一、 激励对象名单及分配情况汇总表 乖宝宠物食品集团股份有限公司 第一期限制性股票激励计划预留授予 激励对象名单（预留授予日） 乖宝宠物食品集团股份有限公司 董 事 会 2025 年 7 月 8 日 | 序 | | | | 获授的限制 | 占本次拟授予 | 占授予时公 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 姓名 | 国籍 | 职务 | 性股票数量 | 限制性股票总 | 司股本总额 | | | | | | （万股） | 数的比例 | 的比例 | | 1 | 杜士芳 | 中国 | 董事、总裁 | 3.53 | 100.00% | 0.009% | | | | 合计 | | 3.53 | 100.00% | 0.009% | 注：1、上述激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过 公司总股本的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超过股权激 励计划提交股东大会审议时公司股本总额的 20%。 ...

北京市中伦律师事务所 关于乖宝宠物食品集团股份有限公司 第一期限制性股票激励计划授予价格调整及 预留授予相关事项的 法律意见书 二〇二五年七月 北京市中伦律师事务所 关于乖宝宠物食品集团股份有限公司 第一期限制性股票激励计划授予价格调整及 预留授予相关事项的 法律意见书 致：乖宝宠物食品集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受乖宝宠物食品集团股份有 限公司（以下简称"乖宝宠物"或"公司"）的委托，担任公司第一期限制性股 票激励计划（以下简称"本次激励计划"）相关事宜的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》等有关法律、法规和规范性文件的规定，就《乖宝宠物食品集团 股份有限公司第一期限制性股票激励计划（草案）》（以下简称"《激励计划》"） 的授予价格调整（以下简称"本次调整"）及预留授予限制性股票事项（以下简 称"本次预留授予"），出具本法律意见书。 法律意见书 为出具本 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-033 乖宝宠物食品集团股份有限公司 关于公司为子公司提供担保的进展公告 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。 一、担保情况概述 乖宝宠物食品集团股份有限公司（以下简称"公司"）于2025年4月19日召 开第二届董事会第九次会议、第二届监事会第八次会议及2025年5月22日召开的 2024年年度股东大会，审议通过了《关于公司及子公司向银行申请综合授信额度 暨对外担保的议案》，同意公司为全资子公司向业务相关方（包括但不限于银行 、金融机构及其他业务合作方）申请综合授信（包括但不限于办理人民币或外币 流动资金贷款、项目贷款、贸易融资、银行承兑汇票、信用证、保函、票据贴现 、保理、出口押汇）提供担保。公司及全资子公司拟向相关银行申请综合授信额 度总计不超过人民币20亿元；公司拟为全资子公司向业务相关方申请综合授信提 供预计不超过10亿人民币的担保，担保方式包括但不限于保证、抵押、质押等， 上述担保额度可在子公司之间分别按照实际情况调剂使用（含授权期限内新设立 或纳入合并报表范围的子公司）。本事 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-029 乖宝宠物食品集团股份有限公司 3、调整结果：限制性股票授予价格由25.68元/股调整为25.43元/股。 2、调整依据：根据《上市公司股权激励管理办法》（以下简称"《管理办 法》"）及《激励计划》相关规定，公司如进行现金分红，限制性股票授予价 格需相应调整。 关于第一期限制性股票激励计划授予价格调整事项的公告 本公司及董事会全体成员保证信息披露内容真实、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： 1、调整事由：因乖宝宠物食品集团股份有限公司(以下简称"公司")实施 2024年年度权益分派方案，向全体股东每10股派发现金红利2.5元（含税），需 对第一期限制性股票激励计划(以下简称"本激励计划"或"《激励计划》") 中授予价格（首次及预留，下同）进行相应调整。 一、本次限制性股票激励计划已履行的决策程序和信息披露情况 1、2024年7月4日，公司召开第二届董事会第五次会议，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》《关于公司 〈第一期限制性股票激励计划实施考核管理办法〉的议案》及《关于 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][45]. Core Insights - The report highlights a significant increase in pig prices, reaching a new high since the Spring Festival, with a current average price of 15.37 CNY/kg, up 4.8% week-on-week [3][4]. - The report emphasizes the importance of focusing on quality pig farming companies and the opportunities in the livestock support and pet food sectors, as the pet food industry remains vibrant with leading brands performing well [3][4]. - The report anticipates a notable improvement in overall profitability in the agricultural sector for the first half of 2025, particularly in pig farming, feed, pet food, and animal health sectors [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 2.5%, outperforming the CSI 300 Index which increased by 1.5% [3][4]. - The top five gainers in individual stocks include Muyuan Foods (+4.9%), Shennong Group (+4.0%), and Xiaoming Co. (+4.8%) [3][4]. Pig Farming - Pig prices have shown a strong upward trend, with the average price reaching 15.37 CNY/kg, marking a significant increase from previous months [3][4]. - The report discusses the reasons behind the recent price surge, including a reduction in supply pressure and increased second fattening activities [3][4]. Poultry Farming - The report notes a decline in broiler chick prices, with the average price dropping to 1.14 CNY/chick, down 7.3% week-on-week [3][4]. - Broiler prices have also decreased, with the average price for live chickens at 3.37 CNY/kg, reflecting a weak market [3][4]. Animal Health - The report highlights a recovery in demand for vaccines, with a 15.8% year-on-year increase in vaccine issuance from January to May 2025 [3][4]. - It emphasizes the importance of monitoring new vaccine varieties and the potential growth in the pet health sector [3][4]. Recommendations - The report suggests focusing on companies such as Muyuan Foods, Wen's Food Group, and Shennong Group for potential investment opportunities [3][4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

