| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-014 | | --- | --- | --- | | 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 关于回购公司股份的进展公告（截至 2026 年 3 月末） 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。 2025年11月24日，佩蒂动物营养科技股份有限公司（以下简称公司）召开第四届董 事会第十六次会议，审议通过了《关于以集中竞价方式回购公司股份方案的议案》，批准 公司可以使用自有资金5,000万元（含）——7,000万元（含）人民币以集中竞价交易方 式回购公司部分股份，回购价格不超过26.00元/股，回购期限自董事会审议通过本回购方 案之日起不超过六个月，回购的股份拟全部用于股权激励或者员工持股计划。 本次回购方案的具体内容见公司分别于2025年11月25日、2025年11月26日在巨潮资 讯网（http://www.cninfo.com.cn/）披露的《关于以集中竞价方式回购公司股份方案的公 告》（公告编号：2025-058）和《回购股份报 ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-013 | | --- | --- | --- | | 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 2026 年第一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。 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，佩蒂动物营养科技股份有限公司（以下简称公司）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。 公司本次发行可转换公司债券的名称为佩蒂转债，每张面值为人民币100元，按面值 平价发行，共计720万张，期限为6年。 公司本次发行可转换公司债券的募集资金总额为人民币720,000,000.00元，扣除保 荐及承销费用、中介费用、手续费、信息披露费等相关费用后，募集资金净额为人民币 711,859,782.01元。上述募集资金于2021年12月28日划入募集资金专户，中汇会 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights a continuous decline in pig prices, while pet food exports are experiencing rapid growth [1]. - The industry is currently trading at a lower price-to-earnings (P/E) and price-to-book (P/B) ratio compared to historical averages, indicating potential for valuation recovery [6][9]. Summary by Sections Market Review - In March 2026, the agriculture, forestry, animal husbandry, and fishery index fell by 4.26%, outperforming the CSI 300 index, which declined by 4.42% [6][9]. - All sub-sectors experienced varying degrees of decline, with the pet food sector showing the largest drop [9]. Livestock Farming Data Tracking - Pig prices continued to decline in March 2026, with an average trading price of 9.62 CNY/kg, a week-on-week decrease of 4.37% [14]. - The average price for 7 kg piglets was 278.61 CNY/head, down 11.80% week-on-week [14]. - White feather chicken prices initially rose but then fell, with an average price of 3.51 CNY/jin, a decrease of 4.10% month-on-month [24]. Pet Food - Pet food exports saw significant growth, with February 2026 exports reaching 33,500 tons, a year-on-year increase of 60.85% [30]. - The export value in February 2026 was 120 million USD, reflecting a year-on-year increase of 53.53% [30]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, Suqian Agricultural Development, Guibao Pet, Zhongchong Co., Petty, and Qiule Seed Industry, all rated as "Buy" [1].

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The report highlights a continuous decline in pig prices, while pet food exports are experiencing rapid growth [1] - The industry is currently trading at a price-to-earnings (PE) ratio below historical averages, indicating potential for valuation recovery [6] Summary by Sections Market Review - In March 2026, the agriculture, forestry, animal husbandry, and fishery index fell by 4.26%, outperforming the Shanghai and Shenzhen 300 index, which declined by 4.42% [6][9] - All sub-sectors experienced varying degrees of decline, with the pet food sector showing the largest drop [9] Livestock Farming Data Tracking - Pig prices continued to decline in March 2026, with an average trading price of 9.62 yuan/kg, a week-on-week decrease of 4.37% [14] - The average price for 7 kg piglets was 278.61 yuan/head, down 11.80% week-on-week [14] - White feather chicken prices initially rose before falling, with an average price of 3.51 yuan/jin, a decrease of 4.10% month-on-month [24] Pet Food - Pet food exports saw significant growth, with February 2026 exports reaching 33,500 tons, a year-on-year increase of 60.85% [30] - The export value in February 2026 was 120 million USD, up 53.53% year-on-year [30] Major Agricultural Product Price Tracking - In March 2026, corn and wheat prices showed an upward trend, while soybean meal prices increased as well [34][39] Industry Dynamics and Company News - The report tracks key industry events, including a meeting organized by the National Development and Reform Commission to discuss market regulation in response to falling pig prices [43] - Several companies in the sector have announced various guarantees and financing activities, indicating ongoing corporate actions within the industry [45][46]

