法律意见书 北京中伦文德（杭州）律师事务所 关于 佩蒂动物营养科技股份有限公司 调整 2022 年员工持股计划业绩考核目标事项的 法律意见书 二〇二四年九月 浙江省杭州市萧山区钱江世纪城广孚中心 13 楼 13F Guangfu Century City,Xiaoshan District,Hangzhou,P,R,China 311200 总机：(0571)83685215 传真：(0571)83685215 法律意见书 北京中伦文德（杭州）律师事务所 关于佩蒂动物营养科技股份有限公司 调整 2022 年员工持股计划业绩考核目标事项的 法律意见书 致：佩蒂动物营养科技股份有限公司 本所律师根据《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》"）、《关于上市公司实施员工持 股计划试点的指导意见》(以下简称"《指导意见》") 以及《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》(以下简称"自律监管 指引")等有关法律、法规规定，按照律师行业公认的业务标准、道德规范和勤 勉尽责精神，就本次持股计划调整业绩考核目标事项（以下简称"本次调整 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2024-073 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 第四届董事会第七次会议决议公告 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 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）第四届董事会第七 次会议（临时会议），召开情况如下： 1. 会议通知的时间和方式：2024年9月25日（星期三）以通讯方式向参会人员发 出通知； 2. 会议召开的时间：2024年9月27日（星期五）上午10:00； 3. 会议召开方式：现场、通讯相结合方式； 4. 现场会议地点：浙江省杭州市萧山区宁围街道诺德财富中心2001室； 5. 会议召集人：董事长陈振标先生； 6. 会议主持人：董事长陈振标先生； 7. 会议表决方式：投票表决； 8. 会议出席情况：本次会议应参会董事七名，实际参会董事七名，均亲自出席会 议；董事长陈振标先生，董事郑香兰女士、唐照波先生现场出席会议；副董事长陈振 录先生，独立董事金晓斌先生、李路先生、余飞涛女士以通讯方式出席会议；全体监 事以通讯 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a significant increase in revenue and profit in the first half of 2024, with total revenue reaching 846 million yuan, a year-on-year growth of 71.64%, and a net profit of 98 million yuan, up 329.38% year-on-year [6][7] - The company has successfully navigated the fluctuations in the overseas market, with strong performance in both domestic and international markets, meeting its operational expectations [6] - The company's gross margin has been improving for six consecutive quarters, reaching 28.02% in Q2 2024, an increase of 11.91 percentage points year-on-year [7] Financial Performance Summary - In H1 2024, the company achieved revenue of 846 million yuan, with the main business segments showing strong growth: plant-based chewing gum revenue increased by 114.62% to 298 million yuan, and animal skin chewing gum revenue rose by 87.85% to 263 million yuan [6] - The company’s ODM business is primarily supported by production bases in Vietnam and Cambodia, with the Vietnam base being a major profit contributor [6] - The company’s net profit forecast for 2024-2026 is projected to be 168 million, 202 million, and 250 million yuan respectively, indicating a return to profitability and continued growth [8][11] Valuation and Earnings Forecast - The current closing price corresponds to a PE ratio of 18 and 15 times for 2024 and 2025 respectively, with a target valuation range of 14.86 to 15.54 yuan based on a PE of 22-23 times for 2024 [7][10] - The company’s revenue is expected to grow from 1.41 billion yuan in 2023 to 1.88 billion yuan in 2024, reflecting a year-on-year growth of 33% [8][11]

