关于公司第一期限制性股票激励计划 首次授予部分第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证本公告的内容真实、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： 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-053 乖宝宠物食品集团股份有限公司 本次归属股票上市流通安排：本次归属的限制性股票无其他限售安排， 股票上市后即可流通。 公司于2025年8月23日召开第二届董事会第十二次会议和第二届监事会第十 一次会议，审议通过了《关于第一期限制性股票激励计划第一个归属期归属条 件成就的议案》，近日，公司已办理完成了第一期限制性股票激励计划（以下 简称"本次激励计划"）限制性股票首次授予部分的第一个归属期股份归属登 记工作，现将有关事项说明如下： 一、本次激励计划实施情况概要 （一）本次激励计划概述 2024年7月24日，公司召开2024年第一次临时股东大会，审议通过了《关于 公司〈第一期限制性股票激励计划（草案）〉及其摘要的议案》，其主要内容 如下： 1、激励工具：限制性股票（第二类限制性股票）。 2、标的股票来源：向激励对象定向发行的本公司人民币A股普通股股票。 ...

10月15日，乖宝宠物盘中上涨2.02%，截至10:03，报93.35元/股，成交6021.83万元，换手率0.37%，总 市值373.44亿元。 资金流向方面，主力资金净流出240.48万元，特大单买入482.44万元，占比8.01%，卖出408.90万元，占 比6.79%；大单买入442.53万元，占比7.35%，卖出756.55万元，占比12.56%。 乖宝宠物今年以来股价涨19.96%，近5个交易日跌0.62%，近20日跌5.56%，近60日涨1.37%。 分红方面，乖宝宠物A股上市后累计派现3.68亿元。 机构持仓方面，截止2025年6月30日，乖宝宠物十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1190.17万股，相比上期增加4.49万股。易方达创业板ETF（159915）位居第八大流通股 东，持股199.61万股，为新进股东。富国天益价值混合A/B（100020）位居第十大流通股东，持股 123.51万股，持股数量较上期不变。信澳星奕混合A（011188）、交银内需增长一年混合（010454）、 交银品质增长一年混合A（012582）、富国消费主题混合A（519915）退出十大 ...

Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The agriculture sector shows defensive value amid renewed US-China tariff disturbances, with the sector currently at a relatively low level, suggesting improved investment logic and a recommendation for increased allocation [5][14] - The pig farming sector is experiencing losses, with both pigs and piglets facing declining prices, leading to accelerated liquidation. The average price of pigs is reported at 11.24 yuan/kg, marking a year-low [15][34] - The beef and poultry sectors benefit from improved domestic demand and tariff disturbances, with beef prices at 66.04 yuan/kg, showing a month-on-month increase of 0.41% and a year-on-year increase of 8.32% [22][19] - The seed and planting sector is positively impacted by the escalation of US-China agricultural product tariffs and domestic food security needs, with corn prices rising to 2304 yuan/ton, an increase of 8.54% since the beginning of the year [29][31] Summary by Sections Weekly Observation - The agriculture sector's defensive value is highlighted due to renewed US-China tariff disturbances, with the sector benefiting from tariff countermeasures and food security logic [5][14] Weekly Insights - The pig farming sector is facing significant losses, with prices continuing to decline, suggesting a potential golden opportunity for investment as liquidation accelerates [34][15] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [34] Market Performance (10.6-10.10) - The agriculture index outperformed the market by 0.67 percentage points, with notable gains in stocks like Aonong Biological and Xuelong Biological [38][45] Price Tracking (10.6-10.10) - The average price of pigs was reported at 11.18 yuan/kg, down 1.08 yuan from the previous week, while the price of piglets was 18.72 yuan/kg, down 1.65 yuan [48][50] - The average price of yellow feathered chickens reached 13.80 yuan/kg, marking a new high for 2025 [22][49] Key News (10.6-10.10) - The Ministry of Agriculture and Rural Affairs issued a notice on promoting agricultural product consumption, aiming to enhance supply and market channels [46]

