Core Viewpoint - The pet food industry is experiencing a dual challenge of export pressure and consumer differentiation, leading to a decline in both revenue and net profit for Petty Co. in Q3 2025 [1] Group 1: Performance Highlights - Despite an overall decline in performance, Petty Co. has shown significant growth in the domestic market, driven by the expansion of its proprietary brand and precise positioning [2] - The company has made progress in overseas capacity layout by establishing factories in Southeast Asia to mitigate the impact of U.S. tariffs, and its New Zealand production line is now operational [2] - The gross profit margin improved year-on-year to 32.07% in the first three quarters, benefiting from economies of scale in overseas factories and enhanced margins from domestic proprietary products [2] Group 2: Core Challenges - The high growth of domestic brands could not offset the significant decline in overseas markets, compounded by the transitional pressures of new capacity ramp-up [3] - The overseas business is the main drag on performance, with U.S. tariffs leading to reduced export orders and cautious customer ordering patterns [3] - The domestic market faces increased competition and cost pressures, with rising sales expenses due to intensified marketing efforts and a slight decline in agency business due to last year's high base [3] - High accounts receivable levels are concerning, with extended payment cycles from overseas customers potentially impacting cash flow [3] - The decline in Q3 performance reflects both external shocks and the inevitable growing pains of the company's transformation, highlighting the need to balance overseas risk mitigation with deepening domestic market engagement [3]

| 证券代码：300673 | 证券简称：佩蒂股份 | 公告编号：2025-053 | | --- | --- | --- | | 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 关于召开 2025 年第一次临时股东大会的提示性公告 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等法律、行政法规、部门 规章、规范性文件和监管规则以及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 12 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 11 月 12 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 11 月 05 日 本公司及董事会全体成员保证信息披 ...

Group 1 - Petty Co., Ltd. (SZ 300673) announced it will accept research from Changjiang Securities on November 6, 2025, from 10:00 to 11:10 AM, with participation from the company's board secretary and CFO, Tang Zhaobo, who will address investor questions [1] - For the year 2024, Petty Co., Ltd.'s revenue composition is as follows: pet food and other products account for 99.18%, while other businesses account for 0.82% [1]

Group 1: Company Performance Overview - As of the end of Q3 2025, the company's operations are proceeding as planned, with export business facing pressure due to U.S. tariffs, yet maintaining a higher gross margin than the same period in 2024 [1] - The launch of the Wenzhou factory's baking grain production line marks a significant milestone, enhancing the company's capabilities in freeze-dried, air-dried, and baked staple food production [1] Group 2: Marketing and Sales Strategies - During the "Double Eleven" shopping festival, the company increased marketing efforts, achieving over 30% year-on-year growth in overall GMV, with the Jueyan brand leading in the dog snack category [2] - The company introduced new products such as "small particle air-dried food" and "cod air-dried food," aligning with its strategy of deepening high-end market penetration and expanding product categories [2] Group 3: Channel Expansion and Cost Management - The company is focusing on expanding offline channels, collaborating with major regional distributors and new retail supermarkets, with offline channel returns approaching online levels due to cost dilution effects [3][4] - Raw material prices are expected to remain stable next year, with poultry and meat by-product prices decreasing compared to the previous year, positively impacting cost management [4]

Group 1 - The core viewpoint of the report is that Huazhong Securities has given a "buy" rating to Petty Holdings (300673.SZ) with a latest price of 16.45 yuan [1] - The company's operating revenue for Q3 2025 is projected to be 361 million yuan, representing a year-on-year decrease of 24.29% [1] - The gross profit margin has improved year-on-year, while the net profit margin is under short-term pressure [1] - The company is focusing on its own brand business, with the "Jueyan" brand maintaining rapid growth [1] Group 2 - The report highlights several risks, including changes in tariffs and trade policies, exchange rate fluctuations, domestic market expansion not meeting expectations, production capacity not meeting expectations, and raw material price volatility [1]