Industry Overview - The domestic furniture industry showed significant growth in the first five months of 2025, with retail sales totaling 75.74 billion yuan, a year-on-year increase of 21.40% [2][19] - The furniture manufacturing sector experienced a revenue decline of 3.90%, totaling 248.87 billion yuan [19] - The "old-for-new" consumption policy has effectively stimulated consumer spending, leading to rapid sales growth in related products [19] Market Performance - From June 2 to June 30, the light industry manufacturing sector outperformed the CSI 300 index by 1.12 percentage points, with a return of 3.62% compared to the index's 2.50% [4][49] - The textile and apparel sector underperformed the CSI 300 index by 0.56 percentage points, achieving a return of 1.94% [4][53] Strategic Recommendations - The report recommends increasing holdings in several companies, including Oppein Home (增持), Sophia (增持), Semir Apparel (增持), Pathfinder (增持), and Guibao Pet (增持) [6][55] - The "old-for-new" policy is expected to continue driving growth in the home goods sector, with central government funding of 138 billion yuan allocated for the third and fourth quarters [6][57] Key Data Points - In May, furniture exports amounted to 5.637 billion USD, a year-on-year decrease of 9.40% [21][58] - The pet food industry saw a significant increase in sales during the "618" shopping festival, with total sales reaching 7.5 billion yuan, a year-on-year growth of 36.36% [6][57] - The retail sales of clothing, shoes, and textiles totaled 613.84 billion yuan in the first five months, reflecting a year-on-year increase of 3.30% [2][40]

Group 1 - The core viewpoint of the news indicates that the growth style is currently favored, with strong performance in sectors such as communication, computer, and electronics, while the dividend style remains a high-certainty direction [1][2] - The CSI 500 Quality Growth Index is at a historical low valuation, with a latest price-to-book (PB) ratio of 1.86, which is lower than 91.23% of the time over the past three years, highlighting its attractive valuation [2] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 20.42% of the index, with notable companies including Dongwu Securities, Kaiying Network, and Huagong Technology [2] Group 2 - The 500 Quality Growth ETF has shown a recent upward trend, with a 0.31% increase, marking three consecutive days of gains [1] - According to Dongwu Securities, the communication sector has a relatively high risk but is currently the strongest trend, while the computer sector has lower risk and greater potential for catch-up [1] - The banking sector is expected to rebound after June, influenced by the timing of mid-year reports [1]

Group 1: Industry Overview - The pet economy in China is experiencing rapid growth, with the urban pet consumption market expected to exceed 300 billion yuan in 2024, driven by a slight increase in pet numbers to over 120 million [2][3] - The pet food market is a significant segment, with dog consumption reaching 155.7 billion yuan (up 4.6%) and cat consumption at 144.5 billion yuan (up 10.7%) [2] - The overall pet industry is projected to reach 1.15 trillion yuan by 2028, indicating a strong growth trajectory [2] Group 2: Consumer Behavior - Consumers are increasingly willing to spend on pets, with a shift from basic needs to quality-oriented purchases, as evidenced by significant sales growth in pet essentials during major shopping events [2][3] - The demand for pet products is evolving, with a notable increase in high-frequency consumables such as pet food and hygiene products [2][3] Group 3: Corporate Strategies - Major brands are entering the pet market, with companies like Nike and Adidas launching pet apparel lines, reflecting the growing interest in pet fashion [4][5] - Food giants are also expanding into the pet food sector, with companies like Yili and Tongwei investing in pet food production to meet rising consumer demands for healthier options [5] Group 4: Market Trends - The pet economy is closely linked to urbanization and digitalization, with a growing trend towards premium and specialized pet services, including pet-friendly travel options [6][7] - The industry is witnessing a shift towards professional pet care services, addressing the cleaning and health management needs of pet owners [5][6] Group 5: Financial Performance - Several publicly listed pet companies reported significant revenue growth in Q1 2025, with Zhongchong Co. achieving a 25.41% increase in revenue [7][8] - Analysts remain optimistic about the pet sector, highlighting the potential for continued growth driven by product innovation and market expansion [8]