shangmei, and Jinbo Biological, which are expected to achieve annual growth rates of 20%-30% [23][25]. Other Important Insights - The pet supplies sector is also highlighted for its potential, with companies like Yiyi, Tianyuan, and Yuanfei Pet showing stable growth and significant opportunities in brand operations [21][22]. - The personal care sector is expected to rebound in the second half of the year, with companies like Baiya expected to recover from short-term volatility and achieve growth rates of over 30% [20][22]. This comprehensive overview captures the key insights and trends across various industries, highlighting potential investment opportunities and market dynamics.

Core Viewpoint - The domestic pet food industry is experiencing a "self-built factory trend," with leading brands actively acquiring factories and expanding production capacity to establish long-term competitive advantages in a rapidly evolving market [1][2]. Group 1: Acquisition and Capacity Expansion - The capital operations in the domestic pet food sector have significantly accelerated, exemplified by Jichong Holdings' acquisition of 60% of Liaoning Xianchong and a planned investment of 180 million yuan to upgrade its production line [2]. - Other leading brands, such as Chengshi Yikou and Guobao, are also investing in new factories and expanding existing ones, indicating a shift from a light-asset model to a more capital-intensive approach [3][4]. - The market is transitioning from price and channel competition to brand competition, with domestic brands increasing their market share through enhanced R&D and brand building [2][4]. Group 2: Industry Dynamics and Competition - The shift towards self-built factories is driven by a fundamental change in industry competition logic, moving from a "traffic era" to a "supply chain competition" era, as brands face rising customer acquisition costs [4][5]. - The price advantage of domestic brands is significant, with domestic cat food priced much lower than imported options, enhancing their competitiveness [4][5]. - The focus is shifting from low-cost products to high-quality offerings, as younger pet owners demand better quality, leading to a competitive landscape centered around supply chain and technology [5][6]. Group 3: Globalization and Market Trends - The self-built factory trend is reshaping the domestic pet food landscape, with larger companies able to invest heavily while smaller brands struggle to keep up [6][7]. - The Chinese pet food market has surpassed a trillion yuan, becoming one of the fastest-growing segments globally, with potential for international competition through overseas factories and acquisitions [7][8]. - The industry is moving towards a model where companies are concentrated while brands may remain dispersed, driven by precise positioning and differentiated demands [7][8].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8]. Core Viewpoints - The report highlights a long-term revaluation opportunity for the pig industry, indicating that while pig prices are experiencing fluctuations, there is still downward pressure. The industry is expected to transition towards a self-regulatory and stable phase, benefiting leading companies such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [4][14]. - The poultry sector is currently facing low prices, but there are signs of marginal improvement in the cycle, with recommendations for companies like Shennong Development and Lihua Stock [5][24]. - The animal health sector is anticipated to see performance recovery and investment opportunities in pet medical services, with a focus on companies like Kexin Biological and Ruipuhua [6][34]. - The planting sector is experiencing a decline in the pig-to-grain price ratio, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][37]. - The feed sector is witnessing price fluctuations, with recommendations for Haida Group and attention to He Feng Stock [7][42]. - The pet economy is thriving, with domestic brands gaining strength, and the report recommends companies in the pet food sector such as Guibao Pet and Zhongchong Stock [7][51]. Summary by Sections Pig Industry - The average price of pigs is currently around 14.08 yuan/kg, with fluctuations noted [14]. - The number of breeding sows has increased slightly, indicating a stable supply [14]. - Key recommendations include Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture, with a suggestion to pay attention to Dekang Agriculture [4][14]. Poultry Industry - The price of white feather chicken is low, with a focus on potential marginal improvements in the cycle [5][23]. - The report notes a significant update in the breeding stock, with a mix of imported and self-bred varieties [5][24]. - Recommended companies include Shennong Development and Lihua Stock [5][24]. Animal Health - The report anticipates continued recovery in animal health companies' performance, supported by stable profits in the pig farming sector [6][34]. - The approval of mRNA vaccines for veterinary use marks a significant technological advancement [6][34]. - Recommended companies include Kexin Biological and Ruipuhua, with additional attention to Huisheng Biological and Jinhai Biological [6][34]. Planting Sector - The pig-to-grain price ratio has decreased, with ongoing commercialization of genetically modified seeds [7][37]. - Recommendations include Suqian Agricultural Development and Longping High-Tech [7][37]. Feed Sector - Feed prices are experiencing fluctuations, with specific prices noted for different types of feed [7][42]. - The report suggests that the feed industry is likely to see increased concentration, recommending Haida Group and monitoring He Feng Stock [7][42]. Pet Industry - The pet market is growing, with a significant increase in consumption and brand development [7][51]. - Recommendations include Guibao Pet, Zhongchong Stock, and Peidi Stock in the pet food sector, as well as Ruipuhua in the pet medical sector [7][51].

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The 2025 618 shopping festival saw a significant rise of domestic high-end pet food brands, with leading companies expanding their brand matrix advantages. Notably, brands like Frigate and leading positions on Tmall have shown remarkable improvements. It is expected that in Q2, Guibao and Zhongchong's proprietary brands will maintain over 30% growth [2][15] - On the export front, the export value of cat and dog snacks to the US in Q2 2025 decreased by 52.5% year-on-year due to tariff impacts. Guibao's export revenue is expected to decline by around 10%, while Zhongchong, benefiting from its US factory layout, is projected to achieve a 15% growth in export revenue [2][5][15] Summary by Sections Export Impact and Factory Layout - In Q2 2025, pet snack exports faced significant declines due to tariffs, with a global year-on-year growth rate of -9.6% and a sharper decline of -52.5% for exports to the US. Guibao's revenue is expected to drop by 10%, while Zhongchong's revenue is projected to grow by 15% due to its factory in the US [5][16][22] Domestic Sales Growth - The domestic pet food market continues to show high growth, with Q2 2025 online sales growth at 9.4%. Guibao's proprietary brand online sales surged by 44%, with its main brand, Maifudi, growing by 16% and the high-end sub-brand Frigate experiencing a remarkable 146% growth [6][25][30] Brand Performance in 618 Festival - The 2025 618 shopping festival highlighted the rise of domestic high-end brands, with four out of the top five brands on Tmall being domestic. Frigate, Xianlang, and other brands have shown continuous ranking improvements, indicating a strong brand matrix advantage among leading companies [7][39][41]

