佩蒂动物营养科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-------------------|-------|--------------------------------------------------------------------|------------------------------------| | | | 特定对象调研 | 分析师会议 | | 投资者关 系活动类 | | 媒体采访 | 业绩说明会 | | 别 | | 新闻发布会 | 路演活动 | | | | 投资者现场参观、交流 | 其他 | | | | 国盛证券：李顺帆 孟鑫 | | | | | 恒越基金：郭祝同 | | | 参加的投 资者 | | 长信基金：肖文劲 中银国际证券：叶志成 浦银安盛基金：郑双超 | | | | | | | | 时间 | 2022 | 年 2 月 10 日 | | | 现场地点 | | 浙江省温州市工业园区宠乐路 2 号佩蒂公司 | 3 楼会议室 | | | | | | | 参加人员 | | 董事会秘书唐照波、证券事务代表王海涛 | | | | | ...

佩蒂动物营养科技股份有限公司 投资者关系活动记录表 编号：IR2022-004 | --- | --- | --- | --- | |----------------------------------------|----------------------------------------------------------------------------------------------|----------------------------------------------------------|-------| | | | | | | | 特定对象调研 | 分析师会议 | | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | | 类别 | 新闻发布会 | 路演活动 | | | | 现场参观 | 其他 | | | | | 中信证券：彭家乐、王聪、朱欣頔、李天雄； | | | | 东方红资产：满臻、蔡毓伟； 物产中大：曲芳、林彬彬； | | | | | 慧实基金：楼卉； 凯读投资：辛植钧； | | | | | 重阳投资：陈瑶； | | | | 参与单位名称及 人员姓名（排名 无先后 ...

佩蒂动物营养科技股份有限公司 投资者关系活动记录表 1 编号：IR2022-005 | --- | --- | |-------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 特定对象调研 分析师会议 | | 投资者关系活动 | 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 其他 | | | 安信证券：王朔、夏心怡 | ...

Financial Performance - The company's revenue for Q3 2022 reached ¥508,548,822.17, representing a 149.49% increase year-over-year[2] - Net profit attributable to shareholders was ¥67,463,198.75, a significant increase of 391.48% compared to the same period last year[2] - The basic earnings per share (EPS) for Q3 2022 was ¥0.27, reflecting a 440.00% increase year-over-year[2] - The company reported a 48.01% increase in revenue for the first nine months of 2022, totaling ¥1,354,612,253.13, driven by increased orders[9] - The net profit for Q3 2022 was CNY 160,196,215.57, a 99.4% increase compared to CNY 80,334,005.81 in Q3 2021[26] - Operating profit reached CNY 196,828,023.36, up from CNY 97,199,377.27 in the same period last year, representing a 102.1% increase[26] - Total revenue from operating activities was CNY 1,298,399,712.85, compared to CNY 1,040,577,284.79 in the previous year, indicating a growth of 24.7%[28] - The company reported a basic earnings per share of CNY 0.63, doubling from CNY 0.31 in the same quarter last year[27] - The total comprehensive income for Q3 2022 was CNY 200,349,766.60, compared to CNY 67,226,671.56 in Q3 2021, marking a significant increase[27] Assets and Liabilities - Total assets as of September 30, 2022, amounted to ¥3,093,009,016.72, an increase of 8.34% from the end of the previous year[2] - Total assets increased to RMB 3,093,009,016.72 as of September 30, 2022, up from RMB 2,854,914,479.62 at the beginning of the year[24] - The company's total liabilities reached RMB 1,155,900,872.53, compared to RMB 1,060,409,057.11 in the previous period, indicating an increase of about 9%[24] - The total equity attributable to shareholders increased to RMB 1,919,788,513.89 from RMB 1,779,407,716.39, showing a growth of approximately 7.9%[24] Cash Flow and Investments - The company's cash flow from operating activities showed a net outflow of ¥92,146,216.00, a decrease of 98.36% compared to the previous year[2] - Cash received from investment decreased by 81.82% to ¥2,000,000.00, primarily due to the previous period's equity investment recovery[11] - Cash paid for operating activities increased by 68.76% to ¥17,807,780.37, primarily due to increased interest income[11] - Cash paid for other operating activities rose by 59.70% to ¥120,988,934.43, mainly due to higher period expenses[11] - Cash paid for debt repayment increased by 63.33% to ¥344,132,343.10, primarily due to increased repayment of implicit borrowings[11] - Cash paid for share repurchase activities surged by 358.61% to ¥64,753,047.11, reflecting the company's active buyback strategy[11] - Cash and cash equivalents decreased to RMB 724,633,546.71 from RMB 1,029,586,625.74 at the beginning of the year, representing a decline of approximately 29.6%[22] - Cash and cash equivalents at the end of the period were CNY 723,869,931.71, an increase from CNY 305,622,083.28 year-over-year[29] Shareholder Activities - The total number of common shareholders at the end of the reporting period was 12,694[13] - The company approved the 2022 restricted stock incentive plan and employee stock ownership plan on August 1, 2022[16] - The company granted 2.121 million shares of restricted stock at a price of ¥8.83 per share to 242 eligible participants on August 12, 2022[17] - The company transferred 1.52 million shares to the employee stock ownership plan account on September 7, 2022[18] - The company repurchased a total of 4,028,135 shares, accounting for 1.5895% of the total share capital as of the end of the reporting period, with a total expenditure of RMB 64,742,043.25[19] - As of the end of the reporting period, 1,442 convertible bonds were converted into 8,083 