Investment Rating - The industry investment rating is "Outperform the Market" [85] Core Viewpoints - The pet food market is expected to grow steadily, with the market size reaching 300.2 billion yuan in 2024, a year-on-year increase of 7%. Pet staple food accounts for 36% of the pet economy [3][6] - The trend towards refined feeding is evident, with a growing preference for baked food and specialized diets among pet owners [3][38] - Online channels remain the primary battlefield for pet staple food, with 57.7% of pet owners choosing to purchase online [3][54] - Domestic brands are performing well, with a significant shift towards local brands as consumers show a preference for them over foreign brands [3][75] Summary by Sections Pet Staple Food: Core Track of the Pet Economy - The pet staple food segment is projected to maintain stable growth, driven by the increasing number of pet owners and the trend of treating pets as family members [3][20] - The pet market is expected to reach 404.2 billion yuan by 2027, with a CAGR of 10% from 2024 to 2027 [6] Products: Rapid Growth of Baked Food - Baked food is experiencing rapid growth, with a preference for refined feeding trends continuing among pet owners [3][42] - The preference for ordinary staple food is declining, while interest in specialized and prescription diets is increasing [3][48] Channels: Online Dominance - Online purchasing remains dominant, with major platforms like Taobao and JD.com leading the market [3][54] - Douyin is rapidly rising as a significant channel for pet food purchases, reflecting changing consumer behaviors [3][61] Competitive Landscape: Strong Performance of Domestic Brands - Domestic brands are increasingly capturing market share, particularly in the mid-range and low-end segments, as they offer competitive pricing and quality [3][72] - In 2024, 35% of consumers preferred domestic brands for cat food, reflecting a 7 percentage point increase year-on-year [3][75]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Investment Rating - The investment rating for the agriculture industry is "Positive" (maintained) [1] Core Viewpoints - The agriculture sector's profit has contracted significantly due to the unexpected decline in pig prices, leading to a year-on-year profit drop of 58.8% in Q3 2025 [17] - The overall revenue for the agriculture industry in Q1-Q3 2025 reached 872.718 billion, with a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion, up 10.63% year-on-year [5][17] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][17] Summary by Sections Overall Industry - In Q3 2025, the agriculture sector's profit contracted by 58.8% due to falling pig prices [17] - The industry's sales gross margin for Q1-Q3 2025 was 11.79%, up 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [20] - The industry’s net asset return rate was 6.75%, an increase of 0.28 percentage points year-on-year [20] Subsector Analysis - The pig farming sector has entered a de-stocking cycle, while the feed and animal health sectors are experiencing post-cycle operational improvements [6][25] - In Q1-Q3 2025, the revenue growth rates for pet food, animal health, feed, and planting were 20.34%, 17.69%, 12.38%, and 9.50% respectively [6][25] - The net profit growth rates for animal health, agricultural product processing, and feed sectors were 69.40%, 59.33%, and 54.17% respectively [6][25] Pig Farming - In Q1-Q3 2025, pig farming enterprises achieved revenue of 341.269 billion, a year-on-year increase of 8.32%, with a net profit of 22.175 billion, up 14.29% year-on-year [7][28] - The overall pig output from 12 enterprises was 123.9948 million heads, a year-on-year increase of 19.45% [41] - The profitability of the pig farming sector has declined due to falling prices, with average gross margin, net margin, and ROE at 12.25%, 4.08%, and 5.87% respectively [31] Poultry Farming - In Q1-Q3 2025, revenue for poultry farming reached 40.215 billion, a year-on-year increase of 6.92%, while net profit was 1.646 billion, down 9.52% year-on-year [44] - The profitability metrics for poultry farming were a gross margin of 12.61%, a net margin of 2.83%, and a return on equity of 4.18% [46] Feed Industry - The feed sector generated revenue of 152.955 billion in Q1-Q3 2025, reflecting a year-on-year increase of 11.69%, with a net profit of 4.505 billion, up 8.72% year-on-year [8][57] - The average gross margin, net margin, and ROE for feed enterprises were 9.41%, 1.17%, and 3.65% respectively [57] Animal Health - The animal health sector achieved revenue of 9.977 billion in Q1-Q3 2025, a year-on-year increase of 14.08%, with a net profit of 1.265 billion, up 45.51% year-on-year [63] - The average gross margin, net margin, and ROE for animal health enterprises were 53.42%, 17.77%, and 4.35% respectively [63] Seed Industry - The seed sector reported revenue of 6.814 billion in Q1-Q3 2025, down 5.82% year-on-year, with a net profit of -880 million, a decline of 53.87% year-on-year [68]