Core Insights - The feed sector experienced a rise of 0.99% on August 4, with Zhongchong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Summary by Category Stock Performance - Zhongchong Co., Ltd. (002891) closed at 58.43, with a gain of 6.33% and a trading volume of 116,900 shares, amounting to a transaction value of 677 million yuan [1] - Other notable performers include: - Guobao Pet (301498) at 92.49, up 2.09% [1] - Petty Co., Ltd. (300673) at 15.75, up 2.01% [1] - Lusi Co., Ltd. (832419) at 21.76, up 1.82% [1] Capital Flow - The feed sector saw a net inflow of 15.24 million yuan from institutional investors, while retail investors contributed a net inflow of 7.74 million yuan [2] - Notable capital flows for specific stocks include: - Zhongchong Co., Ltd. with a net inflow of 48.16 million yuan from institutional investors [3] - Guobao Pet with a net inflow of 19.14 million yuan from institutional investors [3] - Dabeinong (002385) with a net inflow of 2.24 million yuan from institutional investors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector is experiencing a marginal improvement in investment logic for live pigs, driven by both fundamental and policy factors, with expectations of a price increase in the second half of 2025 [26] - The pet sector is witnessing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with a projected market size growth of over 10% annually from 2025 to 2027 [28][29] Summary by Sections Weekly Observation - The national pig price is under pressure due to group weight reduction and increased market supply, with an average price of 14.02 CNY/kg as of August 3, 2025, down 0.57% from the previous week [5][14] - The average weight of pigs sold has decreased to 127.98 kg, reflecting a downward trend due to weight reduction policies and slow growth in high temperatures [16] Weekly Insights - The investment logic for live pigs is improving, with expectations of price support in the second half of 2025 due to a combination of fundamental and policy factors [26] - The feed sector is benefiting from a recovery in domestic livestock and poultry production, with a total feed output expected to reach 1.4 trillion CNY in 2023 [26] Market Performance - The agricultural sector underperformed the broader market by 2.03 percentage points, with the agricultural index declining by 2.97% during the week [30][31] - The animal health sector showed the highest gains, with stocks like Shenlian Biological and Huisheng Biological leading the performance [30] Price Tracking - As of August 1, 2025, the average price for live pigs was 14.33 CNY/kg, with a slight increase of 1.27% from the previous week [42] - The average price for corn was 2,296 CNY/ton, down 0.78% week-on-week, while soybean meal was priced at 3,004 CNY/ton, down 0.69% [60] Key News - The overall situation in China's livestock industry is stable and improving, with a reported production increase of 2.8% in meat output during the first half of 2025 [38] - The number of breeding sows has decreased slightly, indicating a potential reduction in pig supply, which may stabilize prices [38]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly outperformed the CSI 300 index, with an increase of 1.06% from July 18 to July 31, 2025, surpassing the index by approximately 0.05 percentage points [3][10]. - Most sub-sectors recorded positive returns during the same period, with fisheries, aquaculture, planting, and feed sectors rising by 2.04%, 1.79%, 1.6%, and 0.64% respectively, while agricultural products processing and animal health sectors saw declines of 0.74% and 3.21% [11][12]. - Approximately 57% of stocks in the industry achieved positive returns, indicating a favorable market sentiment [12]. Industry Data Summary - **Pig Farming**: - The average price of external three-breed pigs decreased from 14.37 CNY/kg to 14.21 CNY/kg between July 18 and July 31, 2025 [21]. - The cost of corn was reported at 2402.02 CNY/ton, showing a slight decline, while soybean meal prices increased to 2984 CNY/ton [22]. - Profitability for self-bred pigs was 43.85 CNY/head, while purchasing piglets resulted in a loss of 116.78 CNY/head [26]. - **Poultry Farming**: - The average price of broiler chicks rose to 2.57 CNY/chick, while egg-laying chicks averaged 3.85 CNY/chick [28]. - The average price for broiler chickens increased to 6.83 CNY/kg, with a slight improvement in profitability to -0.43 CNY/chick [31]. - **Aquaculture**: - The average wholesale price for crucian carp was 22.69 CNY/kg, while carp saw a slight increase to 15.82 CNY/kg [33]. Industry News - The Ministry of Agriculture and Rural Affairs and nine other departments released a plan to promote agricultural product consumption, focusing on optimizing supply, innovating distribution, and activating market demand [35]. - Among the companies reporting mid-year results, Haida Group achieved a revenue of 588.31 billion CNY, a year-on-year increase of 12.5%, with a net profit of 26.39 billion CNY, up 24.16% [36]. Company Insights - Key companies to watch include: - Muyuan Foods (002714): A leading pig farming company with cost and scale advantages [43]. - Haida Group (002311): A top feed company expected to maintain steady market share growth [43]. - Lihua Co. (300761): A leading yellow feather chicken farming company with integrated advantages [43]. - Reap Bio (300119): A leader in the animal health sector with a growing product matrix for pet health [43]. - Zhongchong Co. (002891): A leading pet food company with strong domestic growth prospects [43].