Group 1 - The core point of the announcement is that Guai Bao Pet (301498) has set a preliminary inquiry transfer price of 90 yuan per share based on the inquiry subscription situation as of June 6, 2025 [1] - A total of 38 institutional investors participated in the inquiry transfer, with a total effective subscription of 46.085 million shares, resulting in an effective subscription multiple of 3.84 times [1] - The shares intended for transfer have been fully subscribed, with the preliminary determination of the assignees being 19 institutional investors, who will acquire a total of 12.0013 million shares [1]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is entering the 2.0 phase of brand development, transitioning from merely meeting consumer preferences to leading consumption trends [1][2] - The company has shown strong performance in major sales events, consistently ranking at the top across various metrics [2] - The company is focusing on product enhancement rather than blindly launching new products, with significant upgrades planned for its brands [2] - The company is successfully increasing its direct sales ratio, which is expected to exceed 50% in 2024 [3] - The expansion of production capacity is progressing smoothly, with minimal impact from tariffs due to the company's low export ratio to the U.S. [4] Financial Projections and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 7.94 billion, 11.21 billion, and 15.04 billion RMB respectively, with corresponding EPS of 1.99, 2.80, and 3.76 RMB [5][7] - The target price is set at 130 RMB, based on a valuation of 65.5 times the estimated earnings for 2025 [5][9] - The company is expected to benefit from the growth of the domestic pet industry, with a clear and effective brand-building strategy [5]

Core Viewpoint - Golden Prosperity Investment S.A.R.L. plans to transfer 12,001,335 shares of Guibao Pet Food Group Co., Ltd., representing 3.00% of the company's total share capital, due to its own funding needs [3][4]. Group 1: Shareholder Information - The transferring shareholder, Golden Prosperity Investment S.A.R.L., holds more than 5% of the company's shares but is not the controlling shareholder, actual controller, director, or senior management [2][3]. - The shares to be transferred have been released from restrictions and are free from any transfer limitations [2][3]. Group 2: Transfer Details - The transfer will not occur through centralized bidding or block trading, and the shares acquired by the transferee cannot be transferred within six months [4]. - The minimum transfer price will be determined based on the shareholders' funding needs and will not be lower than the price on the date of sending the subscription invitation [4][5]. Group 3: Investor Eligibility - The transferees must be institutional investors with appropriate pricing capabilities and risk tolerance, including securities companies, fund management companies, and other qualified institutional investors [5].

证券代码：301498 证券简称：乖宝宠物 公告编号：2025- 022 乖宝宠物食品集团股份有限公司 股东询价转让计划书 股东Golden Prosperity Investment S.A.R.L.保证向乖宝宠物食品集团股份 有限公司提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对 其真实性、准确性和完整性依法承担法律责任。 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中信证券股份有限公司（以下简称"中信证券"）、中泰证券股 份有限公司（以下简称"中泰证券"）组织实施乖宝宠物首发前股东询价转让（以 下简称"本次询价转让"）。截至2025年6月5日，出让方所持首发前股份的数量、 占公司总股本比例情况如下： | 1 | Golden Prosperity | 68,318,119 | 17.08% | | --- | --- | --- | --- | | 序号 | 股东名称 Investment S.A.R.L. | 持股数量（股） | 持股占总股本比例 | （二）关于出让方是否为公司控股股东、实际控制人、持股5%以上的股东、 董事、高级管理人员 本次询价转让的 ...

中信证券股份有限公司、中泰证券股份有限公司 关于乖宝宠物食品集团股份有限公司股东 向特定机构投资者询价转让股份 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 相关资格的核查意见 中信证券股份有限公司（以下简称"中信证券"）、中泰证券股份有限公司 （以下简称"中泰证券"）受乖宝宠物食品集团股份有限公司（以下简称"乖宝 宠物"）股东 Golden Prosperity Investment S.A.R.L.（以下简称"出让方"）委托， 组织实施本次乖宝宠物首发前股东向特定机构投资者询价转让（以下简称"本次 询价转让"）。 根据《上市公司股东减持股份管理暂行办法》《深圳证券交易所创业板股票 上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 18 号— —股东及董事、高级管理人员减持股份（2025 年修订）》《深圳证券交易所上市 公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股份 （2025 年修订）》（以下简称"《询价转让和配售指引》"）等相关规定，中信 证券、中泰证券对参与本次询价转让股东的相关资格进行核查，并出具本核查意 见。 一、本次询价转让的委托 ...

