Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Core Viewpoint - Petty Co. announced on November 7 that overall raw material prices have remained stable this year, with prices of poultry and meat by-products decreasing compared to the same period last year, positively impacting the cost of main grains and snacks [1] Group 1: Raw Material Prices - The company indicated that raw material prices are expected to remain stable next year based on current market information and supplier pricing [1] - The prices of poultry and meat by-products have decreased compared to last year, contributing to improved cost conditions for main grains and snacks [1] Group 2: Supplier Relationships - Petty Co. has established long-term partnerships with key suppliers, including annual framework agreements to lock in supply and price ranges [1] Group 3: Cost Optimization Strategies - The company is optimizing costs through various dimensions, including product structure, customer structure, target markets, procurement locations, and strategic reserves [1] - Efforts are being made to control costs and potentially offset some tariff impacts, while closely monitoring external variables such as exchange rate fluctuations and international logistics [1]

Core Viewpoint - Petty Co. believes that baked grains will be the next competitive focus in staple food innovation, particularly suitable for mainstream pet categories and high-end pet households in China [1] Group 1: Company Strategy - The company is focusing on "new staple food introduction," which includes self-produced new staple foods and high-quality staple foods from New Zealand integrated into its own brand system [1] - Petty Co. plans to increase R&D investment and product innovation in the staple food sector [1] Group 2: Production and Supply Chain - The company aims to ensure stable output and quality leadership of new staple foods like baked grains through a strategy of "self-built capacity + global supply chain collaboration" [1]

Core Insights - Petty Co. has announced that offline channels have become a key focus for the company, indicating a strategic shift in its distribution approach [1] - The company has established close partnerships with major regional distributors, new retail supermarkets (such as Sam's Club, Costco, and Walmart), and specialized pet channels [1] - A "multi-channel, flat structure distribution strategy" is being implemented to cover large chain supermarkets and pet specialty systems [1] - The company's online brand presence is larger and involves more investment, but the cost dilution effect and brand synergy from offline channels are beginning to show, with overall return rates approaching those of online operations [1]

Core Viewpoint - The pet food industry is experiencing a dual challenge of export pressure and consumer differentiation, leading to a decline in both revenue and net profit for Petty Co. in Q3 2025 [1] Group 1: Performance Highlights - Despite an overall decline in performance, Petty Co. has shown significant growth in the domestic market, driven by the expansion of its proprietary brand and precise positioning [2] - The company has made progress in overseas capacity layout by establishing factories in Southeast Asia to mitigate the impact of U.S. tariffs, and its New Zealand production line is now operational [2] - The gross profit margin improved year-on-year to 32.07% in the first three quarters, benefiting from economies of scale in overseas factories and enhanced margins from domestic proprietary products [2] Group 2: Core Challenges - The high growth of domestic brands could not offset the significant decline in overseas markets, compounded by the transitional pressures of new capacity ramp-up [3] - The overseas business is the main drag on performance, with U.S. tariffs leading to reduced export orders and cautious customer ordering patterns [3] - The domestic market faces increased competition and cost pressures, with rising sales expenses due to intensified marketing efforts and a slight decline in agency business due to last year's high base [3] - High accounts receivable levels are concerning, with extended payment cycles from overseas customers potentially impacting cash flow [3] - The decline in Q3 performance reflects both external shocks and the inevitable growing pains of the company's transformation, highlighting the need to balance overseas risk mitigation with deepening domestic market engagement [3]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-053 | | --- | --- | --- | | 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 2025 年第一次临时股东大会的提示性公告 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法律、行政法规、部门 规章、规范性文件和监管规则以及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 12 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；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 11 月 12 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 11 月 05 日 本公司及董事会全体成员保证信息披 ...

Group 1 - Petty Co., Ltd. (SZ 300673) announced it will accept research from Changjiang Securities on November 6, 2025, from 10:00 to 11:10 AM, with participation from the company's board secretary and CFO, Tang Zhaobo, who will address investor questions [1] - For the year 2024, Petty Co., Ltd.'s revenue composition is as follows: pet food and other products account for 99.18%, while other businesses account for 0.82% [1]

Group 1: Company Performance Overview - As of the end of Q3 2025, the company's operations are proceeding as planned, with export business facing pressure due to U.S. tariffs, yet maintaining a higher gross margin than the same period in 2024 [1] - The launch of the Wenzhou factory's baking grain production line marks a significant milestone, enhancing the company's capabilities in freeze-dried, air-dried, and baked staple food production [1] Group 2: Marketing and Sales Strategies - During the "Double Eleven" shopping festival, the company increased marketing efforts, achieving over 30% year-on-year growth in overall GMV, with the Jueyan brand leading in the dog snack category [2] - The company introduced new products such as "small particle air-dried food" and "cod air-dried food," aligning with its strategy of deepening high-end market penetration and expanding product categories [2] Group 3: Channel Expansion and Cost Management - The company is focusing on expanding offline channels, collaborating with major regional distributors and new retail supermarkets, with offline channel returns approaching online levels due to cost dilution effects [3][4] - Raw material prices are expected to remain stable next year, with poultry and meat by-product prices decreasing compared to the previous year, positively impacting cost management [4]

Group 1 - The core viewpoint of the report is that Huazhong Securities has given a "buy" rating to Petty Holdings (300673.SZ) with a latest price of 16.45 yuan [1] - The company's operating revenue for Q3 2025 is projected to be 361 million yuan, representing a year-on-year decrease of 24.29% [1] - The gross profit margin has improved year-on-year, while the net profit margin is under short-term pressure [1] - The company is focusing on its own brand business, with the "Jueyan" brand maintaining rapid growth [1] Group 2 - The report highlights several risks, including changes in tariffs and trade policies, exchange rate fluctuations, domestic market expansion not meeting expectations, production capacity not meeting expectations, and raw material price volatility [1]

Investment Rating - The industry investment rating is "Outperform the Market" [85] Core Viewpoints - The pet food market is expected to grow steadily, with the market size reaching 300.2 billion yuan in 2024, a year-on-year increase of 7%. Pet staple food accounts for 36% of the pet economy [3][6] - The trend towards refined feeding is evident, with a growing preference for baked food and specialized diets among pet owners [3][38] - Online channels remain the primary battlefield for pet staple food, with 57.7% of pet owners choosing to purchase online [3][54] - Domestic brands are performing well, with a significant shift towards local brands as consumers show a preference for them over foreign brands [3][75] Summary by Sections Pet Staple Food: Core Track of the Pet Economy - The pet staple food segment is projected to maintain stable growth, driven by the increasing number of pet owners and the trend of treating pets as family members [3][20] - The pet market is expected to reach 404.2 billion yuan by 2027, with a CAGR of 10% from 2024 to 2027 [6] Products: Rapid Growth of Baked Food - Baked food is experiencing rapid growth, with a preference for refined feeding trends continuing among pet owners [3][42] - The preference for ordinary staple food is declining, while interest in specialized and prescription diets is increasing [3][48] Channels: Online Dominance - Online purchasing remains dominant, with major platforms like Taobao and JD.com leading the market [3][54] - Douyin is rapidly rising as a significant channel for pet food purchases, reflecting changing consumer behaviors [3][61] Competitive Landscape: Strong Performance of Domestic Brands - Domestic brands are increasingly capturing market share, particularly in the mid-range and low-end segments, as they offer competitive pricing and quality [3][72] - In 2024, 35% of consumers preferred domestic brands for cat food, reflecting a 7 percentage point increase year-on-year [3][75]