Investment Rating - The report maintains a "Positive" outlook on the agriculture, forestry, animal husbandry, and fishery sector, indicating an expectation for the industry to outperform the overall market [2][3]. Core Insights - The swine farming sector is experiencing a significant downturn, with the first loss in piglet profits during the peak season in five years observed in late March. This is expected to accelerate capacity reduction, reinforcing the anticipation of a cyclical reversal [2][3]. - The report suggests that the investment logic for the sector remains clear, with a focus on left-side investment opportunities in the breeding industry. The ongoing geopolitical conflicts and rising oil prices are likely to increase uncertainty in the global commodity supply chain, leading to a gradual shift from thematic investments to left-side layout logic in agricultural product pricing [2][3]. - The report highlights that the prices of live pigs continue to decline, with losses expanding for both fat and piglet prices. The average price of live pigs in China was reported at 9.41 CNY/kg, a decrease of 4.1% week-on-week, marking a new ten-year low. The average loss for self-breeding sows with a stock of 5,000-10,000 heads has increased to 344.9 CNY/head, reflecting a loss increase of approximately 53 CNY/head from the previous week [2][3]. - The report emphasizes the importance of focusing on companies with superior breeding efficiency and cost management, as these firms are expected to maintain profitability despite the overall industry challenges [2][3]. Summary by Sections Swine Farming - The average price of live pigs has dropped significantly, with a notable decline in piglet prices leading to losses across the board. The report anticipates a notable acceleration in the reduction of breeding capacity [2][3]. - The average weight of market pigs is reported at 128.71 kg, with inventory pressures still evident in the industry [2][3]. Poultry Farming - The report notes slight fluctuations in the prices of major poultry products, with the average sales price of white feather broilers at 3.45 CNY/kg, reflecting a 3.09% decrease week-on-week. The ongoing supply of white chickens is expected to remain abundant in 2026 [2][3]. Livestock - The beef market remains strong, with the average price of fattened bulls at 26.1 CNY/kg, showing a 0.9% increase week-on-week. The report suggests a potential turning point for the livestock sector in 2026 [2][3]. Pet Food - In February 2026, China's pet food export value was reported at 840 million CNY, a decrease of 9.5% month-on-month but an increase of 49.6% year-on-year. The report highlights the competitive landscape for domestic pet food brands [2][3].

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook for the industry compared to the overall market performance [2][3]. Core Insights - The swine breeding industry is entering a challenging phase, with the first loss of piglets during the peak season in nearly five years observed in late March. This suggests a significant acceleration in capacity reduction, reinforcing expectations of a cyclical reversal [2][3]. - The report highlights the ongoing geopolitical conflicts and rising oil prices, which are likely to increase uncertainty in the global commodity supply chain. This may lead to a gradual shift in agricultural product prices from thematic investments to left-side layout logic, as both holdings and valuations in the sector are at historical lows [2][3]. - The report suggests focusing on companies with strong breeding efficiency and cost management, as they are expected to maintain profitability despite the current market conditions. Companies such as Muyuan Foods, Dekang Animal Husbandry, and Wens Foodstuff are recommended for investment [2][3]. Summary by Sections Market Performance - The Shenwan Agricultural Index fell by 2.9%, while the CSI 300 Index decreased by 1.4%. The top five gainers included Xiwang Food (+13.9%) and Guannong Co. (+11.6%), while the biggest losers were Zhongxing Junye (-18.3%) and Juxing Animal Husbandry (-8.7%) [2][3][8]. Swine Breeding - The average price of external three yuan pigs was reported at 9.41 yuan/kg, a decrease of 0.40 yuan/kg (4.1%) week-on-week. The price has reached a ten-year low, with losses for self-breeding sows increasing to 344.9 yuan per head [2][3]. - The average price of weaned piglets dropped to 251 yuan per head, a decrease of 32 yuan week-on-week, with a total decline of nearly 100 yuan since March [2][3]. Poultry and Livestock - The report notes that chicken prices have shown slight fluctuations, with the average price of white feather chicken at 3.45 yuan/kg, down 3.09% week-on-week. The supply of white chickens remains abundant, which is expected to influence product prices positively [2][3]. - Beef prices remain strong, with the average price for fattened bulls at 26.1 yuan/kg, reflecting a 0.9% increase week-on-week. The report anticipates a "meat and milk resonance" cycle in the livestock sector in 2026 [2][3]. Pet Food - In February 2026, China's pet food exports amounted to 840 million yuan (120 million USD), a decrease of 9.5% month-on-month but an increase of 49.6% year-on-year. The average export price was reported at 25,000 yuan/ton, down 7.0% year-on-year [2][3].

