佩蒂动物营养科技股份有限公司 2021 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：2021-026 佩蒂动物营养科技股份有限公司 2021 年第一季度报告 二〇二一年四月 1 佩蒂动物营养科技股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈振标、主管会计工作负责人唐照波及会计机构负责人(会计主 管人员)周青东声明：保证季度报告中财务报表的真实、准确、完整。 2 佩蒂动物营养科技股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 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） | 320,792,044.52 | 241,152,182.11 | 33.02% | | 归属 ...

Financial Performance - Net profit attributable to shareholders rose by 385.43% to CNY 39,715,283.84 for the reporting period[7] - Operating revenue for the period reached CNY 390,269,628.15, reflecting a growth of 30.42% year-on-year[7] - Basic earnings per share increased by 1,042.86% to CNY 0.240 for the reporting period[7] - The company reported a net profit excluding non-recurring gains and losses of CNY 37,623,954.52, an increase of 362.28% year-on-year[7] - Total operating revenue for Q3 2020 reached ¥390,269,628.15, an increase from ¥299,232,903.00 in the previous period[37] - Net profit for the period was ¥39,927,154.48, compared to ¥9,381,135.51 in the same period last year, representing a significant increase[39] - The company reported a total comprehensive income of ¥30,891,696.13 for the quarter, compared to ¥12,396,938.74 in the same period last year[40] - The net profit for the year-to-date is 84,914,010.39, up from 34,596,555.17 in the previous year[46] Assets and Liabilities - Total assets increased by 50.97% to CNY 2,066,788,561.02 compared to the end of the previous year[7] - The total liabilities of the company as of September 30, 2020, were CNY 440,257,071.31, compared to CNY 331,257,867.66 at the end of 2019, which is an increase of approximately 32.9%[31] - The company's equity attributable to shareholders increased to CNY 1,613,472,339.56 from CNY 1,026,103,809.12, representing a growth of about 57.2%[32] - The total current liabilities increased to CNY 437,070,346.29 from CNY 327,990,406.34, reflecting a growth of approximately 33.3%[31] - The total assets of the company are reported at ¥1,369,042,468.26, indicating a solid asset base[63] - The total liabilities amount to ¥331,257,867.66, with current liabilities at ¥327,990,406.34, reflecting a stable financial position[63] Cash Flow - The net cash flow from operating activities was negative at CNY -48,359,436.94, a decrease of 27.39% compared to the previous period[7] - The net cash flow from operating activities increased by 78.35% year-on-year, mainly due to higher cash receipts from sales[18] - Cash and cash equivalents increased by 86.99% compared to the beginning of the year, primarily due to funds raised from a private placement of shares[17] - The net cash flow from operating activities for the current period is ¥105,302,061.47, compared to a negative cash flow of ¥123,805,380.05 in the previous period, indicating a significant improvement[56] - The company reported a significant increase in cash inflow from investment activities, totaling ¥359,868,992.64, compared to ¥171,444,624.34 in the same period last year[55] - Financing activities generated a net cash inflow of ¥550,012,542.46, a substantial increase from ¥66,114,764.98 in the previous year[55] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,165[11] - The largest shareholder, Chen Zhenbiao, holds 31.28% of the shares, with 39,825,000 shares pledged[11] Expenses - Sales expenses increased by 59.16% year-on-year, mainly due to higher costs associated with domestic market expansion[18] - The company’s financial expenses surged by 347.53% year-on-year, primarily due to interest expenses and changes in the RMB exchange rate[18] - Research and development expenses for the quarter were ¥7,324,299.37, slightly down from ¥7,993,153.50 in the previous year[38] - Research and development expenses increased to ¥14,444,538.64, up 14.7% from ¥12,586,309.65 year-over-year[49] Government Support - Government subsidies recognized during the period amounted to CNY 6,995,131.52[8] - Other income increased by 124.31% year-on-year, mainly due to an increase in government subsidies[18] Investment Activities - The company received ¥517,920,000.00 from investment absorption, a notable rise from ¥3,357,800.00 in the previous period[58] - The total cash inflow from investment activities is ¥368,367,517.93, up from ¥179,380,858.69 in the previous period, while cash outflow for investments increased to ¥832,849,417.71 from ¥183,022,744.79[56] Financial Adjustments - The company has made adjustments to its financial statements in accordance with new revenue and leasing standards, impacting the asset-liability structure[59] - The company is implementing new revenue and leasing standards starting in 2020, which may impact future financial reporting[67] - The report indicates no adjustments were made to prior period comparative data, ensuring consistency in financial reporting[67]

