2025 年 7 月 13 日 行业研究 6 月猪企销售月报解读 ——光大证券农林牧渔行业周报（20250707-20250713） 要点 6 月猪企销售月报解读。（1）出栏量：小幅增量。13 家上市猪企合计出栏生 猪 1626.81 万头，环比+2.65%，同比+47.55%。头部集团中，牧原股份/温氏 股份/新希望的生猪出栏总量环比分别+7.63%/-4.69%/-0.29%。中游企业中， 金新农/巨星农牧/正邦科技/天康生物/天邦食品 6 月出栏总量环比分别增长 38.35%/28.02%/6.56%/5.83%/1.08%，其余企业总出栏量环比均有不同程度 的下降，大部分降幅在 15%以内。具体来看，1）商品猪方面，6 月 13 家上市 猪企出栏商品猪总量约为 1354.49 万头，环比+3.30%，同比+43.36%。随着年 内需求逐步回升，上市公司商品猪出栏量呈现正常季节性上升，未大幅增加， 且行业内肥猪销售情况明显分化。2）仔猪方面，13 家猪企仔猪出栏总量约为 268.89 万头，环比-1.90%，同比+74.14%。短期猪价回落带动仔猪补栏情绪转 弱，上市公司仔猪销量环比持平略降。其中，仔销 ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 07 月 07 日 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 李冉 liran02@huayuanstock.com 投资评级： 看好（维持） 猪价高位回落，推荐"平台+生态" 模式代表德康农牧 ——农林牧渔行业周报（20250630-20250704） 饲料：重点推荐海大集团，现金流拐点+海外高增长。 证券分析师 投资要点： 生猪：猪价高位回落，行业产能调控政策持续。 猪价高位回落，涌益数据最新猪价为 14.94 元/kg，出栏均重略升至 128.64kg，15Kg 仔猪报价稳定在 530 元/头左右，前期降重压力缓解，标肥价差拉大后养殖群体惜售 情绪增加，猪价短期反弹冲高后略有回落。伴随今年生猪企业持续降本增效，成本 优势企业最新完全成本已降至 12 元/kg 左右，企业盈利或维持较好水平， ...

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 农林牧渔 沪深300 相关研究报告 《2025Q2 猪企利润或仍同比高增， 供给收缩宏观催化共振积极配置—行 业周报》-2025.6.29 《消费逐步进入淡季，短期鸡价或有 压力—行业点评报告》-2025.6.23 《供给收缩已至支撑猪价上行，618 宠物食品龙头表现亮眼—行业周报》 -2025.6.22 10 农林牧渔 2025 年 07 月 06 日 投资评级：看好（维持） 行业走势图 供给收缩与宏观催化共振，2025Q3 猪价存在强支撑 ——行业周报 | 陈雪丽（分析师） | 王高展（分析师） | 朱本伦（联系人） | | --- | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | zhubenlun@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | 证书编号：S0790124060020 | 周观察：供给收缩与宏观催化共振，2025Q3 猪价存在强支撑 供给收 ...

行 业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 (8621)23297818× shenghan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 05 日 养殖盈利兑现，"后周期"景气上行，宠物 食品龙头延续较快增长 看好 ——农林牧渔行业 2025 年中报前瞻 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 评 - ⚫ 生猪养殖盈利兑现，禽养殖景气分化，"后周期"景气上行，宠物食品龙头延续高增。2025 年上半年，预计农林牧渔行业整体盈利明显改善，根据我们跟踪的 22 家上市企业来看，预 计生猪养殖、饲料业、宠物食品、动物保健表现较好，从单 Q2 业绩增速来看，预计以下公 司表现较好（业绩增速超过 30%）：晓鸣股份（扭亏为 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-037 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 2025 年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 一、可转换公司债券发行上市情况 经深圳证券交易所审核同意，中国证监会《关于同意佩蒂动物营养科技股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕3596号）同 意注册，公司可向不特定对象发行面值不超过人民币72,000.00万元的可转换公司债 券。 1 1. 债券代码：123133； 2. 债券简称：佩蒂转债； 3. 转股期起止日期：自2022年6月28日起至2027年12月21日止； 4. 当前有效转股价格：17.57元/股； 5. 2025年第二季度，共有360张佩蒂转债（票面金额合计36,000.00元）完成转 股，合计转换成本公司股票（股票名称：佩蒂股份，股票代码：300673）2,048 股； 6. 自开始转股始至2025年6月30日止，共有2,224张佩蒂转债完成转股，票面 ...

