证券代码：301498 证券简称：乖宝宠物 公告编号：2025-063 乖宝宠物食品集团股份有限公司 关于公司投建新西兰高端宠物食品项目的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 投资项目名称：新西兰高端宠物食品项目 投资金额：人民币95,000万元 本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 所规定的重大资产重组情形。 本次事项已于2025年11月21日经第二届董事会第十五次会议审议通过，无需 提交股东会审议。 一、对外投资概述 （一）对外投资的基本情况 根据乖宝宠物食品集团股份有限公司（以下简称 "公司"）发展规划，为 系统整合新西兰在优质原料供应与先进生产技术领域的核心竞争优势，通过战略 性优化全球供应链网络布局，有效分散区域市场波动风险，匹配全球高端宠物食 品市场的需求，最终实现企业收入结构的优化升级、品牌价值的战略提升以及利 润的可持续增长，达成企业长期发展目标，公司拟以自有资金及自筹资金投资建 设新西兰高端宠物食品项目，本项目总投资95,000万元，计划分期投资，总建设 周期5年，其中新西兰高端 ...

乖宝宠物食品集团股份有限公司（以下简称"公司"）第二届董事会第十五次会 议于 2025 年 11 月 21 日以现场结合通讯会议方式召开。本次会议通知于 2025 年 11 月 11 日通过电子邮件的方式发出，本次会议应参会董事 10 名，实际参会董事 10 名（其 中：孙铮、王宸、陈瑞、李俊、王凤荣、王锐、翟月玲为通讯出席）。会议由董事长 秦华主持召开，公司高级管理人员列席本次会议。本次会议的召集、召开符合《公司 法》和《公司章程》的有关规定，所做决议合法有效。 证券代码：301498 证券简称：乖宝宠物 公告编号：2025-062 乖宝宠物食品集团股份有限公司 关于第二届董事会第十五次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 乖宝宠物食品集团股份有限公司 董事会 2025 年 11 月 21 日 （一）第二届董事会第十五次会议决议； （二）深圳证券交易所要求的其他文件。 二、董事会会议审议情况 （一）审议通过《关于公司投资建设新西兰高端宠物食品项目的议案》 根据公司发展规划，为系统整合新西兰在优质原料供应与先进 ...

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of identifying and capturing turning points in the agricultural sector in 2026, focusing on core indicators and finding entry points within a relatively reasonable valuation range [1] Group 1: Swine Breeding - The swine breeding sector is expected to benefit from changes in supply and demand, with a continued emphasis on a balanced approach of offense and defense [1] - The investment opportunities in the swine breeding sector arise from changes in production capacity affecting pig price expectations, with a recommendation to focus on major players like Muyuan Foods (002714) and Wens Foodstuff Group (300498), as well as smaller companies like Tiankang Biological (002100) and Shennong Group (605296) [1] - Despite a generally pessimistic outlook on pig prices based on current data, there is potential for changes within the industry that could lead to investment opportunities [1] Group 2: Pet Food - The pet food sector is characterized by sustained growth and significant market share expansion potential, with export growth serving as a shield for performance and the development of proprietary brands as a spear for future market share increases [2] - The report suggests that companies in the pet food industry should focus on maintaining or exceeding growth expectations for their proprietary brands while leveraging multi-brand operations [2] - Key companies to watch in the pet food sector include Zhongchong Co., Ltd. (002891), Guibao Pet (301498), and Petty (300673), with additional attention on Yuanfei Pet (001222) [2]

Core Insights - The Chinese pet industry has experienced unprecedented growth since the 21st century, transitioning from viewing pets as mere tools for guarding to recognizing them as essential emotional companions and family members [1][9] - The pet service sector has diversified significantly, encompassing medical, grooming, boarding, and training services to meet the evolving needs of pet owners [1][9] - The market for pet services in China is projected to grow from 34.034 billion yuan in 2015 to 104.47 billion yuan in 2024, with a compound annual growth rate (CAGR) of 13% [1][10] Pet Service Industry Overview - The pet industry includes all activities related to pets, such as breeding, trading, and providing goods and services like pet food, supplies, and services [3] - Pet services are defined as non-physical consumption services for pets and their owners, covering a wide range of offerings from grooming and medical care to training and insurance [3] Market Growth and Trends - The number of urban pets in China is expected to rise from 87.46 million in 2017 to 124.11 million by 2024, with a CAGR of 5.13% [5] - The pet consumption market in China is anticipated to expand from 97.8 billion yuan in 2015 to 300.2 billion yuan in 2024, with a CAGR of 13.27% [8] - In 2024, pet food is projected to account for 52.8% of the market, while pet services will represent 34.8% [8] Industry Development History - The establishment of the China Small Animal Protection Association in 1992 marked the beginning of the pet industry in China, promoting the concept of pets as companions [5] - Over the past thirty years, the pet service industry has evolved from basic breeding and trading to a comprehensive service model covering the entire lifecycle of pets [5][6] Industry Structure and Key Players - The pet service industry features a diverse competitive landscape, with key players in medical services including New Ruipeng and Ruipai, while grooming and boarding services are dominated by regional brands like Baozaiwu and Paiduo [10] - The market remains fragmented, with opportunities for growth through service extension, technological empowerment, and brand building [10] Future Trends in Pet Services - The industry is expected to embrace intelligent technology, integrating smart wearables and online platforms for enhanced pet health management and service efficiency [12] - Services will increasingly focus on emotional value and personalized experiences, such as customized training and memorial services for pets [13] - The service model will diversify, combining online and offline experiences, with O2O platforms and community-based services enhancing user engagement [14]

