Summary of Petty Co. Conference Call Company Overview - Petty Co. operates in the pet food industry, focusing on the production and export of chewable toys and meat snacks, while also expanding into staple food products. The company has established a brand matrix including Juyean, Haoshijia, and Chinen, with Juyean showing significant growth [2][4]. Key Points and Arguments - **Valuation and Market Position**: Petty Co.'s current PE valuation is approximately 20 times, significantly lower than leading competitors like Guobao Pet and Zhongchong Co., which have valuations exceeding 50 and 40 times respectively. This indicates substantial room for valuation recovery [3]. - **Brand Growth**: The Juyean brand has achieved a growth rate of 50% in Q1 2025, with an annual target of over 50%. Overall, the brand segment is expected to grow by more than 30% in 2025 [4][9]. - **Impact of Trade War**: The company is heavily reliant on the U.S. market, which accounts for about 60% of its business. The trade war initially affected exports, but orders have stabilized in Q2 2025. The company has mitigated tariff impacts by shifting orders to factories in Vietnam and Cambodia [6]. - **New Zealand Operations**: Petty Co. has two factories in New Zealand, with the dry food production line expected to start operations in March 2025. This line is anticipated to contribute significantly to revenue once it begins selling in the Chinese market in July 2025 [7]. - **Domestic Business Strategy**: The company has reduced its agency business due to poor profitability and is now focusing on brand development. Self-owned brands are projected to grow by over 30% in 2025, with Juyean leading the charge [8]. Additional Important Insights - **High-End Pet Food Trend**: The trend towards high-end dog food is driven by the increasing demand for small and senior dogs. Petty Co.'s Juyean brand is well-positioned in the mid-to-high-end dog snack market, benefiting from this industry trend [11]. - **Future Product Launches**: The company plans to launch new products following the commissioning of its baking grain production line in the second half of 2025, which is expected to enhance revenue and profit [10][12]. - **Long-Term Market Potential**: The high-end pet food market presents significant growth potential, and the company should continue to monitor market dynamics and adjust strategies accordingly to capitalize on opportunities [12].

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-032 债券代码：123133 债券简称：佩蒂转债 为保证公司本次权益分派工作的顺利实施，根据《深圳证券交易所上市公司自律 监管指引第15号——可转换公司债券》《深圳证券交易所创业板上市公司自律监管指 南第1号——业务办理》及《佩蒂动物营养科技股份有限公司创业板向不特定对象发 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"条款的规定（详 见本公告下方附件），佩蒂转债自2025年5月26日（星期一）开始暂停转股，预计在 公司2024年度权益分派的股权登记日后第一个交易日恢复转股。 在实施权益分派期间，佩蒂转债正常交易，敬请佩蒂转债的债券持有人注意。 特此公告。 1 佩蒂动物营养科技股份有限公司 关于实施权益分派期间佩蒂转债暂停转股的提示性公告 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 2025年5月16日，佩蒂动物营养科技股份有限公司（以下简称公司）召开2024年 年度股东大会，审议通过《关于＜2024年度利润分配预案＞的议案》，批准了公司 《2024年度利润分配预案》 ...

宠物股大涨 拉长时间看，年内天元宠物、中宠股份涨幅约为80%，狮头股份涨超70%，其中中宠股份自去年7月份至今持 续大涨，从17元一路上行至63.8元，涨幅高达245%，年内"宠物经济指数"内个股无一下跌，且在近期有加速上 行的趋势。 有公募人士分析，近日宠物股再度火热或源于"618"的火爆销售。相关数据显示，天猫"618"首小时，653个宠 物品牌成交同比翻倍，鲜朗成交大涨超过220%，大宠爱成交增长近200%，弗列加特成交增长近200%。9个宠 物品牌成交破千万，5个宠物主粮单品成交破千万。 根据派读宠物《2025年中国宠物行业白皮书》预计，到2027年，城镇宠物（犬猫）消费市场规模将突破4000亿 元大关，达到4042亿元，复合增长率为12.6%。中信证券认为，2025年宠物板块业绩有望持续增长。宠物经济 是稀缺赛道，需求韧性强，国内市场目前仍处"大行业、小龙头"阶段，龙头集中程度进一步提升，看好龙头通 过产品创新、品牌和渠道建设不断提升市场份额。 公募基金钟爱龙头 值得一提的是，在宠物经济概念股腾飞之际，公募基金却仅对龙头股"情有独钟"，多只涨幅居前的个股因市值 较小等因素，在上涨过程也鲜有公募基金问 ...

