Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [2][8] - The pet food sector shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [2][8] - The baby care market is fragmented, with leading brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [2][8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for traffic generation and empowering other platforms and offline markets [2][8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [2][8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant revenue increase of 39% in Q4 2024 and 30% in Q1 2025, with a strong performance in e-commerce and a positive outlook for its probiotic series [3][9] - Dengkang Oral Care also showed robust growth, with a 39% increase in Q4 2024 and 19% in Q1 2025, benefiting from an optimized product structure and strong online sales [3][9] - Runben Co. experienced a 34% revenue increase in Q4 2024 and 44% in Q1 2025, driven by the rapid launch of new products [4][9] - The trendy toy sector, represented by companies like Blokus and Pop Mart, saw revenue growth of 156% and 278% respectively, indicating a strong market presence [4][9] 2) High Competitive Barriers - Guibao Pet's revenue and profit exceeded expectations, driven by strong growth in its proprietary brand and successful high-end product launches [10] - The overall industry remains buoyant, with companies optimizing product and channel structures, leading to sustained revenue growth and improved profitability [10] 3) Performance Recovery Expected - Chenguang Co. reported lower-than-expected performance due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]

Core Insights - The fifth TOPS Pet Expo was held in Shanghai, attracting over 1,200 exhibitors and more than 80,000 professional visitors, with a total exhibition area exceeding 100,000 square meters [1] - Petty Animal Nutrition Technology Co., Ltd., the first listed company in the domestic pet industry, showcased various new products, including the "Jueyan" series, which achieved over 1 million yuan in sales on Douyin by 6 PM on May 8 [1] Product Highlights - The "Jueyan" series introduced a new thin version of the air-dried food, designed for small dogs, featuring 70% duck meat and 10 types of vegetables, with no oil, salt, or additives [4] - The "Little Flower Pomfret" freeze-dried product is made from high-quality pomfret, rich in Omega-3, and is designed for easy chewing [7] - The "Sakura Crisp" freeze-dried snack is visually appealing and made with chicken and sweet vegetables, free from additives [9] - The "Summer Limited Rainbow Ice Cream" for pets was reintroduced, featuring four flavors and made with New Zealand imported milk powder [11] - The "Jueyan" series also launched a new canned food product with added collagen for joint health [12] Brand Engagement - The expo featured live streaming sessions with popular pet influencers to engage fans and promote products [22] - An interactive photo area was set up for attendees to create memorable moments with their pets [24] - The event served as a platform for Petty to strengthen communication with consumers and industry professionals, promoting healthy growth in the pet industry [26]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-030 | | --- | --- | --- | | 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 关于召开 2024 年年度股东会的提示性公告 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。 2025年4月18日，佩蒂动物营养科技股份有限公司（以下简称公司）第四届董事 会第十二次会议审议通过了《关于召开2024年年度股东会的议案》，根据《公司法》 《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》和《股东大会议事规则》等相关规定， 公司定于2025年5月16日（星期五）14:30开始召开佩蒂动物营养科技股份有限公司 2024年年度股东会。2025年4月19日，公司在巨潮资讯网发布了《关于召开2024年年 度股东会的通知》。 为进一步保护投资者的合法权益，方便股东依法行使权利，现将本次股东会的有 关安排再次提示如下： 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 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, reflecting a 0.14% decrease [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies that boost consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system, emphasizing the importance of technological innovation in agricultural modernization [36][37]

Core Insights - The pet industry is experiencing significant growth, driven by diverse consumer demands and technological advancements in pet products [1][4] Group 1: Event Overview - The 2025 TOPS Pet Expo was held at the Shanghai National Exhibition and Convention Center from May 8 to 11, covering over 100,000 square meters with more than 1,200 exhibitors and over 8,000 brands [1] - The expo showcased a wide range of products, including pet food, supplies, and medical services, reflecting the industry's diversification and increasing consumer engagement [1] Group 2: Trends in Pet Nutrition - The pet food sector is the largest sub-industry within the pet market, characterized by a shift towards scientific, refined, and anthropomorphic feeding practices [2] - Brands are moving from basic feeding to customized nutrition, addressing specific needs at different life stages of pets, such as high-quality protein for kittens and joint health for older cats [2] - New product innovations include advanced technologies like micro-emulsification to enhance nutrient absorption and formulations that support pet health, such as Omega-3 for fur care [2][3] Group 3: Technological Advancements - The pet supplies segment is also evolving with digital and smart innovations, such as AI-enabled litter boxes and UV sterilizing water dispensers, enhancing pet care [4] - The market potential is underscored by data indicating that the urban pet consumption market in China is projected to reach 300.2 billion yuan in 2024, growing by 7.5% from 2023, with expectations to exceed 400 billion yuan by 2027 [4] Group 4: Growth in Small and Exotic Pets - The small and exotic pet sector is expanding rapidly, with the expo's small pet area increasing by 120% year-on-year, and the overall market size surpassing 10 billion yuan [5] - The user base for small and exotic pets has exceeded 20 million, with over 60% being new pet owners, indicating a high growth rate from a low base [5]

