| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-012 | | --- | --- | --- | | 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 关于调整佩蒂转债转股价格的公告 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： 一、佩蒂转债基本情况 经深圳证券交易所审核同意，中国证监会《关于同意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注册的批复》（证监许可〔2021〕3596号）同意注 册，佩蒂动物营养科技股份有限公司（以下简称公司）可向不特定对象发行面值不超过 人民币72,000.00万元的可转换公司债券。 公司本次发行可转换公司债券的名称为佩蒂转债，每张面值为人民币100元，按面值 平价发行，共计720万张，期限为6年。 公司本次发行可转换公司债券的募集资金总额为人民币720,000,000.00元，扣除保 荐及承销费用、中介费用、手续费、信息披露费等相关费用后，募集资金净额为人民币 711,859,782.01元。上述募集资金于2021年12月28日划入募 ...

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。 2026年2月25日，佩蒂动物营养科技股份有限公司（以下简称公司）召开第四届董事 会第十七次会议，审议通过了《关于变更注册资本的议案》和《关于修订<公司章程>的 议案》，因公司发行的可转债（债券简称：佩蒂转债，债券代码：123133）转股导致公司 股本总额发生变化，需变更注册资本并同步修订《公司章程》的相关条款。具体内容见 公司于2026年2月26日在巨潮资讯网披露的《关于变更注册资本及修订<公司章程>的公 告》（公告编号：2026-005）。 2026年3月13日，公司召开2026年第一次临时股东会，批准了本次变更注册资本并 修订《公司章程》的相关事项。 近日，根据股东会的授权，公司已完成上述事项的工商变更登记（备案）手续，并 取得了浙江省市场监督管理局换发的《营业执照》，变更后登记的相关信息如下： 企业名称：佩蒂动物营养科技股份有限公司 统一社会信用代码：913303007441123125 法定代表人：陈振标 住所：平阳县水头镇工业园区宠乐路2号 | 证券代码：300673 | 证券简称：佩蒂股份 | 公告编 ...

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in pig farming, despite recent price declines due to oversupply [1][5] - The USDA has revised soybean production estimates downward, indicating potential supply pressures in the agricultural market [1][5] Group 1: Pig Farming - Pig prices are declining due to oversupply, with a reported price of 10.18 CNY/kg as of March 12, reflecting a week-on-week decrease of 3.60% [5][29] - The number of breeding sows has shown a slight decrease of 0.02% in February, indicating ongoing supply pressures [5][18] - Losses in pig farming are significant, with self-bred and purchased pig farming reporting losses of 283.15 CNY/head and 118.18 CNY/head respectively [5][35] Group 2: Poultry Farming - The poultry sector is facing challenges due to frequent outbreaks of avian influenza, which may benefit the white feather chicken industry in the long term [5][40] - The average price for white feather meat chickens was reported at 7.21 CNY/kg, with a slight increase of 0.14% week-on-week [5][40] Group 3: Animal Health - The animal health sector is experiencing growth potential, with new product launches providing growth momentum [5][49] - The demand for animal health products is currently under pressure due to the cyclical downturn in pig farming [5][49] Group 4: Seed Industry - The average prices for wheat, corn, and soybean meal have increased, with wheat at 2578 CNY/ton, soybean meal at 3439 CNY/ton, and corn at 2447 CNY/ton, reflecting increases of 1.4%, 8.3%, and 1.2% respectively [5][54] - The government is promoting the revitalization of the seed industry, focusing on the breeding and promotion of breakthrough varieties [5][54] Group 5: Pet Industry - The pet food export value was reported at 906 million CNY in December 2025, showing a year-on-year decrease of 2.9% [5][60] - Domestic sales of pet food continue to grow, with e-commerce sales in February 2026 increasing by 21% year-on-year [5][63]

