Core Viewpoint - Petty Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable increase in stock price recently, but a decline in revenue and net profit year-on-year [2]. Group 1: Stock Performance - On December 25, Petty's stock rose by 2.01%, reaching 18.77 CNY per share, with a trading volume of 38.12 million CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 4.671 billion CNY [1]. - Year-to-date, Petty's stock price has increased by 7.94%, with a 4.92% rise over the last five trading days, a 0.48% decline over the last 20 days, and an 8.37% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Petty reported a revenue of 1.089 billion CNY, a year-on-year decrease of 17.68%, and a net profit attributable to shareholders of 114 million CNY, down 26.62% year-on-year [2]. - Since its A-share listing, Petty has distributed a total of 210 million CNY in dividends, with 84.7318 million CNY distributed over the past three years [2]. Group 3: Company Overview - Petty Animal Nutrition Technology Co., Ltd. is located in Wenzhou, Zhejiang Province, and was established on October 21, 2002, with its stock listed on July 11, 2017. The company primarily engages in the research, production, and sales of pet food, with pet food accounting for 98.05% of its main business revenue [2]. - Petty is classified under the Shenwan industry of Agriculture, Forestry, Animal Husbandry, and Fishery - Feed - Pet Food, and is associated with concepts such as Xiaohongshu, overseas expansion, pet economy, small-cap stocks, and share buybacks [2].

Overview - The perception of pets as family members has deepened, leading to a shift in dog food consumption from "optional" to "essential," providing stable demand for the dog food market in China [1][5] - The rise of single economy, aging population, and emotional companionship needs have expanded the dog owner demographic, increasing both the frequency of dog food purchases and average spending per customer [1][4] Market Statistics - In 2024, China's dog food sales are projected to reach 607,300 tons, with an average selling price of 35,800 yuan per ton, resulting in total sales of 21.738 billion yuan [1][5] - Dry dog food accounts for 83.82% of sales, while wet dog food represents 3.74% [1][5] Industry Development - The dog food industry in China has evolved from informal feeding practices to industrialized production, with domestic brands now competing with international ones [3][4] - Increased regulation and rising costs have led to the elimination of smaller brands lacking core technology and funding, while leading companies are expanding market share through mergers and supply chain upgrades [3][4] Consumer Trends - The aging population and rising divorce rates have increased the number of people seeking companionship from pets, driving growth in the pet economy [4][8] - The average annual spending per pet dog in China is expected to reach 2,961 yuan in 2024, reflecting a 3.0% year-on-year increase [4][5] Supply Chain - The upstream supply chain includes core raw material suppliers such as meat, grains, and fats, which account for over 70% of production costs [6] - In 2024, China's grain production is projected to reach 652.29 million tons, with meat production at 97.80 million tons, ensuring a stable supply of raw materials for the dog food industry [6] Competitive Landscape - The dog food market in China is highly competitive, with numerous brands including international players like Royal Canin and local brands like MaiFuDi and WanPi [9][10] - The top 10 brands in the market hold only 24.60% of the market share, indicating a fragmented competitive environment [9] Future Trends - The focus on pet health will drive dog food products towards natural, grain-free, and functional formulations, with an emphasis on ingredient traceability and safety [13] - Customizable dog food tailored to specific breeds, ages, and health conditions is expected to become more prevalent, including options based on genetic testing [13]