Investment Rating - The report assigns an "Accumulate" rating for the agricultural sector [6] Core Insights - The report highlights a continued optimistic outlook for agricultural products due to ongoing international conflicts, which are expected to drive prices upward [3] - The domestic pet market is experiencing rapid growth, with companies like Zhongchong Co. and Guai Bao Pet at low valuation levels, presenting investment opportunities [4] - The livestock sector is facing challenges with high weights and low prices, particularly in the pig market, where prices are expected to remain depressed [5] Summary by Sections Planting Sector - The report maintains a positive outlook for agricultural prices, particularly for major crops like soybeans, corn, and wheat, with current prices at 4,277 CNY/ton for soybeans, 2,453 CNY/ton for corn, and 2,588 CNY/ton for wheat [3] - The ongoing conflict in the Middle East is expected to increase demand for vegetable oil raw materials due to rising energy prices [3] - Recommended companies include Kangnong Seed Industry, which leads in corn seed variety iteration, and Nopson, which is expected to benefit from blueberry sales growth [3] Livestock Sector - The average weight of pigs at market is currently 128.71 kg, with prices continuing to decline, leading to a negative outlook for the sector [5] - The report suggests that rising feed costs due to higher corn prices will further pressure the livestock industry [5] - Recommended stocks in this sector include Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [5] Pet Sector - The domestic pet market is growing rapidly, with major pet exhibitions in cities like Beijing and Shenzhen showcasing the industry's vitality [4] - Companies with overseas production capacity and increasing orders are expected to perform well despite currency fluctuations [4] - Key investment opportunities highlighted include Guai Bao Pet and Zhongchong Co., both of which are at low valuation levels [4] Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations to accumulate shares in companies like Muyuan Foods (PE 9.40), Wens Foodstuff Group (PE 13.11), and Kangnong Seed Industry (PE 11.05) [36]

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food Industry Key Points Financial Performance and Market Outlook - In 2025, overseas revenue declined by over 10% due to U.S. tariffs and procurement strategies, but gross margin improved against the trend [2][3] - Orders began to recover in Q4 2025, with expectations for single-digit growth in the U.S. market and greater potential in Europe for 2026 [2][3] - The company managed to stabilize gross margins despite a revenue decline, maintaining profitability similar to 2024 [3][4] Tariff and Currency Management - Tariff rates for the Vietnam factory were temporarily reduced to 5% for 150 days, while Cambodia's rate remained at 19% [2][4] - The company employs a strategy to manage USD positions within a 6.8-7.2 exchange rate range to mitigate RMB appreciation pressure [2][4] Cost Structure and Product Strategy - Chicken prices are expected to rise in 2026, but the company plans to buffer Q1 pressure with low-cost inventory from 2025 [2][6] - The high proportion of rawhide in the cost structure provides stability compared to peers, with plans to adjust product mix to address cost fluctuations [2][6] Domestic Market Growth - The domestic brand target growth for 2026 is over 30%, focusing on staple food categories [2][7] - The "Jueyan" brand contributes 70-80% of revenue, with an online direct sales gross margin of 40-50%, aiming to exceed 1 billion RMB in scale over the next three years [2][7][10] New Zealand Operations - The New Zealand staple food factory is a core source of performance elasticity, with expected losses narrowing to 40-50 million RMB after export restrictions are lifted in 2026 [2][13] - A capacity utilization rate of 40% is needed for breakeven, with full capacity potentially contributing 160-170 million RMB in net profit [2][13] M&A and Product Line Expansion - The company is focusing on M&A to fill product line gaps, particularly in staple foods and cat products, with Southeast Asia as a primary market for brand expansion [2][3][11] - Plans to introduce new staple products, including freeze-dried