Investment Strategy Overview - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook for the sector [3][5][6] Market Performance - From the beginning of 2025 to June 16, the agriculture, forestry, animal husbandry, and fishery index achieved an absolute return of +12.81%, outperforming the CSI 300 index by 14.5 percentage points [10][13] - The pet food sector has shown the highest growth, while the aquatic processing sector has also performed well [13][14] Swine Breeding Sector - The swine breeding industry is expected to enter a phase of simultaneous supply and demand growth in the second half of 2025, driven by a sufficient supply of piglets and an increase in domestic slaughtering due to reduced imports from the U.S. [15][30] - The number of breeding sows and total swine stock remains high, with a notable increase in piglet supply observed from January to April 2025 [18][30] - Major companies like Muyuan Foods have reported significant increases in piglet sales, indicating strong market dynamics [17][30] Animal Health Sector - The animal health market is experiencing steady growth, with a market size increase from 472.29 billion yuan in 2016 to 696.51 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [35][36] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [41][48] Seed Industry - The seed industry is undergoing significant transformation, with a focus on the commercialization of biotechnology breeding, which is expected to enhance market concentration and profitability for related companies [4][16][19] - The regulatory environment is becoming clearer, and companies that have passed initial reviews are now obtaining operational licenses, positioning them to benefit from the industry's growth [4][19] Pet Food Sector - China's pet food market is projected to continue growing, driven by demographic changes and rising living standards, with the market size expected to expand significantly [5][23] - The domestic pet food industry is seeing a shift towards increased online sales and domestic product substitution, indicating a robust growth trajectory [5][23][26] Investment Recommendations - The report suggests focusing on leading companies in the sector, including Muyuan Foods, Pulaike, Qiule Seed Industry, Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from favorable market conditions and valuation recovery [5][32]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report indicates that after a rapid increase in pig slaughtering, pig prices have stabilized, with expectations of limited downward pressure in the short term. The overall supply of pigs is entering a contraction phase, leading to an upward trend in pig prices in Q3 2025 [4][13] - The Consumer Price Index (CPI) has shown a decline for four consecutive months, which may exert pressure on the CPI target for 2025. The report anticipates that policy measures will be implemented to support pig prices and mitigate their negative impact on CPI [5][21] - The investment logic for the pig industry is improving, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and others. The pet food sector is also highlighted for its growth potential, driven by domestic brands [6][33] Summary by Sections Weekly Observation - The average price of pigs in China as of June 13, 2025, is 14.02 yuan/kg, showing a week-on-week decrease of 0.05 yuan/kg and a year-on-year decrease of 4.73 yuan/kg. The report notes that the price has stabilized after a period of accelerated slaughtering [4][13] - The report discusses the impact of weather conditions, such as the "Bailu" typhoon and the rainy season in southern China, which have affected pig transportation and provided short-term support for prices [4][13] Market Performance - The agricultural sector outperformed the broader market by 1.87 percentage points during the week of June 9-13, 2025, with the agricultural index rising by 1.62% while the Shanghai Composite Index fell by 0.25% [6][36] - The pet food sector led the gains, with individual stocks such as Yuanfei Pet (+12.41%), Xiaoming Co. (+7.33%), and Shennong Group (+6.64%) showing significant increases [6][36] Price Tracking - As of June 13, 2025, the average price of pigs is 14.02 yuan/kg, with a decrease of 0.28% from the previous week. The average price of piglets is 32.89 yuan/kg, down 4.69% week-on-week [49][60] - The report also notes that corn and soybean meal prices have increased, with corn futures settling at 2370.00 yuan/ton, up 1.46% week-on-week, and soybean meal futures at 3048.00 yuan/ton, up 1.91% [60][64]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the acceleration of pig weight reduction and the resulting supply contraction will likely support a gradual increase in pig prices in the second half of 2025. The current downward pressure on pig prices is expected to be limited due to a forthcoming supply gap [4][13] - The beef market is anticipated to remain strong through 2025-2026, driven by slow recovery in supply and the price disparity between pork and beef. Global beef prices reached a historical high of 294.07 cents per pound in April 2025, up 8.69% year-on-year [5][23] - The report emphasizes the low valuation of the pig farming sector, presenting a value opportunity for investors. It recommends several companies including Muyuan Foods and Wens Foodstuffs [6][29] Summary by Sections Weekly Observation - The report notes that the acceleration of pig weight reduction has led to a short-term decline in pig prices, with the national average price at 14.07 yuan/kg as of June 6, 2025, down 0.37 yuan/kg week-on-week and 4.38% year-on-year. The supply gap is expected to support prices in the latter half of 2025 [4][13][20] Weekly Market Performance - The agricultural index underperformed the market by 0.22 percentage points, with the agricultural index rising by 0.91% compared to a 1.13% increase in the Shanghai Composite Index. The pet food sector showed the highest gains [6][33] Price Tracking - As of June 6, 2025, the average price of external three-yuan pigs was 14.06 yuan/kg, down 0.41 yuan/kg from the previous week. The average price of piglets was 34.51 yuan/kg, down 0.73 yuan/kg. The profit for self-bred pigs was 33.83 yuan/head, while the profit for purchased piglets was -120.80 yuan/head [7][45][47] Recommendations - The report recommends investments in the pig farming sector due to its low valuation and potential for recovery, highlighting companies such as Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture. It also suggests investing in the feed sector, which benefits from strong overseas demand [6][29][32]