shares, with a total face value of RMB 144,200, while 7,198,470 convertible bonds remain outstanding, totaling RMB 719,847,000.00[20] Operational Costs and Expenses - Total operating costs amounted to RMB 1,142,271,337.47, compared to RMB 829,806,865.76 in the previous period, indicating an increase of about 37.7%[25] - Research and development expenses increased to CNY 20,352,352.73, up from CNY 15,947,702.91, reflecting a growth of 27.5%[26] - The company incurred financial expenses of CNY -55,193,515.87, a notable change from CNY 17,189,539.27 in the previous year[26] Other Financial Metrics - The company's net profit margin improved, with a weighted average return on equity of 3.59% for Q3 2022, up from 2.77% in the previous year[2] - The accounts receivable increased by 119.10% to ¥440,969,393.98, primarily due to higher revenue[6] - The company experienced a 904.64% increase in contract liabilities, reaching ¥5,241,444.42, attributed to increased domestic sales[6] - The company reported a significant increase in government subsidies, totaling ¥1,170,169.70 for the current period[4] - Inventory increased to RMB 481,236,517.16 from RMB 449,749,566.19, reflecting a growth of approximately 7%[23]

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2022, representing a year-on-year increase of 15%[16]. - The gross profit margin for the period was 30%, which is a slight decrease from 32% in the same period last year[16]. - The company's operating revenue for the first half of 2022 was ¥846,063,430.96, representing an increase of 18.93% compared to the same period last year[22]. - The net profit attributable to shareholders was ¥90,437,944.59, reflecting a growth of 39.23% year-over-year[22]. - The net profit after deducting non-recurring gains and losses was ¥93,039,797.21, which is a 49.61% increase compared to the previous year[22]. - The basic earnings per share increased to ¥0.36, up 38.46% from ¥0.26 in the same period last year[22]. - The company reported a total revenue of 26,535 million RMB for the first half of 2022, reflecting a growth of 2.05% compared to the previous year[94]. - The company reported a significant increase in income tax expenses by 56.97% to CNY 20,625,611.05, mainly due to increased profits[77]. - The net cash flow from operating activities decreased by 50.70% to CNY -114,545,390.60, primarily due to increased strategic inventory of raw materials[77]. Investment and Development - The company plans to invest RMB 100 million in new product development and technology research in the upcoming year[16]. - The total investment amount for the reporting period reached ¥410,111,500, a significant increase of 666.98% compared to ¥53,470,800 in the same period last year[84]. - The company has committed to projects with a total investment of ¥13,078 million, with ¥6,578 million already invested[92]. - The company is focusing on the development of new products, with a significant investment in R&D projects amounting to 3,964 million[93]. - The company has established a professional R&D team and invested significantly in areas such as raw material processing, product technology, and pet nutrition, aiming to enhance production efficiency and reduce costs[35]. Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 10% market share by 2025[16]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence[16]. - The company has established multiple production lines for various pet food products, including meat snacks and dry/wet food, contributing to stable revenue growth in recent years[61]. - The company is expanding its production capacity in Cambodia to 2,000 tons of pet leisure food, with a completion target set for 2023[93]. - The company is targeting a market expansion in Vietnam, with a projected output of 5,000 tons for its new production line[93]. Risk Management - The company faces risks related to supply chain disruptions and has implemented measures to mitigate these risks[16]. - The company faces significant risk due to a high revenue concentration from core customers, particularly in overseas markets, which could impact sales if these customers reduce orders[107]. - To mitigate risks from core customer reliance, the company plans to actively explore new markets and maintain strong relationships with existing clients, while enhancing product offerings[108]. - Fluctuations in raw material prices, such as hides and chicken, pose a risk to operational costs; however, the company has not experienced significant price volatility recently[109]. - The ongoing COVID-19 pandemic continues to pose risks to production and logistics, potentially impacting overall performance[115]. Sustainability and Social Responsibility - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 15% by 2025[16]. - The company maintains a robust environmental management system and is committed to building green, low-carbon, and efficient pet food factories[131]. - The company has implemented wastewater treatment systems to