Group 1 - The pet economy concept stocks are experiencing a significant rise, with Zhongchong Co., Ltd. (002891) hitting the daily limit, and Petty Co., Ltd. (300673) increasing by over 8% [1] - Other companies in the pet industry, such as Tianyuan Pet (301335), Guibao Pet (301498), and Yuanfei Pet (001222), are also seeing upward movements in their stock prices [1] - The market is focusing on leading companies in the pet sector, suggesting that investors are looking to capitalize on rebounds by purchasing index ETFs [1]

Investment Rating - The industry is rated as "Increase" [5] Core Views - The pet industry shows strong performance with leading companies reporting significant revenue growth and an increasing share of domestic business. The trend of brand localization and premiumization is evident, with 2024 revenue growth for leading companies such as Guibao Pet, Zhongchong Co., and Petty Co. at 21.22%, 19.15%, and 17.56% respectively, while net profit growth is 45.68%, 68.89%, and 1743% respectively [1][12] - In Q1 2025, Guibao Pet and Zhongchong Co. reported revenue growth of 34.82% and 25.41% respectively, while Petty Co. experienced a decline of 14.4% [1][12] - The domestic business of Zhongchong Co. grew by 30.26%, accounting for 31.67% of total revenue, while Guibao Pet's domestic business grew by 24%, making up 67.71% of its revenue [1][12] - The self-owned brand revenue of Guibao Pet reached 3.545 billion yuan, growing by 29% year-on-year, representing 67.6% of its total revenue [1][12] Summary by Sections Pet Industry - Leading pet companies reported strong growth in both revenue and net profit, with significant increases in domestic business and self-owned brand revenue [1][12] - Douyin's sales data for March 2025 shows a sales revenue of 818 million yuan, up 24.32% year-on-year, and a sales volume of 18.004 million, up 34.12% year-on-year, indicating a positive growth trend for top domestic brands [2][13] Livestock Farming - The national price for lean meat pigs is 14.81 yuan/kg, down 0.3% from the previous week, with a focus on low-cost, high-growth companies such as Muyuan Foods and Wens Foodstuffs [3][14] - The average price for white feather chickens is 7.47 yuan/kg, down 0.4%, and the average price for chicken products is 8.9 yuan/kg, down 0.6% [14][28] - The price for meat chicken seedlings is 2.85 yuan each, down 4% from the previous week [14][26] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution are confirmed [14] - The fluctuation of agricultural product prices is increasing, with leading feed companies likely to replace smaller firms due to their advantages in procurement and scale [14]

宠物公司业绩表现亮眼，行业持续高景气 同时，宠物营销界发布 3 月数据：抖音作为新内容平台，销量、销售 额数据均呈现同比增长，看好头部国产品牌中长期成长空间。根据宠 物营销界数据，抖音 2025 年 3 月情况如下：销售额达到 8.18 亿，同 比+24.32%，销售量 1800.4 万，同比+34.12%；客单价下降 6.27%， 关联商品数增长 2.7%，关联品牌数增长 0.43%，关联小店数增长 29.94%，关联达人数增长 34.65%。其中销售额前五品牌情况：1）抖 音狗主粮：麦富迪、伯纳天纯、明亮与狗、比乐、鲜粮说，2）抖音猫 主粮：麦富迪、弗列加特、卫仕、喵梵思、蓝氏。淘宝 2025 年 3 月情 况如下：1）淘宝猫主粮：销量环比上升了29.30%，同比下降了21.25%； 销售额环比上升了 35.34%，同比下降了 21.37%。2）淘宝狗主粮：销 量环比上升 33.78%，同比下降了 17.79%；销售额环比上升 36.26%， 同比下降 12.56%，抖音新内容平台增长较好。 证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 生猪养殖：本周全国瘦肉型肉 ...

近期，宠物经济持续受到市场关注，中宠股份、佩蒂股份两家宠物食品头部公司成为本周机构最为关注 的公司。 本周（4月21日至4月25日）A股大盘小幅回暖，上证指数全周上涨0.56%，收于3295.06点；深证成指周 内上涨1.38%，创业板指上涨1.74%。 盘面上，申万一级行业整体表现较好，公用事业、汽车、美容护理及家用电器等板块涨幅居前，仅有食 品饮料、社会服务、农林牧渔、国防军工等板块飘绿。 本周上市公司年报与一季报密集出炉，带动机构调研热情继续提升，截至4月25日19时，共有294家上市 公司接待机构调研。在市场情绪回温的大背景下，本周共有209只机构调研股实现正收益，仕佳光子涨 幅达到66.54%，尔康制药、新易盛、金沃股份、天元宠物等涨幅超20%。 值得关注的是，本周多家宠物经济板块上市公司相继发布的财报显示，相关公司业绩表现亮眼，行业景 气度持续高企。4月24日收盘，宠物经济概念上涨1.74%，位居概念板块涨幅第四。个股方面，天元宠 物20%涨停，中宠股份、依依股份等多股涨停。 热门调研标的方面，本周有21家公司接受超百家机构调研。其中，中宠股份、佩蒂股份两家宠物食品头 部公司成为机构最为关注的公司 ...

