证券之星消息，8月12日饲料板块较上一交易日上涨0.29%，乖宝宠物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 301498 | 乖宝宠物 | 97.20 | 3.40% | | 3.51万 | 3.41亿 | | 832419 | 路斯股份 | 21.93 | 0.87% | | 2.07万 | 4531.44万 | | 300673 | 佩蒂股份 | 16.07 | 0.63% | | 7.58万 | 1.22亿 | | 002311 | 海大集团 | 57.78 | 0.40% | | - 4.66万 | 2.70亿 | | 603609 | 末丰股份 | 9.06 | 0.22% | | 6.64万 | 6052.37万 | | 002548 | 金新农 | 4.20 | 0.00% | | 30.69万 | 1.29亿 | | 00269 ...

Summary of Key Points Core Viewpoint - The report highlights the salary trends and demographic characteristics of CFOs in A-share listed companies for 2024, indicating a total salary scale of 4.27 billion yuan and an average annual salary of 814,800 yuan. Group 1: Salary Overview - The total salary of CFOs in A-share listed companies reached 4.27 billion yuan, with an average annual salary of 814,800 yuan [1] - The highest salary recorded was 4.26 million yuan for Yang Shaolin, CFO of Haida Group, with a significant increase of 2.27 million yuan from the previous year [6] - 67% of CFOs experienced salary increases last year, while 28% saw declines [8] Group 2: Industry Breakdown - In the agriculture, forestry, animal husbandry, and fishery sector, the average salary for CFOs was 787,100 yuan, which is below the market average [1] - Among 22 CFOs in the agriculture, forestry, animal husbandry, and fishery sector, 5 had salaries exceeding 1 million yuan [6] - Companies with revenue exceeding 100 billion yuan had CFOs with higher salaries, while smaller companies had lower compensation [6] Group 3: Demographics - The majority of CFOs are aged between 40 and 50 years, accounting for 43% of the total [1] - The educational background shows that 48% of CFOs hold a bachelor's degree, while 37% have a master's degree [3] - The youngest CFO is 32 years old, while the oldest is 63 years old [1] Group 4: Salary Distribution - The most common salary range for CFOs is between 500,000 and 1 million yuan, making up 31% of the total [5] - There are 4 CFOs with salaries exceeding 2 million yuan, representing 5% of the total [5] - The lowest salary recorded was 150,000 yuan for a CFO in the agriculture sector [6]

Core Viewpoint - The global pet food industry is thriving, with a market size exceeding one trillion RMB and a projected growth rate that outpaces other sectors, indicating a golden era for domestic pet food brands in China [1][4]. Industry Overview - The global pet food market is expected to reach USD 147.3 billion by 2024, with a CAGR of 5.7% from 2024 to 2029 [1]. - The competitive landscape shows strong profitability, with the CR3 for global pet food, infant formula, and beauty sectors at 46.7%, 39.5%, and 25.4% respectively [2]. - The U.S. and Japan pet markets have shown significant growth, with CAGRs of 8.2% and 3.2% from 2000 to 2024, respectively, outpacing GDP growth [2]. Key Players and Strategies - Mars is projected to generate USD 32.8 billion in pet revenue in 2024, holding a market share of 21.4% [3]. - Nestlé is expected to achieve USD 23.3 billion in pet revenue in 2024, with a market share of 20% [3]. - Hill's, a pioneer in prescription pet food, holds a 5.1% market share in the pet food sector, with a prescription food market share of 53% [3]. - Freshpet leads the North American fresh pet food market with a 96% market share in Q1 2025 [3]. Insights for China - The Chinese pet food industry is poised for significant growth, with potential for improved scale, structure, and profitability [4]. - Product innovation is crucial, with a focus on functional and prescription pet foods that command higher prices and margins [4]. - A multi-brand strategy is becoming essential, as evidenced by the global CR5 for pet food companies and brands at 52% and 17%, respectively [4]. - Local distribution channels are key for brand emergence, shifting from efficiency-driven to a balance of efficiency and customer experience [4].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8]. Core Viewpoints - The report highlights a long-term revaluation opportunity for the pig industry, indicating that while pig prices are experiencing fluctuations, there is still downward pressure. The industry is expected to transition towards a self-regulatory and stable phase, benefiting leading companies such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [4][14]. - The poultry sector is currently facing low prices, but there are signs of marginal improvement in the cycle, with recommendations for companies like Shennong Development and Lihua Stock [5][24]. - The animal health sector is anticipated to see performance recovery and investment opportunities in pet medical services, with a focus on companies like Kexin Biological and Ruipuhua [6][34]. - The planting sector is experiencing a decline in the pig-to-grain price ratio, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][37]. - The feed sector is witnessing price fluctuations, with recommendations for Haida Group and attention to He Feng Stock [7][42]. - The pet economy is thriving, with domestic brands gaining strength, and the report recommends companies in the pet food sector such as Guibao Pet and Zhongchong Stock [7][51]. Summary by Sections Pig Industry - The average price of pigs is currently around 14.08 yuan/kg, with fluctuations noted [14]. - The number of breeding sows has increased slightly, indicating a stable supply [14]. - Key recommendations include Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture, with a suggestion to pay attention to Dekang Agriculture [4][14]. Poultry Industry - The price of white feather chicken is low, with a focus on potential marginal improvements in the cycle [5][23]. - The report notes a significant update in the breeding stock, with a mix of imported and self-bred varieties [5][24]. - Recommended companies include Shennong Development and Lihua Stock [5][24]. Animal Health - The report anticipates continued recovery in animal health companies' performance, supported by stable profits in the pig farming sector [6][34]. - The approval of mRNA vaccines for veterinary use marks a significant technological advancement [6][34]. - Recommended companies include Kexin Biological and Ruipuhua, with additional attention to Huisheng Biological and Jinhai Biological [6][34]. Planting Sector - The pig-to-grain price ratio has decreased, with ongoing commercialization of genetically modified seeds [7][37]. - Recommendations include Suqian Agricultural Development and Longping High-Tech [7][37]. Feed Sector - Feed prices are experiencing fluctuations, with specific prices noted for different types of feed [7][42]. - The report suggests that the feed industry is likely to see increased concentration, recommending Haida Group and monitoring He Feng Stock [7][42]. Pet Industry - The pet market is growing, with a significant increase in consumption and brand development [7][51]. - Recommendations include Guibao Pet, Zhongchong Stock, and Peidi Stock in the pet food sector, as well as Ruipuhua in the pet medical sector [7][51].

