Core Viewpoint - Petty Co., Ltd. is transitioning from a pet snack OEM to a global pet food brand, focusing on quality and long-term strategies, with significant attention on its New Zealand production line and the "Jueyan" brand [1][8]. New Zealand Production Line - The New Zealand production line is set to begin large-scale production in March 2024, with an annual capacity of 40,000 tons, focusing on high-quality pet food [2][3]. - The production line utilizes advanced technology and aims to produce 90% meat-based puffed pet food, targeting the high-end digestible pet food market [2][3]. Strategic Planning - Petty has a five-year strategic plan for the New Zealand project, which includes developing high-end OBM brands and providing comprehensive solutions for distributors [3][4]. - The company is focusing on unique formula development based on New Zealand ingredients to enhance pet health, with a commitment to quality over mere high-end branding [5][6]. Competitive Advantage - Petty's competitive edge lies in its focus on high-quality, pure ingredients and a robust global supply chain, ensuring food safety and product quality [4][6]. - The company emphasizes the importance of formula research, which can take 2-3 years, to create balanced nutrition for pets [4][5]. Market Positioning - Petty is avoiding price wars in the competitive pet food market, focusing instead on quality and consumer education regarding ingredient sourcing and product benefits [7]. - The company recognizes a shift in consumer behavior towards more informed purchasing decisions, which is expected to drive the high-end pet food market towards quality-driven choices [7]. Future Outlook - Petty plans to expand its product range to cover all pet food categories, with a focus on improving pet health through quality ingredients rather than additives [8]. - The company aims for gradual brand development, prioritizing long-term value for pet health over short-term market gains [8].

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Insights - The company reported a revenue of 728 million RMB for H1 2025, a year-over-year decrease of 13.94%, with a net profit attributable to the parent company of 79.1 million RMB, down 19.23% year-over-year [1][2]. - In Q2 2025, the company achieved a revenue of 399 million RMB, representing a year-over-year decline of 13.56% but a quarter-over-quarter increase of 21.17%. The net profit for Q2 was 56.87 million RMB, showing a year-over-year increase of 1.15% and a quarter-over-quarter increase of 155.85% [1][2]. - The report highlights that the impact of tariffs continues to pressure overseas revenue, which is estimated to have declined by approximately 15% year-over-year, while domestic revenue is slightly down due to a high base from last year’s agency business. However, the company's proprietary brands are experiencing rapid growth [2][3]. Summary by Sections Revenue and Profitability - For H1 2025, the revenue breakdown includes: - Chewable animal skin revenue of 232 million RMB, down 11.91% year-over-year, with a gross margin increase of 5.28 percentage points - Plant-based chewable revenue of 221 million RMB, down 25.72%, with a gross margin increase of 3.12 percentage points - Nutritional meat snacks revenue of 217 million RMB, up 14.35%, with a gross margin increase of 6.75 percentage points - Main and wet food revenue of 45 million RMB, down 44.74%, with a gross margin increase of 11.04 percentage points [2][3]. Margin Improvement - The company has shifted most of its production capacity to overseas factories in Vietnam and Cambodia, leading to improved raw material costs and exchange rates, resulting in a gross margin of 32% for H1 2025, up 5.63 percentage points year-over-year. Q2 2025 gross margin reached 34.8%, up 6.75 percentage points year-over-year [3][4]. Future Outlook - The company is expected to launch new products such as honey-glazed rabbit bones and baked dog food, which may further enhance domestic business margins and drive growth in proprietary brands [3][4]. - The profit forecast for 2025-2027 is set at 189 million RMB, 224 million RMB, and 263 million RMB respectively, with corresponding EPS of 0.76, 0.90, and 1.06 RMB [4][8]. - The target price is set at 22.04 RMB, based on a PE ratio of 29 times for 2025 [4][5].

