证券代码：002891 证券简称：中宠股份 公告编号：2024-064 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"恢复转股的提示性公告 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： | 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 | | 转股起始时间：2023 | 年 | 5 | 月 4 | 日 | | | | 转股截止时间：2028 | 年 | 10 | 月 | 24 | 日 | | 暂停转股时间：2024 年 11 月 15 日 恢复转股时间：2024 年 11 月 25 日，即公司 2024 年前三季度权益分派股权 登记日后的第一个交易日 公司因实施 2024 年前三季度权益分派，根据《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》及《烟台中宠食品股份有限公司公开 发行可转换公司债券募 ...

Summary of the Conference Call for Yantai Zhongchong Food Co., Ltd. Company Overview - **Company Name**: Yantai Zhongchong Food Co., Ltd. - **Stock Code**: 002891 - **Bond Code**: 127076 - **Date of Conference**: November 20, 2024 - **Location**: Yantai Zhongchong Food Co., Ltd. Key Points Discussed Business Growth Targets - The company has set a domestic growth target of **30%** and an international growth target of **8%** for 2024, with a projected net profit growth rate of **28.64%** compared to 2023 [3]. Domestic Business Development - The domestic business growth will be driven by three proprietary brands, each at different stages and targeting different customer segments and sales channels. The company emphasizes a long-term vision for the development of the pet food industry in China [3]. Impact of Currency and Tariffs - The company operates production facilities in China, the USA, Canada, New Zealand, and Cambodia. The limited capacity of overseas subsidiaries reduces the impact of currency fluctuations and tariff changes. The company has a strong order fulfillment capability globally, with a leading order intake level [3]. Overseas Business Performance - The overseas subsidiaries and export business are expected to maintain stable growth in Q4. The US factory has completed technical upgrades and will return to normal production levels, while the Canadian factory has sufficient orders for Q3 and Q4 [4]. Sales Expense Strategy - Sales expenses are primarily allocated to the development of proprietary brands, with a higher focus on domestic markets. However, the company also considers international brand expansion as a strategic priority. The pet market in China is experiencing rapid growth, presenting significant opportunities for brand development and consumer loyalty [4]. Overall Risk Management - The company's global supply chain layout enhances its risk resilience, with sufficient order demand expected to support overall performance [4]. Additional Important Information - The company has invested in building a second, larger factory in the USA and has acquired a 70% stake in New Zealand's largest pet food canning factory, PetfoodNZ International Limited, for approximately **RMB 154.5 million** [3]. - The company actively participates in global exhibitions to attract new customers and orders, ensuring a robust pipeline for export business [4]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's growth ambitions, operational strategies, and market positioning in the pet food industry.

Group 1: Business Growth Targets - The company's domestic growth target for 2024 is 30%, while the overseas growth target is 8%. The net profit attributable to shareholders is expected to increase by 28.64% compared to 2023 [3] - The development of domestic business is primarily driven by three proprietary brands, each with different stages, target audiences, and sales channels [3] Group 2: Impact of External Factors - The company has production facilities in China, the USA, Canada, New Zealand, and Cambodia, which minimizes the impact of exchange rate fluctuations and tariff changes on its operations [3] - The first factory in the USA was established in 2015, and a second, larger factory is being prepared for construction in 2023 [3] Group 3: Overseas Business Performance - The overseas subsidiaries and export business are expected to maintain stable growth in Q4, with the USA factory returning to normal production levels after technical upgrades [4] - The company has actively participated in global exhibitions to acquire new customers and orders, ensuring a robust demand for its products [4] Group 4: Sales Expense Strategy - Sales expenses are primarily allocated to the development of proprietary brands, with a higher focus on domestic markets, while also considering international expansion [4] - The pet market in China is experiencing significant growth, presenting opportunities for brand development and consumer loyalty cultivation [4]

证券代码：002891 证券简称：中宠股份 公告编号：2024-063 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 二、"中宠转 2"转股价格调整的相关规定 （一）初始转股价格的确定依据 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：28.06 元/股 3、本次调整后转股价格为：27.81 元/股 4、本次转股价格调整实施日期：2024 年 11 月 25 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 ...

证券代码：002891 证券简称：中宠股份 公告编号：2024-062 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 年前三季度权益分派实施公告 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、烟台中宠食品股份有限公司（以下简称"公司"）2024 年前三季度权益 分派方案为：以公司现有总股本 294,114,320 股为基数，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 2.50 元（含税），共计派发现金总额 73,528,580.00 元（含税），不送红股，不以公积金转增股本。 3、本次实施的权益分派方案与 2024 年第二次临时股东大会审议通过的分配 方案及其调整原则一致。 4、本次权益分派方案的实施时间距离股东大会审议通过的时间未超两个月， 符合《公司法》、《证券法》和《公司章程》等有关规定。 二、权益分派方案 2、按总股本折算的每 10 股现金分红比例为 2.500000 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 ...