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 500 million for the first half of 2020, representing a year-on-year growth of 25%[12]. - The company's operating revenue for the reporting period was ¥581,697,506.04, representing a 45.35% increase compared to ¥400,191,426.95 in the same period last year[18]. - The net profit attributable to shareholders was ¥43,280,367.88, an increase of 88.74% from ¥22,931,427.55 year-on-year[18]. - The net profit after deducting non-recurring gains and losses was ¥40,758,472.10, up 114.77% from ¥18,977,784.44 in the previous year[18]. - The total comprehensive income for the first half of 2020 was ¥42,312,644.92, compared to ¥22,458,083.88 in the same period of 2019, marking an increase of 88.2%[161]. - The company achieved a sales revenue of 581.70 million yuan, representing a year-on-year growth of 45.35%[30]. - The net profit attributable to shareholders reached RMB 43.28 million, an increase of 88.74% compared to the previous year[41]. - The company reported a basic and diluted earnings per share of ¥0.28, compared to ¥0.19 in the first half of 2019, reflecting a growth of 47.4%[161]. Market Expansion and Product Development - The company has set a revenue guidance for the second half of 2020, projecting an increase of 20% compared to the first half, aiming for RMB 600 million[12]. - New product development includes the launch of a premium pet food line, expected to contribute an additional RMB 50 million in revenue by the end of 2020[12]. - The company is actively pursuing market expansion, with plans to enter two new international markets by Q4 2020, targeting a 10% increase in overall market share[12]. - The company has launched its own brands "PEIDI" and "MEATYWAY" in overseas markets, including sales in Canadian Walmart[29]. - The company has implemented a multi-brand strategy in the domestic market to cater to diverse consumer needs and enhance market penetration[29]. - The company plans to invest in new projects, including a 40,000-ton high-quality pet dry food facility in New Zealand and a 9,200-ton pet snack facility in Cambodia[42]. Research and Development - Research and development investment has increased by 40% in 2020, focusing on innovative pet nutrition solutions[12]. - The company has established a professional R&D team and has accumulated significant experience in the pet food sector, leading to advancements in product technology and manufacturing processes[27]. - Research and development expenses amounted to RMB 11.35 million, reflecting a slight increase of 1.91% year-on-year[45]. - The company aims to increase its R&D investment in new technologies to drive future growth[176]. Financial Position and Cash Flow - The net cash flow from operating activities was ¥13,242,342.14, a significant recovery from a negative cash flow of -¥95,629,174.53 in the same period last year, marking a 113.85% improvement[18]. - Total assets at the end of the reporting period reached ¥2,037,924,077.67, a 48.86% increase from ¥1,369,042,468.26 at the end of the previous year[18]. - The company's cash and cash equivalents increased to ¥695,358,353.93 as of June 30, 2020, up from ¥285,051,300.85 at the end of 2019, representing a growth of 144.4%[150]. - The cash inflow from tax refunds was ¥32,078,687.42, an increase from ¥23,573,984.26 in the previous year[167]. - The total cash and cash equivalents at the end of the period stood at ¥695,207,353.93, compared to ¥227,201,830.93 at the end of the first half of 2019, marking a significant increase of approximately 205.5%[168]. Risks and Challenges - The company has identified potential risks including reliance on key customers, with the top five customers accounting for 60% of total revenue[4]. - The company emphasizes the importance of risk management strategies to mitigate potential impacts from currency fluctuations and raw material price volatility[4]. - The company continues to face risks related to high revenue concentration from core customers in overseas markets, primarily through the ODM model[72]. - The company faces risks from fluctuations in raw material prices, particularly for chicken, which saw a decrease during the reporting period but remains subject to future volatility[75]. - Rising labor costs in both domestic and overseas production bases pose a risk to the company's profitability if not effectively managed[78]. - The COVID-19 pandemic has posed operational risks, affecting raw material procurement, logistics, and order delivery, which may negatively impact the company's performance this year[79]. Shareholder and Capital Management - The company will not distribute cash dividends for the current fiscal year, opting to reinvest profits into growth initiatives[5]. - The company completed a non-public issuance of A-shares, increasing total shares from 146,607,000 to 170,607,000, followed by a repurchase of 840,300 shares, reducing total shares to 169,766,700[118][119]. - The company raised a total of RMB 530.64 million through a private placement of 24 million shares at RMB 22.11 per share, netting RMB 512.04 million after expenses[42]. - The company has reduced registered capital by RMB 840,300.00, resulting in a new capital of RMB 169,766,700.00 after returning funds to shareholders[191]. Operational Efficiency - The company has established online flagship stores on major e-commerce platforms like Tmall, JD.com, and Pinduoduo, enhancing direct consumer engagement[30]. - The company has multiple production bases in countries like Vietnam, Cambodia, and New Zealand, allowing for a diverse and high-quality product offering[35]. - The company has built a comprehensive quality control system in compliance with international standards such as ISO9001 and BRC[36]. - The company has maintained stable management and technical teams, ensuring confidence in future prospects[37].