证券之星消息，8月4日饲料板块较上一交易日上涨0.99%，中宠股份领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002891 | 中宠股份 | 58.43 | 6.33% | 11.69万 | | 6.77亿 | | 301498 | 乖宝宠物 | 92.49 | 2.09% | 2.69万 | | 2.49亿 | | 300673 | 佩蒂股份 | 15.75 | 2.01% | 5.16万 | | 8094.88万 | | 832419 | 路斯股份 | 21.76 | 1.82% | 2.19万 | | 4736.90万 | | 603609 | 禾丰股份 | 8.68 | 1.40% | 4.21万 | | 3626.38万 | | 001313 | 劃與廣 | 7.96 | 1.14% | 11.43万 | | 9187.93万 | | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector is experiencing a marginal improvement in investment logic for live pigs, driven by both fundamental and policy factors, with expectations of a price increase in the second half of 2025 [26] - The pet sector is witnessing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with a projected market size growth of over 10% annually from 2025 to 2027 [28][29] Summary by Sections Weekly Observation - The national pig price is under pressure due to group weight reduction and increased market supply, with an average price of 14.02 CNY/kg as of August 3, 2025, down 0.57% from the previous week [5][14] - The average weight of pigs sold has decreased to 127.98 kg, reflecting a downward trend due to weight reduction policies and slow growth in high temperatures [16] Weekly Insights - The investment logic for live pigs is improving, with expectations of price support in the second half of 2025 due to a combination of fundamental and policy factors [26] - The feed sector is benefiting from a recovery in domestic livestock and poultry production, with a total feed output expected to reach 1.4 trillion CNY in 2023 [26] Market Performance - The agricultural sector underperformed the broader market by 2.03 percentage points, with the agricultural index declining by 2.97% during the week [30][31] - The animal health sector showed the highest gains, with stocks like Shenlian Biological and Huisheng Biological leading the performance [30] Price Tracking - As of August 1, 2025, the average price for live pigs was 14.33 CNY/kg, with a slight increase of 1.27% from the previous week [42] - The average price for corn was 2,296 CNY/ton, down 0.78% week-on-week, while soybean meal was priced at 3,004 CNY/ton, down 0.69% [60] Key News - The overall situation in China's livestock industry is stable and improving, with a reported production increase of 2.8% in meat output during the first half of 2025 [38] - The number of breeding sows has decreased slightly, indicating a potential reduction in pig supply, which may stabilize prices [38]

金融界7月30日消息，有投资者在互动平台向佩蒂股份提问：请问贵公司是否有布局宠物医疗行业，未 来是否布局？另外公司更名佩蒂股份的进程怎么样了？谢谢。 公司回答表示：尊敬的投资者您好！公司坚定聚焦在宠物行业，并密切关注行业内的多个发展机会，目 前主要从事宠物食品的研发、生产和销售业务，目前未涉及宠物医疗。感谢您的关注和建议，公司会时 刻关注投资者的声音，谢谢！ ...