从资金流向上来看，当日饲料板块主力资金净流入2.1亿元，游资资金净流出9204.2万元，散户资金净流 出1.18亿元。饲料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603363 傲农生物 | | 1.25亿 | 21.95% | -4285.39万 | -7.55% | -8179.88万 | -14.41% | | 002891 中宠股份 | | 1.00亿 | 16.21% | -5697.18万 | -9.22% | -4324.54万 | -7.00% | | 002100 天康生物 | | 6868.94万 | 11.89% | 734.41万 | 1.27% | -7603.35万 | -13.16% | | 002385 | 大北农 | 677.98万 | 2.02% | -499.73万 | -1.49% | -178.25万 | -0.53% | | 301498 乖 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating that it is expected to outperform the overall market [2][4]. Core Insights - The report highlights a significant decline in pig prices during the National Day holiday, leading to losses in both piglet and fat pig farming, and emphasizes the importance of monitoring the capacity reduction process in the industry [1][3]. - The report suggests that the pig farming industry is entering a phase of accelerated capacity reduction due to losses and policy-driven "anti-involution" measures, marking the end of the current pig cycle [3][4]. - It identifies potential investment opportunities in leading pig farming companies, which are expected to undergo a value reassessment due to improved long-term profitability and shareholder returns [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.2%, while the CSI 300 increased by 2.0% [3][4]. - Top-performing stocks included Hualv Biological (+6.0%) and Honghui Fruits and Vegetables (+4.1%) [4][11]. Pig Farming - The average price of external three yuan pigs was reported at 11.61 yuan/kg as of October 8, down 0.67 yuan/kg from the previous week, indicating a significant price drop [3][12]. - The average cost of self-breeding pig farming is estimated between 12.5-13.0 yuan/kg, leading to widespread losses across the industry [3][12]. - The price of weaned piglets fell to 236 yuan/head, a decrease of 23 yuan/week, marking a new low for the year [3][13]. Chicken Farming - The white feather broiler market showed signs of price recovery, with the average selling price of broiler chicks at 3.27 yuan/chick, up 5.48% week-on-week [3][16]. - The yellow feather chicken market experienced a slight decline in prices, with the average price at 5.16 yuan/jin, down 9% week-on-week [3][16]. Pet Food Market - Online sales of pet food reached approximately 2.4 billion yuan in August, reflecting an 11% year-on-year increase [3][4]. - Notable companies in the pet food sector, such as Guibao Pet and Zhongchong Co., reported significant growth in sales [3][4]. Investment Recommendations - The report recommends focusing on leading companies in the pig farming sector, including Muyuan Foods, DeKang Agriculture, and Wens Foodstuffs, as they are expected to benefit from the ongoing capacity reduction and value reassessment [3][4].

智通财经APP获悉，华创证券发布研报称，在宠物高端化的进程中，需求侧方向，用户的角色由"被动 买单"向"主动甄选"跃迁；供应侧方向，高端宠物粮市场的消费关注点正从单一营养指标转向综合性能 及功能性细分。而烘焙粮工艺的引入与本土化，成为国产宠粮高端化突破的重要契机。宠物食品市场的 核心竞争已从低价博弈转向"信任溢价"及"供应链自控力"；高端化成功意味着差异化可以被消费者明确 感知，从而解决宠物主信任焦虑，让其为此支付信任溢价的同时形成更高的品牌粘性；同时，进一步加 强龙头品牌的市占率提升逻辑。 华创证券主要观点如下： 高端化的动因：新代际对于高端化的平权解读 新消费的兴起来自于新代际的需求，其需求的特点是：1)重视自我价值表达与理念共识认可；2)要求信 息对等。由此，孕育出全新的商业模式，如爽感经济、社交经济、心理补偿经济即为代表，其共有特性 上与传统消费有所差异。 (1)破解"高端不引流、低价不盈利"的行业困局，来自于品牌路径的系统化布局。其核心逻辑在于：1)以 技术突破绑定消费心智；2)以内容运营获取精准流量；3)以标准建设强化高端认知。由此，孕育出全新 的增长模式，其与传统依赖单一价格或渠道的打法相比有显 ...

