证券代码：002891 证券简称：中宠股份 公告编号：2025-014 债券代码：127076 债券简称：中宠转 2 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。 烟台中宠食品股份有限公司 关于 2025 年第一季度可转债转股情况的公告 重要提示： | 证券简称：中宠股份 | | --- | | 证券代码：002891 | 债券代码：127076 债券简称：中宠转 2 转股价格：27.81 元/股 转股起始时间：2023 年 5 月 4 日 转股截止时间：2028 年 10 月 24 日 （四）可转换公司债券转股价格调整情况 1、本次发行的可转债初始转股价格为 28.35 元/股，不低于募集说明书公告 转股股份来源：仅使用新增股份转股 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 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 ...

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance over the next 12 months [6][10][11][12][13][15][16][19]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [3][6]. - The recommended stocks are expected to show strong growth potential, driven by factors such as brand expansion, technological advancements, and market demand recovery [10][11][12][13][15][16][19]. Summary by Sector Agriculture - Recommended Stock: Zhongchong Co., Ltd. (中宠股份) - Focus on pet food industry with strong brand growth and global capacity expansion. Expected net profits for 2024-2026 are 380 million, 430 million, and 540 million CNY, with corresponding PE ratios of 33, 29, and 23 [10]. Retail - Recommended Stock: Mao Ge Ping (毛戈平) - Multi-category expansion strategy with strong growth in membership and repeat purchases. Expected net profits for 2025-2027 are 1.17 billion, 1.50 billion, and 1.86 billion CNY, with PE ratios of 39.9, 31.0, and 25.0 [11]. Social Services - Recommended Stock: Keri International (科锐国际) - Benefiting from cyclical recovery and AI integration, with expected net profits of 287 million and 400 million CNY for 2025-2026, corresponding to PE ratios of 24 and 17 [11]. Automotive - Recommended Stock: BYD (比亚迪) - Strong competitive edge through technology and scale, with expected net profits of 57 billion, 69.3 billion, and 79.1 billion CNY for 2025-2027, with PE ratios of 20.4, 16.8, and 14.7 [12]. Textiles - Recommended Stock: Hailan Home (海澜之家) - Steady brand performance and expansion into high-value markets, with expected net profits of 2.04 billion, 2.58 billion, and 3.44 billion CNY for 2024-2026, with PE ratios of 19, 15, and 11 [13]. Light Industry - Recommended Stock: Yingqu Technology (盈趣科技) - Focus on multiple growth segments with expected net profits of 250 million, 500 million, and 660 million CNY for 2024-2026, with PE ratios of 49, 24, and 18 [14]. Food - Recommended Stock: Qingdao Beer (青岛啤酒) - Recovery in sales and cost improvements expected, with projected EPS of 3.78 and 4.10 CNY for 2025-2026, corresponding to PE ratios of 20 and 19 [15]. Home Appliances - Recommended Stock: Gree Electric (格力电器) - Strong brand and cost advantages in the air conditioning market, with expected net profits of 31.44 billion, 34.06 billion, and 36.96 billion CNY for 2024-2026, with PE ratios of 8.1, 7.4, and 6.9 [16]. Pharmaceuticals - Recommended Stock: Sanofi Pharmaceutical (三生制药) - Promising pipeline with innovative products, expected net profits of 640 million, 860 million, and 990 million CNY for 2024-2026, with PE ratios of 17.8, 13.2, and 11.4 [19].

