Group 1 - The company Petpal Nutrition Technology Co., Ltd. issued convertible bonds with a total face value of up to RMB 720 million, with a net fundraising amount of RMB 711.86 million after deducting related fees [2][14]. - The bonds are named "Petty Convertible Bonds" and were approved by the board and shareholders in 2021, with trading commencing on January 21, 2022 [1][2]. - The bonds have a six-year term, with an annual interest rate that increases from 0.4% in the first year to 2.5% in the sixth year [3][4]. Group 2 - The initial conversion price for the bonds is set at RMB 19.92 per share, with provisions for adjustments based on stock dividends and other corporate actions [5][6]. - The company has the right to redeem the bonds at 115% of the face value after five trading days following maturity, or if certain stock price conditions are met [8][9]. - The company plans to use the raised funds for projects including a high-quality pet wet food project in New Zealand and a new pet food production project, with a total investment of RMB 84.46 million [11][14]. Group 3 - The company reported a revenue of RMB 1.66 billion in 2024, a 17.56% increase from the previous year, with a net profit attributable to shareholders of RMB 182.21 million [13]. - The company’s total assets reached RMB 2.99 billion by the end of 2024, reflecting a 2.01% increase from the previous year [13]. - The company has a credit rating of AA- from Zhongceng Pengyuan, indicating stable creditworthiness [12][26].

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][61]. Core Views - The report highlights that the pig price may experience a turning point due to seasonal factors and policy changes, suggesting a bottoming out phase for the sector [2][12]. - The poultry sector is seeing price declines, but there are signs of marginal improvements in the cycle [3][24]. - The animal health sector is expected to see performance recovery, and there are investment opportunities in the pet medical industry [4][35]. - The planting sector is witnessing a week-on-week rebound in grain prices [5][43]. - The feed sector is experiencing price fluctuations, with a general downward trend [6][46]. - The pet economy is thriving, with domestic brands gaining strength [7][51]. Summary by Sections Pig Industry - The average pig price is currently fluctuating between 14-15 CNY/kg, with a notable increase in average weights compared to previous years [11][12]. - The report recommends focusing on companies with low costs and strong financial health, such as Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [12][61]. Poultry Industry - The poultry prices are declining, with the white feather chicken price at 3.48 CNY/jin, showing a slight decrease [24][25]. - The report recommends companies like San Nong Development and Yisheng Livestock, while suggesting to pay attention to He Feng and Minhe Livestock [25][61]. Animal Health - The animal health sector is expected to recover, supported by the profitability of the pig farming industry [35][36]. - The pet medical market is projected to grow, with a market size of approximately 840 billion CNY, representing 28% of the pet industry [4][35]. Planting Sector - Grain prices are showing a week-on-week increase, with corn priced at 2353 CNY/ton and wheat at 2446 CNY/ton [43][44]. - The report suggests focusing on companies involved in genetically modified seeds, such as Suqian Agricultural Development and Longping High-tech [43][61]. Feed Sector - Feed prices are experiencing a downward trend, with pig feed at 3.36 CNY/kg [46][47]. - The report recommends Hai Da Group and suggests paying attention to He Feng [47][61]. Pet Industry - The pet market is expected to reach a scale of 300.2 billion CNY in 2024, with a growth rate of 7.5% [51][52]. - The report recommends companies in the pet food sector like Guobao Pet and Zhongchong Co., and in the pet medical sector, it recommends Ruipu Biological [55][61].

股票简称：佩蒂股份 股票代码：300673.SZ 债券简称：佩蒂转债 债券代码：123133.SZ 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 受托管理事务报告（2024 年度） 债券受托管理人 （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二〇二五年六月 重要声明 国投证券股份有限公司（以下简称"国投证券"）编制本报告的内容及信 息均来源于佩蒂动物营养科技股份有限公司（以下简称"发行人"、"公司" 或"佩蒂股份"）对外公布的《佩蒂动物营养科技股份有限公司 2024 年年度报 告》等相关公开信息披露文件、发行人提供的证明文件以及第三方中介机构出 具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国投证券所作的 承诺或声明。 1 | 目录 | | --- | | | 重要声明 1 | | --- | --- | | | 目录 2 | | 第一节 | 本次债券情况 3 | | 第二节 | 债券受托管理人履行职责情况 10 | | 第三节 | 发行人经营与财务状况 11 | | 第四节 | 发行人募集 ...