Summary of Conference Call for Guai Bao Pet Industry and Company Overview - The conference call pertains to the pet food industry, specifically focusing on Guai Bao Pet, a company involved in the production and sale of pet food products. Key Points and Arguments 1. **Product Strategy and Sales Performance** - During the 618 shopping festival, Guai Bao Pet focused on upgrading existing product lines such as Fuleijiate 2.0 and Buff 2.0, without launching entirely new products. The sales strategy remains centered on core categories while dynamically adjusting based on industry changes, with an emphasis on full-cycle sales data [2][4][5]. 2. **High-End Product Line Growth** - The high-end product lines, including Buff baked food and Fuleijiate, have shown significant growth. The annual report indicates an increase in gross margin for high-end products and ToC gross margin, supporting the development of new categories [2][6][7]. 3. **Brand Exposure Initiatives** - A pop-up store was established in Shanghai to enhance brand exposure and consumer interaction, targeting a younger demographic. The primary goal is not sales but to elevate brand influence and explore more engagement scenarios with young consumers [2][8]. 4. **Future Growth Drivers** - Over the next 1-3 years, the company plans to develop its brand, enhance product R&D, and improve organizational capabilities. This includes insights from foundational research on dogs and cats to understand consumer changes and develop differentiated products, alongside improvements in supply chain management and production efficiency [2][9]. 5. **Impact of Tariffs on Operations** - The company has shifted most of its overseas manufacturing to Thailand to mitigate the impact of tariffs from the US-China trade war. The operational efficiency and profitability of the Thai factory are comparable to domestic facilities [2][11]. 6. **Baked Food Category Performance** - Baked food is experiencing growth rates significantly higher than other categories, with net and gross margins exceeding those of puffed food, although its market share remains small [2][14][15]. 7. **Sales Expense Management** - The sales expense ratio for domestic brands is currently stable, with expectations to maintain this level in the short term to capture market share. A reduction in sales expenses may occur as the market matures [2][16]. 8. **Brand Strategy and Market Positioning** - The company is focusing on its main brands, Maifudi and Fuleijiate, to cover different consumer segments. Future plans may include launching additional brands based on market changes, but the current focus remains on these two [2][12][13]. 9. **Response to Competitive Landscape** - Guai Bao Pet emphasizes brand building and consumer education as its competitive advantages, aiming to enhance its market position despite competition from emerging brands investing heavily in online advertising [2][19]. 10. **Product Quality and Equipment Impact** - The introduction of advanced equipment has improved the quality of fresh meat used in products, but overall product quality is a result of multiple factors, including formulation and process [2][17]. Other Important Insights - The company has not set a specific revenue target of 10 billion for its proprietary brands, and the prescription food market is viewed as a top-tier category under development [2][18]. - The 618 shopping festival accounted for approximately 10% of total annual sales last year, with the focus on brand exposure rather than specific sales targets [2][19]. - The gross margin for staple food (dry food) is higher than that for snacks, reflecting the advantages in ingredient composition and product development [2][20]. - The overseas brand Waggin' Train, acquired in 2021, has shown stable performance but slower growth compared to the domestic market due to lower sales expense investments [2][21].

Investment Rating - The report maintains a positive outlook on the agricultural sector, specifically highlighting investment opportunities in the pig farming and pet food industries [3][4]. Core Insights - The report emphasizes the strong performance of the pet food sector during the "618" shopping festival, with leading brands showing significant sales growth. It also notes the potential for re-evaluation of pig prices due to changing market conditions [4][5]. - The agricultural index increased by 1.8%, contrasting with a 1.1% decline in the Shanghai and Shenzhen 300 index, indicating a favorable market environment for agricultural stocks [5]. Summary by Sections Agricultural Stock Market Performance - The agricultural index rose by 1.8%, while the Shanghai and Shenzhen 300 index fell by 1.1%. The top five gainers included ST Tianshan (13.6%), Juxing Agriculture (13.2%), and Xiwang Food (12.4%) [5][12]. - The report suggests focusing on the sales performance of pet food during the "618" shopping festival and the re-evaluation of pig prices, particularly for undervalued leading pig farming companies [4][5]. Pig Farming - Pig prices continue to show strong fluctuations, with a national average selling price of 14.42 CNY/kg as of June 2, reflecting a week-on-week increase of 0.8%. The report indicates that the overall industry remains profitable, with a profit of 125.3 CNY per head for large-scale farms [4][5]. - The report highlights the expectation of a re-evaluation of pig prices in the second half of the year, driven by strong market realities and declining breeding costs [4][5]. Pet Food - The "618" shopping festival saw explosive sales in the pet food sector, with major brands performing exceptionally well. The festival's duration was extended, leading to increased sales [4][14]. - Key brands such as Guai Bao Pet and Zhongchong Co. showed significant improvements in their rankings on e-commerce platforms, indicating a strong market presence [21][23][28]. Animal Health - The report notes that the re-evaluation of pig prices may drive demand for animal health products, particularly vaccines. The first quarter of 2025 saw a 23.02% year-on-year increase in vaccine approvals [4][5]. - Companies focusing on pet health products are expected to benefit from the growing demand in the market [4][5].