Investment Rating - Strong Buy / Maintain [3] Core Views - The company achieved a turnaround in performance, with significant growth in both domestic and overseas markets [3] - Overseas revenue surged, driven by the rapid release of production capacity in Cambodia and improved operational efficiency in Southeast Asia [3] - Multiple product categories showed growth, with improved profitability due to increased gross margins and reduced expense ratios [3] - The domestic market saw strong performance from the company's high-end brand, Jueyan, and the successful launch of new staple food products [3] Financial Performance - Revenue for H1 2024 reached RMB 846 million, a YoY increase of 71.64%, with net profit attributable to shareholders of RMB 98 million, a YoY increase of 329.38% [3] - Overseas sales accounted for RMB 689 million, a YoY increase of 108.35%, with a gross margin of 27.06% [3] - Revenue breakdown by product: rawhide chews (RMB 263 million, +87.85%), plant-based chews (RMB 298 million, +114.62%), nutritional meat snacks (RMB 190 million, +38.39%), and wet staple food (RMB 80 million, +34.86%) [3] - Gross margins for these products increased by 11.51%, 7.86%, 16.82%, and 3.20% respectively [3] - The company's expense ratio decreased by 10.6 percentage points, with sales, management, R&D, and financial expense ratios at 6.01%, 5.89%, 1.67%, and -1.28% respectively [3] Domestic Market Strategy - The company focused on its own brand, Jueyan, which achieved a total transaction volume of over RMB 25 million during the 618 shopping festival, a YoY increase of 67% [3] - New staple food products were well-received in the market, and the company plans to expand its product line and enhance marketing efforts in the second half of the year [3] Future Projections - The company is expected to achieve net profits of RMB 158 million, RMB 203 million, and RMB 246 million for 2024-2026, with EPS of RMB 0.62, RMB 0.80, and RMB 0.97 respectively [4] - PE ratios are projected at 20x, 15x, and 13x for 2024-2026 [4] Industry Context - The company is a pioneer in China's pet food industry, with a diversified portfolio of brands both domestically and internationally [6] - The pet food market is experiencing growth, driven by increasing pet ownership and consumer demand for high-quality pet products [6]

Investment Rating - The report maintains a "Buy" rating for Petty Co., Ltd. (300673.SZ) [4] Core Views - Petty Co., Ltd. reported strong performance in the first half of 2024, achieving revenue of 846 million yuan, a year-on-year increase of 71.64%, and a net profit of 98 million yuan, compared to a loss of 43 million yuan in the same period of 2023 [1] - The company is seeing positive growth in both overseas orders and domestic self-owned brands, with overseas revenue increasing by 87.79% and domestic revenue by 24.55% in the first half of 2024 [1] - The gross margin improved significantly, reaching 26.35% in the first half of 2024, driven by scale effects and a higher proportion of high-margin products [2] - The company has adjusted its profit forecasts for 2024-2026, raising the net profit estimates to 174 million yuan, 215 million yuan, and 257 million yuan respectively, reflecting a positive outlook for its overseas business and production capacity [2] Summary by Sections Financial Performance - In the first half of 2024, Petty Co., Ltd. achieved a revenue of 846 million yuan, with a net profit of 98 million yuan, a significant turnaround from a loss in the previous year [1] - The second quarter of 2024 saw a revenue of 461 million yuan, marking a year-on-year increase of 38.06% [1] - The gross margin for the first half of 2024 was 26.35%, with a notable increase in the second quarter to 28.02% [2] Market and Product Development - The company reported strong growth in its overseas market, with revenue from international sales reaching 689 million yuan in the first half of 2024 [1] - Domestic self-owned brands, particularly the "Jueyan" brand, are performing well, with plans to introduce new staple food products in the second half of 2024 [1] - The company’s various product categories, including animal skin chew toys and plant-based chew toys, showed significant revenue growth, with increases of 87.85% and 114.62% respectively [1] Profitability and Forecasts - The report indicates an upward revision of profit forecasts for 2024-2026, with net profit estimates adjusted to 174 million yuan for 2024, reflecting a 39.38% increase from previous estimates [2] - The expected earnings per share (EPS) for 2024 is projected at 0.70 yuan, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 for 2024-2026 [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][15]. Core Views - The company achieved significant growth in its first half of 2024, with revenue reaching 846 million yuan, a year-on-year increase of 71.64%, and a net profit of 98 million yuan, up 329.38% year-on-year [1]. - The domestic market is expanding with a focus on self-owned brands, particularly the "Jueyan" brand, which has seen strong sales performance [2]. - The overseas business is recovering, with a 90.2% increase in revenue from international markets, driven by the end of inventory destocking by overseas clients [3]. - The company is expected to continue its growth trajectory, with projected revenues of 1.976 billion yuan, 2.434 billion yuan, and 2.843 billion yuan for 2024, 2025, and 2026 respectively [4]. Summary by Sections Domestic Market Performance - In the first half of 2024, domestic revenue reached 157 million yuan, a 24.6% increase, with a gross margin of 23.23% [2]. - The company has established a comprehensive online and offline sales strategy, enhancing brand visibility and sales through platforms like Tmall, JD.com, and Douyin [2]. - The "Jueyan" brand has become a bestseller, particularly during promotional events like the 618 shopping festival, achieving a GMV of over 25 million yuan [2]. International Market Performance - The company's international revenue for the first half of 2024 was 689 million yuan, reflecting a 90.2% increase, with a gross margin of 27.06% [3]. - The company has production bases in Vietnam, Cambodia, and New Zealand, with the New Zealand facility set to begin large-scale production soon [3]. - The New Zealand factory is expected to supply high-quality products primarily for the company's self-owned brands [3]. Financial Projections - The company is projected to turn profitable, with net profits expected to reach 148 million yuan, 190 million yuan, and 245 million yuan for 2024, 2025, and 2026 respectively [4]. - The report anticipates a significant recovery in profitability, with a net profit margin projected to improve over the next few years [4].

