Core Viewpoint - Tianyuan Pet is facing a significant decline in net profit despite revenue growth, highlighting challenges in the pet industry and the company's strategic transition [1][7]. Group 1: Company Performance - Tianyuan Pet's revenue has increased from 18.87 billion yuan in 2022 to a projected 27.64 billion yuan in 2024, representing a growth of 35.69% [3][7]. - However, net profit has drastically decreased from 1.29 billion yuan in 2022 to 459.6 million yuan in 2024, a decline of 64% [7]. - The company's sales gross margin has dropped from 20.05% in 2022 to an estimated 15.98% in 2024, while the net profit margin has fallen from 6.85% to 1.32% during the same period [5][7]. Group 2: Acquisition of Taotong Technology - Tianyuan Pet plans to acquire 89.7145% of Taotong Technology for 688 million yuan, with the total valuation of Taotong at 777 million yuan, reflecting a 32.78% premium over its net asset value [8][9]. - Taotong Technology is a key player in the fast-moving consumer goods and pet food e-commerce sector, which could help Tianyuan Pet enhance its online presence and competitiveness [9]. - The acquisition comes with risks, including the pressure of performance commitments, as Taotong is expected to achieve net profits of 70 million yuan, 75 million yuan, and 80 million yuan from 2025 to 2027 [9].

6月4日两市换手率居前个股一览 | 证券代码 | 证券简称 | 收盘价（元） | 换手率（%） | 涨跌幅（%） | | --- | --- | --- | --- | --- | | 002177 | 御银股份 | 7.67 | 68.71 | 10.04 | | 301287 | 康力源 | 39.68 | 56.50 | 5.25 | | 002639 | 雪人股份 | 12.17 | 50.44 | 5.46 | | 301335 | 天元宠物 | 41.90 | 49.26 | 16.81 | | 300651 | 金陵体育 | 24.48 | 47.22 | 20.00 | | 002104 | 恒宝股份 | 9.60 | 46.85 | -2.04 | | 300546 | 雄帝科技 | 24.92 | 46.25 | -1.03 | | 603194 | 中力股份 | 41.56 | 45.16 | 4.42 | | 002735 | 王子新材 | 17.00 | 42.21 | -3.95 | | 300804 | 广康生化 | 38.80 | 42.05 | -13.16 | | 3012 ...

Core Insights - Tianyuan Pet (301335.SZ) is making a significant move to reverse a two-year decline in net profit exceeding 40% by acquiring 89.7145% of Taotong Technology for 688 million yuan, which is its second-largest customer contributing 7.46% of sales [3][4] - The acquisition reflects Tianyuan Pet's urgent desire to enhance its domestic e-commerce channels after facing challenges in the overseas OEM model [3] - The company has seen a drastic drop in net profit by 40.33% in 2023 and a further decline of 40.13% in 2024, with a net profit margin of only 1.66% [3] Company Performance - Tianyuan Pet's reliance on pet food distribution has resulted in a low gross margin of 8.79%, significantly below competitors like Guibao Pet, which has a gross margin of 36.83% [3] - The company previously had over 90% of its revenue from overseas markets before facing inventory reduction and rising costs [3] Acquisition Details - Taotong Technology, controlled by Fosun's Guo Guangchang, holds agency rights for over 40 international brands and has a projected net profit of 69.09 million yuan in 2024 [4] - The acquisition aims to close the online sales loop and address the traffic shortfall of Tianyuan Pet's own brands, "Chongfafa" and "Xiaoshouxing" [4] Market Dynamics - The acquisition comes with challenges, including a high acquisition premium of 32.78% and a performance guarantee of 225 million yuan over three years, indicating potential risks [5] - The situation highlights a broader trend in the Chinese pet industry, where OEM companies are seeing diminishing profits while brand and channel holders continue to reap benefits [5] - The success of this acquisition will be crucial for Tianyuan Pet's transformation from an "OEM leader" to a "brand operator" [5]

Investment Rating - The report maintains a positive outlook on new consumption sectors, particularly in pet products, AI glasses, and personal care, indicating a "Buy" recommendation for several companies in these areas [5][13][19]. Core Insights - The report highlights the emergence of new consumption sectors, including the pet products market, AI glasses, and personal care, with specific companies recommended for investment [5][13][19]. - It emphasizes the resilience of domestic brands in the personal care sector, driven by the rise of local products and consumer demand [13][14]. - The report notes the expected stabilization of paper prices due to recent price increase notices and supply adjustments, suggesting a potential recovery in the paper industry [24][25]. - The housing market is projected to gradually stabilize, supported by government policies aimed at promoting healthy development, which is expected to positively impact the home furnishings sector [26][27][28]. Summary by Sections New Consumption Sectors - The report identifies key players in the pet products sector, such as Tianyuan Pet, Yiyi Co., Yuanfei Pet, and Chaoyun Group, highlighting their strategic acquisitions and market positions [5][6][7][8]. - In the AI glasses segment, companies like Kangnait Optical, Mingyue Lens, and Boshi Glasses are noted for their potential benefits from new product launches and technological advancements [10][12]. - The personal care sector is characterized by strong domestic brands like Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to thrive amid rising consumer preferences for local products [13][14]. Paper Industry - The report mentions that Arauco has announced price increases for cultural paper and white cardboard, indicating a potential stabilization in paper prices [24]. - It also discusses the long-term supply-demand improvements expected in the paper industry, recommending companies with integrated operations and strong management, such as Sun Paper [25]. Housing and Home Furnishings - The report outlines government initiatives to support the real estate market, which are anticipated to enhance the valuation of home furnishing companies like Sophia and Oppein [26][27]. - It highlights the positive impact of the "old-for-new" subsidy policies on the home furnishings sector, with significant sales growth reported in related products [28].