ensure that production and domestic wastewater meet discharge standards before being released into the municipal sewage system[132]. - The company emphasizes its commitment to social responsibility, promoting a healthy pet culture and providing safe, healthy products to meet diverse consumer needs[134]. Shareholder and Financial Management - No cash dividends or stock bonuses will be distributed to shareholders for this period[6]. - The company did not distribute cash dividends or issue new shares during the reporting period[127]. - The company has extended the share repurchase plan until March 23, 2023, with ongoing repurchase activities since March 29, 2022[166]. - The company has repurchased a total of 4,028,135 shares, accounting for 1.5896% of the total share capital as of July 2022[169]. - The company issued convertible bonds with a total amount of 720,000,000.00 CNY, netting 711,859,782.01 CNY after deducting related fees[172]. Industry Trends and Market Insights - The global pet industry has shown significant growth, with increasing consumer spending on pet-related products and services, reflecting a robust market environment[46]. - The pet food market in China is experiencing a shift towards health, personalization, and diversification, with consumers increasingly prioritizing nutritional balance and ingredient quality[51]. - The pet food industry in China reached a scale of 249 billion RMB in 2021, growing by 20.58% compared to 2020, with a compound annual growth rate of 24.88% from 2012 to 2021[67]. - The pet ownership rate in China was approximately 17% in 2019, significantly lower than the U.S. rate of 67%, indicating substantial growth potential[55]. - The rise of short video platforms is driving growth in the pet industry, with significant engagement from pet owners on platforms like Kuaishou, where pet-related content has seen a 32% increase in production since 2019[54].

Financial Performance - The company's total revenue for 2021 was approximately ¥1.27 billion, a decrease of 5.15% compared to ¥1.34 billion in 2020[21]. - Net profit attributable to shareholders was approximately ¥60 million, down 47.73% from ¥114.83 million in 2020[21]. - The net cash flow from operating activities was negative at approximately -¥34.71 million, a decline of 124.31% compared to ¥142.77 million in 2020[21]. - Basic earnings per share decreased by 39.13% to ¥0.28 from ¥0.46 in 2020[21]. - Total assets increased by 42.11% to approximately ¥2.85 billion at the end of 2021, compared to ¥2.01 billion at the end of 2020[21]. - The company's net assets attributable to shareholders rose by 10.16% to approximately ¥1.78 billion at the end of 2021[21]. - The company reported a total non-operating income and expenses of 4,014,988.04, with a significant decrease in losses from previous periods, indicating improved financial health[27]. - The company reported a net loss of ¥2,228.59 million from investment projects, significantly impacting overall performance[70]. - The company experienced a foreign exchange loss of ¥2,257.19 million, which accounted for 37.61% of the net profit for the period[70]. - The company's gross profit margin for pet food and other products was 22.93%, with a slight decrease of 2.58% year-on-year[77]. Market and Industry Trends - The global pet industry market size reached $142.13 billion in 2020, with a compound annual growth rate (CAGR) of 3.85% over the past decade, indicating steady growth in the sector[40]. - In the U.S., the pet industry market size grew from $35.13 billion in 2010 to $58.06 billion in 2020, reflecting a CAGR of 5.15%[40]. - The pet food industry remains the primary focus, with no major changes in the main business, products, or revenue structure compared to the previous year[32]. - The pet food industry is experiencing three major trends: health-oriented, anthropomorphism, and diversification, with key purchasing factors including nutritional balance, ingredient composition, palatability, and user reputation[43]. - The pet food market in China has seen a shift towards domestic brands, with growth rates for domestic brands surpassing those of foreign brands from 2014 to 2017, particularly in the pet snack segment[44]. - The pet ownership rate in China is significantly lower than in developed countries, with only about 17% of households owning pets, indicating substantial growth potential[45]. - The integration of e-commerce platforms with the pet industry has led to a significant increase in product availability and market potential, as evidenced by the upgrade of pet products to a primary category on major platforms[42]. Operational Challenges - The company reported a significant impact from the ongoing COVID-19 pandemic, particularly affecting overseas operations, which may continue to influence performance[6]. - The company faced a 25% tariff on products exported to the U.S. due to ongoing trade tensions, which has affected overall performance despite efforts to increase