Summary of the Pet Food Industry Conference Call Industry Overview - The conference call focuses on the pet food industry in China, particularly during the 2025 "618" shopping festival, highlighting the competitive landscape and consumer trends in the market [1][2][3][4][21]. Key Points and Arguments Market Share and Brand Performance - During the 2025 "618" shopping festival, domestic brands captured 65% of the top 20 pet food brands on Tmall, up from 55% in 2022, indicating a growing dominance of local brands [1][4]. - The top three brands on Tmall were all domestic: Xianlang, Maifudi, and Royal Canin, with Maifudi consistently ranking in the top two since 2020 [1][4][6]. - Xianlang emerged as the fastest-growing brand, moving from fifth in 2023 to first in 2025, while Freycat also showed significant improvement, rising three places to fifth [5][16]. Sales Performance - The overall sales of pet food during the 2025 "618" festival reached 7.5 billion yuan, a 36% increase from 5.5 billion yuan in 2024 [2]. - On JD.com, pet food user transactions increased by 32%, with new pet owners growing by 39% [3][7]. Consumer Trends - There is a notable shift towards health products and prescription diets, with prescription pet food sales increasing by 60% year-over-year and baked food by 50% during the festival [1][6]. - The pet food industry is experiencing a consumption upgrade, with mid-to-high-end price segments growing significantly faster than the overall market [23]. Competitive Landscape - The competition is characterized by a "two strong, many strong" dynamic, with Maifudi and Royal Canin leading, while brands like Xianlang, Freycat, and Blue's are emerging as strong contenders [1][4][21]. - The entry of new brands such as Xiaopei and Xu Cuihua into the rankings indicates a challenging environment for smaller brands to break through [5][6]. Marketing and Innovation - Leading brands are focusing on clear brand positioning and innovative marketing strategies, with concepts like "freshness" and "safety" becoming prevalent [25]. - The trend of "spoonification" is expected to continue supporting the growth of pet ownership, particularly among younger generations [21]. Additional Important Insights - The market share of foreign brands in the top 25 has dropped below 30%, highlighting the competitive advantage of domestic brands in product innovation and marketing [22]. - The overall GMV growth for pet food across major e-commerce platforms reached 16.8% in the first five months of 2025, compared to 13.6% in 2024 [23][24]. - The investment return rates for leading brands are improving, with increased support from platforms like Tmall and Douyin for the pet segment [24]. This summary encapsulates the key developments and trends in the pet food industry as discussed during the conference call, providing insights into market dynamics, brand performance, and consumer behavior.

