| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920419 | 路斯股份 | 17.56 | -2.71% | 1.72万 | 3035.79万 | | 002311 | 海大集团 | 56.69 | -2.56% | 10.64万 | 6.04亿 | | 603668 | 天马科技 | 13.78 | -1.99% | 18.78万 | 2.61亿 | | 603363 | 傲农生物 | 5.06 | -1.94% | 60.98万 | 3.08亿 | | 000702 | 正虹科技 | 7.23 | -1.63% | 7.34万 | 5324.48万 | | 002100 | 天康生物 | 7.81 | -1.01% | 21.41万 | 1.68亿 | | 002548 | 金新农 | 4.76 | -0.83% | 20.34万 | 9688.79万 | | 002567 | 唐人神 | 4.82 | -0.82% | 19.96万 | 9639.83万 | | 300673 | 佩蒂 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301498 | 乖宝宠物 | 70.48 | -2.04% | 6.40万 | 4.56亿 | | 300673 | 佩蒂股份 | 17.09 | -1.89% | 8.41万 | 1.46 Z | | 688156 | 路德环境 | 19.36 | -0.05% | ● 1.75万 | 3403.08万 | | 002696 | 百洋股份 | 6.68 | 0.15% | 24.25万 | 1.62亿 | | 002891 | 中宠股份 | 54.46 | 0.18% | 6.53万 | 3.53亿 | | 001366 | 播恩集团 | 13.09 | 0.46% | 2.24万 | 2923.52万 | | 002385 | 大北农 | 4.14 | 0.49% | 87.84万 | 3.63亿 | | 002567 | 唐人神 | 4.86 | 0.83% | 35.21万 | 1.71亿 | | 920419 | 路斯股份 | 18.0 ...

10月27日，乖宝宠物盘中下跌2.00%，截至13:52，报70.51元/股，成交3.32亿元，换手率2.59%，总市值 282.37亿元。 资金流向方面，主力资金净流出1159.70万元，特大单买入1625.46万元，占比4.89%，卖出2226.21万 元，占比6.70%；大单买入4595.42万元，占比13.82%，卖出5154.37万元，占比15.50%。 乖宝宠物今年以来股价跌9.39%，近5个交易日跌20.54%，近20日跌25.13%，近60日跌24.22%。 资料显示，乖宝宠物食品集团股份有限公司位于山东省聊城市经济技术开发区牡丹江路8号，成立日期 2006年6月26日，上市日期2023年8月16日，公司主营业务涉及从事宠物食品的研发、生产和销售。主营 业务收入构成为：主粮58.46%，零食40.17%，保健品及用品0.97%，其他0.40%。 乖宝宠物所属申万行业为：农林牧渔-饲料-宠物食品。所属概念板块包括：宠物经济、中盘、专精特 新、融资融券、特色小镇等。 截至9月30日，乖宝宠物股东户数1.41万，较上期增加31.89%；人均流通股12739股，较上期减少 24.18%。2025年1月 ...

Group 1: Company Analysis - The report highlights the strong performance of Dongfang Caifu (300059.SZ), with a revenue of 11.589 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 58.7%, and a net profit attributable to shareholders of 9.097 billion yuan, up 50.6% year-on-year [9][10] - The company's return on equity (ROE) stands at 10.74%, an increase of 2.60 percentage points compared to the previous year [9] - The significant growth in the company's securities business, particularly in brokerage and margin financing, is attributed to the active trading environment in the capital market since Q4 2024 [9][10] Group 2: Industry Insights - The report discusses the recovery of the fund distribution business, noting that Dongfang Caifu's fund distribution scale is leading in the industry, with a total of 1.0572 trillion yuan in fund sales for the first half of 2025 [11] - The report emphasizes the resilience of the export market, with a surprising export growth rate of 6.6% in Q3 2025, indicating a robust recovery despite expectations of a decline [15] - The media industry is identified as having a favorable seasonal effect, particularly in November, suggesting a good opportunity for investment in this sector [33]