Core Viewpoint - Tianyuan Pet is acquiring an 89.7145% stake in Taotong Technology for a total consideration of 687.57 million yuan, which will be paid through a combination of cash and stock issuance [1][2]. Group 1: Acquisition Details - The acquisition will be executed through the issuance of shares and cash, with the cash component amounting to 438.53 million yuan and the share issuance valued at 249.04 million yuan [1]. - The company plans to raise up to 249.04 million yuan from no more than 35 qualified investors to fund the cash portion of the acquisition [1]. - Post-transaction, Taotong Technology will become a subsidiary of Tianyuan Pet [3]. Group 2: Taotong Technology Overview - Taotong Technology is a comprehensive e-commerce service provider that collaborates with well-known global brands, offering services such as brand consulting, e-commerce operations, consumer insights, and supply chain management [5]. - The company has shown significant revenue growth, with projected revenues of 1.61 billion yuan and 2.02 billion yuan for 2023 and 2024, respectively, alongside net profits of 62.52 million yuan and 69.06 million yuan [7]. Group 3: Historical Performance - Taotong Technology's revenue and net profit have consistently increased from 2013 to 2016, with revenues growing from 52 million yuan in 2013 to 572 million yuan in 2016 [6]. - The company has made a substantial leap in performance compared to seven years ago, indicating strong growth potential [8]. Group 4: Valuation and Financial Metrics - The valuation of Taotong Technology's 100% equity is assessed at 777 million yuan, reflecting a 32.78% increase over its book value [9]. - The performance commitment includes net profit targets of no less than 70 million yuan, 75 million yuan, and 80 million yuan for the years 2025 to 2027 [9]. Group 5: Tianyuan Pet's Financial Performance - Tianyuan Pet's revenue has shown an upward trend, with figures of 1.89 billion yuan, 2.04 billion yuan, and 2.76 billion yuan projected for 2022 to 2024, although net profits have declined during the same period [20][21]. - The company reported a revenue of 569.42 million yuan in Q1 2025, marking a 13.07% year-on-year increase, while net profit grew by 18.97% [24]. Group 6: Strategic Implications - The acquisition is expected to enhance Tianyuan Pet's performance and address its declining profit margins by expanding its e-commerce capabilities [25].

Group 1 - Tianyuan Pet announced the acquisition of 89.71% stake in Guangzhou Taotong Technology for approximately 688 million yuan, following a previous purchase of 10% stake for 77 million yuan [1][2] - This acquisition marks the second pet industry company acquired by Tianyuan Pet in the first half of the year, with the first being the B2B supply chain platform "Itpin" [2] - The acquisition aims to enhance the product variety of the listed company and inject a strong e-commerce sales capability, addressing the shortcomings in domestic online channels [2] Group 2 - Taotong Technology is a well-known domestic e-commerce service provider in the food sector, with partnerships including major brands like Mars, Mondelez, Pepsi, and Nestle [2] - Taotong Technology's sales revenue reached 2 billion yuan in 2024, with revenues of 1.609 billion yuan and 2.014 billion yuan for 2023 and 2024 respectively, and net profits of 62.52 million yuan and 69.06 million yuan [2] - The sellers have made performance commitments for Taotong Technology, ensuring net profits of no less than 70 million yuan, 75 million yuan, and 80 million yuan for the years 2025-2027, totaling 225 million yuan over three years [2] Group 3 - Tianyuan Pet's main products include pet home goods, apparel, toys, and living supplies, with a historical focus on overseas OEM, serving clients like Walmart and Amazon [3] - Since 2023, Tianyuan Pet has shifted its sales focus to the domestic market, increasing its domestic revenue share from 45% to 52%, although its e-commerce penetration remains below the industry average [3] - The company has faced challenges with revenue growth not translating into profit, with revenues of 1.887 billion yuan, 2.037 billion yuan, and 2.764 billion yuan from 2022 to 2024, and net profits of 129 million yuan, 76.56 million yuan, and 45.96 million yuan respectively [3]

