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"《 ...

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 ...

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]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 40 CNY per share, compared to the current price of 30.06 CNY [1]. Core Insights - The company reported a revenue of 3.189 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 17.56%. The net profit attributable to the parent company was 282 million CNY, up 59.54% year-on-year. In Q3 2024, revenue reached 1.232 billion CNY, with a year-on-year increase of 23.55%, and net profit of 140 million CNY, growing 73.18% year-on-year [1][2]. - The overseas business growth exceeded expectations, with a nearly 20% increase in Q3, significantly higher than the growth rate in the first half of the year. The company benefited from the expansion in the European market, with export growth around 20%. The U.S. factory's maintenance was completed in September, leading to a slight revenue increase, while the Canadian factory saw substantial growth by taking on U.S. orders. Future capacity increases are anticipated with the second phase of the Canadian factory expected to be operational in the second half of 2025 and the second phase of the U.S. factory in early 2026 [2]. - The company has three major proprietary brands, each showing distinct strengths. The brand "Wang Pi" has improved its core product offerings and profitability. "ZEAL" has upgraded its classic products and launched popular new items, achieving strong market feedback. "Toptrees" has successfully engaged in promotional activities linked to popular IPs, resulting in a 135% year-on-year sales increase in Q3 [2]. - The gross margin showed slight fluctuations, with Q3 gross margin at 26.9%, down 0.4 percentage points year-on-year. Domestic business gross margin improved slightly due to brand structure optimization, while overseas gross margin faced pressure from currency fluctuations and rising raw material prices [2]. - The report projects an increase in earnings per share (EPS) for 2024-2026, adjusting the forecast to 1.21 CNY, 1.47 CNY, and 1.91 CNY respectively, based on Q3 performance and the anticipated capacity increase from the Canadian factory [2][3]. Financial Summary - For 2024, the company is expected to achieve total revenue of 4.559 billion CNY, a year-on-year growth of 21.7%. The net profit attributable to the parent company is projected at 354 million CNY, reflecting a 52% increase year-on-year. The EPS is forecasted to be 1.21 CNY, with a price-to-earnings (P/E) ratio of 25 [3][6].

证券代码：002891 证券简称：中宠股份 公告编号：2024-059 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 关于召开 2024 年第二次临时股东大会通知的公告 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、 根据烟台中宠食品股份有限公司（以下简称"公司"）第四届董事会第九 次会议决议，公司定于 2024 年 11 月 14 日召开 2024 年第二次临时股东大会。 一、召开会议的基本情况： 1、股东大会届次：2024 年第二次临时股东大会 2、会议召集人：公司董事会（根据公司第四届董事会第九次会议决议） 3、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件、深 圳证券交易所相关业务规则及《公司章程》等的规定。 4、召开日期、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： 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。 误导性陈述或重大遗漏。 通过深圳证券交易所互联网 ...

债券代码：127076 债券简称：中宠转 2 关于公司 2024 年前三季度利润分配预案的公告 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： 每股分配比例：每 10 股派发现金红利 2.50 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派实施公告中明确。 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 2024 年 10 月 29 日召 开第四届董事会第九次会议和第四届监事会第七次会议，审议通过了《关于公司 2024 年前三季度利润分配预案的议案》，本议案尚需提交公司股东大会审议，现 将有关事项公告如下： 一、利润分配预案的基本情况 1、利润分配预案的具体内容 证券代码：002891 证券简称：中宠股份 公告编号：2024-058 烟台中宠食品股份有限公司 根据公 ...

证券代码：002891 证券简称：中宠股份 公告编号：2024-056 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 关于第四届董事会第九次会议决议的公告 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 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《关于公司 2024 年前三季度利润分配预案的议案》。 表决结果：9 票赞成，0 票反对，无弃权票，一致通过。 根据公司 2024 年三季度财务报告（未经审计），公司 2024 年前三季度合 并报表实现归属于上市公司股东的净利润为 281,959,622.61 元。 依据《上市公司监管指引第 3 号——上市公司现金分红》等有关法律、法 规、规范性文件以及《公司章程》的相关规定，为积极回报股东，与股东共享 公司发展的经营成果，公司拟定的 2024 年前三季度利润分派预案为：以公司现 有总股本 294,114,203 股为基数，向全体股东每 10 股派发现金人民币 2.50 元 （含税），预计派发现金 73,528,550.75 元。本次分配不送红股 ...

二、监事会会议审议通过情况 证券代码：002891 证券简称：中宠股份 公告编号：2024-057 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 关于第四届监事会第七次会议决议的公告 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 2024 年 10 月 29 日烟台中宠食品股份有限公司（以下简称"公司"）第四届 监事会第七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 2024 年 10 月 19 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先生主持了本次会议。本次会议的召开符合《中华人 民共和国公司法》等法律、法规及《公司章程》的规定，会议合法有效。 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《关于公司 2024 年前三季度利润分配预案的议案》。 表决结果：3 票赞成，0 票反对，无弃权票。一致通过。 根据中国证监会鼓励上市公司现金分红及给予投资者稳定、 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][6] Core Views - The company's main business continues to grow, with investment income increasing, leading to a 73% year-on-year growth in net profit attributable to shareholders in Q3 2024 [4][6] - For the first three quarters of 2024, the company achieved an operating income of 3.189 billion yuan, a year-on-year increase of 17.56%, primarily due to high overseas business activity and the expansion of domestic brand operations [4][6] - The Q3 2024 net profit attributable to shareholders reached 140 million yuan, reflecting a quarter-on-quarter increase of 62.79% and a year-on-year increase of 73.18% [4][6] Summary by Sections Financial Performance - In Q3 2024, the company reported an operating income of 1.232 billion yuan, a quarter-on-quarter increase of 14.29% and a year-on-year increase of 23.55% [4][6] - The net profit attributable to shareholders for Q3 2024 was 140 million yuan, with a significant contribution from investment income, which increased by nearly 40 million yuan compared to the same period last year [4][6] - The gross profit margin for the first three quarters of 2024 was 27.55%, with a slight year-on-year increase of 1.70 percentage points [4][6] Expense Management - Sales expenses for the first three quarters of 2024 amounted to 333 million yuan, a year-on-year increase of 32.42%, with a sales expense ratio of 10.45% [5][6] - Management expenses were 133 million yuan, reflecting a year-on-year increase of 26.57% [5][6] - Financial expenses remained stable at 17 million yuan, with a financial expense ratio of 0.53% [5][6] Cash Flow and Working Capital - The net operating cash flow for the first three quarters of 2024 was 198 million yuan, a year-on-year decrease of 31.42% [6] - The inventory turnover days were 66 days, a year-on-year decrease of 16.68%, while accounts receivable turnover days increased to 51 days, a year-on-year increase of 15.18% [6] Profit Forecast - The net profit forecast for 2024 has been adjusted to 300 million yuan, up from the previous estimate of 270 million yuan, with projections for 2025 and 2026 remaining at 310 million yuan and 350 million yuan, respectively [6][8]