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, indicating a positive outlook compared to the benchmark index [43]. Core Insights - The report highlights that the international regional conflicts are driving an upward trend in agricultural product prices, particularly affecting planting costs due to disruptions in fertilizer supply [3]. - In the livestock sector, pig prices are at a low point, with a current price around 10 CNY/kg, and the supply pressure is greater than the recovery in demand [4]. - The pet industry is expected to grow, supported by large domestic exhibitions and increasing revenue growth from local brands [2]. Summary by Sections Planting - The Middle East conflicts are causing global agricultural supply and demand fluctuations, with significant impacts on fertilizer supply and increased planting costs. Recent price increases include corn at 2,447 CNY/ton (up 1.2%), wheat at 2,578 CNY/ton (up 1.4%), and soybean meal at 3,439 CNY/ton (up 8%). The report remains optimistic about the agricultural price boom benefiting planting companies and recommends leading corn seed company Kangnong Seed [3]. Livestock - Pig prices continue to decline, currently around 10.2 CNY/kg, with increasing average weights at slaughter. The demand recovery is insufficient to counterbalance supply pressures, leading to continued price pressure. The report notes that while piglet sales are still profitable, prices are gradually decreasing, and the expectation of capacity reduction will persist [4]. Pet Industry - The report notes the successful launch of major pet exhibitions, such as the Shenzhen Pet Expo, which featured 10,000 brands. The growth of domestic pet brands is a key indicator of investment value in this sector [5]. Key Company Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and New Hope. For the agricultural product chain, recommended stocks include Morning Light Bio, Noposion, and Kangnong Seed. In the pet sector, recommended stocks include Guobao Pet and Petty Holdings [5][37].

Investment Rating - The report maintains a "Buy" rating for the agriculture sector, particularly highlighting the pig farming segment and other related industries [3][55]. Core Insights - The agriculture sector is expected to benefit from rising energy prices, with agricultural products following suit. The report emphasizes the high layout value of agriculture due to geopolitical disturbances and rising production costs, which may lead to a price increase in agricultural products [9][12]. - The report identifies several investment opportunities across different segments, including pig farming, downstream animal health, planting chains, and the pet food industry, suggesting specific companies for investment [3][55]. Summary by Sections Investment Suggestions and Targets - The report is optimistic about the pig farming sector, anticipating a recovery in pig prices in 2026, with companies like Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shennong Group (605296) recommended for investment [3][55]. - In the post-cycle sector, structural growth trends are expected to continue, with companies like Haida Group (002311) and Ruipu Biological (300119) highlighted [3][55]. - The planting chain is expected to see investment opportunities due to rising commodity prices, with companies like Suqian Agricultural Development (601952), Beidahuang (600598), Hainan Rubber (601118), Longping High-Tech (000998), and COFCO Sugar (600737) recommended [3][55]. - The pet food sector is experiencing growth, with companies like Guibao Pet (301498), Zhongchong Co. (002891), and Petty Co. (300673) noted for their potential [3][55]. Industry Fundamentals - The report discusses the current state of the pig farming industry, noting that prices have reached a historical low, with the average price at 10.08 CNY/kg as of March 13, 2026. The report suggests that the market sentiment is shifting towards recovery [31][32]. - For the white feather broiler chicken segment, prices are stable, with the average price at 7.21 CNY/kg and chick prices showing a slight increase [33][34]. - The report highlights the upward trend in grain prices, with corn prices at 2446.86 CNY/ton and wheat at 2577.61 CNY/ton, indicating a strong market for feed ingredients [41][42]. Market Performance - The agriculture sector outperformed the broader market, with the agricultural and forestry sector index rising by 1.01% compared to a decline in the Shanghai Composite Index [57][58]. - Specific companies within the agriculture sector showed significant gains, with Yasheng Group increasing by 13.41% and COFCO Technology by 8.45% [59][60].