overseas production capacity[7]. - The company anticipates significant fluctuations in the RMB exchange rate, which could introduce uncertainty in financial performance due to reliance on USD for exports[7]. - The company has a high proportion of revenue from overseas markets, making it vulnerable to changes in trade policies and tariffs[7]. - The company is actively monitoring the development of the pandemic and preparing contingency plans to mitigate risks associated with COVID-19[6]. - The company is expanding its overseas production capacity, which is expected to increase operational scale and complexity, presenting challenges for international operations[7]. - The company has established a comprehensive risk management system for its overseas operations, particularly in Vietnam and New Zealand[94]. - The ongoing COVID-19 pandemic continues to impact operations, with potential disruptions in raw material procurement, logistics, and production[135]. Research and Development - The company has a dedicated R&D team focused on pet food technology, with significant investments in product processing, nutrition, and palatability, leading to a robust product development pipeline[58]. - The company is investing in research and development to innovate and improve its product offerings in the pet nutrition sector[159]. - The company is developing new products, including a full-price nutrition puppy wet food and a new type of pet chew, aimed at enhancing product quality and market competitiveness[87]. - The company has set annual R&D goals, focusing on new product orders and project progress to drive innovation and efficiency[58]. - The company has invested in R&D and established multiple research platforms, leading to the acquisition of several patents and the development of innovative pet food technologies[65]. Corporate Governance - The company has established a complete and effective internal control system, ensuring compliance and operational integrity during the reporting period[145]. - The board of directors consists of seven members, including three independent directors, complying with legal and regulatory requirements[146]. - The company has a performance evaluation system for senior management that is transparent and in accordance with legal regulations[149]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring no conflicts of interest[150]. - The company has a dedicated audit committee and other specialized committees to enhance decision-making efficiency and governance[146]. - The company emphasizes investor relations management, utilizing various communication methods to ensure transparency and engagement with investors[148]. Strategic Initiatives - The company is focusing on expanding its market presence in Southeast Asia, particularly in Vietnam and Cambodia, to enhance its business operations[158]. - The company is actively pursuing mergers and acquisitions to expand its market share and enhance its competitive position[161]. - The company aims to enhance its ODM business, which is expected to contribute significantly to revenue growth in the coming years[159]. - The company is prioritizing the operation of new media channels and plans to establish private traffic as a key project in 2022[141]. - The company is adopting a dual-driven development strategy, focusing on both domestic R&D and manufacturing while actively exploring external growth opportunities[127]. Employee Management - The company has a structured employee training system, including onboarding and skills training, to enhance workforce quality[178]. - The company has a performance evaluation system in place to ensure fair compensation and development opportunities for employees[177]. - The company’s employee compensation includes monthly salaries, annual performance bonuses, and stock incentives, promoting long-term engagement[177]. - The company has expanded its management team with experienced professionals in various roles, enhancing its strategic capabilities[166]. Environmental Responsibility - The company has established a comprehensive environmental protection system and has implemented measures to ensure compliance with environmental discharge standards[192]. - The company’s Wenzhou factory is recognized as a national-level green factory, with other factories aiming to achieve similar standards[192]. - The company emphasizes safety production and has not experienced any major safety production accidents during the reporting period[194]. - The company is committed to social responsibility and actively engages in charitable activities to promote harmonious relationships among stakeholders[194]. - The company aims to reduce energy consumption and emissions as part of its commitment to building a green factory[194].

佩蒂动物营养科技股份有限公司 2022 年第一季度报告全文 证券代码：300673 证券简称：佩蒂股份 公告编号：2022-046 佩蒂动物营养科技股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | 营业收入（元） | 343,330,779.81 | 320,792,044.52 | | 7.03% | | 归属于上市公司股东的净利润（元） | 28,549,110 ...