Summary of Petty Co. Conference Call Company Overview - **Company**: Petty Co. - **Industry**: Pet Food Industry Key Points and Arguments Business Performance - In Q4, order volume and business volume improved year-on-year and quarter-on-quarter. Despite the impact of US tariffs in the first three quarters, the company maintained profitability comparable to the previous year through cost control [2][4] - The proprietary brand "Jueyan" showed good growth during the Double Eleven shopping festival, with dried food sales doubling and baked goods being widely distributed. New Zealand's staple food is expected to enter the domestic market in Q1 next year [2][4] Market Expansion and Strategy - The US market is expected to recover with a growth rate of approximately 5% by 2026. The company plans to adjust product categories to meet market demand and actively expand into Europe, Asia, South America, and Australia, focusing on the Middle East and Southeast Asia, particularly the demand for halal-certified cat snacks [2][4][11] - The company has established production facilities in Southeast Asia, with the Vietnam factory operating at full capacity and an additional 2,000 tons of capacity added. The Cambodia factory is expected to be operational in the second half of next year, adding 5,000 tons of capacity, bringing total Southeast Asian capacity to over 30,000 tons, corresponding to approximately 1.4 billion yuan in output value [2][7] Product Development and Brand Strategy - The company plans to focus on staple food business development in the coming years, with proprietary brands expected to grow by around 30%, primarily relying on staple food products [3][11] - Online channels account for 70% of proprietary brand revenue, while offline channels account for 30%. The company plans to maintain a sales expense ratio of around 30% [3][13] Production Capacity and Financial Projections - The New Zealand factory aims to achieve over 50% capacity utilization between 2026 and 2027, with full production of 40,000 tons corresponding to 800 million to 1 billion yuan in revenue. Currently, 80% of shipments are for OEM business, and 20% for the proprietary brand Smart Balance [3][9] - The additional 5,000 tons of capacity is expected to generate approximately 200 million yuan in revenue [8] Customer Preferences and Market Dynamics - There are significant differences in pet food demand between US and European customers. US customers prefer innovative products and larger purchases, while European consumers are more conservative. The US market is dominated by large supermarkets, while Europe has a higher proportion of small to medium-sized stores [5][6] Future Outlook - The company is focused on expanding its proprietary brands and increasing production capacity to meet growing demand. The goal is to achieve a breakeven point of around 700 million yuan in proprietary brand revenue, with a focus on staple food products [16] Additional Insights - The company is aware of the rising costs of online traffic and plans to concentrate marketing efforts on platforms like Xiaohongshu and Douyin while maintaining a stable sales expense ratio [14][15] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market dynamics, and financial outlook in the pet food industry.

佩蒂股份所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：小红书概念、出海概念、宠 物经济、小盘、增持回购等。 截至10月10日，佩蒂股份股东户数1.78万，较上期减少0.88%；人均流通股9119股，较上期增加0.88%。 2025年1月-9月，佩蒂股份实现营业收入10.89亿元，同比减少17.68%；归母净利润1.14亿元，同比减少 26.62%。 分红方面，佩蒂股份A股上市后累计派现2.10亿元。近三年，累计派现8473.18万元。 责任编辑：小浪快报 12月23日，佩蒂股份盘中下跌2.05%，截至10:06，报18.61元/股，成交3459.32万元，换手率1.14%，总 市值46.31亿元。 资金流向方面，主力资金净流出308.91万元，特大单买入188.20万元，占比5.44%，卖出0.00元，占比 0.00%；大单买入69.02万元，占比2.00%，卖出566.13万元，占比16.37%。 佩蒂股份今年以来股价涨7.02%，近5个交易日涨4.67%，近20日涨1.03%，近60日涨5.86%。 资料显示，佩蒂动物营养科技股份有限公司位于浙江省温州市平阳县水头镇工业园区宠乐路2号，成立 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

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 year-end approaches, with expectations for an upward trend in prices before the Spring Festival [3][4] - The report highlights that the pig farming sector is experiencing losses, which may accelerate the reduction of stock, while the pet sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [5][29] Summary by Sections Weekly Observation - As of December 21, 2025, the national average price of live pigs is 11.41 yuan/kg, with a week-on-week decrease of 0.15 yuan/kg and a year-on-year decrease of 3.71 yuan/kg [3][13] - The average weight of pigs sold is 130.18 kg per head, with a week-on-week increase of 0.55 kg [3][13] - The supply of pork may be tight leading up to the Spring Festival, with expectations for prices to rise [3][13] Weekly Insights - The pig farming sector is facing increasing losses, and the reduction of stock may accelerate due to various factors including policy and disease [5][24] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [5][24] Market Performance (December 15-19) - The agricultural index increased by 0.87%, outperforming the market by 0.84 percentage points [6][30] - Leading stocks include Zhongxing Junye (+18.42%), Xibu Muye (+14.64%), and Xiwang Food (+13.84%) [6][30] Price Tracking (December 15-19) - The average price of live pigs is 11.58 yuan/kg, with a week-on-week increase of 0.10 yuan/kg [7][37] - The average price of piglets is 19.02 yuan/kg, with a slight decrease of 0.02 yuan/kg [7][37] - The average price of white feathered chickens is 7.35 yuan/kg, with a week-on-week increase of 0.27 yuan/kg [7][37] Key News (December 15-19) - The Ministry of Commerce announced anti-dumping duties on imported pork and related products from the EU starting December 17, 2025 [35]