Summary of the Conference Call on the Pet Food Industry and Guibao Company Industry Overview - The Chinese pet consumption market is experiencing continuous growth, with dog-related consumption increasing by approximately 5%. The main drivers include the expansion of pet ownership and increased spending per pet, driven by social changes that create a demand for pet companionship. [2][3] - The pet food market in China is projected to reach approximately 150 billion yuan in 2024, accounting for 53% of the pet consumption market. Staple food represents over 50% of this segment, making it the largest sub-market. [2][4] - The penetration rate of refined pet care in China is below 20%, significantly lower than in Western countries, indicating substantial room for growth. [6] Market Performance - In the first half of 2025, the total pet consumption in China is expected to be around 70 billion yuan, reflecting a year-on-year growth of 9%. The sales revenue for goods is projected to be 58.1 billion yuan, with online channels being the primary sales avenue. [7] - The top ten pet food companies in China in 2024 will include seven domestic firms, highlighting a clear trend towards domestic brand replacement. [8] Competitive Landscape - Domestic brands are increasingly gaining market share, with Guibao and Zhongchong being notable examples. These companies leverage high-quality sourcing and continuous improvement in product quality to close the gap with foreign brands. [10] - The competition landscape shows that while foreign brands like Mars and Nestlé maintain a leading position, they have missed opportunities in online channel development, allowing domestic brands to enhance their market share. [9] Consumer Trends - There is a noticeable shift in consumer behavior towards high-quality pet products, with pet owners increasingly viewing pets as family members. This has led to a rise in demand for premium pet supplies. [3] - The trend towards higher-end products is evident, with consumers moving from basic pet food to more sophisticated options like freeze-dried and baked goods. [12] Guibao Company Insights - Guibao Company, established in 2006, shifted its focus to domestic brands in 2013. Its self-owned brand sales account for 40% of total sales, with rapid growth in its proprietary brands. [13] - The company has a strong competitive advantage through product innovation and brand development, successfully launching several popular products. [14] - Guibao's projected profit for 2024 is 750 million yuan, with expectations to reach 900 million yuan by 2025. The company's PE ratio is expected to remain above 40 times, indicating strong market confidence. [15] Additional Observations - The survival space for white-label pet food products is diminishing due to a lack of innovation and brand recognition, as consumers increasingly prefer established brands. [11] - The market is expected to see a fierce price war in the low-end segment while experiencing an upgrade in mid-to-high-end consumption over the next 3-5 years. [12]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to see a long-term performance improvement due to ongoing capacity reduction driven by both policy and market forces, with key companies continuing to show profitability and increasing dividend rates [3][46] - The current prices for fat pigs and piglets have dropped significantly, leading to widespread losses in the industry, which may trigger a market-driven capacity reduction [3][12] - The planting sector is showing positive fundamentals with an established upward trend in grain prices, highlighting significant investment opportunities [3][46] Summary by Relevant Sections Industry Fundamentals - Pig prices continue to decline, with the average price for fat pigs at 12.45 yuan/kg, down 1.81% week-on-week, and piglet prices at 21.29 yuan/kg, down 4.81% week-on-week [12][54] - The average weight of pigs at slaughter is stabilizing, but the pressure from capacity release continues, leading to a sustained decline in prices [12] Investment Recommendations - The report recommends focusing on the pig farming sector, highlighting companies such as Muyuan Foods (002714) and Wens Foodstuff Group (300498) as key investment targets [3][46] - For the post-cycle sector, rising pig inventory is expected to boost demand for feed and animal health products, with companies like Haida Group (002311) and Reap Bio (300119) identified as potential beneficiaries [3][46] - In the planting chain, companies like Suqian Agricultural Development (601952) and Beidahuang (600598) are noted for their favorable investment outlook due to rising grain prices [3][46] - The pet food sector is also highlighted for its growth potential, with companies like Guibao Pet (301498) and Zhongchong Co. (002891) recommended for investment [3][46] Market Performance - The agriculture sector underperformed the market, with the agricultural index down 1.97% during the week, compared to a 0.21% increase in the Shanghai Composite Index [48][49] - Key sub-sectors such as feed, animal health, and livestock farming all experienced declines, with livestock farming down 2.14% [48]

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]