证券代码：002891 证券简称：中宠股份 公告编号：2025-039 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"中宠转 2"转股价格调整的公告 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： 1、债券代码：127076 债券简称：中宠转 2 2、本次调整前转股价格为：27.81 元/股 3、本次调整后转股价格为：27.66 元/股 4、本次转股价格调整实施日期：2025 年 6 月 3 日 一、可转换公司债券基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠食 品股份有限公司（以下简称"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，发行总额为 76,904.59 万元。经深交所 "深证上〔2022〕1090 号"文同意，公司 76,904.59 万元可转换公司债券于 2022 年 11 月 21 日起在深交所挂牌交易，债券简称"中宠转 2"，债券代码"127076"。 1 债券代码：127076 ...

1、烟台中宠食品股份有限公司（以下简称"公司"）2024 年年度权益分派 方案为：以公司 2024 年度利润分配预案实施时股权登记日的总股本为基数，按 照分配比例不变的原则，向全体股东每 10 股派发人民币现金 1.50 元（含税）， 不送红股，不以公积金转增股本。剩余未分配利润结转以后年度分配。 证券代码：002891 证券简称：中宠股份 公告编号：2025-038 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 2024 年年度权益分派实施公告 2、按总股本折算的每 10 股现金分红比例为 1.500000 元（按总股本折算的 每 10 股现金分红比例时保留小数点后六位，最后一位直接截取，不四舍五入）， 即按总股本折算的每 10 股现金分红比例=（本次实际现金分红总额（含税）/公 司总股本）*10=1.500000 元。 本次权益分派实施后的除权除息参考价=本次权益分派股权登记日收盘价－ 按总股本折算每股现金分红比例=本次权益分派股权登记日收盘价－0.1500000 元/股。 一、股东大会审议权益分派的情况 1、2025 年 5 月 22 日，公司 2024 年年度股东大会审议通过 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Views - The report highlights that the price of live pigs has decreased by 2.1% week-on-week, with the national average price at 14.18 CNY/kg. The number of breeding sows remained stable in April 2025, indicating potential for normal profitability in pig farming in 2025 [3][4] - The report emphasizes the ongoing domestic substitution logic in the pet food sector, with companies like Zhongchong and Guobao expected to see both volume and price increases [7] - The report predicts a decline in global corn and wheat stock-to-use ratios for the 2025/26 season, indicating tighter supply conditions [6][50] Summary by Sections 1. Weekly Market Review - The agricultural sector index fell by 0.36% in the week from May 19 to May 23, 2025, underperforming compared to the Shanghai Composite Index [19] - The agricultural sector has ranked 9th among 31 sub-industries since the beginning of 2025, with a year-to-date increase of 3.18% [19][23] 2. Industry Weekly Data 2.1 Primary Agricultural Products - Corn spot price is 2376.08 CNY/ton, showing a week-on-week increase of 0.05% but a year-on-year decrease of 2.23%. Soybean spot price remains stable at 3927.89 CNY/ton, down 10.46% year-on-year [42] - The report notes that the global corn stock-to-use ratio for 2025/26 is projected to be 18.9%, the lowest since the 2015/16 season [6][51] 2.2 Livestock and Poultry - The average price of live pigs is reported at 14.18 CNY/kg, with a week-on-week decline of 2.1%. The average weight of pigs at slaughter has decreased slightly [3][4] - The report indicates that the price of white feather chicken products remained stable, while yellow feather chicken prices experienced slight fluctuations [4] 2.3 Animal Vaccines - The report shows a significant increase in the issuance of pig vaccines, with diarrhea vaccines up by 177.8% year-on-year [8] 3. Industry Dynamics - The report discusses the ongoing trends in the pet food industry, highlighting the growth potential for domestic brands [7] - It also notes the expected supply constraints in the poultry sector due to limited imports and potential disruptions in breeding stock availability [4]