佩蒂动物营养科技股份有限公司 2021 年第三季度报告 证券代码：300673 证券简称：佩蒂股份 公告编号：2021-078 佩蒂动物营养科技股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示: 1. 董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2. 公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3. 第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金额 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备 | 54,994.92 | 52,736.47 固定资产处置损益 | | 的冲销部分） | | | | 计入当期损益的政府补助（与公司正常经营业务 密切相关，符合国家政策规定、按照一定标准定 | 61 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million RMB for the first half of 2021, representing a year-on-year growth of 25%[16] - The company's operating revenue for the reporting period was ¥711,406,135.94, representing a 22.30% increase compared to ¥581,697,506.04 in the same period last year[22] - The net profit attributable to shareholders was ¥64,957,449.94, a 50.09% increase from ¥43,280,367.88 year-over-year[22] - The net profit after deducting non-recurring gains and losses was ¥62,186,562.53, reflecting a 52.57% increase from ¥40,758,472.10 in the previous year[22] - The basic and diluted earnings per share were both ¥0.26, up 52.94% from ¥0.17 in the same period last year[22] - The company achieved a revenue of 711.41 million yuan, representing a year-on-year growth of 22.30%[48] - Net profit attributable to shareholders reached 64.96 million yuan, an increase of 50.09% year-on-year[48] - The total comprehensive income for the first half of 2021 was ¥45,679,507.83, compared to ¥42,312,644.92 in the same period of 2020[183] Market Strategy and Expansion - The company plans to expand its market presence internationally, particularly in Southeast Asia, aiming for a 15% increase in export sales by the end of 2021[5] - New product development is underway, with three innovative pet nutrition products expected to launch in Q3 2021, targeting a 10% market share in the premium segment[5] - A strategic acquisition of a local competitor is being considered, which could potentially increase market share by 20%[5] - The company continues to focus on the pet food industry, maintaining its business model and product offerings consistent with the previous year[30] - The company operates in both domestic and international markets, with a focus on high-quality pet food products, primarily under its own brand in the domestic market and through ODM in international markets[36] - The company has successfully introduced its own brands into international markets, including sales in Canadian Walmart[40] - The company is expanding its international production capacity, with the Cambodian factory entering trial production and the Vietnamese base's capacity being further released[48] Research and Development - The company has invested significantly in R&D, achieving advanced levels in core technologies related to pet functional chewing foods and has obtained multiple patents in major countries[33] - The company is focusing on enhancing its research and development capabilities to innovate in animal nutrition technology[197] - The company has conducted market research and established strict standards for new product quality to mitigate development risks[105] Financial Management and Investments - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year, focusing on reinvestment for growth[6] - The company plans to raise up to 720 million yuan through convertible bonds to fund new production lines for high-quality pet food[48] - The company has committed to invest a total of RMB 91,028 million, with RMB 81,549.3 million already utilized, achieving a progress rate of 89.73%[81] - The company reported a total investment of RMB 27,529.4 million for various projects, with an actual investment of RMB 1,387.34 million during the reporting period, achieving 5% of the planned investment[84] Risks and Challenges - The management highlighted risks including fluctuating raw material prices and increasing market competition, which could impact future performance[5] - The company faces significant risk due to a high revenue concentration from core customers, particularly in the overseas market, where ODM model partnerships are crucial for sales stability[93] - Fluctuations in raw material prices, such as hides and chicken, pose a risk to operational performance, although prices remained stable during the reporting period[95] - The ongoing COVID-19 pandemic continues to pose risks to production and operations, necessitating flexible adjustments to production lines and capacity[101] - Rising labor costs, both domestically and internationally, could impact profitability if not effectively controlled[98] Environmental and Social Responsibility - The company has established advanced wastewater treatment facilities, air pollution control systems, and noise isolation facilities, ensuring compliance with environmental standards[119] - The company actively engages in social responsibility initiatives, promoting a healthy pet culture and advocating for scientific pet care[120] - The company emphasizes safety in production, adhering to environmental protection laws and striving to reduce energy consumption and emissions[120] Shareholder and Equity Information - The total number of shares decreased from 169,766,700 to 168,940,800 due to the repurchase and cancellation of 825,900 restricted stock options[150] - The company's total share capital increased from 168,940,800 to 253,411,200 shares following a capital reserve conversion, distributing 5 shares for every 10 held[151] - The total number of shareholders at the end of the reporting period was 16,771, with significant holdings by major shareholders such as Chen Zhenbiao at 31.43%[157]