Core Insights - The company reported a revenue of 1.659 billion yuan for 2024, a year-on-year increase of 17.56%, and a net profit of 182 million yuan, marking a turnaround from losses [1] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decline of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% [1] - The company experienced rapid growth in its proprietary brand revenue in 2024, with significant performance in overseas markets [1] Revenue Breakdown - In 2024, revenue from various product lines included 505 million yuan from animal skin chew toys, 608 million yuan from plant-based chew toys, 403 million yuan from nutritious meat snacks, and 118 million yuan from staple and wet food, with year-on-year changes of +19.1%, +43.7%, +26.6%, and -43.6% respectively [1] - The overseas market generated 1.371 billion yuan in revenue in 2024, reflecting a year-on-year increase of 29.1%, with a gross margin of 28.94%, up 11.04 percentage points [1] Domestic Market Performance - The domestic market revenue was 288 million yuan, down 17.6% year-on-year, primarily due to a contraction in agency brands, while proprietary brand revenue grew by 33%, with the "Jueyan" brand increasing by 52% [2] - The domestic market gross margin reached 31.72%, an increase of 8.04 percentage points year-on-year [2] Product and Brand Strategy - The company is expanding its product categories and diversifying its channels, with "Jueyan" focusing on high-end dog food and extending into high-end cat food [2] - New Zealand's staple food brand "SmartBalance" is expected to enter the domestic market in the second half of the year, with production capacity anticipated to increase by 20%-30% in 2025 [2] Financial Metrics - In Q1 2025, the gross margin was 28.62%, an increase of 4.26 percentage points year-on-year, while the net margin was 7.07%, down 3.82 percentage points [3] - The sales and management expense ratios were 8.45% and 9.31%, respectively, with increases attributed to higher marketing expenses for proprietary brands [3] Profit Forecast - The company adjusted its profit forecasts for 2025-2026, now expecting net profits of 194 million yuan and 231 million yuan, with corresponding EPS of 0.78 and 0.93 yuan [3]

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-028 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 关于不向下修正佩蒂转债转股价格的公告 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。 重要提示： 1. 自2025年4月7日起至2025年4月25日下午收市期间，佩蒂动物营养科技股份 有限公司（以下简称公司）股票已出现连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的85%的情形，触发佩蒂转债转股价格的向下修正条件。 2. 公司于2025年4月25日召开第四届董事会第十三次会议，决定本次不向下修正 佩蒂转债的转股价格，且在未来六（6）个月内（自2025年4月26日起至2025年10月 25日止）如再次触发佩蒂转债的转股价格向下修正条款，董事会亦不提出向下修正转 股价格的方案。 3. 自2025年10月26日起的第一个交易日重新计算，若再次触发佩蒂转债的转股 价格向下修正条款，届时董事会将另行召开会议决定是否行使提出佩蒂转债转股价格 向下修正方案的权利。 一、可转换公司债券发行上市情况 经深圳证券交易所审核 ...