Core Viewpoint - The pet food industry is still in a phase of rapid development, and the company is committed to prioritizing its own brand share strategy [2] Group 1: Industry Insights - The pet food industry continues to experience high growth rates, indicating strong market potential [2] Group 2: Company Strategy - The company is focusing on increasing its ToC (direct-to-consumer) business, which is expected to enhance revenue share [2] - The company is incurring additional sales-related expenses as part of its strategy to build a direct link to consumers, which is seen as a necessary investment for long-term brand competitiveness and user loyalty [2] - This investment is anticipated to broaden profit margins and create sustainable growth drivers for the company in the long run [2]

Group 1 - The company, Guibao Pet, reported that as of November 10, the number of shareholders reached 18,973 [2]

Group 1 - The pet food industry continues to show strong growth, with online sales increasing by 28% to 4.7 billion yuan in the first ten months of 2025 [1] - Domestic brands are experiencing a clear differentiation in rankings, with brands like Guobao, Xianlang, and Jingu leading, while brands like Blue and Honest One are declining [1] - The market share of top brands is accelerating, with the online CR3 and CR5 for pet food at 12.1% and 16.2% respectively, up by 2.2 and 2.8 percentage points year-on-year [3] Group 2 - Guobao is rapidly growing despite a high base, with its own brand sales reaching nearly 1.1 billion yuan, up 44%, and high-end product series accounting for 47% of total sales during Double Eleven [2] - Zhongchong's mid-to-high-end brand series is successfully incubating, with sales exceeding 100 million yuan during Double Eleven, a year-on-year increase of over 100% [2] Group 3 - The focus of leading domestic brands is on increasing market share, with a potential rise in marketing expenses in the short term, but long-term profit margins are expected to recover as competition stabilizes [3] - The industry is currently in a mid-stage of competition, with brands prioritizing revenue and market share growth, which may lead to an increase in overall marketing expense ratios [3]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Views - The report highlights a continued decline in pig prices and strong performance in pet food sales during the "Double Eleven" shopping festival [1]. - The industry is currently trading at lower price-to-earnings (P/E) and price-to-book (P/B) ratios compared to historical averages, indicating potential for valuation recovery [1]. Summary by Sections Market Review - In October 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 0.19%, outperforming the CSI 300 index, which had a return of approximately 0% [8][11]. - The pet food sector experienced a decline, while the wood processing sector showed strong gains [11]. Livestock Farming Data Tracking - Pig prices continued to decline in October 2025, with an average price of 11.52 yuan/kg, down 11.46% month-on-month and 34.77% year-on-year [16]. - The average price for white feather broilers was 3.38 yuan/jin, showing a slight decrease of 0.29% month-on-month and 7.65% year-on-year [26]. Pet Food Sales Performance - During the "Double Eleven" period in 2025, total sales of pet food reached 9.4 billion yuan, a year-on-year increase of 59.3% [35]. - Pet food exports in September 2025 totaled 30,500 tons, up 18.78% year-on-year, while the cumulative export amount from January to September was 1.057 billion USD, down 3.73% year-on-year [32][35]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, QiuLe Seed Industry, GuaiBao Pet, ZhongChong Co., and Petty Co., all rated as "Buy" [1].

Core Insights - The pet consumption market in China continues to thrive, with significant sales growth reported during the 2025 "Double 11" shopping festival, particularly for domestic brands like Guibao Pet and its brands Maifudi and Fleagart [1][2] - The overall pet market in China is projected to exceed 811.4 billion yuan by 2025, with pet food being the largest segment, indicating strong demand and growth potential in the pet economy [3] Company Performance - Guibao Pet's self-owned brand sales reached nearly 1.1 billion yuan during the 2025 "Double 11," with Maifudi and Fleagart achieving sales of 688 million yuan and 335 million yuan, respectively, marking year-on-year growth of 35% and 51% [1] - Other leading companies like Zhongchong Co. and Petty Co. also reported strong sales growth during the same period, confirming the robust demand in the pet food market [1][2] - Guibao Pet maintained its leading position in the domestic pet food market, with a strong brand presence and high user recognition [2] Market Trends - The consumer base for pet products is increasingly favoring online purchasing, particularly through short videos and social media, reflecting a shift towards more informed and quality-focused buying decisions [3] - The pet industry is transitioning from basic feeding to a more refined approach, with consumers seeking higher quality and brand reputation in their purchases [3] Global and Local Strategies - Zhongchong Co. has established over 22 modern production bases globally and is actively promoting its brands internationally, achieving significant market recognition [4] - Petty Co. is focusing on the pet baking food segment and is investing in product innovation and supply chain collaboration to ensure quality and stability in new product offerings [4] - The industry is witnessing a shift from price competitiveness to technological advantages, with companies leveraging digitalization across their operations to enhance user insights and product iterations [4]

Core Insights - The core viewpoint of the article highlights the significant sales performance of Guibao Pet during the 2025 Double Eleven shopping festival, indicating strong growth in its self-owned brands [1] Sales Performance - As of November 14, 2025, Guibao Pet's self-owned brand sales reached nearly 1.1 billion yuan, with cumulative shipments exceeding 8.8 million orders [1] - The Maifudi brand achieved sales of over 688 million yuan, reflecting a year-on-year growth of 35% [1] - The Fuleijiate brand surpassed 335 million yuan in sales, marking a year-on-year increase of 51% [1]