Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the pig farming sector shows value for low-positioning, with a recovery in profitability expected alongside consumer demand recovery. The current valuation of the pig farming sector is at a relatively low level, indicating potential for investment [6][25] - The report emphasizes the ongoing support for pig prices from the entry of supplementary breeding in Northeast China, which is expected to stabilize prices in the short term [4][11] Summary by Sections Weekly Observation - Recent supplementary breeding has entered Northeast China, which may support pig prices. As of March 14, the national average price for live pigs was 14.57 yuan/kg, up 0.12 yuan/kg from the previous week, with a week-on-week increase of 0.83% [4][11] - The average daily slaughter volume of sample enterprises was 142,500 pigs, down 90 pigs from the previous week, indicating weak demand [4][11] Weekly Perspective - The pig farming sector's low-positioning value is becoming apparent, with a recovery in profitability expected as consumer demand rebounds. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][25] - The pet food market in China is projected to grow at a CAGR of 9.64% from 2025 to 2028, driven by rising consumer spending and domestic brands gaining market share [6][25] Market Performance (March 10-14) - The agriculture index outperformed the market by 1.45 percentage points, with the Shanghai Composite Index rising by 1.39% and the agriculture index rising by 2.84% [31][33] - Key stocks that led the gains included Xue Rong Biological, Western Animal Husbandry, and Zhong Ji Health, with increases of 43.95%, 18.29%, and 13.13% respectively [31][35] Price Tracking (March 10-14) - The average price of live pigs was 14.65 yuan/kg, up 1.03% from the previous week. The average price of piglets was 33.87 yuan/kg, up 3.39% from the previous week [41][43] - The average price of white feather chickens was 7.11 yuan/kg, up 7.89% from the previous week, while the average price of yellow feather chickens was 10.45 yuan/kg, reflecting a price increase [40][46][47] Key News (March 10-14) - The USDA's March report adjusted global corn and wheat production upwards while lowering rice production forecasts. Corn production was increased by 1.7 million tons to 1.214 billion tons, and wheat production was increased by 3.44 million tons to 797 million tons [36]

| |  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 | | | 参与单位名称及 | | | | 人员姓名（无排 | 中信证券、银华基金 | | | 名先后） | | | | 时间 | 2025 年 月 05 日（星期三）14:00-15:50 | 03 | | 地点及活动方式 | 线上线下相结合的方式，现场地点：浙江省杭州市萧山区宁围街 | | | | 道诺德财富中心 2001 室 | | | 上市公司接待人 | 线上：董事会秘书、财务总监：唐照波 | | | 员姓名 | 现场：公司副总经理、品牌事业部总裁：陈聂晗，记录人：廖新 | | | | 玲 问题 1：美国加征关税对公司的影响程度如何？ | | | | 答：目前来看，关税政策变化对客户订单没有产生明显影响，东 南亚工厂已基本能够完全承接美国客户的订单。公司计划将越南 工厂的产能再增加 2000 吨，以应对海外客户的增量，预计新增 | | | | 产能 2026 年投入使用。另外，预计柬 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-008 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 关于与专业投资机构共同投资设立宠物产业基金 完成私募投资基金备案的公告 公司将严格按照相关法律法规的规定和要求，根据目标基金的后续进展情况及时 履行信息披露义务，敬请广大投资者注意投资风险。 为准确、高效把握中国宠物产业的发展机会，借助专业投资机构的专业资源及其 投资管理和项目运作等优势，持续深化公司在宠物行业的投资布局，在不影响公司日 常经营及发展、有效控制投资风险的前提下，佩蒂动物营养科技股份有限公司（ 以下 简称公司）作为有限合伙人以自有资金出资人民币12,000.00万元认购了平阳县小满 创业投资合伙企业 有限合伙） 以下简称目标基金）40%的出资份额。2024年10月 23日，公司与目标基金、执行事务合伙人及其他投资方就本次投资事项签署了（ 平阳 县小满创业投资合伙企业 有限合伙）合伙协议》。 关于本次对外投资的 具体情况见公司于 2024年10月24日在巨潮资讯网 http://www.cninfo.com.cn/）披露的（ 关于与专业投资机构共同投资设 ...