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 2026 年第一次临时股东会之 法律意见书 二〇二六年三月 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 关于佩蒂动物营养科技股份有限公司 2026 年第一次临时股东会之 法律意见书 编号：01G20240020-7 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"或"佩蒂股份"）委托，就公司召开2026年第一次 临时股东会（以下简称"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》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 中国证券监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规、规章和其他规范性文件以及现行有效的《佩蒂动物营养科技股份 有限公司章程》（以下简称"《公司章程》"）、《佩蒂动物营养科技股份有限公司股 东会议事规则》（以下简称"《股东会议事规则》"） ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-010 | | --- | --- | --- | | 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 2026 年第一次临时股东会决议公告 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） 2026年第一次临时股东会。 （二） 会议的召开和投票时间 1、现场会议时间：2026年03月13日（星期五）15:00。 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2026 年03月13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2026年03月13日9:15至15:00的任意时间。 （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。 其中：通过现场投票的股东 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery sector [7] Core Insights - The U.S. pet functional food industry is evolving from a focus on disease treatment to optimizing health, with functional food becoming a necessary choice for pet owners seeking precise nutrition [16][20] - The market for functional pet food is projected to reach approximately $12.1 billion by 2024, accounting for 27% of the overall pet food market, with a CAGR of 14.2% from 2019 to 2024, significantly outpacing the industry average [2][16] - High entry barriers and strong R&D capabilities are crucial for brand premium pricing, with companies that can meet stringent AAFCO standards and provide clinical validation enjoying higher market positions [3][17] Summary by Sections Industry Overview - The U.S. pet functional food market is not a legally defined category but an upgraded staple food that adds functional ingredients to balanced nutrition, evolving through stages from prescription food to functional food [2][20] - The shift towards functional food reflects a deeper understanding of pet health management, driven by consumer demand for precise feeding [16][20] Barriers to Entry - The industry has high entry barriers due to dual federal and state regulations, requiring compliance with AAFCO standards and rigorous nutritional validation [3][17] - Companies with strong R&D capabilities can command higher brand premiums, as seen in the price differences among similar products based on ingredient quality and efficacy validation [3][17] Market Structure - The functional food market is more fragmented compared to the prescription food market, where major players like Hill's and Royal Canin dominate with a combined market share of 90% [4][18] - The top three brands in the functional food segment hold only 57.1% of the market share, allowing for more competition from mid-tier brands [4][18] Investment Recommendations - The report suggests focusing on leading pet companies with strong R&D capabilities, such as Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from the ongoing product iteration wave [6][10]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2026-009 | | --- | --- | --- | | 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 2026 年第一次临时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。 2026 年 2 月 25 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 事会第十七次会议（临时会议）审议通过了《关于召开 2026 年第一次临时股东会的 议案》，决定于 2026 年 3 月 13 日（星期五）召开 2026 年第一次临时股东会。2026 年 2 月 26 日，公司在巨潮资讯网（https://www.cninfo.com.cn/）发布了《关于召开 2026 年第一次临时股东会的通知》（公告编号：2026-007）。为进一步保护投资者的 合法权益，方便公司股东行使股东权利，现将本次股东会的有关事项再次公告提示如 下： 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会。 2、股东会的召集人：董事会。 3 ...

Core Insights - The report maintains a positive outlook on the pig farming industry, emphasizing the expectation of capacity reduction and recommending continued investment in pig farming [1][7][18] - The agricultural sector has shown a mixed performance, with the agricultural and forestry sector index increasing by 2.12% week-on-week, while the Shanghai and Shenzhen 300 index decreased by 1.07% [11][12] Pig Farming Data Tracking - The pig price has been declining due to an oversupply, with the average price of live pigs at 10.56 CNY/kg as of March 5, reflecting a week-on-week decrease of 3.39% [29][30] - The number of breeding sows has shown a slight decrease of 0.02% in February 2026, indicating ongoing supply pressures [19][26] - The profitability of pig farming has turned negative, with losses reported at -237.98 CNY per head for self-bred pigs and -58.89 CNY per head for purchased piglets as of March 6 [36][39] Poultry Farming Data Tracking - The average price of white feather broilers has decreased to 7.20 CNY/kg, down 3.61% week-on-week, while the profitability for broiler farming remains positive at 0.18 CNY per bird [37][41] - The supply of parent stock chicken has faced uncertainty due to ongoing avian influenza outbreaks, which may benefit the white feather chicken industry in the medium to long term [37][38] Animal Health Data Tracking - The animal health sector is experiencing pressure on demand due to the cyclical downturn in pig farming, with various vaccine approvals providing potential growth opportunities [48] - Recent advancements in vaccine development, particularly for African swine fever, are expected to stimulate interest in the sector [48] Seed Industry Data Tracking - The average prices for wheat, corn, and soybean meal have increased, with wheat at 2542 CNY/ton, soybean meal at 3175 CNY/ton, and corn at 2418 CNY/ton as of March 6, indicating a positive trend in agricultural commodity prices [51][53] - The report highlights the importance of advancing biological breeding and the implementation of the seed industry revitalization action plan [51][55] Pet Industry Data Tracking - The pet food export value was 906 million CNY in December 2025, reflecting a year-on-year decrease of 2.9%, while domestic sales continue to grow, with e-commerce sales increasing by 19% in January 2026 [56][59] - The report suggests focusing on companies with strong domestic sales growth and those that can leverage supply chain advantages to enhance brand strength and market share [59]