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The supply contraction has reached a point where the average price of live pigs is expected to rise, with the national average price at 14.74 yuan/kg as of June 29, 2025, showing a week-on-week increase of 0.45 yuan/kg but a year-on-year decrease of 3.17% [4][13] - The profit of pig farming enterprises is expected to maintain high growth year-on-year in Q2 2025, driven by increased output, heavier average weights, and reduced costs [5][23] - The investment logic for the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive allocation strategy [6][30] Summary by Sections Weekly Observation - In Q2 2025, the average price of live pigs is projected at 14.55 yuan/kg, a year-on-year decrease of 11.22%, while the cost of pig farming has decreased to 13.38 yuan/kg, a year-on-year decline of 2.92% [5][23] - The average weight of pigs at slaughter has increased to 128.99 kg/head, a year-on-year increase of 2.42%, with a projected year-on-year increase of 34.07% in the total output of 12 major listed pig companies [5][23] Weekly Market Performance - The agricultural index underperformed the broader market by 1.11 percentage points, with the Shanghai Composite Index rising by 1.91% and the agricultural index increasing by 0.80% [34][36] - The aquaculture sector led the gains, with notable increases in individual stocks such as Biological Shares (+9.83%) and Spring Snow Food (+9.82%) [34][38] Price Tracking - As of June 27, 2025, the national average price for live pigs was 14.72 yuan/kg, up 0.50 yuan/kg from the previous week, while the average price for piglets was 31.6 yuan/kg, down 0.25 yuan/kg [41][44] - The feed price ratio for pigs was recorded at 4.38:1, indicating the profitability dynamics in the sector [41] Recommendations - The report recommends actively allocating investments in leading pig companies such as Muyuan Foods, Wens Foodstuff Group, and others, as well as in the feed sector benefiting from strong overseas demand [6][30]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing capacity regulation policies in the pig industry, recommending a "platform + ecosystem" model represented by Dekang Agriculture and Animal Husbandry [3] - The report highlights the need to shift from a cyclical perspective to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [6][17] - The report identifies key investment opportunities in the pig farming sector, particularly in leading companies with cost advantages, such as Muyuan Foods and Wens Foodstuffs [6][17] Summary by Sections 1. Pig Industry - In May, the national breeding sow inventory reached 40.42 million heads, a year-on-year increase of 1.15% and a month-on-month increase of 0.1%, indicating a stable capacity within the green regulatory range [6][16] - The average pig price rose to 14.66 CNY/kg, with the complete cost for leading enterprises dropping to around 12 CNY/kg, suggesting a favorable profit outlook [5][16] - The report recommends focusing on companies with strong financial performance, such as Dekang Agriculture and Animal Husbandry, Muyuan Foods, and Wens Foodstuffs [6][17] 2. Poultry Industry - The price of parent chicken seedlings remains high, with the average price at 47.93 CNY, reflecting a 5.25% increase [7][18] - The report notes a persistent contradiction between high production capacity and weak consumption in the white feather chicken industry, leading to potential market share gains for integrated enterprises [7][18] - Key investment targets include leading companies in imported breeding stock and fully integrated enterprises like Yisheng and Shengnong Development [7][18] 3. Feed Industry - The report highlights a recovery in aquaculture profitability due to rising fish prices and falling feed prices, with expectations for a rebound in demand for aquaculture feed in 2025 [8][19] - The leading companies are expected to improve their market share and cash flow as the capital expansion phase ends [8][19][21] 4. Pet Industry - The report indicates strong performance from domestic pet brands during the Tmall 618 sales event, with brands like Guibao and Zhongchong showing significant growth [11][22] - The competitive landscape is intensifying, with a focus on brands that demonstrate continuous high growth and strong overseas performance [11][22] 5. Agricultural Products - The report notes a significant reduction in grain imports, with a 29.7% year-on-year decrease in the first five months of 2025, which may support price recovery [12][29] - The report emphasizes the importance of domestic supply and the need for price increases to enhance farmers' income [12][29] 6. Market and Price Situation - The report states that the Shanghai and Shenzhen 300 Index closed at 3922 points, reflecting a 1.95% increase, while the agriculture index rose by 0.80% [30][31] - The report highlights the overall stability in the pig market, with average prices showing a slight decline due to seasonal consumption effects [52]

佩蒂动物营养科技股份有限公司 相关债券 2025 年跟踪评级报告 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 中鹏信评【2025】跟踪第【671】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

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。 为进一步做好投资者关系管理工作，佩蒂动物营养科技股份有限公司（以下简称 公司）根据实际工作需要，自本公告披露之日起启用新的投资者服务专用电子邮箱， 原电子邮箱继续用于公司董事会办公室及证券部的其他工作，具体变更情况如下： | 联系方式 | 变更前 | 变更后 | | --- | --- | --- | | 投资者服务 | cpet@peidibrand.com | ir@peidibrand.com | | 电子邮箱 | wanght@peidibrand.com | | 除上述内容变更外，公司通讯地址、电话及传真等其他信息均保持不变，具体为： 注册及办公地址：浙江省温州市平阳县水头镇工业园区宠乐路2号 联系电话：0577-58189955 传真号码：0577-63830321 证券代码：300673 证券简称：佩蒂股份 公告编号：2025-036 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 关于启用投资者服务专用电子邮箱的公告 二〇二五年六月二十八日 1 特此公告。 佩蒂动物营养科技 ...