Summary of Conference Call on Pet Industry and Companies Industry Overview - The pet industry is experiencing rapid growth, with an annual compound growth rate of approximately 10% driven by increasing pet ownership and the rising penetration of pet food products [2][10] - The pet medical market is projected to reach 80-90 billion by 2025, making it the second-largest segment after pet food [10] Key Companies and Their Performance 1. Guibao Pet - Guibao Pet's self-owned brand has shown strong performance, with revenue of approximately 3.5 billion, accounting for nearly 70% of total revenue, and a net profit margin of 12% [1][4] - The high-end cat food brand, Fliegate, achieved a growth rate of 100% last year and maintained the same growth rate in Q1 of this year [4] - Guibao is expected to become a leading enterprise with projected revenues nearing 25 billion and net profits around 5 billion in the medium to long term [1][4] 2. Zhongchong Co., Ltd. - Zhongchong Co., Ltd. experienced a significant growth of nearly 200%-300% from its previous low, with total revenue from its three domestic brands (Wangpi, Lingxian, and ZIP) reaching 1.4 billion last year [5] - The company aims for overseas revenue of 400 million this year, maintaining a growth rate of 50% [5][6] - The net profit margin for its North American subsidiary is reported to be between 15%-20% [6] 3. Petty Co., Ltd. - Petty's overseas business accounts for a significant portion of its operations, with a focus on exports to the U.S. [8] - Domestic revenue was approximately 290 million last year, with a target of 400-450 million this year, reflecting a growth of over 40% [9] - The company is adjusting its product lines and plans to launch new baked grain products in Q2 and Q3 [8][9] Market Dynamics and Future Outlook - The pet medical sector is characterized by a lack of dominant players, with foreign brands leading in pharmaceuticals and vaccines, indicating substantial room for domestic companies to grow [11][12] - The average medical expenses for pets have doubled due to increasing age, leading to a rigid demand for medical services [10] - Companies like Ruipuhua and KQ Bio are recommended for their comprehensive industry layouts and potential for growth in the pet medical field [13][15] Additional Insights - The overall pet industry is expected to continue expanding, with self-owned brands focusing on product innovation to enhance profitability [2] - The competitive landscape in the pet medical sector is still developing, with many local companies poised to capture market share as the industry matures [12] - Other companies to watch include Baisha Technology, Biological Shares, and Zhongmu Shares, which have varying degrees of involvement in the pet medical sector [18]

长沙晚报掌上长沙5月21日讯（全媒体记者 刘军）21日开盘，20日大爆发的宠物经济概念有所回调，但 可靠股份、永安药业依然涨超10%。据已披露的2024年业绩及2025年第一季度业绩，该概念板块上不少 个股业绩均出现大幅增长。记者注意到，该概念板块上，有一只湘股——圣湘生物。 特别值得注意的是，在宠物经济方面，国内企业自主化程度越来越高。上市公司乖宝宠物财报显示， 2024年公司自有品牌营收为35.45亿元，占营业收入的比重为67.59%，同比增长29.14%。2015年至2023 年，乖宝宠物国内市占率从2.4%提升至5.5%，实现翻倍。另一家上市公司佩蒂股份2024年年报显示， 2024年公司在国内市场实现销售收入2.88亿元人民币，自主品牌收入规模增长33%。 随着宠物赛道的不断增长，进入者也在不断增加。今年初，由前盒马鲜生创始人兼CEO侯毅创立的宠物 食品新零售品牌派特鲜生首家门店在上海市长宁区开业。派特鲜生以"鲜"为核心，推出现制现售鲜食， 同时将门店零售、餐饮和人宠社交相结合，增强门店体验感。4月15日，三只松鼠旗下宠物食品品牌"金 牌奶爸"在天猫和抖音旗舰店全网首发，将"高品质、差异化"作为产品 ...

Core Insights - The pet economy in China has surpassed 500 billion yuan, maintaining over 20% growth for five consecutive years, driven by social changes, evolving consumer attitudes, and technological advancements [1][4]. Group 1: Observations on the Pet Economy - The pet product consumption is experiencing a refined upgrade, with functional cat food and high-end products growing over 50%, and smart pet products expanding at an annual rate of 35% [4][5]. - The pet service sector has developed a dual-layer consumption structure, with basic services like pet grooming seeing a 180% increase in search volume, and pet insurance adoption rates quadrupling over three years [5]. Group 2: Driving Factors Behind Pet Economy Growth - Social changes, such as aging and declining birth rates, have redefined family structures, with pets providing emotional support for lonely individuals [6]. - There is a shift in consumer perception, with younger generations viewing pets as family members, leading to increased spending on pet-related products and services [7]. - Technological innovations, including IoT and AI, are reshaping the pet industry, enhancing efficiency and standardization [8]. Group 3: Challenges and Concerns in the Industry - The pet market faces issues such as fraudulent practices in live pet trading and a lack of standards in pet food, leading to a 120% increase in consumer complaints in 2024 [10]. - Intense competition has emerged due to significant capital influx, resulting in a "price war" among brands, particularly in the pet supplies sector [11]. - Regulatory frameworks are lagging, with a lack of unified standards in emerging areas like pet insurance and veterinary services [12]. Group 4: Future Trends in the Pet Economy - The industry is expected to see a parallel growth in smart and health-focused products, with health-related spending projected to exceed 40% of total pet expenditures [13]. - Professionalization and standardization of services are anticipated, with leading companies enhancing service quality through brand and chain development [14]. - Cross-industry integration is likely to create new business models, such as pet-themed hotels and training courses, expanding the consumption landscape [15]. Group 5: Benefiting Companies - Guobao Pet is projected to generate 5.244 billion yuan in revenue in 2024, leading the domestic pet business sector, with a 34.82% year-on-year increase in Q1 2025 revenue [16]. - Zhongchong Co. is expected to achieve 4.464 billion yuan in revenue in 2024, ranking second, with a 25.41% year-on-year increase in Q1 2025 revenue [16]. - Tianyuan Pet is anticipated to reach 2.764 billion yuan in revenue in 2024, ranking third among domestic pet companies [16]. - Yuanfei Pet, a leading global pet leash manufacturer, has over 90% of its products exported, with a significant portion of high-margin products [17]. - Ruipu Bio is collaborating with veterinary hospitals to enhance its pet medical services, projecting 690 million yuan in revenue for 2024 [17]. - Yiyi Co. is focusing on disposable pet hygiene products, with a projected revenue of 1.798 billion yuan in 2024 [19].

