证券日报网讯12月5日，佩蒂股份（300673）在互动平台回答投资者提问时表示，新西兰主粮工厂拥有 的品牌Smart Balance(中文名称：悦佰思)已取得八款产品的进口许可证，其中狗粮和猫粮各四款。新西 兰工厂端和国内销售团队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及 时发布相关进展信息。 ...

每经AI快讯，有投资者在投资者互动平台提问：介绍一下公司新西兰品牌的最新进展。 佩蒂股份（300673.SZ）12月5日在投资者互动平台表示，新西兰主粮工厂拥有的品牌Smart Balance（中 文名称：悦佰思）已取得八款产品的进口许可证，其中狗粮和猫粮各四款。新西兰工厂端和国内销售团 队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及时发布相关进展信息。 （文章来源：每日经济新闻） ...

格隆汇12月5日丨佩蒂股份(300673.SZ)在投资者互动平台表示，根据目前的进展，新西兰工厂端和国内 销售团队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及时发布相关进展 信息，敬请关注。 ...

格隆汇12月5日丨佩蒂股份(300673.SZ)在投资者互动平台表示，根据目前的进展，新西兰工厂端和国内 销售团队已基本完成品牌形象设计和产品上市的准备工作，公司也将通过各正式渠道及时发布相关进展 信息，敬请关注。 ...

Core Insights - The Chinese pet market is approaching a scale of 300 billion yuan, with a remarkable compound growth rate, being referred to as the "last blue ocean" for investment opportunities [1] - Despite being a major producer of pet snacks globally, China has yet to develop a domestic brand that commands consumer trust and premium pricing [1][3] Industry Overview - The pet food industry in China has evolved from a manufacturing base to a market-driven sector, with companies like Zhongchong Co., Petty Co., and Guibao Pet relying heavily on OEM/ODM services for foreign brands [3] - The "manufacturing-heavy, branding-light" model has created a dependency that hinders the development of strong domestic brands, as companies struggle to shift from cost control to brand value creation [3][4] Challenges in Branding - Many companies focus on raw material specifications and cost-effectiveness, neglecting brand identity, emotional connection, and user experience, which are crucial for building a strong brand [4] - The dual role of being both competitors and partners to foreign brands complicates strategic decisions, leading to a lack of focus on brand development [4] Financial Dynamics - The industry is caught in a "burning money" cycle, with many new brands relying on social media marketing and influencer partnerships to drive sales, resulting in high sales expenses but low R&D investment [7][8] - Sales expense ratios for leading companies are alarmingly high, often between 15% and 25%, while R&D spending remains low at around 1.5% to 2.5% [8] Trust Issues - A significant "trust deficit" exists in the Chinese pet food market, stemming from past scandals and a perception of domestic products as inferior, which perpetuates a cycle of low pricing and low quality [11][12] - Efforts to rebuild trust through transparency and regulatory compliance have not fully addressed consumer concerns, leaving many brands trapped in low-end market segments [12] Future Outlook - The current market dynamics suggest that true industry leaders will emerge not from flashy marketing but from a focus on quality and technological innovation [13] - The shift in investor sentiment towards profitability and sustainable growth indicates that brands relying solely on aggressive marketing strategies may struggle to survive [12][13]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The pet consumption market shows strong resilience, with a significant growth potential and structural changes observed during the Double Eleven shopping festival, where total sales reached 16,191 billion yuan, a year-on-year increase of 12.30%, with pet food sales at 9.4 billion yuan [3][17] - The report identifies three key trends: the rise of domestic brands, diversification and increased experience demand in pet consumption, and a shift towards health and precision in pet care [4][6][35] Summary by Sections Pet Consumption Performance - The Double Eleven shopping festival demonstrated robust performance in pet consumption, with a sales explosion coefficient of 201% for pet categories, indicating strong consumer resilience and growth potential [3][17] - Tmall remains the primary channel for pet consumption, holding a 64% market share, followed by JD and Douyin at 21% and 14% respectively [17] Trends in Pet Consumption - The trend of domestic brands rising continues, with only three overseas brands making it to the Tmall pet brand top 10 list during Double Eleven [4][22] - Pet consumption is diversifying, with a decrease in the Engel coefficient, indicating a shift from basic needs to more varied and premium offerings [4][22] - Health and precision in pet care are leading industry growth, with new processing techniques and functional foods gaining popularity [4][33] E-commerce Channel Preferences - Different e-commerce platforms exhibit varying consumer preferences, with Tmall showing strong competition in pet food, while Douyin focuses on content marketing and emotional consumption [5][41] - The report highlights the competitive landscape in pet food, with brands like Toptrees and Xucuihua showing significant growth [5][35] Export Market Challenges - The export of pet food faces pressure, with a decline in both quantity and value, indicating challenges in the international market due to tariffs and trade disputes [5][41] Long-term Outlook - The report expresses optimism for the long-term development of the pet food industry, recommending attention to companies like Zhongchong Co., Ltd. and Petty Co., Ltd. as well as other leading pet food brands [6][44]

