Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Viewpoints - The company, Zhongchong Co., Ltd., has been focused on the pet food sector for 27 years and has established itself as a leading enterprise in the industry. It operates 22 modern production bases globally and has a national-level R&D center [3][22]. - The pet food industry is experiencing favorable growth trends, with significant market expansion projected in both the U.S. and China. The U.S. pet food market is expected to exceed $66 billion in 2024, with a CAGR of 8.97% from 2024 to 2030. China's pet food market is projected to reach ¥158.5 billion in 2024, with a CAGR of 16.82% from 2016 to 2024 [4][42]. - The company has implemented a dual-driven development model focusing on both domestic and international sales, enhancing its competitive edge through global factory layouts and partnerships with international retailers [5][26]. Summary by Sections Company Overview - Zhongchong Co., Ltd. was established in 1998 and has focused on the pet food industry for 27 years. It has developed several proprietary brands and has a significant global presence, exporting to over 80 countries [3][22]. Financial Performance - The company reported a revenue of ¥3.748 billion in 2023, with a year-on-year growth of 15.4%. The projected revenue for 2024 is ¥4.381 billion, reflecting a growth rate of 16.9% [8]. - The net profit attributable to the parent company for the first three quarters of 2024 is expected to be between ¥360 million and ¥400 million, representing a year-on-year growth of 54.4% to 71.55% [3][33]. Market Trends - The global pet food market is projected to exceed $140 billion, with the U.S. and Europe being key markets. The CAGR for the U.S. pet food market from 2024 to 2030 is expected to be over 8% [4][42]. - In China, the pet food market is rapidly growing, with domestic brands gaining popularity and market share [4][42]. Strategic Initiatives - The company has adopted a focus strategy to streamline its brand management and enhance profitability through high-margin products and effective channel pricing control. This has resulted in a 23.91% year-on-year increase in domestic revenue for the first half of 2024 [5][40]. - The company is enhancing its global footprint by expanding its product offerings and strengthening its brand presence in international markets [5][26]. Profitability Outlook - The company expects to achieve significant profit growth in 2024, with a projected net profit of ¥360 million to ¥400 million, driven by increased sales and improved margins [3][33].

Investment Rating - The industry is rated as "Buy" [4] Core Viewpoints - The current market for pig farming shows a low price fluctuation, with the average price of live pigs at 14.57 yuan/kg, a week-on-week increase of 0.48% [19] - The average weight of pigs at slaughter is 127.92 kg, which has increased by 0.68 kg week-on-week, indicating a rising inventory level [19] - The report highlights a significant increase in piglet sales, with a year-on-year growth of 181.22% in the first two months of the year [2] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.84% compared to the Shanghai Composite Index's 1.39% increase [10] - The sub-sectors within agriculture showed varied performance, with aquaculture and animal health sectors leading the gains [10] 2. Key Data Tracking - The average price of piglets is 34.08 yuan/kg, reflecting a week-on-week increase of 4.03% [19] - The average weight of pigs sold has increased, indicating a trend towards higher weights in the market [19] - The inventory levels in slaughterhouses are rising, with a cold storage capacity utilization rate of 13.76%, up by 0.44 percentage points [19] 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods, Wens Foodstuff Group, and Shennong Group [3] - It suggests that the feed and veterinary sectors will benefit from a rebound in pig prices, recommending Hai Da Group for investment [3] - The seed industry is highlighted as having investment opportunities due to stabilizing grain prices and advancements in genetically modified crops, with companies like Suqian Agricultural Development and Beidahuang being recommended [3] 4. Market Trends - The report notes that the pig farming sector is experiencing a significant increase in output, with a total of 2,806.15 million pigs sold in January and February, a year-on-year increase of 20.92% [2] - The prices of feed ingredients such as corn and wheat are showing upward trends, while soybean meal prices are declining, indicating a mixed outlook for feed costs [42]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the pig farming sector shows value for low-positioning, with a recovery in profitability expected alongside consumer demand recovery. The current valuation of the pig farming sector is at a relatively low level, indicating potential for investment [6][25] - The report emphasizes the ongoing support for pig prices from the entry of supplementary breeding in Northeast China, which is expected to stabilize prices in the short term [4][11] Summary by Sections Weekly Observation - Recent supplementary breeding has entered Northeast China, which may support pig prices. As of March 14, the national average price for live pigs was 14.57 yuan/kg, up 0.12 yuan/kg from the previous week, with a week-on-week increase of 0.83% [4][11] - The average daily slaughter volume of sample enterprises was 142,500 pigs, down 90 pigs from the previous week, indicating weak demand [4][11] Weekly Perspective - The pig farming sector's low-positioning value is becoming apparent, with a recovery in profitability expected as consumer demand rebounds. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][25] - The pet food market in China is projected to grow at a CAGR of 9.64% from 2025 to 2028, driven by rising consumer spending and domestic brands gaining market share [6][25] Market Performance (March 10-14) - The agriculture index outperformed the market by 1.45 percentage points, with the Shanghai Composite Index rising by 1.39% and the agriculture index rising by 2.84% [31][33] - Key stocks that led the gains included Xue Rong Biological, Western Animal Husbandry, and Zhong Ji Health, with increases of 43.95%, 18.29%, and 13.13% respectively [31][35] Price Tracking (March 10-14) - The average price of live pigs was 14.65 yuan/kg, up 1.03% from the previous week. The average price of piglets was 33.87 yuan/kg, up 3.39% from the previous week [41][43] - The average price of white feather chickens was 7.11 yuan/kg, up 7.89% from the previous week, while the average price of yellow feather chickens was 10.45 yuan/kg, reflecting a price increase [40][46][47] Key News (March 10-14) - The USDA's March report adjusted global corn and wheat production upwards while lowering rice production forecasts. Corn production was increased by 1.7 million tons to 1.214 billion tons, and wheat production was increased by 3.44 million tons to 797 million tons [36]