Investment Rating - The report maintains a "Market Perform" rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The agriculture, forestry, animal husbandry, and fishery industry underperformed the market in February, with a 0.20% increase compared to the Shanghai Composite Index's 2.16% increase [12][8] - The report highlights that the pig farming sector is expected to maintain profitability in 2025, supported by favorable policies and a gradual recovery in pig inventory [49][50] - The poultry farming sector, particularly white feather chicken, is anticipated to see marginal price improvements as the macroeconomic environment stabilizes [52] - The feed and animal health sectors are projected to experience performance recovery as pig inventory gradually increases [53] Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery industry index ranked 25th among 31 industry indices in February, with a year-to-date decline of 2.79% [12][8] - The sub-sectors of fruit and vegetable processing, comprehensive III, and grain and oil processing showed positive growth, while pet food and poultry farming lagged behind [13] Pig Farming - In February, the average price of external three yuan pigs decreased by 6.80% month-on-month, while the average price of external three yuan piglets increased by 21.91% [20] - The average profit for self-bred pigs was approximately 37.35 yuan per head, while for purchased piglets, it was 10.95 yuan per head [20] Poultry Farming - The average price of white feather chicken in February was 6.05 yuan per kilogram, down 18.34% month-on-month [34] - The average price of meat chicken seedlings was 2.12 yuan per chick, down 19.67% month-on-month [34] Fisheries - In February, the prices of various freshwater fish remained stable, while the price of shrimp decreased by 11.11% [45] Investment Recommendations - The report suggests maintaining a focus on high-quality pig farming companies such as Muyuan Foods and Wens Foodstuffs, which are expected to continue generating profits in 2025 [49][52] - The report recommends attention to the feed sector as a post-cycle investment opportunity, particularly in leading companies like Haida Group [53] - In the seed industry, companies with strong research capabilities are highlighted as key players, including Dabeinong and Longping High-Tech [54] - The pet food sector is expected to grow, with recommendations to monitor companies like Guobao Pet and Zhongchong Co., which are expanding their market presence [56]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [16]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 181 million and 205 million yuan in 2024, marking a significant turnaround from a loss of 11.09 million yuan in the same period of 2023 [7]. - The pet food industry is experiencing positive growth, with a 21.4% year-on-year increase in pet feed production in the first half of 2024, despite a 4.1% decline in total industrial feed production [7]. - The company's performance is driven by both domestic and international markets, with significant growth in overseas orders and a strong performance of its domestic brand during promotional events [7]. Summary by Sections Financial Performance - The company forecasts a substantial increase in revenue, with expected sales of 2.034 billion yuan in 2024, a 44.15% increase from 2023 [9]. - The net profit is projected to rise dramatically by 1835.12% in 2024, reaching 192 million yuan [9]. - Earnings per share (EPS) is expected to be 0.77 yuan in 2024, increasing to 1.00 yuan in 2025 and 1.17 yuan in 2026 [9]. Market Trends - The pet food export market has shown consistent growth, with a 31.6% year-on-year increase in December 2024 and a cumulative export volume of 33.52 million tons for the year, up 26.01% [7]. - The report highlights the ongoing expansion of the pet food market in China, driven by increasing pet ownership and consumption [7]. Strategic Initiatives - The company is focusing on its core business in the pet food sector and implementing a "one body, two wings" development strategy to enhance its market position [7]. - The report notes the successful expansion of the company's overseas production capabilities, particularly in Vietnam and Cambodia, contributing to improved profitability [7].

Summary of Conference Call Notes Company and Industry Overview - The company discussed is Peidi Co., which operates in the pet food industry, focusing on both domestic and international markets, with a significant emphasis on the U.S. market for exports, particularly in chewable and meat snacks [1][2] - The company has established a brand matrix with its own brands, including "Jueyan," and is transitioning from snacks to staple foods, aiming for growth in brand development [2] Key Points and Arguments - **International Market Growth**: Peidi Co. has seen recognition in international markets, particularly after obtaining the EU FBO certification and establishing a factory in Vietnam, which has allowed for rapid global expansion [3] - **Revenue and Profit Trends**: The company experienced a decline in revenue and profit in 2023 due to a significant inventory destocking in the pet export industry. However, recovery is expected in 2024, with projections indicating that revenue will return to 2022 levels [4] - **Profit Margin Improvement**: The gross profit margin is expected to increase to 28.01% in 2024, benefiting from the recovery of overseas business and the opening of a factory in Cambodia, which has achieved a 90% utilization rate [5] - **Market Dynamics**: The U.S. pet food market is dominated by major players like Nestlé and Mars, which hold a combined market share of approximately 47.2% as of 2023 [6] - **Pet Ownership Trends**: Pet ownership in the U.S. is projected to reach around 60% in 2024, with a corresponding increase in pet-related spending due to rising household incomes [7] Additional Important Insights - **Health Trends in Pet Food**: There is a growing consumer focus on the health benefits of pet food, with over 80% of pet owners considering functional food important for their pets' health. This includes a heightened awareness of oral health, particularly for aging pets [8][9] - **Product Development**: Peidi Co. has advanced its chewable products to the fifth generation, focusing on plant-based fibers for oral health management, which is increasingly in demand [9] - **Competitive Landscape**: The company faces challenges in the high-end dog food market due to established foreign brands that have a strong market presence and innovation capabilities [10] - **Strategic Initiatives**: Peidi Co. is diversifying its product offerings and enhancing its supply chain through multi-location production in Vietnam, Cambodia, and New Zealand, which helps stabilize supply and mitigate shipping delays [12] - **Future Growth Projections**: The company anticipates significant revenue growth from its overseas operations, with expectations of reaching 30% capacity utilization by 2025, contributing approximately 300 million yuan in revenue [13] - **Market Strategy Shift**: The company is transitioning from a focus on traffic-driven sales to a more comprehensive channel strategy, enhancing both online and offline presence to improve brand engagement and customer loyalty [20][21] Financial Outlook - The target price for Peidi Co. is set at 27 yuan per share, reflecting a 30x P/E ratio for 2025, with expectations of strong growth driven by both domestic and international market expansions [22] - Key metrics to monitor include Q2 sales data and the introduction of new products, as well as the status of overseas orders, particularly fresh shipments [23]