Financial Performance - Total revenue for Q1 2020 reached ¥241,152,182.11, an increase of 48.74% compared to ¥162,128,771.31 in the same period last year[7] - Net profit attributable to shareholders was ¥11,770,547.81, representing a 91.67% increase from ¥6,141,197.83 year-on-year[7] - Net profit excluding non-recurring gains and losses was ¥9,863,751.64, up 72.70% from ¥5,711,407.44 in the previous year[7] - Basic earnings per share doubled to ¥0.08 from ¥0.04 year-on-year[7] - Net profit for Q1 2020 reached CNY 12,719,060.19, compared to CNY 7,218,484.89 in the same period last year, representing a growth of approximately 76.5%[43] - The company reported a comprehensive income of CNY 6,124,331.24 for Q1 2020, up from CNY 2,838,679.91 in the previous year[44] - The total comprehensive income for the period was CNY 2,130,300.31, consistent with the net profit reported[48] Cash Flow - Net cash flow from operating activities was ¥28,446,019.48, a significant increase of 356.74% compared to ¥6,228,095.44 in the same period last year[7] - Cash flow from operating activities generated a net amount of CNY 28,446,019.48, significantly higher than CNY 6,228,095.44 in the previous year, marking an increase of 357.5%[51] - The cash flow from financing activities generated a net amount of CNY 107,042,054.58, a significant improvement from a net outflow of CNY 899,609.55 in the same period last year[52] - The net cash flow from investment activities was -102,829,712.60 CNY, indicating a significant outflow compared to the inflow of 2,075,427.40 CNY[55] - The total cash inflow from financing activities amounted to 95,000,000.00 CNY, while the cash outflow was 1,099,583.34 CNY, resulting in a net cash flow of 93,900,416.66 CNY[55] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,483,219,105.65, an increase of 8.34% from ¥1,369,042,468.26 at the end of the previous year[7] - Current assets increased to CNY 824,262,703.23 as of March 31, 2020, up from CNY 773,675,668.55 at the end of 2019, representing a growth of approximately 6.8%[33] - Total liabilities increased to CNY 437,690,233.11 from CNY 331,257,867.66, reflecting a rise of approximately 32.1%[35] - Short-term borrowings surged to CNY 271,107,620.96, up from CNY 160,234,665.49, indicating an increase of around 69.3%[34] - The company's equity attributable to shareholders increased to CNY 1,032,899,568.68 from CNY 1,026,103,809.12, a slight rise of about 0.7%[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,123[10] - Major shareholder Chen Zhenbiao holds 36.22% of the shares, with 53,100,000 shares pledged[10] Investments and Projects - The company is in the process of a non-public stock issuance to raise up to 545 million RMB for new projects and working capital[20] - The project for the annual production of 3,000 tons of animal skin chewing gum has achieved an investment progress of 104.40% as of December 31, 2018[24] - The project for the annual production of 2,500 tons of plant-based chewing gum and 500 tons of nutritious meat snacks has an investment progress of 85.83% as of March 31, 2021[24] - The marketing and service network construction project has an investment progress of 72.36% as of December 31, 2020[24] - The R&D center upgrade project has an investment progress of 28.67% as of December 31, 2020[25] - The expansion project for the annual production of 2,000 tons of pet food in Vietnam has an investment progress of 75.07% as of June 30, 2020[25] Research and Development - R&D expenses decreased by 36.63% year-on-year due to reduced activities impacted by the pandemic[18] - Research and development expenses for Q1 2020 were CNY 3,197,734.26, down from CNY 5,046,286.42 in the previous period[42] Compliance and Standards - The company did not undergo an audit for the first quarter report, which remains unaudited[57] - The company has not applied the new revenue and leasing standards for the current year, indicating a potential impact on future financial reporting[56]

Financial Performance - The company's operating revenue for 2019 was CNY 1,008,308,858.53, representing a 15.99% increase compared to CNY 869,321,761.33 in 2018[21]. - The net profit attributable to shareholders for 2019 was CNY 50,007,138.25, a decrease of 64.36% from CNY 140,306,767.04 in 2018[21]. - The net profit after deducting non-recurring gains and losses was CNY 41,928,003.73, down 67.37% from CNY 128,511,247.85 in 2018[21]. - The net cash flow from operating activities was negative CNY 55,813,884.62, a decline of 142.98% compared to CNY 129,848,653.94 in 2018[21]. - The total assets at the end of 2019 were CNY 1,369,042,468.26, an increase of 16.00% from CNY 1,180,249,556.00 at the end of 2018[21]. - The net assets attributable to shareholders at the end of 2019 were CNY 1,026,103,809.12, a growth of 5.78% from CNY 970,035,640.29 at the end of 2018[21]. - The basic earnings per share for 2019 was CNY 0.34, a decrease of 64.95% from CNY 0.97 in 2018[21]. - The weighted average return on equity for 2019 was 4.85%, down 10.66% from 15.51% in 2018[21]. - The company reported a total revenue of 8,079,134.52 million, with a significant increase of 4,228,960.68 million compared to the previous year[30]. - The company achieved a sales revenue of 1,008.31 million yuan, representing a year-on-year growth of 15.99%[43]. - The net profit attributable to shareholders was 50.01 million yuan, a decline of 64.36% year-on-year[43]. Market and Competitive Landscape - The domestic pet food market remains competitive, with increasing consumer spending, but the company must adapt to market changes to maintain its competitive edge[9]. - The company is expanding its ODM product market share while cultivating its own brands in overseas markets, with products sold in retailers like Walmart Canada[38]. - The company has implemented a multi-brand strategy in the domestic market, with brands tailored to different segments, including "齿能" for pet chewing products and "爵宴" for high-end pet snacks[40]. - The pet industry is experiencing rapid growth driven by changing consumer habits and increased pet ownership, with significant demand for pet products and services[46]. - The pet industry in China reached a market size of 170.8 billion RMB in 2018, with a growth rate of nearly 30%, expected to reach 300 billion RMB by 2020[47]. - The pet food market in China achieved a market size of 93.4 billion RMB in 2018, with a significant growth rate of 86.8% compared to 2017, accounting for 34% of total spending by pet owners[49]. - The global pet food market is dominated by major players