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-021 乖宝宠物食品集团股份有限公司 2024年度利润分配权益分派实施公告 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。 乖宝宠物食品集团股份有限公司（以下简称"公司"、"本公司"）2024年度 权益分派方案已获2025年5月22日召开的2024年年度股东大会审议通过，现将权益 分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、2025年5月22日，公司召开的2024年年度股东大会审议通过《关于公司2024 年度利润分配预案的议案》，同意以公司总股本400,044,500股为基数，向全体股 东每10股派发红利2.50元（含税），共计派发现金红利100,011,125元（含税）。 本次利润分配不送红股，不以资本公积金转增股本。如在利润分配预案披露之日起 至实施权益分派股权登记日期间公司总股本发生变动，公司拟维持分配总额不变， 相应调整分配比例。 2、本次利润分配方案自披露之日至实施期间公司股本总数未发生变化。 二、权益分派方案 本公司2024年度权益分派方案为：以公司现有总股本400,0 ...

Core Insights - The article highlights the emergence of domestic pet food brands in China, showcasing their growth and market acceptance among young pet owners, indicating a shift from being mere manufacturers to becoming recognized brands [1][3]. Industry Overview - The "Global Brand China Online 500 Strong List" (CBI500) reveals that 10 out of 12 pet brands listed are domestic, with Myfoodie ranking 80th overall and second in the pet industry [1][2]. - The report indicates that the market share of China's pet food industry is only 24%, significantly lower than that of the US and Japan, suggesting substantial growth potential [3]. Brand Performance - Myfoodie and other domestic brands like Fresh and Fregate have shown remarkable performance, with Myfoodie surpassing traditional foreign giants in brand search volume and transaction numbers [3][5]. - During the Tmall 618 sales event, five domestic brands dominated the pet product sales leaderboard, all of which are included in the CBI500 list [3]. Consumer Demographics - The CBI500 list aligns closely with the profile of Tmall's 88VIP members, with 66.9% of pet owners identified as middle to high-income consumers, supporting the premiumization of domestic brands [5]. Innovation and Growth - Domestic brands are excelling in "newness" metrics, including sales growth, young user acquisition, and product innovation, with companies like Myfoodie and Fregate leading in R&D spending [5]. - The article notes that half of the listed domestic pet brands were established after 2015, indicating a rapid evolution in the industry from technology followers to standard setters [5]. Export Potential - China's pet food exports are projected to grow by 22.06% year-on-year in 2024, reflecting the increasing global recognition of "Chinese grain" [5].

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-020 乖宝宠物食品集团股份有限公司 关于 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、召开时间：2025年5月22日（星期四）下午14:30 2、召开地点：聊城市经济技术开发区牡丹江路8号 3、召开方式：本次股东大会采用现场投票与网络投票表决相结合的方式召 开 4、召集人：乖宝宠物食品集团股份有限公司董事会 5、主持人：董事长秦华先生 6、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》《上 市公司股东会规则》《深圳证券交易所创业板股票上市规则》等有关法律、行政 法规、规范性文件和《乖宝宠物食品集团股份有限公司章程》的有关规定。 二、会议出席情况 下简称"公司"）有表决权股份总数400,044,500股的57.5485％。其中：通过现 场投票的股东共6人，代表有表决权的公司股份数合计为221,026,681股，占公司 ...