Core Insights - The report indicates that the swine industry is entering a de-stocking cycle, while the beef cattle sector continues to experience an upward trend in demand and pricing [2][3] Group 1: Swine Industry - The swine sector is witnessing accelerated de-stocking driven by policy and market dynamics, presenting a good opportunity for investment [3][43] - As of Q3 2025, China's pig output reached 530 million heads, a year-on-year increase of 1.8%, with pork production at 43.68 million tons, up 3.0% year-on-year [10][13] - The average price of pigs in October 2025 dropped to 10.84 yuan/kg, a significant decline of 40.28% year-on-year, marking a new low for the year [10][13] Group 2: Beef Cattle Industry - The beef cattle supply is contracting, with the cycle of demand expected to continue its upward trajectory until 2027 [4][49] - In Q3 2025, the number of beef cattle in China was 99.32 million heads, a decrease of 2.4% year-on-year, while beef production reached 5.5 million tons, up 3.3% year-on-year [49][51] - The average price of beef in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [59] Group 3: Poultry Industry - The white chicken sector is experiencing a gradual increase in demand, with the output of white feathered chickens expected to rise to 90.3 million heads in 2024, a year-on-year increase of 2.2% [94][98] - The rolling update of grandparent stock for white feathered chickens is projected to decline, which will support an increase in chicken prices in 2026 [100] Group 4: Seed Industry - Grain prices are expected to stabilize and rise due to various factors, including U.S.-China tariff disturbances and climate impacts [6] - The commercialization of genetically modified crops is anticipated to accelerate, supported by an increase in the number of approved varieties [6] Group 5: Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong performance from leading companies [7] - Domestic pet consumption is expected to grow due to increasing companionship demand and emotional value associated with pet ownership [7]

Market Overview - The feed sector experienced a decline of 1.0% on October 28, with Lu Si Co. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Zhongchong Co. (002891) saw a closing price of 56.36, with an increase of 3.49% and a trading volume of 87,800 shares, totaling 492 million yuan [1] - Guibao Pet (301498) closed at 72.62, up 3.04%, with a trading volume of 64,800 shares and a total transaction value of 467 million yuan [1] - Lu Si Co. (920419) led the decline with a closing price of 17.56, down 2.71%, and a trading volume of 17,200 shares, amounting to 30.36 million yuan [2] - Haida Group (002311) closed at 56.69, down 2.56%, with a trading volume of 106,400 shares and a total transaction value of 604 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 101 million yuan from institutional investors, while retail investors saw a net inflow of 80.56 million yuan [2] - The main capital inflow and outflow for selected stocks showed varied trends, with Zhongchong Co. having a net inflow of 23.57 million yuan from institutional investors [3] - Haida Group had a net inflow of 15.68 million yuan from institutional investors, while experiencing a net outflow of 2.16 million yuan from retail investors [3]

Core Viewpoint - Petty Holdings reported a decline in net profit for Q1-Q3 2025, with a year-on-year decrease of 26.6% to 110 million yuan, and a 39.4% drop in Q3 net profit to 30 million yuan, primarily impacted by overseas tariffs [1] Group 1: Financial Performance - The company’s net profit for Q1-Q3 2025 was 110 million yuan, down 26.6% year-on-year [1] - In Q3 2025, the net profit was 30 million yuan, reflecting a 39.4% year-on-year decline [1] - The revised profit forecasts for 2025-2027 are 160 million, 230 million, and 280 million yuan, respectively, with year-on-year changes of -13%, +45%, and +23% [1] Group 2: Market Outlook - The impact of tariffs on overseas operations is gradually diminishing, with expectations that downstream entities will bear the tax rate effects [1] - Short-term competition in the domestic market is intensifying, but there is a clear trend of market share increase and consolidation of smaller brands in the medium to long term [1] Group 3: Investment Rating - The company’s PE ratios are projected to be 27, 18, and 15 for the years 2025, 2026, and 2027, respectively [1] - The investment rating is maintained at "Buy" despite the short-term pressures on revenue and net profit margins [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 21.78 [1][5] Core Insights - The company reported a Q3 2025 revenue of RMB 361 million, a year-over-year decline of 24.29% and a quarter-over-quarter decline of 9.36%. The net profit attributable to the parent company was RMB 34.48 million, down 39.35% year-over-year and 39.37% quarter-over-quarter. For the first three quarters of 2025, the total revenue reached RMB 1.089 billion, a year-over-year decrease of 17.68%, with a net profit of RMB 114 million, down 26.62% year-over-year [1][10] - The domestic brand "Jueyan" continues to experience rapid growth, supported by a successful single product strategy [1][10] - The company's overseas business faced significant challenges due to increased tariffs, with estimated Q3 2025 overseas revenue declining by 25% to 30% year-over-year [3][11] Revenue Breakdown - The domestic business showed a slight decline in overall revenue due to a high base from last year's agency business, while the main brand "Jueyan" maintained a high growth rate, contributing approximately 50% to Q3 revenue [3][11] Profitability and Cost Analysis - The gross profit margin improved year-over-year, rising by 4.06 percentage points to 32.04% for the first three quarters of 2025, and by 1.29 percentage points to 32.2% in Q3 2025, primarily due to a decrease in raw material costs [4] - The company experienced an increase in sales, management, and R&D expense ratios, with significant increases in sales expenses attributed to early marketing efforts for the Double Eleven shopping festival [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 has been revised downwards by 13.70%, 10.50%, and 9.69% to RMB 163 million, RMB 201 million, and RMB 237 million respectively, with corresponding EPS estimates of RMB 0.66, RMB 0.81, and RMB 0.95 [5] - The target price has been adjusted to RMB 21.78, based on a 33x PE ratio for 2025, reflecting the company's strong growth in its proprietary brand despite challenges in overseas sales [5]