Core Insights - The domestic pet industry is experiencing significant performance differentiation among listed companies as they report their Q3 2025 results, driven by the rise of private brands and global capacity layout amidst increasing competition and cost pressures [1][4] Revenue Performance - Guibao Pet (301498) and Zhongchong Co. (002891) lead the industry with Q3 revenues of 4.737 billion and 3.86 billion respectively, showing year-on-year growth of 29.03% and 21.05% [3] - Yuanfei Pet (001222) reported a revenue of 1.281 billion, with a notable growth rate of 37.66% [3] - In contrast, Petty Co. (300673) faced a revenue decline of 17.68% due to reduced overseas orders and domestic agency business adjustments, while Yiyi Co. (001206) saw a slight revenue decrease of 0.72% but managed to improve profits through cost control and product structure optimization [3] Profitability Challenges - Despite revenue growth, many companies are facing pressure on profit margins, with Guibao Pet's net profit down 16.6% and Zhongchong Co.'s net profit decreasing by 6.64% in Q3 [5] - Petty Co. experienced a nearly 40% drop in net profit, highlighting the broader trend of increasing costs outpacing revenue growth [5][6] Strategic Focus on Domestic Market - Companies are prioritizing the domestic market as a core strategic focus, increasing marketing investments, expanding brand portfolios, and enhancing channel development to capture consumer attention [7] - Yiyi Co. plans to acquire the "Gao Ye Jia" cat food and litter brand to quickly gain mature domestic brand operation capabilities and market share [7] Growth of Private Brands - The rapid growth of private brands is driving performance increases for pet companies, with Guibao Pet's high-end sub-brand "Fuleijiate" achieving over 100% year-on-year growth in online sales [9] - Zhongchong Co.'s domestic private brand growth is around 35%-40%, with its staple food business growing by 85.79% [9][10] Global Capacity Layout - Leading pet companies are accelerating their global capacity layout, particularly in Southeast Asia, to create a more resilient and efficient global supply chain [11] - Yuanfei Pet has established a dual-core capacity structure in "domestic + Southeast Asia," with its Cambodian factory nearing full production [11] - Petty Co. plans to expand its Southeast Asia factory capacity by approximately 5,000 tons over the next two years [11]

Core Insights - The company reported a revenue of 1.089 billion yuan for the first three quarters of 2025, a year-on-year decrease of 17.68%, and a net profit attributable to shareholders of 114 million yuan, down 26.62% year-on-year [1] - In Q3 2025, the company achieved a revenue of 361 million yuan, a decline of 24.29% year-on-year, with a net profit of 34.48 million yuan, down 39.35% year-on-year [1] Group 1: Brand and Production Capacity - The company's proprietary brand continues to perform well, with the Jueyan brand experiencing rapid growth in the high-end price segment [2] - New production capacity from the Taizhou and New Zealand factories is expected to contribute to further growth in domestic business [2] Group 2: Financial Performance - The gross profit margin for Q3 2025 was 32.24%, an increase of 1.29 percentage points year-on-year, while the net profit margin was 9.53%, a decrease of 2.54 percentage points year-on-year [2] - Sales expenses for Q3 2025 were 29.68 million yuan, up 19.08% year-on-year, primarily due to the extended promotional period for Double Eleven [2] - Research and development expenses increased by 27.39% year-on-year to 9.80 million yuan [2] Group 3: Profit Forecast and Investment Rating - The company is expected to achieve revenues of 1.632 billion, 1.840 billion, and 2.143 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 163 million, 200 million, and 241 million yuan [3] - Corresponding price-to-earnings ratios are projected to be 25.87, 21.09, and 17.46 times for the respective years [3] - The investment rating is maintained at "Recommended" based on the company's product advantages in the high-end price segment [3]