Core Viewpoint - The pet economy is experiencing rapid growth, with a market size exceeding one trillion yuan and an annual growth rate of over 20% [1] Company Overview - Petty Co., founded in 1992, initially focused on dog chew toys and has since expanded into various pet food categories, becoming a leader in the pet food industry [2][3] - The company went public in 2017, becoming the first pet food company listed on the A-share market [6] Financial Performance - In 2024, Petty Co. achieved a revenue of 1.659 billion yuan, a year-on-year increase of 17.56%, and a net profit of 182 million yuan, recovering from a loss in 2023 [8][10] - The company faced a decline in Q1 2025, with revenue dropping by 14.40% to 329 million yuan and net profit decreasing by 46.71% to 22 million yuan [2] Market Position - Petty Co. primarily relies on overseas markets, with over 80% of its revenue coming from exports, while domestic sales remain relatively small [10] - The company is competing in a crowded pet food market, where it has seen stock price fluctuations compared to peers like Guai Bao Pet and Zhong Chong Pet, which have experienced significant stock price increases [13][14] Strategic Direction - Petty Co. is at a strategic crossroads, deciding whether to continue focusing on overseas OEM advantages or to invest more heavily in domestic brand development [11][14] - The company has begun to emphasize its own brands, with a 33% increase in revenue from its proprietary brands in 2024, indicating a shift towards domestic market engagement [10][12]

Investment Rating - The report maintains a positive outlook on the agricultural sector, specifically highlighting investment opportunities in the pig farming and pet food industries [3][4]. Core Insights - The report emphasizes the strong performance of the pet food sector during the "618" shopping festival, with leading brands showing significant sales growth. It also notes the potential for re-evaluation of pig prices due to changing market conditions [4][5]. - The agricultural index increased by 1.8%, contrasting with a 1.1% decline in the Shanghai and Shenzhen 300 index, indicating a favorable market environment for agricultural stocks [5]. Summary by Sections Agricultural Stock Market Performance - The agricultural index rose by 1.8%, while the Shanghai and Shenzhen 300 index fell by 1.1%. The top five gainers included ST Tianshan (13.6%), Juxing Agriculture (13.2%), and Xiwang Food (12.4%) [5][12]. - The report suggests focusing on the sales performance of pet food during the "618" shopping festival and the re-evaluation of pig prices, particularly for undervalued leading pig farming companies [4][5]. Pig Farming - Pig prices continue to show strong fluctuations, with a national average selling price of 14.42 CNY/kg as of June 2, reflecting a week-on-week increase of 0.8%. The report indicates that the overall industry remains profitable, with a profit of 125.3 CNY per head for large-scale farms [4][5]. - The report highlights the expectation of a re-evaluation of pig prices in the second half of the year, driven by strong market realities and declining breeding costs [4][5]. Pet Food - The "618" shopping festival saw explosive sales in the pet food sector, with major brands performing exceptionally well. The festival's duration was extended, leading to increased sales [4][14]. - Key brands such as Guai Bao Pet and Zhongchong Co. showed significant improvements in their rankings on e-commerce platforms, indicating a strong market presence [21][23][28]. Animal Health - The report notes that the re-evaluation of pig prices may drive demand for animal health products, particularly vaccines. The first quarter of 2025 saw a 23.02% year-on-year increase in vaccine approvals [4][5]. - Companies focusing on pet health products are expected to benefit from the growing demand in the market [4][5].

Group 1 - The company Petty Animal Nutrition Technology Co., Ltd. has received approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission to issue convertible bonds totaling up to RMB 720 million [1] - The convertible bonds, named Petty Convertible Bonds, will be issued at par value of RMB 100 each, with a total of 7.2 million bonds and a maturity period of 6 years [1] - The listing date for the Petty Convertible Bonds is January 21, 2022, with the conversion period starting from June 4, 2025 [2][3] Group 2 - The conversion price for the Petty Convertible Bonds will be adjusted from RMB 17.92 per share to RMB 17.57 per share due to the company's profit distribution plan [3] - The record date for the company's 2024 annual profit distribution is set for June 3, 2025, and the ex-dividend date will be in June 2025 [2][3] - The convertible bonds will be suspended from conversion during the profit distribution period, with specific details to be disclosed on the company's information platform [2]