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food and Treats Key Points and Arguments Production Capacity and Market Demand - Southeast Asia factories have a total production capacity of 26,000 tons, sufficient to meet U.S. market demand for the next two years [2][3] - The Cambodia factory focuses on high-priced products, with an annual output value close to 500 million RMB when fully operational [2][3] - The Vietnam factory has added 2,000 tons of capacity, with an expected annual output value of 800-900 million RMB when fully operational [2][3] Impact of Tariffs - The company plans to share the burden of the 10% tariff imposed by the U.S. on Vietnam and Cambodia with customers, as current major clients have not requested the company to absorb the tariff [2][5] - The company will continue to negotiate with clients to adapt to future policy changes [5] Market Performance - The U.S. market accounts for approximately 65% of the company's contract manufacturing business, expected to remain stable this year [6][7] - Significant growth is observed in the European market, particularly in the UK and Canada, driven by offline supermarket clients [2][5] - Orders in the U.S. market are normal and unaffected by tariff increases, with third-quarter orders expected to be on par with the previous year [7] Brand Performance - The proprietary brand "Jueyan" is expected to maintain a compound annual growth rate of over 50%, with projected revenue for the first half of the year between 400 million and 450 million RMB [4][10] - The "Haodangjia" brand is anticipated to continue expanding in the second half of the year [4] Financial Performance - The first quarter of 2025 saw a decline in revenue primarily due to adjustments in customer order delivery cycles and increased sales expenses [4][11] - The company expects the gross profit margin to remain stable in the second quarter, with sales expenses continuing to rise [11] Currency Exchange and Material Costs - The company has experienced stable raw material prices, including chicken, with no significant fluctuations [10] - The impact of currency fluctuations, particularly the depreciation of the U.S. dollar and appreciation of the RMB, is being monitored, with potential negative effects on business if the RMB continues to strengthen [8][12] Product Development and Market Expansion - The company plans to launch new products, including cat food, to capture a larger market share [12] - The "Jueyan" brand is positioned in the mid to high-end market, while "Haodangjia" targets the mid-range market [12] Sales Channels - The majority of sales currently come from online channels, with a focus on expanding into offline channels, particularly membership-based supermarkets like Sam's Club [13] - The company has successfully entered Sam's Club with its "Jueyan" duck jerky product, which aligns with the brand's positioning [13] Future Outlook - The company anticipates significant growth from the New Zealand high-end staple food brand "Smart Balance," expected to receive certification by early July 2025 [15][16] - The introduction of new products is expected to enhance market competitiveness and meet consumer demand for high-quality imported products [15][16]

Summary of Pet Industry Conference Call Industry Overview - The conference focused on the pet industry, particularly the performance of major online platforms during the 2025 618 shopping festival, including Tmall, Douyin, and JD.com [1][2][3]. Key Insights Online Platform Performance - **Tmall**: Sales growth is expected to be in the range of 9% to 10%, but faced challenges due to insufficient subsidies and limited traffic, making it less friendly to small and medium-sized businesses [2][3]. - **Douyin**: Outperformed expectations with a growth forecast of around 15%, benefiting from its social attributes and substantial subsidies, particularly effective for promoting new brands [2][3]. - **JD.com**: Anticipated growth is below 5%, maintaining a stable but low growth rate [2][3]. Return on Investment (ROI) and Discount Strategies - **Douyin**: ROI for domestic brands during the promotion period ranged from 2 to 5, while new or small high-ticket brands had an ROI of 1 to 1.5 [3]. - **Tmall**: Implemented a direct discount strategy of 15%, with mature brands achieving an ROI of 5 to 8, while new brands fell below 5 [3]. Brand Performance - **Guai Bao's Mai Fu Di**: Experienced a decline in Tmall rankings due to brand splitting but maintained overall good performance [1][4]. - **Fleegat**: Suffered from negative publicity on Xiaohongshu, impacting market performance significantly [1][4]. - **Zhongchong's Wanpi Brand**: Successfully repositioned through the Xiao Jin Dun series, achieving sales growth, though repeat purchase rates remain to be validated [1][4][5]. - **Petty Co.**: The Jue Yan brand leads in the high-end dog snack sector but faces slowing growth in direct sales [1][10]. Market Trends - The pet food sector is expected to see an overall online growth rate of around 10% for the year [3]. - Imported pet food brands are facing a decline in the Chinese market, with strategies focusing on optimizing supply chains and local production to mitigate challenges [2][17][18]. Future Outlook - The trend towards self-owned supply chains among OEM brands is expected to continue, with a focus on combining staple and snack products to enhance profitability [13]. - The baking grain category is anticipated to continue encroaching on the puffed grain market, with potential new trends emerging in pet food processing [20][21]. Additional Important Points - The high-quality traffic on Tmall is scarce, and past collaborations to boost traffic have not been successful [3]. - The competitive landscape is shifting, with brands needing to adapt to changing consumer preferences and market dynamics [12][19]. - The performance of international brands like Mars and Royal Canin is under scrutiny as they adapt to local market conditions [17][19]. This summary encapsulates the key points discussed during the conference call, highlighting the performance of various platforms, brand strategies, and market trends within the pet industry.