2025 年 10 月 27 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 181 期 观点精粹: 最新报告摘要 学习四中全会精神的五点心得--宏观点评 2025Q3 收入超我们预期，海外市场持续高增，关注 Q4 旺季表现--泡泡玛特/文娱用品(09992/213605) 点评 报告（港股美股） 旗舰 D 平台发布，管理层增持彰显发展信心--零跑汽车/乘用车(09863/212805) 点评报告（港股美股） 2025Q3 毛利率同环比提升，公司业绩同比增长--蓝晓科技/塑料(300487/212205) 公司点评 前三季度归母净利润同比微增，看好矿服与防务板块长期成长--广东宏大/化学制品(002683/212203) 公司点 评 康耐特光学（2276.HK）深度报告：镜片龙头增长稳健，智能眼镜打开成长空间--康耐特光学/文娱用品 (02276/213605) 公司 PPT 报告（港股美股） Q3 归母净利润环比高增，PCB 刀具持续高端化--鼎泰高科/通用设备(301377/216401 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has achieved a revenue of 4.737 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone contributed 1.517 billion yuan, showing a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8] - The company's gross profit margin has improved, reaching 42.83% for the first three quarters of 2025, up 0.85 percentage points year-on-year. The net profit margin, however, has been under pressure due to increased marketing expenses, standing at 10.84%, down 2.01 percentage points year-on-year [2][10] - The company is actively transitioning from a distribution model to a direct sales model, which is expected to enhance profitability. Direct sales revenue from platforms like Tmall, JD.com, and Douyin reached 1.21 billion yuan in the first half of 2025, a year-on-year increase of 39.72% [3][17] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a net profit of 513 million yuan, a year-on-year increase of 9.05%. The third quarter's net profit was 135 million yuan, reflecting a quarter-on-quarter decrease of 22.35% and a year-on-year decrease of 16.65% [1][8] - The sales expenses for the first three quarters were 1.034 billion yuan, up 48.86% year-on-year, leading to a sales expense ratio of 21.82% [2][10] Profitability Metrics - The overall sales gross profit margin for the first three quarters of 2025 was 42.83%, with the third quarter gross profit margin at 42.92% [2][10] - The company’s net profit margin for the first three quarters was 10.84%, with the third quarter net profit margin at 8.91% [2][10] Future Outlook - The company maintains profit forecasts for 2025-2027 at 740 million, 940 million, and 1.19 billion yuan respectively, with corresponding EPS of 1.9, 2.4, and 3.0 yuan [3][17] - The company is expected to continue benefiting from the expansion of high-margin direct sales and premium brands, supporting strong growth in both volume and profit [3][17]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

证券研究报告 | 2025年10月26日 乖宝宠物（301498.SZ） 优于大市 2025 三季报点评：品牌直销拓展稳步推进，毛利率维持同比 改善趋势 自主品牌业务维持增长，费用端短期存在压力。公司 2025 前三季度实现营 业收入 47.37 亿元，同比+29.03%，其中单 Q3 实现营业收入 15.17 亿元，环 比-12.88%，同比+21.85%，报告期内公司麦富迪品牌稳健扩张，弗列加特品 牌增势亮眼，境内自有品牌业务整体收入维持增长。公司 2025 前三季度实 现归母净利润 5.13 亿元，同比+9.05%，其中单 Q3 实现归母净利润 1.35 亿 元，环比-22.35%，同比-16.65%，报告期内公司继续加大自主品牌及直销渠 道拓展，Q3 销售费用 3.54 亿元，同比增幅超 50%，导致短期盈利承压。 毛利率维持改善，净利率因短期营销投入加大而承压。公司 2025 前三季度 整体销售毛利率 42.83%，同比+0.85pct，其中单 Q3 毛利率为 42.92%， 同比+1.08pct。年内受美国对贸易伙伴加征普遍关税影响，公司中国工 厂对美出口订单短期受阻，零食出口代工业务短期有所承压 ...

证券研究报告 | 2025年10月26日 乖宝宠物（301498.SZ） 优于大市 2025 三季报点评：品牌直销拓展稳步推进，毛利率维持同比 改善趋势 自主品牌业务维持增长，费用端短期存在压力。公司 2025 前三季度实现营 业收入 47.37 亿元，同比+29.03%，其中单 Q3 实现营业收入 15.17 亿元，环 比-12.88%，同比+21.85%，报告期内公司麦富迪品牌稳健扩张，弗列加特品 牌增势亮眼，境内自有品牌业务整体收入维持增长。公司 2025 前三季度实 现归母净利润 5.13 亿元，同比+9.05%，其中单 Q3 实现归母净利润 1.35 亿 元，环比-22.35%，同比-16.65%，报告期内公司继续加大自主品牌及直销渠 道拓展，Q3 销售费用 3.54 亿元，同比增幅超 50%，导致短期盈利承压。 毛利率维持改善，净利率因短期营销投入加大而承压。公司 2025 前三季度 整体销售毛利率 42.83%，同比+0.85pct，其中单 Q3 毛利率为 42.92%， 同比+1.08pct。年内受美国对贸易伙伴加征普遍关税影响，公司中国工 厂对美出口订单短期受阻，零食出口代工业务短期有所承压 ...

农林牧渔 2025 年 10 月 26 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% -7% 0% 7% 14% 22% 29% 2024-10 2025-02 2025-06 农林牧渔 沪深300 相关研究报告 《猪价磨底去化延续，双十一预售宠 物 龙 头 表 现 亮 眼 — 行 业 周 报 》- 2025.10.19 《猪价超预期下跌，能繁去化或加速 —行业点评报告》-2025.10.16 《中美关税扰动再起，农业板块防守 价值凸显—行业周报》-2025.10.12 10 二育进场不改生猪去化大势，肉牛补栏谨慎景气延 续性或更强 ——行业周报 饲料板块国内市场受益禽畜后周期，海外强劲需求支撑价格。推荐：海大集 团、新希望等。 消费升级叠加关税壁垒，宠物板块国货崛起逻辑持续强化。推荐：乖宝宠物、 中宠股份、佩蒂股份。 本周市场表现（10.20-10.24）：农业跑输大盘 4.24 个百分点 本周上证指数上涨 2.88%，农业指数下跌 1.36%，跑输大盘 4.24 个百分点。子 板块来看，渔业板块领涨。个股来看，*ST 佳沃（+11.02%）、众兴菌业 （+9.20%）、粤桂股份（+8. ...