证券代码：002891 证券简称：中宠股份 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 投资者关系活动记录表 编号：2025-001 | |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 活动参与人员 | 中信建投证券股份有限公司 付田行 吕育儒 | | | 信达证券股份有限公司 曹馨茗 | | 时间 | 2025 年 3 月 13 日 | | 地点 | 烟台中宠食品股份有限公司 | | 形式 | 线下调研 | | 交流内容及具体 | 1、如何看待当前国内宠物市场的竞争格局？ | | | 从市场发展阶段来看，尽管国内宠物市场起步相对较晚，但 | | | 呈现出快速发展态势，市场规模持续增长。 | | | 在竞争态势方面，目前市场集中度正在逐步提升，呈现出向 | | | 头部品牌集中的趋势。随着市场的发展和消费者认知的深化，头 | | | 部品牌凭借在品牌影响力、研发实力、产品质量以及渠道建设等 | | 问答记录 | 多方 ...

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Nong Mu (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [1]. Core Insights - The agricultural sector is experiencing a seasonal decline in pig prices, yet they remain within a profitable range. The report indicates that the pig price in the off-season is still maintaining profitability [2][4]. - The report highlights that the pig farming industry is entering a profitability cycle starting from Q2 2024, despite the average debt ratio still needing to decrease significantly. The market's expectations regarding the impact of rising pig production capacity on profitability may be overly pessimistic [4][5]. - The report emphasizes the potential for a recovery in the feed industry due to lower raw material prices and improving breeding conditions, particularly for Hai Da Group, which is expected to see an upward trend in its operational fundamentals [5]. Summary by Sections Pig Farming - As of March 7, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 14.85, 15.32, and 14.39 yuan per kilogram, reflecting increases of 0.07%, 0.99%, and 0.35% respectively. The average pork price is 20.81 yuan per kilogram, down by 0.24% [3][23]. - The average wholesale price for piglets is 28.00 yuan per kilogram, up by 2.75%, while the average price for two-yuan sows remains stable at 32.47 yuan per kilogram [3][23]. Poultry Farming - The weekly price for white feather broiler chickens is 6.59 yuan per kilogram, up by 8.03%, and the price for broiler chicks is 2.54 yuan per chick, up by 10.92%. However, the breeding profit is negative at -1.90 yuan per chick [31]. Feed Processing - The total industrial feed production in 2024 is reported at 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of pig feed is 14,391.3 million tons, down by 3.9% [34]. Market Performance - For the week of March 3 to March 9, 2025, the Shanghai and Shenzhen 300 index increased by 1.39%, while the agricultural sector rose by 1.04%, ranking 20th among sectors. The top-performing sub-industries include food and feed additives, animal health, fruit and vegetable processing, pig farming, and chicken farming [2][17].