2024年度 环境、社会和公司治理 (ESG) 报告 佩蒂动物营养科技股份有限公司 目录CONTENTS | 报告编制说明 | 2 | | --- | --- | | 公司寄语 | 4 | | 走进佩蒂的世界 | 6 | | ESG 管理 | 14 | | 专题聚焦 | 22 | | 伴宠同行 | | --- | | 源自品质信赖 | | 营养健康产品 28 | | 夯实质量管理 32 | | 仁心服务客户 36 | | 创新赋能发展 39 | 逐绿前行 谱写生态新篇 | 环境管理与生态保护 | 46 | | --- | --- | | 能源管理与气候变化 | 50 | | 资源节约与循环利用 | 52 | | 三废治理与化学品安全 | 53 | 协行笃志 勇担社会责任 以人为本 支持员工成长 | 员工招聘雇佣 | 58 | | --- | --- | | 员工薪酬福利 | 63 | | 民主权益沟通 | 64 | | 员工培训发展 | 66 | | 职业健康安全 | 67 | 01 02 03 04 05 | 关键绩效表 | 90 | | --- | --- | | 指标索引表 | 92 | | 读者反馈表 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-029 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 第四届董事会第十三次会议决议公告 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）第四届董事会第十 三次会议 临时会议），召开情况如下： 1. 会议通知的时间和方式：2025年4月21日 星期一）以通讯方式向参会/列席 人员发出通知； 2. 会议召开的时间：2025年4月25日 星期五）下午15:00； 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； 6. 会议主持人：董事长陈振标先生； 5. 会议召集人：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，董事长陈振标 先生、唐照波先生现场出席会议，副董事长陈振录先生、董事郑香兰女士和独立董事 金晓斌先生、李路先生、余飞涛女士以通讯方式出席会议，无董事缺席会议；全体监 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.659 billion yuan for 2024, representing a year-on-year increase of 17.56%, and a net profit of 182.21 million yuan, marking a turnaround from losses [2] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decrease of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% year-on-year [2] - The company expects continued growth in its self-owned brand revenue, particularly in the overseas market, which saw a revenue increase of 29.1% year-on-year in 2024 [5] Summary by Sections Financial Performance - 2024 revenue: 1,659.04 million yuan, with a year-on-year growth of 17.56% [3] - 2024 net profit: 182.21 million yuan, with a year-on-year growth of 1742.81% [3] - Q1 2025 revenue: 329 million yuan, down 14.4% year-on-year [2] - Q1 2025 net profit: 22.23 million yuan, down 46.71% year-on-year [2] Profit Forecast and Valuation - Forecasted revenues for 2025, 2026, and 2027 are 2,012.76 million yuan, 2,370.97 million yuan, and 2,680.31 million yuan respectively, with year-on-year growth rates of 21.32%, 17.80%, and 13.05% [3] - Forecasted net profits for the same years are 193.92 million yuan, 231.48 million yuan, and 266.29 million yuan, with year-on-year growth rates of 6.43%, 19.36%, and 15.04% [3] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 0.78 yuan, 0.93 yuan, and 1.07 yuan [3] Market and Product Insights - The company has seen strong growth in its self-owned brands, with a 33% increase in revenue from these brands in the domestic market [5] - The overseas market's gross margin improved to 28.94%, up 11.04 percentage points year-on-year, driven by increased demand and production capacity utilization [5] - The company plans to expand its product offerings, including high-end pet food, and enhance its distribution channels both online and offline [5]

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food Industry Key Points and Arguments Domestic Brand Performance - In Q1 2025, domestic brands maintained over 30% growth, with the Jueyan brand exceeding 50% growth, indicating strong domestic market momentum [2][4][3] - The company aims to sustain over 30% growth for domestic brands in 2025, with Jueyan being a major revenue contributor [3][18] Impact of U.S. Tariffs - Due to U.S. tariff barriers, Petty Co. has shifted some U.S. orders to production in Vietnam and Cambodia to avoid high tariffs, with expected production capacity utilization reaching 8,000 tons [2][4][5] - In 2024, revenue from exports to the U.S. was approximately 1.37 billion yuan, with Vietnam and Cambodia projected to generate 700-800 million yuan and 500-600 million yuan in revenue, respectively [2][9] Strategic Adjustments - The company is actively responding to changes in trade dynamics by expanding domestic product categories and introducing New Zealand brands, which are expected to significantly contribute to revenue and profit in the second half of the year [2][6][7] - The New Zealand grain project is anticipated to transition from losses to stable profits as production capacity increases, with a projected utilization rate of 20%-30% in 2025, potentially reaching 80%-90% in 2-3 years [2][7][19] Market Diversification - Petty Co. is expanding into non-U.S. markets such as Canada, the EU, Japan, and South Korea to mitigate operational risks and stabilize existing overseas ODM clients [2][12][24] - The company is focusing on enhancing its market competitiveness through a diversified product matrix and online-offline channel strategies [8][9] Financial Performance - The company reported a consolidated revenue of 1.66 billion yuan in 2024, with domestic brand revenue nearing 290 million yuan [4] - Despite a slight decline in overseas export data in Q1 2025 due to tariff impacts, revenue is expected to rise as overseas production capacity increases [5][12] Production Capacity and Profitability - The Cambodian factory is expected to reach full production capacity, generating revenue of 400-500 million yuan with a profit margin of around 10% [21] - The Vietnamese factory's expansion is limited, with a projected increase of 2,000 tons expected to conclude by the end of the year [22] Customer Relations and Market Trends - The company is observing stable customer order situations, with a slight increase in orders for Q2 2025 compared to the previous year [11][12] - The U.S. pet food market is experiencing stable demand despite high inflation, with a focus on cost-effective and innovative products [10] Pricing Strategy - The company may consider price adjustments in response to high tariffs, but any changes will depend on actual market conditions [14][15] Future Outlook - Petty Co. anticipates positive growth in 2025, primarily driven by the main grain category, with a focus on expanding product offerings and channel strategies [18][26] - The New Zealand factory is expected to ramp up production significantly in 2025, contributing to overall revenue growth [19][20] Conclusion - Petty Co. is strategically navigating the challenges posed by U.S. tariffs and global trade dynamics while focusing on domestic growth and international market expansion, positioning itself for sustainable long-term profitability and market competitiveness [2][12][13]