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-007 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 关于回购公司股份实施完成暨股份变动的公告 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、回购方案概述 2024年2月5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 事会第二次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司使用自有资金5,000.00万元（含）—10,000.00万元（含）人民币以集中竞价 方式回购部分股份，回购价格不超过20.00元/股，回购的股份拟用于公司发行的可转 换公司债券的转股，回购实施期限为自本次董事会审议通过回购方案之日起不超过12 个月。 本次回购股份方案的具体内容见公司分别于2024年2月6日、2024年2月7日在巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于以集中竞价方式回购公司股份方 案的公告》《回购股份报告书》及其他相关公告。 二、回购股份的实施及披露情况 截止2025年2月4日，公司本次回购股份方案 ...

第四届董事会第十一次会议决议公告 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。 1. 会议通知的时间和方式：2025年1月21日（星期二）以通讯或者书面报告方式 向参会人员发出通知； 2. 会议召开的时间：2025年1月27日（星期一）上午10:00； 3. 会议召开方式：现场与通讯相结合的方式； 证券代码：300673 证券简称：佩蒂股份 公告编号：2025-004 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 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）第四届董事会第十 一次会议（临时会议），召开情况如下： 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，副董事长陈振录先生，董事郑香兰女士、唐照波先生现场出 席会议，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 ...

1. 会议通知的时间和方式：：2025年1月21日（星期二）以书面报告方式向全体 监事发出通知； 2. 会议召开的时间：2025年1月27日（星期二）上午11:00； 证券代码：300673 证券简称：佩蒂股份 公告编号：2025-005 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 第四届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 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）第四届监事会第九 次会议（临时会议），召开情况如下： 3. 会议召开方式：现场方式； 4. 现场会议地点：浙江省平阳县水头镇工业园区宠乐路2号公司四楼会议室； 5. 会议召集人：监事会主席邓昭纯先生； 6. 会议主持人：监事会主席邓昭纯先生； 7. 会议表决方式：投票表决； 8. 会议出席情况：本次会议应参会监事3名，实际参会监事3名，无监事缺席会 议，全体监事现场参会，董事会秘书通讯方式列席会议。 9. 会议的合法、合规性说明：本次会议的召开符合《公司法》《证券法》《深圳 证券交易所上市公司自律监管 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-006 债券代码：123133 债券简称：佩蒂转债 2025年1月27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 董事会第十一次会议审议通过了《关于补充确认全资子公司日常关联交易并调整其日 常关联交易相关事项的议案》，同意公司全资子公司Cambodian Noble Taste Food Co., Ltd.（柬埔寨爵味食品有限公司，以下简称柬埔寨爵味）对与关联企业Grand Bokor Special Economic Zone Co., Ltd.（以下简称Grand Bokor）2022年5月1日签 署的《土地租赁协议》进行调整，并于2025年1月27日在柬埔寨签署了相关补充协议。 议案还对柬埔寨爵味与Grand Bokor自2024年11月1日起至本次董事会会议召开之日 期间发生的电费、房屋租赁及其他相关费用予以补充确认。与本项交易存在关联关系 的董事陈振标、陈振录、郑香兰在董事会会议审议议案时回避表决。 交易对方Grand Bokor系公司控股股东控制的企业，本次交易构成关联交易，不 构成《上市公司重大资产重组管理办法》规定 ...