Summary of Zhongchong Co., Ltd. Conference Call Company Overview - Zhongchong Co., Ltd. was established in 1998, initially focusing on OEM production for pet food for companies in Japan and the US. [3] - The company has shifted towards its own brand business, forming a brand matrix with three brands: Wanjia, Ziyou, and Lingqian. [3] - In 2023, the company's overseas revenue accounted for approximately 70%, primarily from self-built factories in the US, New Zealand, and Canada, as well as export OEM business in Cambodia and Southeast Asia. [3] Financial Performance - Revenue increased from 648 million yuan in 2015 to 3.75 billion yuan in 2023, with an average annual growth rate of 24.5%. [5] - Profit rose from 56 million yuan in 2015 to 233 million yuan in 2023, with a gross margin of 19.5%. [5] - The company expects significant revenue growth in late 2023 and early 2024 as inventory destocking ends. [5] Product Structure and Margins - The product structure is primarily focused on snacks (over 60%), with dry food and canned food making up about 15% and 16-17%, respectively. [6] - Gross margins for dry food and canned food are higher than for snacks, with overseas margins exceeding domestic margins due to a focus on B2B OEM business abroad. [6] Market Outlook - The domestic pet food market is projected to reach 158.5 billion yuan by 2024, with a compound annual growth rate (CAGR) of over 10% expected over the next three years. [8] - The penetration rate of pet ownership in Chinese households is significantly lower than in developed countries, indicating potential for growth. [10] Competitive Landscape - The domestic pet food market has a low concentration, with CR3 at approximately 14% and CR10 below 25%. [11] - The trend of import substitution is evident, with domestic brands gaining market share through effective marketing and competitive pricing. [11] Core Competitive Advantages - The company has a diverse brand portfolio, covering various market segments from mid-range to high-end. [12] - Strong online presence with 60% of revenue from online sales and partnerships with major retailers. [12] - Continuous marketing investment has led to sustained revenue growth. [12] Production Capacity and Supply Chain - The company is expanding production capacity through IPOs and self-funding, with utilization rates for canned and dry food at 60-70%. [15] - Located in Yantai, Shandong, the company benefits from proximity to major poultry production areas, providing cost advantages in raw material procurement. [16] International Business Development - The overseas OEM business is expected to grow steadily, with significant demand from developed markets like the US and emerging markets in Southeast Asia. [18] - The company is expanding its production capacity in the US and New Zealand, with new factories expected to enhance revenue and profitability. [19] Brand Development and Marketing Strategies - The company collaborates with well-known IPs and celebrities for brand promotion, enhancing visibility and sales performance. [14] - The Great Jack's brand targets high-end markets in Canada, while the Wanjia brand focuses on cost-effectiveness in Southeast Asia. [21] Profitability Forecast and Valuation - Revenue forecasts for 2024 to 2026 are 4.48 billion, 5.36 billion, and 6.38 billion yuan, with net profits of 380 million, 450 million, and 550 million yuan, respectively. [22] - The company is expected to maintain a strong growth trajectory, supported by its dual domestic and international business strategies, leading to a favorable investment outlook. [22]

Core Viewpoint - The company plans to temporarily use part of its idle raised funds to supplement working capital after returning previously used funds, ensuring compliance with regulations and maintaining the integrity of its investment projects [1][4][5]. Fundraising Overview - The company issued 7,690,459 convertible bonds at a face value of 100.00 RMB each, raising a total of 769.05 million RMB, with a net amount received of 754.96 million RMB after deducting fees [1][2]. - The total adjusted net amount after the exemption of securities registration fees is 754.96 million RMB [2]. Investment Project Details - The funds raised will be allocated to various projects, including: - 28.42 million RMB for a 60,000-ton high-quality pet dry food project - 31.20 million RMB for a 40,000-ton new pet wet food project - 6.48 million RMB for a 2,000-ton freeze-dried pet food project - 4.00 million RMB for intelligent warehouse renovation - 18.09 million RMB for working capital [2]. Use of Idle Funds - The company intends to use up to 500 million RMB of idle funds to temporarily supplement working capital for a period of 12 months, ensuring it does not affect the ongoing investment projects [3][4]. - The use of these funds is limited to operations related to the main business and will not involve high-risk investments [3][4]. Financial Efficiency - Utilizing idle funds is expected to save approximately 15.50 million RMB in financial costs based on the current one-year loan benchmark rate of 3.10% [4]. - This approach aims to enhance the efficiency of fund usage and reduce financial costs while benefiting the company and its shareholders [4]. Approval Process - The board of directors and the supervisory board have approved the use of idle funds, confirming that it aligns with the company's interests and does not harm the interests of minority shareholders [5][6]. - The sponsor institution has verified that the approval process complies with relevant regulations and does not harm shareholder interests [6].