Group 1 - Sun Cable's shareholder plans to reduce its stake by up to 3% of the company's shares, amounting to 21.67 million shares, due to operational needs [1] - China Chemical's controlling shareholder has secured a loan commitment of up to 540 million yuan to support its share buyback plan, which aims to purchase between 300 million and 600 million yuan worth of shares within 12 months [1] Group 2 - Palm Holdings has initiated legal proceedings over a loan dispute involving over 149 million yuan, which represents 8.99% of the company's latest audited net assets [2] - Zhongtai Securities' application for a specific stock issuance has been accepted by the Shanghai Stock Exchange, pending further regulatory approval [4] Group 3 - Tongda Electric's stock has seen a significant increase of 30.01% over three consecutive trading days, raising concerns about potential market overheating and irrational speculation [5] - Huaneng International plans to apply for public REITs based on its Qingdao project, involving a transfer of project company shares and strategic participation from related parties [7] Group 4 - Longjian Shares' application for issuing convertible bonds has been approved by the Shanghai Stock Exchange, pending further registration approval from the China Securities Regulatory Commission [7] - Hehe Information is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global capital operations [8] Group 5 - ST Huaxi has signed a significant overseas contract worth approximately 2.9 billion yuan for the reconstruction of a power plant in Iraq, although the contract's effectiveness is subject to certain conditions [9] - Zhongqi Shares has project approval for a chemical product but has not yet commenced production, indicating limited impact from recent industry incidents [11] Group 6 - Sino Medical's subsidiary has received a medical device registration certificate for a new stent product, marking a significant advancement in its product offerings [14] - *ST Longjin's stock is entering a delisting preparation period, with trading expected to last for 15 days [15] Group 7 - Chao Da Equipment has undergone a change in controlling shareholder, with a significant portion of shares transferred to Nanjing Youxu [15] - *ST Wan Fang plans to transfer a 68.88% stake in a subsidiary for 7.6 million yuan, ceasing its financial consolidation with the subsidiary [16] Group 8 - Zhejiang Construction's subsidiary has won a framework contract for a residential redevelopment project valued at approximately 1.2 billion yuan, expected to positively impact the company's performance [17] - China Gold's controlling shareholder plans to increase its stake in the company by investing between 168 million and 335 million yuan [18] Group 9 - Tianhong Shares' major shareholder intends to reduce its stake by up to 3%, amounting to 35.07 million shares, due to personal funding needs [18] - Lingdian Electric Control is planning to acquire a 98.43% stake in a company for 478 million yuan to consolidate resources in the automotive electronics sector [19] Group 10 - Tianyuan Pet is planning to acquire an 89.71% stake in a technology company, with funding to be raised through a share issuance [19] - Beijing Culture's major shareholder plans to reduce its stake by up to 3%, amounting to 21.48 million shares, due to operational funding needs [20]

Group 1 - The overall market liquidity remains tight, with structural market conditions leading to rotations in new consumption and new manufacturing sectors [1][18] - There are left-side investment opportunities in fields such as robotics, intelligent driving, and internet platforms [1][18] - The basic chemical industry is currently undervalued, presenting medium to long-term investment potential [18] Group 2 - The performance of sectors like consumption and pharmaceuticals is expected to be relatively stable, with short-term elasticity likely to be better [18] - The chemical industry is anticipated to see structural opportunities and valuation recovery in 2025, driven by policy stimulus and improving demand [18] - The supply side of the chemical industry is experiencing a slowdown in capital expenditure and new capacity growth, which will take time to digest [18]

Group 1 - Tianyuan Pet (301335) is accelerating its layout in the C-end channel by acquiring 89.7145% of Guangzhou Taotong Technology Co., Ltd. for a transaction price of 688 million yuan, with the total valuation of Taotong at 777 million yuan [1][2] - The acquisition will enhance Tianyuan Pet's e-commerce capabilities, optimizing its revenue structure and facilitating industrial upgrades [2] - Taotong Technology is a leading e-commerce service provider with strong C-end user marketing capabilities, achieving sales of 2 billion yuan in 2024, with pet food being a significant segment [3] Group 2 - The domestic pet market is in a rapid development phase, prompting Tianyuan Pet to strengthen its domestic market expansion and focus on online e-commerce business [2] - The transaction involves a major asset restructuring, with Tianyuan Pet planning to issue shares and pay cash totaling 2.49 billion yuan and 4.39 billion yuan respectively for the acquisition [2] - Taotong Technology has partnerships with major global pet food brands, enhancing its operational capabilities and sustainable profitability through data-driven supply chain optimization [3]

| | | | | | 二、财务报表……………………………………………………… 第 6—11 页 （一）合并及母公司资产负债表…………………………… 第 6—7 页 （二）合并及母公司利润表…………………………………… 第 8 页 （三）合并及母公司现金流量表……………………………… 第 9 页 （四）合并及母公司所有者权益变动表………………… 第 10—11 页 三、财务报表附注……………………………………………… 第 12—97 页 四、附件………………………………………………………… 第 98—101 页 （一）本所营业执照复印件…………………………………… 第 98 页 （二）本所执业证书复印件…………………………………… 第 99 页 （三）签字注册会计师证书复印件…………………… 第 100—101 页 审 计 报 告 天健审〔2025〕 11592 号 广州淘通科技股份有限公司全体股东： 一、审计意见 我们审计了广州淘通科技股份有限公司（以下简称淘通科技公司）财务报表， 包括 2023 年 12 月 31 日、2024 年 12 月 31 日的合并及母公司资产负债表，2023 年度、2024 年 ...