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

Investment Rating - The report maintains a "Buy" rating for Petty Holdings (佩蒂股份) [1] Core Views - The company is experiencing pressure on revenue and net profit due to overseas market challenges, particularly from tariffs, but is expected to see marginal improvements in the future [7] - Despite the challenges, the domestic brand "Jueyan" is anticipated to maintain strong revenue growth, although at a slower pace [7] - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 160 million, 230 million, and 280 million yuan respectively, reflecting a year-on-year change of -13%, +45%, and +23% [7] Financial Performance Summary - For 2023, total revenue is projected at 1,411 million yuan, with a year-on-year decrease of 18.51% [1] - The net profit attributable to the parent company is expected to be -11.09 million yuan in 2023, a significant decline of 108.72% year-on-year [1] - The latest diluted EPS is forecasted at -0.04 yuan for 2023, with a P/E ratio of -383.42 [1] - The gross margin for Q3 2025 is reported at 32.2%, showing a year-on-year increase of 1.3 percentage points [7] - The sales net profit margin for Q3 2025 is 9.5%, down 2.5 percentage points year-on-year [7] Market Data Summary - The closing price of the stock is 17.09 yuan, with a market capitalization of 4,252.51 million yuan [5] - The price-to-book ratio is 2.30, and the total circulating A-share market value is 2,768.34 million yuan [5] - The company has a total share capital of 248.83 million shares, with 161.99 million shares circulating [6]

（记者 曾健辉） 截至发稿，佩蒂股份市值为43亿元。 每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" 每经AI快讯，佩蒂股份（SZ 300673，收盘价：17.09元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约10.89亿元，同比减少17.68%；归属于上市公司股东的净利润约1.14亿元，同比减少 26.62%；基本每股收益0.4566元，同比减少26.96%。 ...

佩蒂动物营养科技股份有限公司 远期结售汇及掉期业务管理制度 佩蒂动物营养科技股份有限公司 远期结售汇及掉期业务管理制度 （2025 年 10 月） 第一章 总则 掉期业务是指在交易日或未来某个时间（近端交割日），公司与银 行按约定的金额和汇率进行人民币与外币资金交割，并在交割日后 的某个时间（远端交割日），按相同外汇金额、不同交易方向和不 同约定汇率进行人民币与同一外汇资金再次交割的产品。 第二章 业务操作原则 第三条 公司及公司控股子公司进行远期结售汇及掉期根据公司具体经营， 以货币保值、锁定业务利润、固定成本为目的，不进行投机和套利 交易。 1 第一条 为规范佩蒂动物营养科技股份有限公司（以下称公司）远期结售汇、 掉期等外汇管理业务，有效规避汇率风险，加强对远期结售汇及掉 期业务的管理，根据《企业会计准则第 22 号——金融工具确认和 计量》《企业会计准则第 24 号——套期保值》《企业会计准则第 37 号——金融工具列报》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》《公司章程》以及国家外汇管理的相关规定，结合公司实 际情况，特制定本管 ...

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