like Mars and Nestlé, with North America holding a market size of 32.7 billion USD, representing 40% of the global market[51]. - The company faces intense competition from foreign brands, particularly in the high-end pet food segment, while domestic brands are gaining opportunities in the rapidly growing snack market[48]. - The overall pet food industry is experiencing a positive development trend, with rising consumer demands for product safety, quality, and functionality[48]. Operational Challenges - The company faced challenges due to the 25% tariff imposed on exports to the US since 2018, which has pressured its performance[5]. - Fluctuations in raw material prices, such as hides and chicken, could impact operational performance, although short-term effects are currently manageable[7]. - The increase in raw material prices, particularly chicken, has significantly impacted costs, contributing to the decline in net profit[44]. - Rising labor costs in both domestic and overseas production bases pose a risk to profitability if not effectively managed[127]. - The company faces risks related to high revenue concentration from core customers, particularly in overseas markets, which could impact sales if these relationships are disrupted[122]. - The company faces risks from exchange rate fluctuations, particularly as its export business primarily uses USD, which can affect profitability[125]. Strategic Initiatives - The company has established production bases in Vietnam and New Zealand, and acquired BOP and its subsidiary Alpine in 2018, enhancing its international presence[7]. - The company initiated a non-public stock issuance in 2019 to fund domestic and international production capacity expansion, with potential risks if market expansion does not meet expectations[8]. - The company is actively participating in the "Belt and Road" initiative, with ongoing projects in Vietnam, New Zealand, and Cambodia to enhance production capacity[41]. - The company has established online flagship stores on platforms like Tmall and JD, and maintains close cooperation with regional distributors and pet service providers for offline sales[40]. - The company is focusing on expanding its domestic market presence through various strategies, including self-operated channels and acquisitions[42]. - The company aims to enhance its core competitiveness and expand its market presence by developing new products and technologies, focusing on both domestic and international markets[119]. - The company plans to establish production bases for staple food in New Zealand and wet food in Cambodia, with intentions to introduce these products to the domestic market under its own brand[119]. - The company is adopting a "dual-wheel drive" development strategy to expand its scale and improve its innovation capabilities, targeting a comprehensive pet industry leadership position[119]. Investment and Acquisitions - The company completed the acquisition of 100% of Dexin Leather (Vietnam) Co., Ltd. to enhance overseas production capacity[65]. - The company acquired 100% of Beijing Qianbaicang Trading Co., Ltd. and 85% of Shanghai Haichong Industrial Co., Ltd. to expand domestic online channels[65]. - The company established a wholly-owned subsidiary in Cambodia with an investment of 3 million USD to produce 9,200 tons of pet leisure food annually[65]. - The company has committed to invest a total of 39,824.42 million RMB in various projects, with a cumulative investment of 33,295.35 million RMB, achieving 83.5% of the planned investment[110]. - The company has completed the acquisition of BOP and its subsidiary, with a total investment of 1,429.6 million RMB, achieving 100% of the planned investment by June 30, 2018[109]. - The company has invested a total of RMB 65 million in the project for the annual production of 3,000 tons of animal skin chewing gum, achieving a completion rate of 100%[113]. Shareholder and Governance Matters - The company approved a three-year shareholder return plan (2019-2021) on May 7, 2019, which enhances decision-making transparency and operational feasibility[133]. - The profit distribution plan for 2019 includes no cash dividends, no bonus shares, and no capital reserve conversion, with remaining undistributed profits carried forward to the next year[135]. - The total distributable profit for 2019 was CNY 118,000,590.46, with a cash dividend total of CNY 0.00, representing 0.00% of the profit distribution[134]. - The company did not distribute any cash dividends in 2019, despite having a positive profit available for distribution to ordinary shareholders[136]. - The decision to not distribute profits in 2019 was influenced by external uncertainties, including US-China trade tensions and the COVID-19 pandemic[137]. - The company has committed to a 36-month lock-up period for shares post-IPO, prohibiting any transfer or management delegation of shares held prior to the offering[139]. - The company will comply with regulations set by the China Securities Regulatory Commission regarding shareholder share reductions[141]. - The company has established a framework for managing share transfers in accordance with regulatory requirements[141]. Social Responsibility and Compliance - The company has committed to social responsibility, focusing on safety, environmental protection, and community engagement[187]. - The company has not reported any violations regarding external guarantees during the reporting period[182]. - The company and its subsidiaries are not classified as key pollutant discharge units by the environmental protection department, indicating compliance with environmental regulations[193]. - The main pollutants include waste gas, wastewater, noise, and solid waste, all of which are managed to meet environmental discharge standards[193]. - The company employs two wastewater treatment systems to handle production and domestic wastewater, ensuring treated water meets standards before discharge[193]. Research and Development - The company has developed advanced core technologies in pet functional chew products and holds multiple patents in China, the US, Europe, and Japan[33]. - Research and development expenses reached ¥27,227,981.19, a 5.51% increase compared to the previous year, accounting for 2.70% of total revenue[88]. - The number of R&D personnel decreased to 173, accounting for 5.20% of the total workforce[88]. - The company is investing heavily in R&D, with a budget allocation of 200 million yuan for new product development in 2020, focusing on innovative animal nutrition solutions[143].