Group 1: Company Overview and Business Expansion - Petty Animal Nutrition Technology Co., Ltd. was established in 2002 and has expanded its main business from chewing gum to pet meat snacks and staple foods, forming a comprehensive operation that includes R&D, manufacturing, sales, and brand management [3] - The company has developed a brand matrix with its own brands "Jueyan, Haoshijia, and Chinen," with staple food revenue continuing to grow, particularly in the air-dried staple food category [3] - The company is actively implementing global operations, with multiple production projects along the "Belt and Road" initiative, including factories in Vietnam and Cambodia focusing on ODM pet snacks, and a New Zealand factory providing high-quality staple foods [3] Group 2: Market Dynamics and Sales Strategy - The current market structure indicates that the U.S. market is primarily supplied by Southeast Asian production, which can meet most order demands, and tariffs have a limited impact on the company's export business due to deep cooperation with overseas clients [3][4] - The company is expanding its market presence outside the U.S., particularly in Europe and Canada, which has led to the accumulation of quality clients and supports stable development of its ODM business [3] - For the upcoming 618 sales event, the company plans to enhance online channel cooperation with major e-commerce platforms and leverage KOLs for greater product exposure [5] Group 3: Brand Development and Future Plans - The Jueyan brand is positioned in the mid-to-high-end market and has accumulated a loyal customer base, maintaining rapid revenue growth and leading in the domestic pet snack sector [5] - The company aims to expand its product categories and plans to enter international markets, with Southeast Asia and Europe as primary targets [5] Group 4: Production Capacity and Cost Management - The New Zealand factory is a key growth driver in the high-end puffed grain market and is currently in commercial operation, with a high proportion of production being utilized for OEM [6] - The company is focused on optimizing supply chain management to stabilize gross margins, with major raw materials like chicken, duck meat, and starch remaining stable in price [7] - A comprehensive foreign exchange risk management mechanism is in place to monitor exchange rate fluctuations and adjust product pricing as necessary [7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.659 billion yuan in 2024, representing a year-on-year increase of 17.56%, and a net profit of 182 million yuan, recovering from a net loss of 11 million yuan in the same period last year [1] - The domestic market shows strong growth in self-owned brands, while the agency business continues to shrink, leading to a decline in domestic revenue [2] - The gross margin improved in 2024, but profitability faced pressure due to increased marketing expenses related to the New Zealand grain project [3] - The company is adjusting its profit forecasts for 2025-2026 due to uncertainties related to tariff impacts, projecting net profits of 200 million yuan and 240 million yuan respectively [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.659 billion yuan, with a significant increase in self-owned brand revenue, while agency brand revenue declined [2] - The gross margin for 2024 was 29.42%, with a notable improvement in the first quarter of 2025 [3] - The net profit for 2024 was 182 million yuan, a recovery from the previous year's loss, with projections for future profits adjusted downwards [4] Market Dynamics - The domestic market is performing well for self-owned brands, while the agency business is contracting, impacting overall revenue [2] - The company is diversifying its overseas revenue sources to mitigate tariff impacts, particularly in the context of its operations in Vietnam and Cambodia [2] Profitability and Cost Management - The gross margin for 2024 was 29.42%, with a year-on-year increase in the first quarter of 2025 attributed to improved margins in self-owned brands [3] - Marketing expenses increased due to the upcoming large-scale production of the New Zealand grain project, affecting overall profitability [3] Future Outlook - The company has revised its profit forecasts for 2025 and 2026, now expecting net profits of 200 million yuan and 240 million yuan, respectively, due to tariff uncertainties [4] - The projected earnings per share (EPS) for 2025 is 0.80 yuan, with a price-to-earnings (P/E) ratio of 19 [5]