Market Overview - The feed sector experienced a decline of 1.07% on July 29, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Lude Environment (688156) closed at 20.02, down 2.58% with a trading volume of 34,800 shares and a transaction value of 69.87 million [1] - Other notable declines include: - Lusi Co. (832419) down 2.18% to 21.56 - Zhongchong Co. (002891) down 1.95% to 54.19 - Bangji Technology (603151) down 1.86% to 24.78 [1] Capital Flow Analysis - The feed sector saw a net outflow of 201 million from institutional investors, while retail investors contributed a net inflow of 96.49 million [1] - Specific stock capital flows include: - Jin Xin Nong (002548) with a net inflow of 10.17 million from institutional investors [2] - He Feng Co. (603609) with a net inflow of 5.69 million from institutional investors [2] - Petty Co. (300673) experienced a net outflow of 54,400 from institutional investors [2]

Summary of the China Pet Food Sector Conference Call Industry Overview - The conference call focused on the **China Pet Food Sector**, discussing earnings previews and market dynamics for Q225. Key Companies Discussed 1. **Gambol** 2. **China Pet Foods (CPF)** 3. **Petpal** Core Insights and Arguments Market Performance - **Gambol** shares dropped over **15%** recently, while **China Pet Foods** fell more than **10%** due to: - **Overseas sales deceleration** attributed to tariffs, with pet food exports to the U.S. declining by **42% YoY** in April-May [2][3] - **Increased domestic competition** during the 618 festival, leading to deeper promotions and margin pressure [2] Earnings Expectations - **Gambol**: - Expected **Q225 overseas sales** to decline by **25% YoY** due to tariffs, while domestic sales are projected to grow by **30-35% YoY** [3] - Estimated **net profit** to remain flat YoY at **Rmb162 million** [3] - **China Pet Foods (CPF)**: - Anticipated **Q225 sales growth** of **13.5%**, with domestic sales up **30% YoY** and overseas sales up **10%** [4] - Projected **net profit** increase of **33% YoY** to **Rmb115 million** [4] - **Petpal**: - Expected **Q225 sales decline** of **9%**, with domestic sales down **11%** and overseas sales down **8%** due to tariffs [5] - Estimated **net profit** decrease of **11%** to **Rmb50 million** [5] Revisions and Valuations - **Gambol**: - Revenue estimates for **2025-27** revised down by **3.8-4.3%** and EPS cut by **13-14%** due to tariff uncertainties and increased promotions [6] - Price target reduced to **Rmb96.5** from **Rmb113.1**, implying a **53.5x 2025E PE** [6] - **Petpal**: - EPS for **2025-27** revised down by **6-7%** due to tariff pressures [6] - Price target lowered to **Rmb17.0** from **Rmb18.5**, implying a **30x 2025E PE** [6] Ratings - **China Pet Foods (CPF)**: Rated as **Buy** due to strong brand growth and North American capacity expansion [7] - **Gambol** and **Petpal**: Rated as **Neutral**, reflecting fair valuations and ongoing U.S. tariff uncertainty [7] Additional Important Points - Potential risks for the pet sector include: - Slower-than-expected expansion of domestic brands - Pet food safety issues - Profitability challenges due to price wars and rising raw material costs [23][24][25][26] - The report emphasizes the importance of monitoring tariff impacts and competitive dynamics in the pet food market [23][24][25][26]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8][64] Core Viewpoints - The report highlights the long-term value reassessment opportunities in the pig industry, with expectations of price fluctuations in the range of 14-15 CNY/kg post-Chinese New Year 2025, indicating a potential downward trend in prices due to supply pressures [4][15] - The poultry sector is experiencing price declines, with a focus on marginal improvements in the cycle, while the animal health sector is expected to see performance recovery and investment opportunities in the pet medical industry [5][6][28] - The pet economy is thriving, with domestic brands rapidly emerging, and the report anticipates continued improvement in industry profitability [7][58] Summary by Sections 1. Pig Industry - The average price of pigs is currently around 14.6 CNY/kg, with a slight weekly decline [14] - The report recommends companies with low costs and strong financials, specifically highlighting Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [15][64] 2. Poultry Industry - The report notes a decline in poultry prices, with a focus on the cyclical improvements expected in the future [27] - Recommendations include Shennong Development and Lihua Stock [5][28] 3. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the pig farming industry [6][38] - Investment opportunities in the pet medical sector are highlighted, with a market size of approximately 840 billion CNY [7][38] 4. Planting Industry - The report indicates a decrease in wheat and corn prices, with recommendations for companies involved in genetically modified seeds [44][50] 5. Feed Industry - The total industrial feed production in the first half of 2025 reached 15,850 million tons, showing a year-on-year growth of 7.7% [48][50] - Recommendations include Haida Group and attention to He Feng Stock [50] 6. Pet Industry - The pet consumption market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [55][58] - Recommended companies in the pet food sector include Guai Bao Pet, Zhongchong Stock, and Petty Stock [58][64]