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：2025-023 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 关于公司 2024 年度利润分配预案及提请股东大会授权 董事会决定 2025 年各季度利润分配方案的公告 在本次利润分配预案披露至实施前，若公司股本由于可转债转股、股份回购、 股权激励行权等原因发生变动，则以权益分派实施时股权登记日享有利润分配权 的股份总额为基数，公司将按照分配比例不变的原则进行调整并在权益分派实施 公告中披露。 烟台中宠食品股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开 第四届董事会第十五次会议和第四届监事会第十一次会议，审议通过了《关于公 司 2024 年度利润分配预案及提请股东大会授权董事会决定 2025 年各季度利润 分配方案的议案》，现将有关事项公告如下： 重要内容提示： 每股分配比例：每 10 股派发现金红利 1.50 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，股权登记日 具体日期将在权益分 ...

Group 1: Market Overview - US stock index futures fell on Monday, and the US dollar index dropped below 99.00 for the first time since April 2022 [2] - Trump hinted at a desire to lower tariffs on China, suggesting a potential agreement within a month [2] - The domestic stock market is being supported by government efforts to stabilize the market and promote healthy development in the real estate sector [5][11] Group 2: Company Developments - MP Materials has ceased exporting rare earth concentrates to China, which may lead to a tightening of domestic supply and a potential increase in overseas rare earth prices [4][12] - Tesla's production of the low-cost Model Y may be delayed until next year, with significant sales declines reported in Europe, particularly in Germany, Denmark, and Sweden, where sales fell over 50% [3] - The first quarter saw significant profit increases for several companies, including: - Cambrian Technology with a net profit of 355 million yuan, turning a profit year-on-year [16] - Zhongji Xuchuang with a net profit of 1.583 billion yuan, up 56.83% year-on-year [16] - Zhengdan Co. with a net profit of 389 million yuan, a 558.59% increase year-on-year [16] Group 3: Industry Trends - The consumer electronics industry is experiencing a recovery, driven by demand for passive components like MLCCs, with prices rising due to increased orders and low inventory levels [13] - The humanoid robot industry is gaining traction, with the first humanoid robot half-marathon held in Beijing, showcasing advancements in robotics and potential market expansion [14] - The AI sector is driving demand for passive components, with projections indicating that the demand for MLCCs in AI applications will grow at an annual rate exceeding 30% by 2030 [13]

• 中国人口结构变化推动宠物饲养需求增加，95 后、00 后及老龄人口成为 养宠主力军，多宠家庭数量呈现增长趋势，中老年宠物比例预计未来五年 提升 20%，宠物主粮市场呈现多元化购买行为，成分和功效是消费者首要 关注因素。 • 中宠股份海外子公司 2023 年合计收入约 33 亿元，占整体外销收入 50%，美国子公司盈利能力保持较高增长，美国第一工厂净利率达 21%。公司积极搭建资源 IP，通过联名 IP 实现品牌破圈，不断提升自身 影响力与市场份额。 中宠股份在国内市场和海外市场的发展情况如何？ 长江农业研究员光前如何评价中宠股份的产品矩阵和自主品牌发展？ 中宠股份在产品矩阵和自主品牌发展方面表现出色。公司加快了产品推陈出新 的速度，自主品牌进入明显的加速成长期，建议投资者重点关注。中宠股份从 1998 年成立以来，一直专注于零食主粮领域的研发、生产和销售，竞争力强 劲。自 2017 年上市后，公司进入快速发展阶段，收购领先品牌并与京东等进 行战略合作，同时在全球布局产能，包括加拿大、新西兰和洛杉矶工厂。这些 举措提升了公司的抗风险能力。 中宠股份 20250415 摘要 • 中宠股份自 2017 年上市后 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

证券代码：002891 证券简称：中宠股份 公告编号：2025-017 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 关于使用部分闲置自有资金进行现金管理的公告 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。 2025 年 4 月 7 日，烟台中宠食品股份有限公司（以下简称"公司"）召开第 四届董事会第十四次会议、第四届监事会第十次会议，审议通过了《关于使用部 分闲置自有资金进行现金管理的议案》。为了提高自有资金使用效率，为公司及 股东获取更多的回报，在不影响公司日常生产经营的前提下，同意公司及子公司 使用不超过人民币 5 亿元的闲置自有资金购买银行及其理财子公司的产品、资产 管理计划、收益凭证等投资产品以及进行深圳证券交易所认可的其他投资行为。 投资期限为自董事会审议通过之日起 12 个月内。在投资期限内，该额度可以循 环使用。 同时，公司董事会授权财务总监在该额度范围及投资期限内行使投资决策权， 公司财务部为具体执行部门。公司将按照相关规定严格控制风险，对相关投资产 品进行严格评估，选择流动性与投资回报相对较好的标的。具体情况如下 ...

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：2025-016 烟台中宠食品股份有限公司 关于第四届监事会第十次会议决议的公告 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 4 月 7 日烟台中宠食品股份有限公司（以下简称"公司"）第四届监 事会第十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 28 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： 1、审议通过《关于使用部分闲置自有资金进行现金管理的议案》 《关于使用部分闲置自有资金进行现金管理的公告》详见公司指定的信息披 露媒体《中国证券报》《上海证券报》《证券日报》《证券时报》和巨潮资讯网 （http:// ...

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：2025-015 表决结果：9 票赞成，0 票反对，无弃权票，一致通过。 烟台中宠食品股份有限公司 关于第四届董事会第十四次会议决议的公告 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。 一、董事会会议召开情况 2025 年 4 月 7 日烟台中宠食品股份有限公司（以下简称"公司"）第四届 董事会第十四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 28 日通过专人送达、电子邮件等方式送达给董事、监事和高 级管理人员，本次会议应出席会议董事 9 人，实际出席会议董事 9 人，其中郝忠 礼先生、伊藤范和先生、董海风女士、郝宸龙先生以通讯表决方式出席会议，公 司董事长郝忠礼先生主持了本次会议，公司全体监事、高级管理人员列席会议， 会议的召开符合《中华人民共和国公司法》及《公司章程》的规定。 二、董事会会议审议情况 经与会董事对本次董事会议案的审议表决，形成如下决议： 1、审议通过《关于使用部分闲置自有资金进行现金管理的议案》 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].