证券之星消息，12月1日饲料板块较上一交易日下跌0.35%，佩蒂股份领跌。当日上证指数报收于 3914.01，上涨0.65%。深证成指报收于13146.72，上涨1.25%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 15.53 | 3.26% | 27.51万 | | 4.24亿 | | 002548 | 金新农 | 5.62 | 3.12% | 59.70万 | | 3.34亿 | | 920419 | 路斯股份 | 16.86 | 1.87% | 6812.37 | 1139.28万 | | | 301498 | 乖宝宠物 | 69.54 | 1.10% | 2.23万 | | 1.54亿 | | 002696 | 百洋股份 | 7.05 | 0.86% | 14.17万 | 9988.32万 | | | 002385 | 大北农 | 4.07 | 0.74% | 51.03万 | | 2.07亿 | | 002 ...

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-062 | | --- | --- | --- | | 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 关于回购公司股份的进展公告（截至 2025 年 11 月底） 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。 2025年11月24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 事会第十六次会议，审议通过了《关于以集中竞价方式回购公司股份方案的议案》，批准 公司可以使用自有资金5,000万元（含）——7,000万元（含）人民币以集中竞价交易方 式回购公司部分股份，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，回购的股份拟全部用于股权激励或者员工持股计划。 本次回购方案的具体内容见公司分别于2025年11月25日、2025年11月26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》（公告编号：2025-058）和《回购股份 ...

Core Insights - The report emphasizes a strategic shift towards large financial and consumer sectors, indicating a rebound opportunity following a period of panic due to tariff impacts [2] - The report highlights a positive performance in the A-share market, with the Shanghai Composite Index rising over 10% to above 3800 points since the mid-year strategy was introduced [2] Overall Assessment - The report suggests a cautious approach, recommending investors to wait for opportunities to buy on dips. It notes that liquidity-driven adjustments have stabilized, with certain asset classes like TMT and precious metals leading the rebound [3][7] - The report anticipates that the upcoming Federal Reserve interest rate cuts will further bolster market confidence, despite short-term investor caution in domestic sectors like lithium batteries and storage [3][7] Configuration Direction - The report advises a gradual investment strategy based on economic expectations and valuation attractiveness, focusing on quality dividends and cyclical opportunities in sectors such as real estate, resource commodities, and consumer sentiment [4][9] - It identifies four key areas for medium-term investment: technology (AI trends), high-end manufacturing (global investment cycle), consumer (high-quality overseas profits), and resource commodities (supply-side dynamics) [4][9] Top Stock Picks - The report lists ten recommended stocks across various sectors, including TCL Electronics, Action Education, Anjuke Food, Petty Co., Chengda Pharmaceutical, Haiguang Information, Lixing Co., Jitu Express, Beibu Gulf Port, and China Resources Mixc Living [4][5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the market enters the winter consumption peak, with expectations for a gradual increase in the price center [11] - The beef cycle is expected to maintain its prosperity, with a decrease in cattle inventory and high calf prices indicating cautious expansion in the breeding sector [20] - The report highlights the acceleration of pig breeding losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and pet sectors [24] Summary by Sections Weekly Observation - The average price of pigs in China as of November 28, 2025, is 11.20 yuan/kg, with a week-on-week decrease of 0.42 yuan/kg and a year-on-year decrease of 5.27 yuan/kg [11] - The average weight of pigs at market is 129.22 kg, showing a week-on-week increase of 0.41 kg and a year-on-year increase of 2.49 kg [11] - The report notes that winter consumption favors larger pigs, leading to an increase in average weights at market [11] Weekly Views - The report states that pig and piglet prices are in a loss situation, which may accelerate the culling of breeding sows [24] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [24] Market Performance (November 24-28) - The agricultural index outperformed the market by 0.17 percentage points, with the Shanghai Composite Index rising by 1.40% and the agricultural index rising by 1.57% [26] - Key stocks leading the market include Jin Xin Nong (+12.60%), Yuan Fei Pet (+8.39%), and Xi Wang Food (+7.57%) [26] Price Tracking (November 24-28) - The average price of pigs is 11.19 yuan/kg, down 0.45 yuan/kg from the previous week; piglet prices are 19.19 yuan/kg, up 0.04 yuan/kg [33] - The average wholesale price of beef is 66.39 yuan/kg, showing a week-on-week decrease of 0.18 yuan/kg [36] - Corn and soybean meal prices have increased, with corn futures at 2241.00 yuan/ton (up 2.66%) and soybean meal futures at 2459.00 yuan/ton (up 1.32%) [44]