Financial Performance - The company's revenue for Q1 2025 was ¥329,025,683.09, a decrease of 14.40% compared to ¥384,361,410.15 in the same period last year[5] - Net profit attributable to shareholders was ¥22,229,211.17, down 46.71% from ¥41,712,068.74 year-on-year[5] - Basic earnings per share decreased to ¥0.09, down 47.06% from ¥0.17 in the same period last year[5] - Net profit for the period was ¥23,268,004.43, down from ¥41,855,415.66, indicating a decline of approximately 44.5% year-over-year[29] - Earnings per share decreased to ¥0.09 from ¥0.17, reflecting a decline of 47.1% year-over-year[30] Cash Flow - The net cash flow from operating activities was -¥58,240,852.46, a decline of 46.83% compared to -¥39,664,159.28 in the previous year[5] - Cash inflow from operating activities totaled 334,351,048.78, down from 375,261,713.44 in the previous period, reflecting a decrease of approximately 10.9%[32] - Cash outflow from operating activities was 392,591,901.24, compared to 414,925,872.72 in the previous period, showing a reduction of about 5.4%[32] - The company's cash flow from operating activities has shown a negative trend, necessitating strategic adjustments to improve liquidity[32] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,950,459,126.32, a decrease of 1.50% from ¥2,995,383,331.77 at the end of the previous year[5] - Total liabilities decreased to ¥963,964,264.82 from ¥1,026,153,142.44, a decline of approximately 6.1%[27] - Total equity increased to ¥1,986,494,861.50 from ¥1,969,230,189.33, an increase of about 0.9%[27] Expenses - Sales expenses increased by 55.88% to ¥27,802,742.87, primarily due to higher marketing costs[12] - Research and development expenses increased to ¥5,919,070.35 from ¥4,811,189.40, representing a rise of approximately 22.9% year-over-year[28] - Total operating costs decreased to ¥299,758,359.05 from ¥336,783,529.99, a reduction of about 11.0% year-over-year[28] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,129[18] - The largest shareholder, Chen Zhenbiao, holds 32.35% of the shares, totaling 80,502,800 shares[18] - A total of 4,482,658 shares were repurchased, representing 1.8015% of the total share capital[23] - The total amount spent on share repurchase reached RMB 50,997,188.30[23] - The company plans to repurchase shares using self-owned funds between RMB 50 million and RMB 100 million, with a maximum repurchase price of RMB 20.00 per share[22] Investments - Investment income rose by 42.07% to ¥2,746,615.35, driven by increased returns from financial products[12] - Long-term equity investments are valued at RMB 89,505,536.87, slightly up from RMB 89,463,228.01[25] Other Financial Metrics - The company reported a significant increase in prepaid expenses, which rose by 215.09% to ¥57,948,701.54 due to increased material prepayments[10] - The company experienced a 220.80% increase in tax payments, totaling ¥24,808,184.01, attributed to higher corporate income tax payments[16] - Other comprehensive income after tax showed a loss of ¥9,783,681.53 compared to a loss of ¥24,495,256.09 in the previous period, indicating an improvement[29] - The net cash flow from investing activities was 280,172.92, an improvement from -6,694,506.02 in the previous period[33] - The net cash flow from financing activities was -22,437,501.13, an improvement from -32,729,033.49 in the previous period[33]

佩蒂股份（300673）公告，2024年营业收入16.59亿元，同比增长17.56%。归属于上市公司股东的净利 润1.82亿元，同比增长1,742.81%。基本每股收益0.75元/股。公司拟向全体股东每10股派发现金红利3.5 元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股转增0股。 ...

佩蒂股份（300673）公告，2025年第一季度营收为3.29亿元，同比下降14.40%；净利润为2222.92万 元，同比下降46.71%。 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

智通财经4月10日电，佩蒂股份涨超10%，源飞宠物、依依股份、天元宠物涨超5%，仙乐健康、吉宏股 份、创源股份、狮头股份等跟涨。消息面上，中国银河证券发布研报称，我国宠物行业规模有望于27年 突破4000亿元。情感经济、科学养宠、理性养宠等消费趋势的变化将带来结构性机遇。 宠物经济概念股震荡拉升 佩蒂股份涨超10% ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-009 | | --- | --- | --- | | 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 特别提示： 1. 债券代码：123133； 2. 债券简称：佩蒂转债； 3. 转股期起止日期：自2022年6月28日起至2027年12月21日止； 2025 年第一季度可转换公司债券转股情况公告 4. 当前有效转股价格：人民币17.92元/股； 5. 2025年第一季度，共有83.00张佩蒂转债完成转股，共计转换成本公司股票 462.00股； 6. 自开始转股至2025年第一季度末，共有1,864.00张佩蒂转债完成转股，票面金 额合计186,400.00元，共计转换成本公司股票10,442.00股； 7. 截至2025年第一季度末，佩蒂转债尚存续7,198,136.00张，票面总金额人民币 719,813,600.00元。 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、可转换公司债券发行上市情况 经深圳证券交易所审核同意，中国证监会《关于同 ...