2. 回购价格：不超过26.00元/股。 3. 回购数量：以回购价格上限26.00元/股为基准，以回购资金总额下限5000万元测算，预计回购数量为 192.31万股，占公司当前已发行股本总额（2.49亿股）的0.7728%；以回购资金总额上限7000万元测 算，预计回购数量为269.23万股，占公司当前已发行股本总额的1.0820%。具体回购数量以回购结束时 实际回购的股份数量为准，最小回购单位为100股。 格隆汇11月24日丨佩蒂股份(300673.SZ)公布,经公司董事会批准，公司拟使用自有资金以集中竞价交易 方式回购公司部分社会公众股，主要内容如下： 1. 回购资金总额：不少于人民币5000万元（含）且不超过人民币7000万元（含）。 ...

佩蒂股份（300673）(300673.SZ)公告，公司拟使用自有资金以集中竞价交易方式回购公司部分社会公 众股，回购资金总额不少于人民币5000万元(含)且不超过人民币7000万元(含)，回购价格不超过26.00元/ 股。回购期限自董事会审议通过本回购方案之日起不超过六个月。 ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-058 | | --- | --- | --- | | 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 回购方案的主要内容 经佩蒂动物营养科技股份有限公司（以下简称公司）董事会批准，公司拟使用自 有资金以集中竞价交易方式回购公司部分社会公众股，主要内容如下： 1. 回购资金总额：不少于人民币5,000万元（含）且不超过人民币7,000万元（含）。 2. 回购价格：不超过26.00元/股。 3. 回购数量：以回购价格上限26.00元/股为基准，以回购资金总额下限5,000万 元测算，预计回购数量为192.3077万股，占公司当前已发行股本总额（24,883.0340 万股，下同）的0.7728%；以回购资金总额上限7,000万元测算，预计回购数量为 269.2308万股，占公司当前已发行股本总额的1.0820%。具体回购数量以回购结束时 实际回购的股份数量为准，最小回购单位为100股（1手，下同）。 4. 回购期限：自董事会审议通过本回购方案之日起不超过六个月。 5. 回购股份的用途：用于股权激励或 ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-057 | | --- | --- | --- | | 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 关于完成公司治理架构调整的公告 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。 一、职工代表监事离任情况 2025 年 11 月 12 日，佩蒂动物营养科技股份有限公司（以下简称公司）召开 2025 年第一次临时股东大会，批准了公司关于治理结构调整并同步修订《公司章程》等相 关议案。具体内容见公司于 2025 年 10 月 28 日在巨潮资讯网披露的《关于调整治理 架构和修订<公司章程>及其附件的公告》等相关公告。 根据修订后的《公司章程》，公司不再设置监事会，由董事会审计委员会行使《公 司法》规定的监事会的职权。公司第四届监事会的三名成员原定任期三年，自 2024 年 1 月 19 日始至本届监事会届满之日止。本次调整后，监事会非职工代表监事已自 动从监事岗位离任。 三、选举代表公司执行公司事务的董事及法定代表人情况 2025 年 11 月 24 ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-056 | | --- | --- | --- | | 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 第四届董事会第十六次会议决议公告 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 为适应公司发展需要，提高治理水平，根据《公司法》（2023 年修订）和《公司 章程》的有关规定，选举董事长陈振标先生担任代表公司执行公司事务的董事，并担 任公司的法定代表人，任期与公司第四届董事会相同。 本议案的具体内容见公司与本公告同日在巨潮资讯网披露的《关于完成公司治理 架构调整的公告》。 表决结果：赞成票 7 票，反对票 0 票，弃权票 0 票，议案获得通过。 （二） 审议通过《关于重新选举审计委员会的议案》 根据《公司章程》的相关规定，公司董事会审计委员会行使《公司法》规定的监 事会的职权，董事会重新选举了审计委员会成员及其召集人。经董事会选举，李路先 生（会计专业独立董事）、余飞涛女士（独立董事）、陈振录先生（非独立董事）担任 审计委员会委 ...