证券日报网讯 12月18日，佩蒂股份在互动平台回答投资者提问时表示，关于公众号的更新频率，公司 会进行优化，在合规的前提下，力求增加更多关于公司动态、业务亮点的分享。公司也会根据内容的性 质在小红书、抖音、微博等平台通过公司或者品牌官方号发布。 证券日报网讯 12月18日，佩蒂股份在互动平台回答投资者提问时表示，关于公众号的更新频率，公司 会进行优化，在合规的前提下，力求增加更多关于公司动态、业务亮点的分享。公司也会根据内容的性 质在小红书、抖音、微博等平台通过公司或者品牌官方号发布。 （文章来源：证券日报） （文章来源：证券日报） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （文章来源：证券日报） 登录新浪财经APP 搜索【信披】查看更多考评等级 证券日报网讯 12月18日，佩蒂股份在互动平台回答投资者提问时表示，根据《上市公司股份回购规 则》《深圳证券交易所上市公司自律监管指引第9号——回购股份（2025年修订）》等相关规定，在回 购期限内，公司将在每个月的前三个交易日内披露截至上月末的回购进展情况。目前，公司正在积极实 施回购方案，并将根据相关规定履行信息披露义务。 （文章来源：证券日报） 证券日报网讯 12月18日，佩蒂股份在互动平台回答投资者提问时表示，根据《上市公司股份回购规 则》《深圳证券交易所上市公司自律监管指引第9号——回购股份（2025年修订）》等相关规定，在回 购期限内，公司将在每个月的前三个交易日内披露截至上月末的回购进展情况。目前，公司正在积极实 施回购方案，并将根据相关规定履行信息披露义务。 ...

Group 1: Lithography Materials - Shanghai Xinyang has achieved stable and continuous sales of various lithography products [1] Group 2: Communication - Aerospace Electronics has successfully integrated laser communication products for inter-satellite communication [1] Group 3: Commercial Aerospace - Aerospace Electric has seen an increasing trend in customer orders in the commercial aerospace sector in recent years [1] Group 4: Other Developments - Plittech is collaborating with Lingkong Tianxing [1] - Shenchi Electromechanical is progressing normally in its partnership with Qiteng Robotics [1] - Zhongbing Hongjian's wholly-owned subsidiary, Zhongnan Diamond, has seen a significant year-on-year increase in orders [1] - Petty Holdings is advancing the entry of products from its New Zealand factory into the domestic market, with large-scale distribution expected in the first quarter of next year [1] - Heng'erda is promoting mass production of ball screws and planetary roller screws, with related production lines expected to be launched gradually starting in the first quarter of next year [1] - Yongtai Technology's fluorinated liquid products have begun to be applied in cold plate two-phase liquid cooling solutions [1]

Investment Rating - The report maintains a "Recommended" rating for the pet industry [1] Core Insights - The report analyzes the evolution of the pet industry over the past two decades, highlighting the shift from offline to online channels and the transition from distribution to direct sales. The rise of e-commerce has significantly accelerated the growth of domestic pet brands [6][8] - Online channels have become the primary sales avenue for pet food, leveraging e-commerce platforms to rapidly scale and reach mainstream consumers. The emergence of content-driven e-commerce has further enhanced customer acquisition and conversion capabilities [6][42] - Offline channels remain crucial for building trust and providing service-oriented consumption experiences, with professional stores and veterinary clinics playing a key role in offering product experiences and consultations [6][42] - The report emphasizes the need for brands to shift from broad expansion to efficient, lifecycle-focused operations in response to rising customer acquisition costs and market saturation. The competitive landscape is becoming clearer, with leading brands gaining significant advantages over smaller competitors [6][42] Summary by Sections Channel Evolution - The pet industry has undergone significant channel changes, moving from a dealer-dominated offline model to a direct sales online model, driven by e-commerce growth since 2012. The current phase is characterized by content-driven marketing and multi-channel integration [6][8][9] Online Channel Dynamics - Online channels have solidified their position as the largest sales channel in the pet industry, with retail share increasing from 47.7% in 2020 to 59.0% in the first half of 2025. The dominance of major platforms like Taobao and the rapid growth of Douyin highlight the evolving landscape [6][47] - The report notes that online purchasing behavior is heavily influenced by the convenience of buying pet food and treats, while offline spending is concentrated on services like veterinary care and grooming [6][49] Offline Channel Insights - The offline channel structure is diverse, comprising specialized pet stores, supermarkets, veterinary clinics, and other service-oriented businesses. While retail sales are lower due to high costs, offline channels are essential for service delivery and building consumer trust [6][72] - Direct sales through physical stores enhance consumer trust and repeat purchases, while veterinary clinics serve as authoritative channels for brand credibility [6][77] Brand Building and Competitive Strategy - The report identifies efficiency improvement and brand building as core strategies for navigating high costs and market saturation. Brands must focus on establishing trust and enhancing brand recognition to achieve premium pricing in a competitive environment [6][90] - The report highlights the importance of private traffic and refined operations as brands adapt to the evolving market landscape, moving away from reliance on public advertising to building direct connections with consumers [6][117]