股票简称：佩蒂股份 股票代码：300673.SZ （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年六月 重要声明 国投证券股份有限公司（以下简称"国投证券"）编制本报告的内容及信 息均来源于佩蒂动物营养科技股份有限公司（以下简称"发行人"、"公司" 或"佩蒂股份"）对外公布的《佩蒂动物营养科技股份有限公司 2024 年年度报 告》等相关公开信息披露文件、发行人提供的证明文件以及第三方中介机构出 具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国投证券所作的 承诺或声明。 债券简称：佩蒂转债 债券代码：123133.SZ 佩蒂动物营养科技股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告（2024 年度） 债券受托管理人 第一节 本次债券情况 一、注册文件及注册规模 佩蒂股份本次向不特定对象发行可转换公司债券相关事项已经公司 2021 年 5 月 25 日召开的第三届董事会第三次会议审议通过，并经 2021 年 6 月 11 日 召开的 2021 年第二次临时股东大会审议通过，于 2021 年 ...

股票简称：佩蒂股份 股票代码：300673.SZ 债券简称：佩蒂转债 债券代码：123133.SZ 佩蒂动物营养科技股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告（2024 年度） 债券受托管理人 （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年六月 重要声明 国投证券股份有限公司（以下简称"国投证券"）编制本报告的内容及信 息均来源于佩蒂动物营养科技股份有限公司（以下简称"发行人"、"公司" 或"佩蒂股份"）对外公布的《佩蒂动物营养科技股份有限公司 2024 年年度报 告》等相关公开信息披露文件、发行人提供的证明文件以及第三方中介机构出 具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国投证券所作的 承诺或声明。 1 | 目录 | | --- | | | 重要声明 1 | | --- | --- | | | 目录 2 | | 第一节 | 本次债券情况 3 | | 第二节 | 债券受托管理人履行职责情况 10 | | 第三节 | 发行人经营与财务状况 11 | | 第四节 | 发行人募集 ...

Summary of the Pet Food Industry Conference Call Industry Overview - The conference call focuses on the pet food industry in China, particularly during the 2025 "618" shopping festival, highlighting the competitive landscape and consumer trends in the market [1][2][3][4][21]. Key Points and Arguments Market Share and Brand Performance - During the 2025 "618" shopping festival, domestic brands captured 65% of the top 20 pet food brands on Tmall, up from 55% in 2022, indicating a growing dominance of local brands [1][4]. - The top three brands on Tmall were all domestic: Xianlang, Maifudi, and Royal Canin, with Maifudi consistently ranking in the top two since 2020 [1][4][6]. - Xianlang emerged as the fastest-growing brand, moving from fifth in 2023 to first in 2025, while Freycat also showed significant improvement, rising three places to fifth [5][16]. Sales Performance - The overall sales of pet food during the 2025 "618" festival reached 7.5 billion yuan, a 36% increase from 5.5 billion yuan in 2024 [2]. - On JD.com, pet food user transactions increased by 32%, with new pet owners growing by 39% [3][7]. Consumer Trends - There is a notable shift towards health products and prescription diets, with prescription pet food sales increasing by 60% year-over-year and baked food by 50% during the festival [1][6]. - The pet food industry is experiencing a consumption upgrade, with mid-to-high-end price segments growing significantly faster than the overall market [23]. Competitive Landscape - The competition is characterized by a "two strong, many strong" dynamic, with Maifudi and Royal Canin leading, while brands like Xianlang, Freycat, and Blue's are emerging as strong contenders [1][4][21]. - The entry of new brands such as Xiaopei and Xu Cuihua into the rankings indicates a challenging environment for smaller brands to break through [5][6]. Marketing and Innovation - Leading brands are focusing on clear brand positioning and innovative marketing strategies, with concepts like "freshness" and "safety" becoming prevalent [25]. - The trend of "spoonification" is expected to continue supporting the growth of pet ownership, particularly among younger generations [21]. Additional Important Insights - The market share of foreign brands in the top 25 has dropped below 30%, highlighting the competitive advantage of domestic brands in product innovation and marketing [22]. - The overall GMV growth for pet food across major e-commerce platforms reached 16.8% in the first five months of 2025, compared to 13.6% in 2024 [23][24]. - The investment return rates for leading brands are improving, with increased support from platforms like Tmall and Douyin for the pet segment [24]. This summary encapsulates the key developments and trends in the pet food industry as discussed during the conference call, providing insights into market dynamics, brand performance, and consumer behavior.

佩蒂动物营养科技股份有限公司 相关债券 2025 年跟踪评级报告 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 中鹏信评【2025】跟踪第【671】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...