Summary of Zhongchong Co., Ltd. Conference Call Company Overview - Zhongchong Co., Ltd. demonstrated exceptional performance during this year's Double 11 shopping festival, achieving over 100% year-on-year growth, significantly surpassing the industry average of 23% [2][3] - The company initially focused on export business, primarily targeting markets in Europe, America, and Japan, and has established a comprehensive overseas presence, including factories in North America [2][4] Key Brands and Market Position - The company focuses on three core brands in the domestic market: Wanpi, Ziyou, and Liding. Wanpi accounts for 60-70% of total revenue, making it the largest brand [2][5] - Liding has rapidly gained traction, becoming the second-largest brand this year, while Ziyou specializes in high-end products imported from New Zealand [2][5] Future Growth Prospects - Future growth drivers include: 1. Wanpi brand performance improvement through SKU inventory and distributor management, with quarterly growth rates expected to reach 25-30% by Q4 [5] 2. Liding's marketing collaboration with "Zhen Huan Zhuan" to enhance brand exposure [5] 3. Export business leveraging overseas factory capacity to mitigate potential trade tariff risks [5][6] International Trade Risk Management - Zhongchong possesses significant advantages in managing international trade risks, with over half of its overall orders produced in overseas factories, particularly in the U.S. [6] - The company can meet local demand through domestic production in the U.S. if tariffs are imposed, benefiting from lower raw material costs despite higher labor costs [6] Capacity Expansion Plans - Capacity enhancement plans in the U.S. and Canada include: 1. A new production line at the Canadian factory expected to be operational by mid-next year [7] 2. A 15% capacity increase at the U.S. factory following recent technical upgrades [7] Revenue and Profit Forecast - Projected domestic revenue for Zhongchong is approximately 1.4 billion yuan this year, 1.8 billion yuan next year, and potentially 2.5 to 2.6 billion yuan in the following year, with an overall growth rate of around 30% [8] - Total revenue estimates for the next three years are 4.5 billion, 5.4 billion, and 6 to 6.4 billion yuan, respectively, with profits expected to reach 330 to 340 million yuan this year, 390 million yuan next year, and 450 to 500 million yuan in the following year [8] Brand Growth Outlook - The future brand growth outlook for Zhongchong is optimistic, supported by overseas market expansion and strong domestic profitability, with a target price of 46 yuan compared to the current stock price of 34 yuan [9] Profitability Metrics - The net profit margin for Zhongchong's products in the U.S. market is close to 20%, attributed to cost advantages from local production [10] Additional Investor Services - Guojin Agriculture offers various services, including data on Double 11 rankings and expert conference calls to help investors understand industry dynamics [11]

债券代码：127076 债券简称：中宠转 2 特别提示： 1、债券代码：127076 债券简称：中宠转 2 2、转股起止时间：2023 年 5 月 4 日至 2028 年 10 月 24 日 3、暂停转股时间：2024 年 11 月 15 日至 2024 年前三季度权益分派股权登 记日 4、恢复转股时间：公司 2024 年前三季度权益分派股权登记日后的第一个交 易日 烟台中宠食品股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日召 开 2024 年第二次临时股东大会，审议通过了《关于公司 2024 年前三季度利润分 配预案的议案》，公司将于近日根据相关规定实施 2024 年前三季度权益分派。 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》中"转 股价格的调整方式及计算公式"（详见附件）相关条款的规定，自 2024 年 11 月 15 日起至本次权益分派股权登记日止，公司可转换公司债券（债券简称：中宠转 2，债券代码：127076）将暂停转股，本次权益分派股权登记日后的第一个交易 日起恢复转股。 证券代码：002891 证券简称：中宠股份 公告编号：2024-061 烟台中宠 ...

北京植德律师事务所 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 北京植德律师事务所 关于烟台中宠食品股份有限公司 2024 年第二次临时股东大会的 法律意见书 植德京(会)字[2024]0146 号 致：烟台中宠食品股份有限公司（贵公司） 关 于 烟台中宠食品股份有限公司 2024 年第二次临时股东大会的 法律意见书 植德京(会)字[2024]0146 号 二〇二四年十一月 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 年第二次临时股东大会（以下简称"本次会议"）。 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"《 ...

烟台中宠食品股份有限公司 证券代码：002891 证券简称：中宠股份 公告编号：2024-060 债券代码：127076 债券简称：中宠转 2 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：2024 年 11 月 14 日 14:30 ②网络投票时间： 关于 2024 年第二次临时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。 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 2024 年 11 月 14 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 2024 年 11 月 14 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown significant growth in both domestic and international markets, with a notable increase in revenue and net profit for Q3 2024. The revenue reached 3.189 billion yuan, a year-on-year increase of 17.56%, while the net profit was 282 million yuan, up 59.54% year-on-year [6] - The domestic business has achieved comprehensive profitability in 2024, and the company plans to enhance profitability through various measures, including increasing the proportion of high-margin products and optimizing product structure [6] - The company has expanded its international presence, with products exported to 82 countries and regions across five continents, and its own brand exported to 68 countries [6] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 1.232 billion yuan, a year-on-year increase of 23.55%, and a net profit of 140 million yuan, up 73.18% year-on-year [6] - The gross profit margin for Q3 2024 was 26.89%, with a net profit margin of 11.36%, reflecting a year-on-year increase of 3.24 percentage points [10] Employee Stock Ownership Plan - The company launched an employee stock ownership plan in August 2024, aiming to align the interests of employees and shareholders, improve corporate governance, and enhance employee motivation and creativity [7] Profit Forecast and Valuation - The company is expected to achieve net profits of 359 million yuan, 413 million yuan, and 472 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 53.8%, 15.3%, and 14.2% [8] - The current closing price corresponds to a PE ratio of 26.47 for 2024 and 22.96 for 2025, with a reasonable valuation range of 35.35 to 36.57 yuan based on a PE of 29 to 30 times for 2024 [8] Business Segmentation - The company’s revenue from pet snacks is projected to grow at a rate of 9% in 2024, while pet canned food is expected to grow by 15%. Pet dry food is anticipated to see a significant growth rate of 35% in 2024 [11]