Market Overview - The feed sector increased by 1.07% on August 26, with Aonong Biological leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Aonong Biological (603363) closed at 4.15, up 10.08%, with a trading volume of 785,000 shares and a turnover of 318 million yuan [1] - Tianma Technology (603668) closed at 14.86, up 8.15%, with a trading volume of 411,700 shares and a turnover of 607 million yuan [1] - Bangji Technology (603151) closed at 27.04, up 5.42%, with a trading volume of 72,200 shares and a turnover of 26.8 million yuan [1] - Tiankang Biological (002100) closed at 6.97, up 5.29%, with a trading volume of 1,027,400 shares and a turnover of 706 million yuan [1] - Petty Holdings (300673) closed at 17.80, up 2.06%, with a trading volume of 140,200 shares and a turnover of 249 million yuan [1] Capital Flow Analysis - The feed sector saw a net inflow of 102 million yuan from main funds, while retail investors experienced a net outflow of approximately 95.23 million yuan [2] - Aonong Biological had a main fund net outflow of 94.44 million yuan, with retail investors also showing a net outflow of 45.43 million yuan [3] - Tianma Technology experienced a main fund net inflow of 61.12 million yuan, while retail investors had a net outflow of 28.96 million yuan [3]

Investment Rating - The report maintains a "Recommended" rating for Petty Co., Ltd. (stock code: 300673.SZ) [1] Core Views - The company is experiencing an improvement in profitability, with significant growth in its premium product line, "Jueyan" [1][3] - The report highlights a decline in revenue for H1 2025, primarily due to the impact of overseas customer order rhythms, but notes a significant increase in gross margin [3] - The company is focusing on brand development and product innovation, particularly in the domestic market, which is expected to contribute to revenue growth [3] Financial Performance Summary - For H1 2025, the company reported revenue of 728 million yuan, a year-on-year decrease of 13.94%, and a net profit attributable to shareholders of 79 million yuan, down 19.23% [3] - The gross margin for H1 2025 was 31.98%, an increase of 5.63 percentage points year-on-year [3] - The company’s domestic business revenue grew by 190.71% year-on-year, with the "Jueyan" brand achieving nearly 50% growth [3] - The report projects revenue growth rates of 31.03% for 2025 and 16.88% for 2026, with net profit growth rates of 20.61% and 19.16% for the same years, respectively [4] Product and Market Strategy - The company is launching new products in four high-growth categories in H2 2025, focusing on premium pet food and snacks [3] - The report indicates that the company is expanding its overseas market presence despite a 21% decline in foreign revenue due to tariff policies [3] - The company is enhancing its online and offline sales channels, with a focus on major e-commerce platforms and large retail chains [3] Financial Forecasts - The forecast for operating revenue is 2,173.91 million yuan for 2025, with a projected net profit of 219.76 million yuan [4] - The expected EPS for 2025 is 0.88 yuan, with a PE ratio of 20 times [4] - The report anticipates a gradual improvement in the company's financial metrics, including ROE increasing to 11.13% by 2025 [4][6]

基于这一客群需求，「爵宴」在报告期内持续丰富产品矩阵，在零食板块推出多款针对小型犬的冻干新 品，满足小型犬精细化营养需求;在主食溼粮领域上线牛骨汤主食罐系列，在主食干粮品类中创新推出 原生风干粮薄脆产品，进一步完善全场景的宠物饮食需要。据了解，下半年「爵宴」还将围绕主粮、咀 嚼食品、主食罐、保健冻干糕点四大高增速品线持续推新，强化在中高端市场的产品护城河。 同时，面向中端市场的「好适嘉」品牌则以「专业营养+质价比」作为核心定位，有效填补「爵宴」在 中端价格带的市场空白，形成双品牌协同效应。报告期内，好适嘉持续推出冻干、零食等多品类新品， 覆蓋更多元消费需求，并将在下半年进一步完善产品矩阵。 8月25日晚，佩蒂股份(300673)发布2025年半年度报告，今年上半年公司实现营业收入7.27亿元;实现归 母净利润7910万元。报告显示，尽管受关税政策变动导致海外客户订单节奏被影响，佩蒂股份整体营收 同比略有下滑，但在自主品牌领域，「爵宴」「好适嘉」等品牌表现突出。 佩蒂股份表示，在国内宠物消费市场持续扩容的背景下，佩蒂股份将自主品牌业务作为战略性发展方 向。今年上半年，公司自主品牌聚焦产品创新与市场精准定位，其中 ...