Financial Performance - Petpal reported a revenue of RMB 500 million for the first half of 2019, representing a year-on-year increase of 15%[13]. - Total revenue for the reporting period was ¥400,191,426.95, an increase of 1.61% compared to ¥393,857,464.18 in the same period last year[19]. - Net profit attributable to shareholders was ¥22,931,427.55, a decrease of 66.36% from ¥68,158,153.21 year-on-year[19]. - Basic earnings per share decreased by 66.73% to ¥0.189 from ¥0.568 in the same period last year[19]. - Petpal's gross profit margin for the first half of 2019 was reported at 30%, indicating stable profitability despite market challenges[13]. - The company reported a loss of CNY 307,894 million for the current period[68]. - The net profit attributable to shareholders for the first half of 2019 was CNY 6,422,500, reflecting a decrease of 39.76% compared to the same period last year[182]. - The company experienced a significant reduction in total profit, which was CNY 4,223,053.27, down from CNY 34,930,279.69 in the previous year[167]. Assets and Liabilities - Petpal's total assets as of June 30, 2019, amounted to RMB 1.2 billion, with a net asset value of RMB 800 million[13]. - Total assets at the end of the reporting period were ¥1,208,200,378.32, an increase of 2.37% from ¥1,180,249,556.00 at the end of the previous year[19]. - The company's total liabilities increased to RMB 247,955,484.03 from RMB 202,305,764.93, marking a rise of approximately 22.5%[154]. - The equity attributable to owners decreased to CNY 813,961,267.35 from CNY 852,908,047.07 at the end of 2018, a decline of 4.6%[159]. - Short-term borrowings surged to RMB 55,337,546.49, compared to RMB 6,706,520.69, indicating a significant increase in leverage[153]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, particularly in Vietnam, where it has established a subsidiary[9]. - The company is exploring potential mergers and acquisitions to strengthen its market position and product offerings[4]. - Future expansion plans may include increasing the market share of proprietary brands in overseas markets, alongside the existing ODM model[37]. - The company has established a presence in Vietnam through a subsidiary, with net assets reported at approximately 10.04 million yuan and a net profit of 463.76 thousand yuan during the reporting period[40]. - The company is actively expanding its product line and production scale to enhance competitiveness in the pet food sector[45]. Research and Development - Petpal has invested in new product development, focusing on premium pet nutrition products to meet growing consumer demand[4]. - The company has established a research and development team and collaborates with domestic and international research institutions to enhance product quality and innovation[28]. - The company aims to enhance its research and development capabilities to innovate and improve product offerings in the animal nutrition sector[182]. - The company has acquired 32 patents, including 8 domestic invention patents and 3 foreign invention patents, enhancing its technological innovation capabilities[46]. Supply Chain and Production - The company aims to enhance its supply chain efficiency through strategic partnerships and technology integration[4]. - The main raw materials for production include fresh cowhide, chicken, and starch, with a focus on establishing long-term partnerships with qualified suppliers to ensure stable supply[31]. - The company emphasizes the importance of maintaining a stable supply chain for raw materials, particularly fresh cowhide, which is critical for its pet food products[32]. - The company's production model is based on "sales-driven production," coordinating resources across departments to meet customer specifications and delivery timelines[33]. Financial Management and Investments - The company has implemented a restricted stock incentive plan, increasing equity incentive expenses by CNY 18.44 million compared to the same period last year[50]. - The company utilized 5,046.52 million RMB of raised funds, accounting for 71.00% of the planned total investment[52]. - The company invested 36,803,809.72 RMB in external investments during the reporting period, representing a 408.93% increase compared to the previous year[65]. - The total amount of raised funds is CNY 39,824.42 million, with CNY 5,046.52 million invested during the reporting period[69]. Risks and Challenges - Petpal faces risks related to trade policies and raw material price fluctuations, which could impact growth and profitability[4]. - The company faces a significant risk due to a high revenue concentration from core customers, which could impact sales if these customers reduce orders or face operational risks[83]. - Rising raw material prices, particularly for chicken, could lead to increased production costs and impact overall performance, despite stable prices for other materials[85]. - The company is exposed to exchange rate fluctuations, with over 90% of sales in foreign markets, primarily settled in USD, which could affect profitability[86]. Corporate Governance and Compliance - The company has not faced any major lawsuits or regulatory penalties during the reporting period, indicating a stable operational environment[100][101]. - The company has established a multi-tier governance structure, including a board of directors and several specialized committees[195]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission for financial reporting[198]. Social Responsibility and Environmental Impact - The company has committed to environmental responsibility by reducing emissions through the transition from coal-fired to gas-fired boilers, thus decreasing SO2 and smoke dust emissions[122]. - The company has implemented two wastewater treatment systems to handle production and domestic wastewater, ensuring compliance with urban sewage treatment standards[122]. - The company emphasizes a commitment to social responsibility and sustainable development, promoting a harmonious relationship among stakeholders[124].