options, are underway, leveraging existing production capabilities [2][8][11] R&D and Product Development - R&D efforts are concentrated on pet snacks, with collaborations for staple food development due to a later market entry [2][12] - The company plans to increase R&D investment, particularly in new product lines like baked and freeze-dried foods [2][12] Competitive Landscape - The domestic pet food market is seeing increasing concentration, with a stable head brand landscape but significant internal ranking changes [2][14] - High-quality, differentiated products and unique supply chains are key competitive advantages, with a focus on maintaining product quality amid rising online marketing costs [2][14] Future Projections - The company aims for a 30% revenue growth in domestic brands for 2026, with a focus on maintaining gross margins and reducing losses in the staple food segment [2][10][11] - The overall strategy includes continuous monitoring of market dynamics and potential acquisition opportunities, especially for brands lacking production capabilities [2][14]

Core Insights - The report indicates that the pig farming industry is currently facing a downturn due to oversupply, leading to a continuous decline in pig prices. As of mid-March 2026, the average price for live pigs in China dropped to 10.16 yuan per kilogram [5] - The report highlights that the pet food sector continues to grow, with domestic sales showing a positive trend. In 2025, the growth rate for pet food on major e-commerce platforms was reported at 10%, with specific growth rates of 5%, 9%, and 24% for Tmall, JD, and Douyin respectively [5] Pig Farming Industry - The first quarter of 2026 saw a significant drop in pig prices due to increased supply from higher sow production and heavy weights at slaughter. This resulted in a negative outlook for pig farmers, with an average loss of approximately 297.68 yuan per head for self-bred pigs and 141.48 yuan for purchased piglets by March 20, 2026 [5] - The report anticipates that the pig farming industry will remain in a state of oversupply for some time, with prices expected to stabilize at a low level without a significant upward trend in the short term. The industry is facing multiple challenges, including falling pig prices, declining piglet prices, and rising feed costs [5] - Investment recommendations suggest that the current phase of the cycle presents opportunities, particularly as the elimination of sows may catalyze a future upturn. Companies with cost advantages are expected to show better profitability, with specific recommendations for Muyuan Foods, Wens Foodstuff, Tian Kang Biological, and Juxing Agriculture [5] Animal Health Sector - The report notes that the demand for animal health products is currently under pressure, with a year-on-year decline of 19.7% in the fourth quarter of 2025. However, some companies are making progress in new product development and market expansion, indicating potential for internal growth [5] - Companies such as Keqian Biological and Ruipu Biological are highlighted for their strong growth potential due to ongoing advancements in vaccine development and stable operational performance [5] Pet Food Sector - The domestic pet food market is experiencing sustained growth, with local brands enhancing their product offerings and market presence. The report projects that revenue and net profit for these brands will see rapid growth in 2025 and the first quarter of 2026 [5] - In terms of exports, the pet food sector faced challenges in 2025, with a reported export value of 10.102 billion yuan, reflecting a year-on-year decline of 4.06%. The report suggests that trade conflicts and currency fluctuations have impacted export performance [5]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-011 | | --- | --- | --- | | 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 关于注销完成部分回购股份暨股份变动的公告 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： 1. 本次注销的回购股份数量为1,524,885股，公司的股本总额由248,830,740股减少 至247,305,855股。 2. 公司已在中国证券登记结算有限责任公司深圳分公司办理完毕了本次股份注销事 项，注销日期为2026年3月20日，注销数量、日期和期限等均符合相关法律法规的要求。 经中国证券登记结算有限责任公司深圳分公司确认，公司已办理完毕本次股份注销 事项，注销日期为2026年3月20日，现将具体情况公告如下： 一、回购股份方案及其实施情况概述 2022年3月24日，公司召开2022年第二次临时股东大会，审议通过了《关于<回购公 司股份方案（修正案）>的议案》，批准公司通过集中竞价交易方式以不超过25.00元/股的 价格回购公司部分股份 ...