Core Viewpoint - Petty Co., Ltd. (300673.SZ) released its semi-annual report for 2025, indicating a slight increase in institutional ownership compared to the previous quarter [1] Institutional Investors - As of August 25, 2025, four institutional investors disclosed holdings in Petty Co., Ltd., totaling 2.6136 million shares, which represents 1.05% of the total share capital [1] - The institutional investors include Zhongshan Lian Dong No.1 Equity Investment Center (Limited Partnership), CITIC Prudential Asset Management - CITIC Bank - CITIC Prudential Asset Management Chengyi Consumer Asset Management Product, Agricultural Bank of China Quality Agriculture Stock A, and Tongtai Huize Mixed A [1] - The total institutional ownership increased by 0.11 percentage points compared to the previous quarter [1] Public Funds - Two new public funds disclosed their holdings this period, namely Agricultural Bank of China Quality Agriculture Stock A and Tongtai Huize Mixed A [1] - Three public funds that were previously disclosed did not report this period, including招商瑞德一年持有期混合A, 招商瑞盈9个月持有期混合A, and 招商丰凯混合A [1] Foreign Investment - The report indicates that no foreign institutions were disclosed this period, with the notable absence of Goldman Sachs [1]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-044 | | --- | --- | --- | | 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 | | 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。 佩蒂转债的上市时间为2022年1月21日，债券简称：佩蒂转债，债券代码：123133， 转股起止日期：自发行结束之日（2021年12月28日）满六个月后的第一个交易日（2022 年6月28日）起至到期日（2027年12月21日）止。 二、募投项目基本情况 根据《佩蒂动物营养科技股份有限公司创业板向不特定对象发行可转换公司债券 募集说明书》，本次发行募集资金总额预计不超过72,000.00万元（含72,000.00万元）， 扣除发行费用后，募集资金净额拟投资于以下项目： | 项目名称 | 投资总额（万元） | | 募集资金承诺投资总额（万元） | | --- | --- | --- | --- | | 新西兰年产3万吨高品质宠物湿粮项目 | | 28,800.76 | 23,650.00 ...

（记者 张喜威） 每经AI快讯，佩蒂股份（SZ 300673，收盘价：17.44元）8月25日晚间发布半年度业绩报告称，2025年 上半年营业收入约7.28亿元，同比减少13.94%；归属于上市公司股东的净利润约7910万元，同比减少 19.23%；基本每股收益0.32元，同比减少17.95%。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

格隆汇8月25日丨佩蒂股份(300673.SZ)公布半年度报告，营业收入7.28亿元，同比下降13.94%，归属于 上市公司股东的净利润7910万元，同比下降19.23%，归属于上市公司股东的扣除非经常性损益的净利 润7728.6万元，同比下降19.19%，基本每股收益0.32元。 ...

一、 会议召开情况 证券代码：300673 证券简称：佩蒂股份 公告编号：2025-039 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 监事会决议公告 本公司及监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。 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）第四届监事会第十 一次会议（定期会议），召开情况如下： 1. 会议通知的时间和方式：2025年8月14日（星期四）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8月25日（星期一）上午11:00； 3. 会议召开方式：现场方式； 4. 现场会议地点：浙江省温州市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三名，实际参会监事三名，全体监事现 场出席会议，董事会秘书现场列席会议； 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指引第2号——创业板上市 ...