佩蒂动物营养科技股份有限公司 2019 年第三季度报告全文 佩蒂动物营养科技股份有限公司 2019 年第三季度报告 2019-093 2019 年 10 月 1 佩蒂动物营养科技股份有限公司 2019 年第三季度报告全文 公司负责人陈振标、主管会计工作负责人朱峰及会计机构负责人(会计主管 人员)周青东声明：保证季度报告中财务报表的真实、准确、完整。 2 佩蒂动物营养科技股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 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 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,324,894,779.38 | | 1,180,249,556.00 | 12.26% | | 归属于上市公司股东的净资产 | 984,405,347.51 | | 970,035,640.29 | 1.48% | | （元） | | | | | | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | ...

Financial Performance - Petpal reported a revenue of RMB 1.2 billion for the first half of 2019, representing a year-on-year increase of 15%[18]. - The company has set a revenue target of RMB 2.5 billion for the full year 2019, reflecting a growth rate of 20% compared to 2018[18]. - Total revenue for the reporting period was ¥400,191,426.95, an increase of 1.61% compared to ¥393,857,464.18 in the same period last year[24]. - Net profit attributable to shareholders was ¥22,931,427.55, a decrease of 66.36% from ¥68,158,153.21 in the previous year[24]. - Basic earnings per share decreased by 66.73% to ¥0.189 from ¥0.568 in the previous year[24]. - The company's total profit for the first half of 2019 was CNY 27,813,683.47, a decline of 65.4% from CNY 80,359,286.72 in the same period of 2018[164]. - The company's total comprehensive income for the first half of 2019 was CNY 22,219,637.68, down from CNY 70,042,068.04 in the same period of 2018[164]. - The company's net cash flow from operating activities was negative at RMB -95,629,174.53, a decline of 519.83% from RMB 22,777,882.50 in the previous year[60]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, particularly in Vietnam and Cambodia, to capture growing demand for pet nutrition products[18]. - Petpal aims to increase its market share by 5% in the domestic market over the next year through strategic marketing initiatives[18]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and distribution channels[18]. - Future expansion plans may include increasing the market share of self-branded products in international markets[41]. - The company has established good relationships with major retailers like Walmart and PetSmart for overseas sales, while also expanding its self-branded products in Canadian Walmart[40]. Research and Development - Petpal has invested RMB 100 million in research and development for new pet food products, aiming to launch three new product lines by the end of 2019[18]. - The company has established a research and development team and has obtained patents in countries including the USA, Europe, and Japan[33]. - The company has obtained 32 patents, including 8 domestic invention patents and 3 foreign invention patents, enhancing its technological innovation capabilities[50]. - Research and development investment rose by 24.72% to RMB 11,137,408.83, up from RMB 8,929,871.46, indicating a focus on innovation[60]. Financial Health and Assets - Petpal's total assets as of June 30, 2019, amounted to RMB 2.5 billion, with a current ratio of 1.5, indicating strong liquidity[18]. - Total assets at the end of the reporting period were ¥1,207,961,932.12, an increase of 2.35% from ¥1,180,249,556.00 at the end of the previous year[24]. - The company maintains a low asset-liability ratio, indicating a healthy financial status and manageable financial risks[56]. - The total liabilities of the company as of June 30, 2019, amounted to CNY 247,955,484.03, up from CNY 202,305,764.93 at the end of 2018, marking an increase of about 22.5%[155]. Operational Efficiency - The company aims to enhance the synergy between online and offline sales channels to improve consumer experience and reduce sales costs[42]. - The production model is based on "sales-driven production," coordinating with various departments to create production plans based on customer orders[38]. - The company's sales are predominantly export-oriented, with major markets including the US, EU, Canada, and Japan, focusing on ODM sales and some self-branded products[40]. - The company has established two production bases in Vietnam, contributing to significant growth in production capacity and operational efficiency[49]. Risks and Challenges - The company has identified risks related to raw material price fluctuations, which could impact growth and profitability[7]. - The company faces a significant risk due to a high proportion of revenue coming from core customers, which could impact sales if these customers reduce orders or face operational risks[85]. - Rising raw material prices, particularly for chicken, could lead to increased production costs and impact overall performance, despite stable prices for other materials[87]. - The company is exposed to exchange rate fluctuations, with over 90% of sales in foreign markets, which could create uncertainty in profitability[89]. Corporate Governance and Social Responsibility - The company has established a multi-tier governance structure, including a shareholders' meeting, board of directors, supervisory board, independent directors, and specialized committees[196]. - The company has committed to environmental responsibility, implementing measures to reduce emissions and waste during production[124][125]. - The company emphasizes a commitment to social responsibility and charitable activities[126]. Shareholder Information - The company has not distributed cash dividends or bonus shares for the half-year period and has no plans to increase capital through public reserves[99]. - Major shareholder Chen Zhenbiao holds 36.28% of the shares, amounting to 53,100,000 shares, with 5,000,160 shares pledged[136]. - The company approved a profit distribution plan in 2019, distributing RMB 5.00 per 10 shares in cash and increasing share capital by 2 shares for every 10 shares held, raising total share capital to 146,352,000 shares[195].