5月20日，宠物经济板块迎来进一步走强。源飞宠物、天元宠物（20CM）双双2连板，依依股份涨停，路斯股份、创源股份、瑞普生物、佩蒂股份等集体大 涨。 一、行情 二、事件：行业持续升温+产业规模冲刺万亿 1）2025年第五届上海它博会TOPS于5月8-11日在上海世博展览馆举办。数据显示，本次它博会参展人数、成交金额均突破历史。 宠物板块上市公司陆续发出24年报及25年一季报，整体业绩实现了超预期增长，宠物经济仍在高速发展。中美关税战影响较为有限，且长期来看利好高端国 产品牌发展。在行业扩容与国产替代双轮驱动下，国内具备研发及生产能力的大型优质宠食企业市占率有望持续提升。（方正证券） *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2）2025年第27届上海亚洲宠物展览会将于8月20-24日在上海新国际博览中心隆重举行。 3）艾媒咨询《2024-2025年中国宠物行业运行状况及消费市场监测报告》中预测，今年国内宠物产业规模将达到8114亿元，两年后这一数字有望突破1万亿 元。 三、机构解读 目前线上平台纷纷加码宠物板块，淘天宠物超5亿高投入，包含商家激励、新品&内容&品牌激励以 ...

Core Insights - The pet industry in China is experiencing significant growth, driven by market dynamics such as population structure changes, emotional needs, and improved living standards [2][4] - Major pet companies like Zhongchong Co. and Guobao Pet have reported substantial revenue increases for 2024 and Q1 2025, indicating a robust market environment [1][2] - The pet food segment is the largest market within the pet industry, accounting for 52.8% of the total pet consumption market in 2024 [3][4] Company Performance - Zhongchong Co. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [1] - Guobao Pet reported a revenue of 5.245 billion yuan in 2024, a 21.22% increase, and a net profit of 625 million yuan, growing by 45.68% [1] - Petty Co. saw a revenue of 1.659 billion yuan in 2024, a 17.56% increase, but experienced a decline in Q1 2025 with revenues of 329 million yuan, down 14.40% [2] Market Trends - The pet economy in China reached a scale of 592.8 billion yuan in 2023, with projections to grow to 1.15 trillion yuan by 2028 [2] - The demand for pet food is evolving, with consumers increasingly prioritizing quality, safety, and brand reputation [4][6] - The market is witnessing a shift towards premium products, with companies focusing on innovation and differentiation to capture consumer interest [6][7] Industry Dynamics - Domestic pet brands are gaining market share at the expense of foreign companies, with brands like Guobao Pet and Zhongchong Co. increasing their market presence [5] - The competitive landscape is intensifying, with new entrants like Pet&Fresh and established brands like Three Squirrels expanding into the pet food sector [7][8] - Companies are investing in digital transformation and supply chain enhancements to improve operational efficiency and brand competitiveness [5][6]

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-031 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 2024 年年度股东会决议公告 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。 一、 会议召开情况 （一） 会议届次：本次会议为佩蒂动物营养科技股份有限公司（以下简称公司）2024 年年度股东会。 （二） 会议召开和投票时间 1、 现场会议时间：2025年5月16日（星期五）下午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 2025年5月16日9:15—9:25、9:30—11:30和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2025年5月16日上午9:15至下午15:00。 （三） 现场会议地点：浙江省平阳县水头镇工业园区宠乐路2号本公司四楼会议室。 （四） 召开方式：现场投票和网络投票相结合的方式。 （五） 会议召集人：公司董事会。 （六） 会议主持人：董事长陈振标先生。 （七） 本次股东会的召集、召开及审议符合《公司法》《证券法》《深圳证券交 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于佩蒂动物营养科技股份有限公司 2024 年年度股东大会之 法律意见书 二〇二五年五月 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于佩蒂动物营养科技股份有限公司 2024 年年度股东大会之 法律意见书 编号：01G20240020-5 致：佩蒂动物营养科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受佩蒂动物营养科技股份 有限公司（以下简称"公司"）委托，就公司召开2024年年度股东会（以下简称 "本次股东大会"或者"本次股东会"）的有关事宜，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）和深圳证券交易所 发布的《深圳证券交易所上市公司股东会网络投票实施细则》（以下简称"《网 络投票实施细则》"）等法律、行政法规、规范性文件及现行有效的《佩蒂动物 ...