Revenue and Profitability - The company's operating revenue for 2020 was ¥1,339,847,990.63, representing a 32.88% increase compared to ¥1,008,308,858.53 in 2019[19]. - The net profit attributable to shareholders for 2020 was ¥114,825,549.83, a significant increase of 129.62% from ¥50,007,138.25 in 2019[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥108,053,280.10, up 157.71% from ¥41,928,003.73 in 2019[19]. - The net cash flow from operating activities for 2020 was ¥142,770,467.78, a turnaround from a negative cash flow of -¥55,813,884.62 in 2019[19]. - The total assets at the end of 2020 reached ¥2,008,983,686.89, marking a 46.74% increase from ¥1,369,042,468.26 at the end of 2019[19]. - The net assets attributable to shareholders at the end of 2020 were ¥1,615,283,633.91, up 57.42% from ¥1,026,103,809.12 at the end of 2019[19]. - The basic earnings per share for 2020 was ¥0.74, an increase of 117.65% compared to ¥0.34 in 2019[19]. - The company reported a weighted average return on equity of 8.98% for 2020, up from 4.85% in 2019[19]. - The company achieved total revenue of CNY 1,339,848 million, a year-on-year increase of 32.88%[74]. - Net profit attributable to shareholders reached CNY 114,825 million, up 129.62% year-on-year, driven by rapid revenue growth and increased new product orders[74]. Market Presence and Strategy - The company’s revenue from overseas markets remains high, indicating a strong international presence[6]. - The company is expanding its overseas production capacity to meet increasing demand, which presents management challenges[8]. - The company operates in the international market using an ODM model, with a significant portion of sales directed towards North America and Europe[37]. - The company has established long-term partnerships with well-known brands and retailers in foreign markets, ensuring stable product sales[37]. - The company has established overseas production bases in Vietnam, with three facilities, which have helped buffer against trade tensions and external shocks, contributing significantly to performance[46]. - The company has raised 512 million RMB through a non-public offering of 24 million shares to support its overseas projects, including a 40,000-ton high-quality pet dry food project in New Zealand and a 9,200-ton pet snack project in Cambodia[46]. - The company aims to become a world-leading comprehensive pet industry group, promoting pet health standards through global quality products[28]. - The company has established production bases in Vietnam, Cambodia, and New Zealand, enhancing its international supply chain and competitive edge in the pet food market[62]. Research and Development - The company has invested significantly in R&D, establishing a professional team and acquiring multiple patents in the pet food sector, particularly in functional chewable products[32]. - The company maintained high R&D investment, focusing on product category expansion and addressing domestic demand for high-quality pet food, with a total R&D expenditure of ¥26,173,111.90, representing 1.95% of revenue in 2020[95]. - The company is committed to enhancing product R&D and innovation to mitigate the impact of rising labor costs[133]. - The company launched 8 new product categories in 2020, including complete pet food and sterilization solutions, with a total of 142 individual products commercialized[95]. Risks and Challenges - The company reported a significant reliance on core customers, which poses a risk to revenue stability[6]. - The company faced a 25% tariff on exports to the U.S. due to ongoing trade tensions, impacting its ability to meet demand[6]. - The company is actively seeking to mitigate risks from trade and tariff policies affecting its export business, particularly due to the 25% tariff on products exported to the U.S.[127]. - The company is exposed to exchange rate fluctuations, particularly with the RMB appreciating against the USD, which could affect profitability[130]. - The company faces risks related to a high dependency on core customers, particularly in overseas markets, which could impact sales if these relationships weaken[125]. - The ongoing COVID-19 pandemic continues to pose uncertainties for the company's operations, particularly in raw material procurement and logistics[136]. Dividend and Financial Management - The company plans to distribute a cash dividend of 1 RMB per 10 shares and a capital reserve increase of 5 shares for every 10 shares held[8]. - The total cash dividend amount for the year is RMB 16,894,080, which accounts for 100% of the total profit distribution[140]. - The company has a history of fluctuating dividend policies, with the most recent cash dividend being lower than in previous years[142]. - The company has committed to ensuring that any future equity incentive plans are linked to the execution of measures to compensate for the dilution of immediate returns[156]. Competitive Landscape - The pet food industry is characterized by intense competition and a mature supply chain, supporting the company's growth[33]. - The competitive landscape in the pet industry is intensifying, with many domestic and foreign brands vying for market share[135]. - The pet food market in China is characterized by a low concentration, providing significant opportunities for domestic brands[59]. - The company has established a strong competitive advantage in supply chain, production scale, and core team capabilities[135]. Corporate Governance and Compliance - The company has maintained a commitment to transparency and adherence to regulatory requirements throughout the reporting period[145]. - The company has not faced any penalties or rectification issues during the reporting period[165]. - The company has engaged in strategic partnerships with 11 non-public offering stock objects to enhance its market position[156]. - The company emphasizes the importance of timely and accurate information disclosure regarding its shareholding and stock price stabilization measures[150].