Financial Performance - Total revenue for Q1 2019 was ¥162,128,771.31, an increase of 0.91% compared to ¥160,660,479.26 in the same period last year[8] - Net profit attributable to shareholders decreased by 79.50% to ¥6,141,197.83 from ¥29,958,707.41 year-on-year[8] - Net profit excluding non-recurring gains and losses fell by 73.48% to ¥5,711,407.44 from ¥21,535,934.14 in the previous year[8] - Basic and diluted earnings per share dropped by 86.49% to ¥0.05 from ¥0.37 year-on-year[8] - The company reported a total comprehensive income of CNY 2,838,679.91 for Q1 2019, significantly lower than CNY 29,558,392.90 in the previous year, indicating a decrease of about 90.4%[47] - The company's total comprehensive income for the quarter was CNY 1,499,584, down from CNY 12,993,826 in the previous year, indicating a substantial decline[51] Cash Flow and Liquidity - Net cash flow from operating activities decreased by 59.53% to ¥6,228,095.44 compared to ¥15,390,606.16 in the same period last year[8] - The company’s cash and cash equivalents at the end of the period were CNY 238,510,629, down from CNY 270,836,193, indicating a decrease of about 11.9%[55] - Operating cash flow for the first quarter was CNY 6,228,095, down from CNY 15,390,606 in the previous year, indicating a decline of approximately 59.5%[54] - Cash inflows from operating activities totaled CNY 199,185,972, compared to CNY 184,168,065 in the previous year, reflecting an increase of about 8.5%[54] - Cash outflows for operating activities were CNY 192,957,877, which is an increase from CNY 168,777,458, marking a rise of approximately 14.3%[54] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,163,660,110.04, a decrease of 1.41% from ¥1,180,249,556.00 at the end of the previous year[8] - Total current assets decreased to CNY 751.76 million from CNY 780.58 million, a decline of approximately 3.5%[36] - Total liabilities decreased to CNY 171.35 million from CNY 202.31 million, a reduction of approximately 15.3%[37] - Non-current assets increased to CNY 411.90 million from CNY 399.66 million, an increase of about 3.0%[36] - Total equity increased to CNY 992.31 million from CNY 977.94 million, an increase of approximately 1.5%[38] Investment and Projects - The total amount of raised funds is CNY 39,824.42 million, with CNY 610.44 million invested in the current quarter[27] - Cumulative investment from raised funds amounts to CNY 23,838.65 million, representing 59.87% of the total raised[27] - The project for the annual production of 3,000 tons of animal skin chewing gum has achieved an investment progress of 104.40%[27] - The project for the annual production of 2,500 tons of plant-based chewing gum has only reached 15.83% of its investment target[27] - The marketing and service network construction project has achieved only 9.30% of its planned investment[27] Expenses and Costs - Total operating costs for Q1 2019 were CNY 154,270,037.95, up from CNY 135,504,188.21, indicating an increase of about 13.8%[44] - Sales expenses increased by 44.79% year-on-year, primarily due to significant growth in domestic market development expenses[19] - Management expenses increased by 71.71% year-on-year, mainly due to the implementation of a restricted stock incentive plan[19] - Research and development expenses for Q1 2019 were CNY 5,046,286.42, compared to CNY 4,056,763.57 in the previous year, marking an increase of about 24.5%[44] Market and Strategic Focus - The company plans to strengthen market expansion in Europe and Japan to enhance business stability and safety[20] - The company aims to continuously leverage R&D advantages to develop new products and increase their proportion in the product structure[20] - The company faces risks from significant reliance on core customers, which could impact revenue stability[22] - The company is exposed to risks from fluctuations in raw material prices, particularly chicken, which could affect profit margins[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,355[12] - Net assets attributable to shareholders increased by 1.39% to ¥983,536,651.77 from ¥970,035,640.29 at the end of the previous year[8]