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector [3] Core Insights - The agriculture sector is experiencing a blend of traditional and innovative trends, with a focus on both stable consumption and growth opportunities [1] - The report highlights the resilience of meat protein prices and the potential for long-term investment opportunities amidst market pessimism [1][2] Summary by Sections Traditional Consumption - Meat protein prices remain strong, with pork prices averaging 15.1 CNY/kg from January to April 2025, up 1.4% and 2.7% compared to 2024 and 2023 respectively [9] - The average profit per pig has reached 87 CNY, marking the first profitable quarter since 2021 [9] - Poultry supply is increasing, with a recovery in breeding stock leading to improved profitability in the poultry sector [24][29] New Consumption - The new consumption trends are focusing on health and wellness, with significant growth in the pet-related industry, including pet food and healthcare [2] - The rise of sugar alternatives and health food concepts such as konjac and blueberries are highlighted as key growth areas [2] Investment Recommendations - The report suggests focusing on specific companies within various segments, including: - Swine farming: Muyuan Foods, Wens Foodstuff Group, and Shennong Group - Poultry: Sanquan Foods, Hewei Group, and Yisheng Livestock - Aquaculture feed: Haida Group - Pet industry: Guibao Pet and Zhongchong Co. - New consumption: Baolingbao Biology, Huakang Co., and Zhongxing Junye [2] Crop Production - The report notes that corn and soybean production is expected to be stable, with a slight increase in corn production to 290 million tons in 2025, up 0.4% from the previous year [64][69] - The impact of weather on crop yields is emphasized, particularly regarding the ENSO phenomenon and its potential effects on production [78] Market Trends - The report indicates a potential increase in beef prices as domestic and international supply decreases, with beef wholesale prices rising to 63.12 CNY/kg in May 2025 [39] - The overall outlook for the agriculture sector remains positive, with expectations of continued demand and price stability in key protein markets [63]

Core Viewpoint - The article discusses the rise of "new consumption" in China, highlighting a shift from functional needs to emotional value among consumers, leading to the emergence of various new consumption sectors such as the pet economy and traditional crafts [1][4]. Group 1: New Consumption Trends - New consumption encompasses service consumption, spiritual consumption, and technology-related consumption, with a particular focus on spiritual consumption in the current context of material abundance [1][2]. - Companies like Pop Mart have successfully capitalized on the new consumption trend, achieving explosive growth despite a generally sluggish overall consumption environment [2][3]. Group 2: Brand Influence and Consumer Behavior - The willingness of consumers to pay a premium for products is driven by brand recognition rather than significant changes in distribution or supply chains, as seen with brands like Mixue Ice City [2][3]. - The emotional connection established through branding, such as the viral marketing of Mixue's IP "Snow King," differentiates it from competitors and enhances brand recognition [3]. Group 3: Pet Economy Insights - The pet economy is projected to reach a market size of 592.8 billion yuan in 2023, with expectations to exceed 1.15 trillion yuan by 2028, indicating strong growth potential [3][4]. - The pet economy is characterized by high consumer stickiness and emotional attachment, particularly among younger demographics, with 41.2% of pet owners being born in the 1990s [4][5]. Group 4: Market Dynamics and Valuation - Despite the promising outlook for the pet economy, the average price-to-earnings ratio for pet stocks exceeds 50, significantly higher than traditional consumer goods, which typically range from 10 to 25 [5]. - The concentration of leading companies in the pet market is expected to increase, driven by product innovation and brand development, although there are concerns about potential valuation corrections if market consolidation does not meet expectations [5][6]. Group 5: Long-term Sustainability - The pursuit of new consumption reflects a search for certainty in an uncertain society, but the sustainability of this trend will ultimately depend on returning to fundamental business values [6].

Core Viewpoint - The company reports stable order conditions and orderly production, indicating a positive outlook for both domestic and international markets [1] Domestic Market - The influence of domestic brands is increasing, leading to a higher proportion of high-margin products and staple food products, which drives positive development in the domestic market [1] - The company aims to continuously optimize its product structure to increase the proportion of high-margin staple food products [1] International Market - The company has a global supply chain layout and quality product services, with stable production operations in overseas subsidiaries such as factories in the United States and Canada, which support overall order volume [1] Product Strategy - The company plans to launch or upgrade staple food products under its three major domestic brands: WANPY, Toptrees, and ZEAL, to enhance overall gross margin in domestic operations [1] - Continuous product upgrades and optimizations are expected to improve the overall gross margin of domestic business [1]