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-035 债券代码：123133 债券简称：佩蒂转债 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示 佩蒂动物营养科技股份有限公司 关于佩蒂转债恢复转股的提示性公告 经深圳证券交易所审核同意，中国证监会《关于同意佩蒂动物营养科技股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕3596号） 同意注册，佩蒂动物营养科技股份有限公司（以下简称公司）向不特定对象发行面值 不超过人民币72,000.00万元的可转换公司债券。公司本次发行可转换公司债券的名 称：佩蒂转债，每张面值为人民币100元，按面值平价发行，共计720万张，期限为6 年。 佩蒂转债的上市时间为2022年1月21日，债券简称：佩蒂转债，债券代码：123133， 转股起止日期：自可转债发行结束之日2021年12月28日满六个月后的第一个交易日 2022年6月28日起至可转债到期日2027年12月21日止。 2025年5月16日，公司召开2024年年度股东会，审议通过了《关于＜2024年度利 润分配预案＞的议 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply of pigs is expected to increase due to the normalization of breeding practices, which may exert downward pressure on prices in the short term. However, as supply stabilizes, prices are anticipated to stabilize or slightly rebound [4][14] - The pet food sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with significant growth expected in the pet food market [6][26][28] Summary by Sections Weekly Observation - The average national pig selling price on May 30 was 14.44 yuan/kg, up by 0.17 yuan/kg from the previous week, with a daily average slaughter volume of 156,400 pigs, an increase of 13,200 pigs [4][14] - The demand side shows slight recovery, and the focus remains on policies affecting the pig industry [4][14] Weekly Market Performance (May 26-30) - The agricultural index outperformed the market by 1.82 percentage points, with the agricultural index rising by 1.79% while the Shanghai Composite Index fell by 0.03% [29][30] - The livestock breeding sector led the gains, with notable increases in stocks such as Juxing Agriculture (+13.15%) and Xiwang Food (+12.42%) [29][32] Price Tracking (May 26-30) - The national average price for pigs was 14.47 yuan/kg, up by 1.12% from the previous week. The average price for piglets was 35.24 yuan/kg, down by 0.90% [36] - The average price for corn was 2,339.00 yuan/ton, up by 0.52%, while soybean meal was priced at 2,966.00 yuan/ton, up by 0.54% [51] Key News (May 26-30) - An announcement was made to prevent the entry of highly pathogenic avian influenza from Brazil, highlighting the importance of biosecurity in the livestock sector [33] Weekly Insights - The pig sector shows low valuation and potential for recovery, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [26] - The feed sector benefits from the recovery of livestock and strong overseas demand, with recommendations for companies like Haida Group and New Hope Liuhe [26]

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示 一、 佩蒂转债基本情况 经深圳证券交易所审核同意，中国证监会《关于同意佩蒂动物营养科技股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕3596号） 同意注册，公司可向不特定对象发行面值不超过人民币72,000.00万元的可转换公司 债券。 公司本次发行可转换公司债券的名称为佩蒂转债，每张面值为人民币100元，按 面值平价发行，共计720万张，期限为6年。 证券代码：300673 证券简称：佩蒂股份 公告编号：2025-034 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 关于因权益分派调整佩蒂转债转股价格的公告 公司本次发行可转换公司债券的募集资金总额为人民币720,000,000.00元，扣除 保荐及承销费用、中介费用、手续费、信息披露费等相关费用后，募集资金净额为人 民币711,859,782.01元。上述募集资金于2021年12月28日划入募集资金专户，中汇 会计师事务所（特殊普通合伙）对截至2021年12月28日止公司本次向不特定对象发 行 ...

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-033 债券代码：123133 债券简称：佩蒂转债 一、 股东会审议通过利润分配预案情况 2025年5月16日，佩蒂动物营养科技股份有限公司（以下简称公司）召开2024年 年度股东会，审议通过了《关于＜2024年度利润分配预案＞的议案》，批准了公司第 四届董事会第十二次会议审议通过的《2024年度利润分配预案》，分配预案的具体内 容如下： 以实施分红派息股权登记日登记的公司普通股总股本为基数，扣除回购专户内的 股份后，向全体股东每10股派发现金红利人民币3.50元（含税），不实施资本公积金 转增股本，不送红股。 若在预案实施前公司股本总数发生变动，则以分配方案实施时所确定的分红派息 股权登记日的股本总数为基数，按重新调整后的股本总数进行分配，分配比例不变。 根据《公司法》的规定，已回购的股份不享有参与本次利润分配的权利。 自《2024年度利润分配预案》披露至实施期间，公司的股本总额未发生变化。 本次实施的分配方案与公司2024年年度股东会审议通过的分配方案及其调整原 则一致。 佩蒂动物营养科技股份有限公司 2024 年年度权益分派实施公告 本公司 ...