Financial Performance - The company's operating revenue for 2018 was approximately ¥869.32 million, representing a 37.55% increase compared to ¥631.99 million in 2017[15]. - The net profit attributable to shareholders for 2018 was approximately ¥140.31 million, a 31.42% increase from ¥106.76 million in 2017[15]. - The net profit after deducting non-recurring gains and losses was approximately ¥128.51 million, reflecting a 25.34% increase from ¥102.53 million in 2017[15]. - The net cash flow from operating activities surged to approximately ¥129.85 million, a significant increase of 313.42% compared to ¥31.41 million in 2017[15]. - The total assets of the company at the end of 2018 were approximately ¥1.18 billion, marking a 19.79% increase from ¥985.25 million at the end of 2017[15]. - The net assets attributable to shareholders at the end of 2018 were approximately ¥970.04 million, a 14.09% increase from ¥850.21 million at the end of 2017[15]. - The basic earnings per share for 2018 were ¥1.16, up 17.17% from ¥0.99 in 2017[15]. - The weighted average return on net assets for 2018 was 15.51%, down from 18.39% in 2017[15]. Revenue Breakdown - The company's total revenue for 2018 was 869,321,761.33 CNY, with quarterly revenues of 160,660,479.26 CNY in Q1, 233,196,984.92 CNY in Q2, 216,023,513.47 CNY in Q3, and 259,440,783.68 CNY in Q4[16]. - The net profit attributable to shareholders for the year was 140,306,866.04 CNY, with quarterly net profits of 29,958,707.41 CNY in Q1, 38,199,445.80 CNY in Q2, 35,151,688.23 CNY in Q3, and 36,996,925.60 CNY in Q4[16]. - The net cash flow from operating activities for the year was 129,848,753.92 CNY, with a significant increase in Q4 to 93,984,895.74 CNY[16]. Market and Product Development - The company is focused on expanding its market presence and developing new products and technologies to enhance its competitive edge[4]. - The main products include animal skin chews, plant-based chews, and nutritional meat snacks, with a focus on high-quality ingredients and production processes[24]. - The company operates both domestic and international markets, with a significant portion of sales through the ODM model in North America and the EU[26]. - The company emphasizes the importance of expanding its own brand presence in overseas markets, with products sold under brands like "PEIDI" and "MEATYWAY" in Canadian Walmart[32]. - The company is actively developing new markets and customers while optimizing its product structure to drive growth[35]. Strategic Initiatives - The company has established a strong R&D team and has obtained patents in the U.S., Europe, and Japan, indicating a commitment to innovation in pet food technology[25]. - The company has formed strategic partnerships with major retailers like Walmart and PetSmart, enhancing its sales channels and increasing supply volumes year over year[48]. - The company has established long-term supply agreements with international brands, enhancing its competitive advantage in the pet food market[48]. - The company is committed to improving inventory management and optimizing procurement to mitigate risks associated with raw material price volatility[109]. Financial Management and Investments - The company has made significant investments in overseas production bases, including acquisitions in New Zealand and Cambodia[57]. - The company reported a financial expense of -RMB 8,509,188.68, a significant decrease of 167.90% due to currency fluctuations[81]. - The company has committed to projects with a total investment of RMB 39,824.4 million, of which RMB 13,493.4 million has been invested by the report date[98]. - The company has established a provincial-level pet health nutrition product research institute to support technological innovation and product development[58]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of ¥5.00 per 10 shares to all shareholders, based on a total of 121,960,000 shares[4]. - The cash dividend amount represents 43.46% of the net profit attributable to ordinary shareholders, which is RMB 140,306,767.04 for 2018[128]. - The company has consistently paid dividends over the past three years, with cash dividends of RMB 60,980,000.00 in 2018, RMB 40,000,000.00 in 2017, and RMB 39,000,000.00 in 2016[128]. - The company has a minimum cash dividend policy of 20% for growth stage companies with significant capital expenditure plans[126]. Risks and Challenges - The company faces risks related to high dependency on core customers, which could impact sales if these customers reduce orders[108]. - Trade and tariff policies, particularly in the context of US-China relations, pose risks to the company's export business[109]. - Fluctuations in raw material prices, such as beef hide and chicken, could affect the company's operational performance and cost management[109]. - Rising labor costs in both domestic and overseas production bases present a risk to profitability, necessitating effective cost control measures[112]. Corporate Governance and Compliance - The company has committed to comply with regulations regarding share reduction by shareholders and executives as stipulated by the China Securities Regulatory Commission and Shenzhen Stock Exchange[131]. - The company will ensure that the equity distribution remains compliant with listing conditions during the stabilization measures[137]. - The company is committed to fulfilling information disclosure obligations accurately and timely[136]. - The management team confirmed the accuracy and completeness of the prospectus, ensuring transparency for investors[134].