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

本次保荐代表人变更后，公司 2022 年公开发行可转换公司债券、2020 年非 公开发行股票持续督导的保荐代表人为王林峰先生和高建锋先生。 特此公告。 证券代码：002891 证券简称：中宠股份 公告编号：2025-009 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 关于更换保荐代表人的公告 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。 烟台中宠食品股份有限公司（以下简称"公司"）于 2025 年 3 月 6 日收到 公司保荐机构联储证券股份有限公司（以下简称"联储证券"）出具的《关于更 换保荐代表人的函》。联储证券为公司 2022 年公开发行可转换公司债券保荐及 持续督导机构，2020 年非公开发行股票募集资金使用与存放的持续督导机构， 持续督导期分别至 2023 年 12 月 31 日止、2021 年 12 月 31 日止。联储证券委派 刘亮先生和王林峰先生为持续督导的保荐代表人。 截至联储证券函件出具日，上述两次保荐承销业务持续督导期已截止。但因 公司募集资金未使用完毕，联储证券仍需对募集资金的使用与存放情况进行专项 督导。 ...

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：2025-008 烟台中宠食品股份有限公司 关于控股股东部分股份质押的公告 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。 烟台中宠食品股份有限公司（以下简称"公司"或"中宠股份"）近日收到 公司控股股东烟台中幸生物科技有限公司（以下简称"烟台中幸"）的通知，获 悉烟台中幸将其所持有本公司的部分股份办理了质押业务，具体事项如下： 一、股东股份质押的基本情况 | 股东名称 | 是否为控股股 | | 股东、 实际控 | | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 占控股 | | 是否为限 | | | | | | | | | 本次质押 | | 占公司 | 售股（如 | | | | | | | | 东、实际控制 | | 制人及 | | | 为补 | 质押起始 | 质押到期 | | | | | | 数量 | | 总股本 | 是，注明 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a pioneer in the pet food industry, focusing on the pet food sector with a significant global presence, including 22 modern high-end pet food production bases and a national R&D center, with products sold in 85 countries and regions [4][15] - The company's revenue has grown from 510 million yuan in 2013 to 3.75 billion yuan in 2023, with a compound annual growth rate (CAGR) of 22.1% [4] - For 2024, the company expects to achieve a net profit attributable to shareholders of 360-400 million yuan, representing a year-on-year growth of 54.5%-71.55% [22] Summary by Sections 1. Company Overview - The company was established in 1998 and initially focused on exporting pet snacks, now offering a comprehensive product line including dry food, wet food, and treats [15] - The company has developed a differentiated brand matrix centered around three core brands: "Wanpy," "ZEAL," and "TOPTREES" [15] 2. Overseas Market Growth - The overseas market remains a major source of revenue and profit, with overseas income growing from 1.157 billion yuan in 2018 to 2.661 billion yuan in 2023, reflecting a CAGR of 18.1% [5][41] - The company has established six overseas factories and is expanding its production capacity in the U.S. to meet local demand and enhance profitability [5][42] 3. Domestic Market Development - The domestic pet market is thriving, with a projected consumption scale exceeding 300 billion yuan in 2024, growing by 7.5% year-on-year [6][49] - The company has optimized its self-owned brand strategy, leading to significant improvements in profitability and market presence [6][64] 4. Financial Forecasts - The company anticipates main business revenues of 4.413 billion yuan, 5.162 billion yuan, and 6.128 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 373 million yuan, 421 million yuan, and 551 million yuan [7][10] - The expected earnings per share (EPS) for the same period are projected to be 1.27 yuan, 1.43 yuan, and 1.87 yuan [7][10]

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：2025-007 烟台中宠食品股份有限公司 关于不提前赎回"中宠转 2"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。 重要内容提示： 1、烟台中宠食品股份有限公司（以下简称"公司"）股票价格自 2025 年 1 月 15 日至 2025 年 2 月 12 日，已有十五个交易日的收盘价不低于"中宠转 2" 当期转股价格（即 27.81 元/股）的 130%（即 36.16 元/股）。根据《烟台中宠食 品股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）中有条件赎回条款的相关规定，已触发"中宠转 2"有条件赎回条款。 2、公司于 2025 年 2 月 12 日召开了第四届董事会第十二次（临时）会议， 审议通过了《关于不提前赎回"中宠转 2"的议案》。公司董事会决定本次不行 使"中宠转 2"的提前赎回权利，且在未来 12 个月内（即 2025 年 2 月 13 日至 2026 年 2 月 12 日），若再次触发"中宠转 2"有条件 ...