Group 1 - The Supervisory Board of the company held its ninth meeting, which was conducted both in-person and via communication methods, with all three supervisors present [1] - The meeting was legally valid and followed all relevant laws, regulations, and the company's articles of association [1] - The Supervisory Board unanimously approved the temporary use of up to RMB 500 million of idle raised funds to supplement working capital, with a duration of 12 months from the date of approval by the Board of Directors [1] Group 2 - The announcement regarding the use of idle raised funds is available in designated media outlets, including China Securities Journal and Shanghai Securities Journal [2] - The company has ensured that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - The Supervisory Board's decision reflects a strategic move to ensure the normal operation of the company's projects while managing liquidity [1]

联储证券股份有限公司 关于烟台中宠食品股份有限公司提前归还募集资金后 继续使用部分闲置募集资金暂时补充流动资金的核查意见 联储证券股份有限公司（以下简称"联储证券"或"保荐机构"）作为烟台 中宠食品股份有限公司（以下简称"中宠股份"或"公司"）2022 年度公开发行 可转换公司债券持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等有关规定，对中宠股份提前归还募集资金后继续使用部分闲置 募集资金暂时补充流动资金事项进行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，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， 总募集资金 769,045,900.00 元。扣除承销及保荐费用人民币 12,000,000.00 元（含 税金额）后，实际收到人民币 757,045,900.00 元。本次可转换公司债券 ...

债券代码：127076 债券简称：中宠转 2 关于使用部分闲置募集资金暂时补充流动资金的公告 证券代码：002891 证券简称：中宠股份 公告编号：2025-013 烟台中宠食品股份有限公司 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。 2025 年 3 月 26 日，烟台中宠食品股份有限公司（以下简称"公司"）召开 第四届董事会第十三次会议、第四届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资金投资 项目建设资金需求及项目正常进行的前提下，使用不超过人民币 5 亿元的闲置募 集资金暂时补充流动资金，期限为自公司董事会审议批准之日起 12 个月内。具 体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，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， 总募集资金 769,045,900.00 元。扣除承销及保荐费用人民币 12,000,000.00 元（含 税金额）后，实际收 ...

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：2025-012 烟台中宠食品股份有限公司 关于第四届监事会第九次会议决议的公告 本公司及监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、监事会会议召开情况 2025 年 3 月 26 日烟台中宠食品股份有限公司（以下简称"公司"）第四届 监事会第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 3 月 16 日通过专人送达、电子邮件等方式发出，本次会议应出席监 事 3 人，实际出席监事 3 人，其中赵雷先生、王继成先生以通讯表决方式出席会 议，公司监事会主席赵雷主持会议。本次会议的召开符合有关法律、法规及《公 司章程》的规定，会议合法有效。 二、监事会会议审议通过情况 经与会监事对本次监事会议案的审议表决，形成如下决议： 表决结果：3 票赞成，0 票反对，无弃权票。一致通过。 经审议，监事会同意公司在保证募集资金投资项目建设资金需求及项目正常 进行的前提下，使用不超过人民币 5 亿元的闲置募集资金暂时补充流动资金，期 限为自公司董 ...

证券代码：002891 证券简称：中宠股份 公告编号：2025-010 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 关于提前归还用于暂时补充流动资金的闲置募集资金的公告 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。 公司在使用闲置募集资金暂时补充流动资金期间，使用额度未超过 5 亿元，且 对资金进行了合理的安排与使用，没有影响募集资金投资计划的正常进行，不存在变 相改变募集资金用途的情形。 特此公告。 烟台中宠食品股份有限公司 董 事 会 2025 年 3 月 25 日 1 2024 年 4 月 22 日，烟台中宠食品股份有限公司（以下简称"公司"）召开了第 四届董事会第六次会议、第四届监事会第四次会议，审议通过《关于使用部分闲置募 集资金暂时补充流动资金的议案》，同意公司在不影响募集资金投资项目建设资金需 求的前提下，使用不超过人民币 5 亿元的闲置募集资金暂时补充流动资金，期限为 自公司董事会审议批准之日起 12 个月内。详见公司于 2024 年 4 月 23 日在指定的信 息披露媒体《中国证券报》《上海证券报》《证券日报》《 ...