生猪产能去化或加速，宠物内销增长亮眼 农林牧渔 证券研究报告 行业投资策略周报 / 2025.11.23 投资评级:看好(维持) 最近 12 月市场表现 -8% -2% 5% 11% 17% 23% 农林牧渔 沪深300 分析师 王聪 SAC 证书编号：S0160525110001 wangcong@ctsec.com 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《宠物双十一国产品牌表现亮眼》 2025-11-16 2. 《生猪供应仍存压力，产能去化或加速》 2025-11-09 3. 《生猪养殖持续亏损，产能去化或加速》 2025-11-02 农业重点数据跟踪周报 核心观点 | 表 1：重点公司投资评级 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 公司 | 总市值（亿 | 收盘价 | | EPS（元） | | | PE | | 投资评级 | | | | 元） | （11.21） | 2024 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]

行 业 及 产 业 农林牧渔 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 A0230521080004 zhujy@swsresearch.com 2025 年 11 月 23 日 猪价低迷产能去化加快，关注宠食龙头成 长确定性 本研究报告仅通过邮件提供给 中庚基金 使用。1 - 看好 —— 农林牧渔周观点（2025.11.17-2025.11.23） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 本周申万农林牧渔指数下跌 3.4%，沪深 300 下跌 3.8%。个股涨幅前五名：中水渔业（61.0%）、荃银 高科（27.4%）、国联水产（22.5%）、獐子岛（14.7%）、永安林业（13.4%）。投资分析意见：猪价 低迷养殖亏损加剧，关注产能去化加速。肥猪供给压力仍大，猪价旺季不旺养殖亏损或进一 ...

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of identifying and capturing turning points in the agricultural sector in 2026, focusing on core indicators and finding entry points within a relatively reasonable valuation range [1] Group 1: Swine Breeding - The swine breeding sector is expected to benefit from changes in supply and demand, with a continued emphasis on a balanced approach of offense and defense [1] - The investment opportunities in the swine breeding sector arise from changes in production capacity affecting pig price expectations, with a recommendation to focus on major players like Muyuan Foods (002714) and Wens Foodstuff Group (300498), as well as smaller companies like Tiankang Biological (002100) and Shennong Group (605296) [1] - Despite a generally pessimistic outlook on pig prices based on current data, there is potential for changes within the industry that could lead to investment opportunities [1] Group 2: Pet Food - The pet food sector is characterized by sustained growth and significant market share expansion potential, with export growth serving as a shield for performance and the development of proprietary brands as a spear for future market share increases [2] - The report suggests that companies in the pet food industry should focus on maintaining or exceeding growth expectations for their proprietary brands while leveraging multi-brand operations [2] - Key companies to watch in the pet food sector include Zhongchong Co., Ltd. (002891), Guibao Pet (301498), and Petty (300673), with additional attention on Yuanfei Pet (001222) [2]

Core Insights - The Chinese pet industry has experienced unprecedented growth since the 21st century, transitioning from viewing pets as mere tools for guarding to recognizing them as essential emotional companions and family members [1][9] - The pet service sector has diversified significantly, encompassing medical, grooming, boarding, and training services to meet the evolving needs of pet owners [1][9] - The market for pet services in China is projected to grow from 34.034 billion yuan in 2015 to 104.47 billion yuan in 2024, with a compound annual growth rate (CAGR) of 13% [1][10] Pet Service Industry Overview - The pet industry includes all activities related to pets, such as breeding, trading, and providing goods and services like pet food, supplies, and services [3] - Pet services are defined as non-physical consumption services for pets and their owners, covering a wide range of offerings from grooming and medical care to training and insurance [3] Market Growth and Trends - The number of urban pets in China is expected to rise from 87.46 million in 2017 to 124.11 million by 2024, with a CAGR of 5.13% [5] - The pet consumption market in China is anticipated to expand from 97.8 billion yuan in 2015 to 300.2 billion yuan in 2024, with a CAGR of 13.27% [8] - In 2024, pet food is projected to account for 52.8% of the market, while pet services will represent 34.8% [8] Industry Development History - The establishment of the China Small Animal Protection Association in 1992 marked the beginning of the pet industry in China, promoting the concept of pets as companions [5] - Over the past thirty years, the pet service industry has evolved from basic breeding and trading to a comprehensive service model covering the entire lifecycle of pets [5][6] Industry Structure and Key Players - The pet service industry features a diverse competitive landscape, with key players in medical services including New Ruipeng and Ruipai, while grooming and boarding services are dominated by regional brands like Baozaiwu and Paiduo [10] - The market remains fragmented, with opportunities for growth through service extension, technological empowerment, and brand building [10] Future Trends in Pet Services - The industry is expected to embrace intelligent technology, integrating smart wearables and online platforms for enhanced pet health management and service efficiency [12] - Services will increasingly focus on emotional value and personalized experiences, such as customized training and memorial services for pets [13] - The service model will diversify, combining online and offline experiences, with O2O platforms and community-based services enhancing user engagement [14]