佩蒂动物营养科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------------------------------|-------------------| | | | 编号：IR2024-007 | | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | | 方正证券股份有限公司：邱星皓 | | | | 国海证券股份有限公司：王思言、熊子兴 | | | | 中原证券股份有限公司：张蔓梓 | | | | 广发证券股份有限公司：张雨露 | | | | 高盛(亚洲)有限责任公司：穆笛、周洋 | | | | 深圳市国晖投资有限公司：马进青 | | | | 上海耶诺资产管理有限公司：沈雷 | | | | 信达证券股份有限公司：李汶静、张弛 | | | | 鸿运私募基金管理(海南) | 有限公司：高波 | | | 中信证券股份有限公司：彭家乐、王聪、郭芳、施杨 | | | 参与单位名称及 | ...

华福证券 及预期，外贸摩擦加剧，汇率大幅波动，原料价格大幅波动。 and Tax 2017 佩蒂股份（300673.SZ） 24H1 业绩点评：海外业务明显修复，盈利能力 持续提振 事件：2024 年 8 月 26 日公司发布 2024 年半年度报告。2024H1 公司 实现营业总收入 8.46 亿元，同比+71.64%，归母净利润 0.98 亿元，去年同 期亏损 0.43 亿元，扣非归母净利润 0.96 亿元，去年同期亏损 0.44 亿元。 单季度来看，24Q2 实现营业总收入 4.61 亿元，同比+38.06%，归母净利润 0.56 亿元，去年同期亏损 0.05 亿元，扣非归母净利润 0.56 亿元，去年同期 亏损 0.05 亿元。 国外代工修复明显，爵宴引领内销快增。国外：公司持续加深现有核 心客户并积极拓展新客户，积极把握客户从去库存到补库存的机遇，东南 亚工厂的产能利用率和经营效率均有明显提升，24H1 公司境外实现营收 6.9 亿元，同比+88%；国内：自主品牌持续获效，公司在国内市场实施多 品牌策略，聚焦爵宴、好适嘉等重点品牌，618 期间公司旗下高端宠物食 品品牌爵宴全网成交总额超 2500 ...

公司点评报告 · 农林牧渔行业 H1 出口向好&品牌快增,业绩扭亏为盈 核心观点 2024年8月26日 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

佩蒂动物营养科技股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 根据中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集资金管理和使 用的监管要求（2022年修订）》《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》等有关规定，佩蒂动物营养科技股份有限公司（以下简称公司或者佩蒂股份） 就2024年半年度募集资金存放与使用情况作专项报告如下： 一、募集资金基本情况 (一)实际募集资金金额、资金到账时间 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，公司向不特 定对象发行面值不超过人民币72,000万元的可转换公司债券。公司本次发行可转换公司债券名 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20 ...