Financial Performance - In 2024, the company achieved a revenue of CNY 4.465 billion, a year-on-year increase of 19.15%, with a net profit of CNY 394 million, up 68.89% [4] - In Q1 2025, the revenue reached CNY 1.101 billion, growing by 25.41%, and the net profit was CNY 91 million, an increase of 62.13% [4] Brand Development - WANPY brand focuses on product innovation, content marketing, and brand promotion to enhance its influence [4] - The brand has successfully engaged a new generation of quality idols as ambassadors, shifting communication strategy from product functionality to emotional value [5] - WANPY's products have achieved significant online sales success, topping various sales charts on platforms like Douyin [5] Research and Innovation - The company has established a complete innovation chain with over 300 national patents and a research team of more than 280 personnel [5] - Strategic partnerships with research institutes aim to innovate in core technologies like functional peptides and collagen in pet food [6] - The establishment of an ethical review committee for experimental animals sets a new industry standard [7] Expansion Plans - The company invested USD 28 million to build the largest pet snack factory in the U.S., which became profitable in its first year [7] - Plans for a second factory in the U.S. are underway, expected to be completed by 2026, enhancing local supply capabilities [7] - In Canada, a factory expansion is planned for the second production line by the second half of 2025 [7] Order and Profitability Outlook - Current order status is stable, with a focus on high-margin products and expanding sales channels [8] - The company aims to optimize product structure to increase the proportion of high-margin staple products, enhancing overall profitability [9]

北京植德律师事务所 关 于 烟台中宠食品股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0082 号 北京植德律师事务所 二〇二五年五月 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 12th 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 关于烟台中宠食品股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0082 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 2024 年年度股东大会（以下简称"本次会议"或"本次股东大 会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《 ...

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：2025-037 烟台中宠食品股份有限公司 关于 2024 年年度股东大会决议的公告 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： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 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 5 月 22 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 5 月 22 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 5 月 22 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 （3）会议召开方式：本次股东大会采用现场投票与网络投票相结合的方式 召开。 （4）会议召集人：公司董事会 17 ...

Core Viewpoint - The pet stock sector has experienced significant growth, with a year-to-date increase of 36%, driven by the recent "618" sales event [1][4]. Group 1: Market Performance - Leading companies in the pet sector, such as Tianyuan Pet and Zhongchong Co., have seen stock increases of approximately 80% and over 70% respectively, with Zhongchong Co. rising from 17 yuan to 63.8 yuan, a 245% increase since July of the previous year [4]. - The "pet economy index" has shown no declines among its constituent stocks this year, indicating a strong upward trend [4]. - During the initial hours of the "618" sales event, 653 pet brands on Tmall saw their sales double year-on-year, with significant increases in sales for brands like Xianlang and Dazhongai, both experiencing growth of nearly 200% [4]. Group 2: Investment Trends - Public funds are primarily focusing on leading stocks in the pet sector, with a notable lack of interest in smaller-cap stocks despite their impressive performance [2][5]. - For instance, the leading stock, Guibao Pet, had a public fund holding ratio of 7.63% as of the end of Q1, while Zhongchong Co. was included as a major holding by 71 funds [5]. - Smaller companies like Tianyuan Pet, which specializes in pet home products, have not attracted significant public fund investments, although recent investor interest has been noted [5]. Group 3: Future Growth Potential - The pet industry is projected to continue its growth, with estimates suggesting that the urban pet consumption market will exceed 404.2 billion yuan by 2027, reflecting a compound annual growth rate of 12.6% [4]. - The pet food market is expected to capture nearly half of the total pet economy, indicating substantial growth potential [6]. - The aging pet population is anticipated to drive demand in the pet medical sector, which is currently underrepresented in the public market [6]. Group 4: Competitive Landscape - The competitive landscape within the pet industry is evolving, with a trend towards increased market concentration among leading brands, as smaller companies face challenges such as funding issues and layoffs [8]. - The market is witnessing a shift from a pyramid structure to a spindle structure, where leading domestic brands are expected to gain market share from imported brands while upgrading their product offerings [9]. - The demand for pet medical services is also expected to grow due to the aging pet population, further contributing to market concentration among leading providers [9].