北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2024 年年度股东大会的 法律意见 地址：山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 邮编：250102 网址：www.dehenglaw.com 电话：（86）531-8166 3606 北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2024 年年度股东大会的法律意见 北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2024 年年度股东大会的 法律意见 （二）《股东大会议事规则》； （三）公司于 2025 年 4 月 22 日在深圳证券交易所网站上刊登的《乖宝宠物 食品集团股份有限公司关于召开公司 2024 年年度股东大会的通知》（以下简称 "召开股东大会公告"）； （四）公司本次股东大会现场参会股东到会登记记录及凭证资料； （五）公司本次股东大会股东表决情况凭证资料； 1 北京德恒（济南）律师事务所 关于乖宝宠物食品集团股份有限公司 2024 年年度股东大会的法律意见 德恒 11G20240106-02 号 致：乖宝宠物食品集团股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）作为乖宝 ...

宠物股大涨 拉长时间看，年内天元宠物、中宠股份涨幅约为80%，狮头股份涨超70%，其中中宠股份自去年7月份至今持 续大涨，从17元一路上行至63.8元，涨幅高达245%，年内"宠物经济指数"内个股无一下跌，且在近期有加速上 行的趋势。 有公募人士分析，近日宠物股再度火热或源于"618"的火爆销售。相关数据显示，天猫"618"首小时，653个宠 物品牌成交同比翻倍，鲜朗成交大涨超过220%，大宠爱成交增长近200%，弗列加特成交增长近200%。9个宠 物品牌成交破千万，5个宠物主粮单品成交破千万。 根据派读宠物《2025年中国宠物行业白皮书》预计，到2027年，城镇宠物（犬猫）消费市场规模将突破4000亿 元大关，达到4042亿元，复合增长率为12.6%。中信证券认为，2025年宠物板块业绩有望持续增长。宠物经济 是稀缺赛道，需求韧性强，国内市场目前仍处"大行业、小龙头"阶段，龙头集中程度进一步提升，看好龙头通 过产品创新、品牌和渠道建设不断提升市场份额。 公募基金钟爱龙头 值得一提的是，在宠物经济概念股腾飞之际，公募基金却仅对龙头股"情有独钟"，多只涨幅居前的个股因市值 较小等因素，在上涨过程也鲜有公募基金问 ...

Summary of Guibao Pet's Conference Call Company Overview - Guibao Pet has shown continuous revenue and profit growth, driven by high-end products like Fulegat cat food, with revenue expected to reach 500 million yuan in 2024 and double in 2025 [2][3][8] - The company’s self-owned brand revenue accounts for 68% of total revenue, contributing over two-thirds, while OEM business accounts for less than one-third [2][4] Financial Performance - Revenue growth rates for Guibao Pet are as follows: 27% in 2023, 21% in 2024, and 35% in Q1 2025 [3] - Net profit growth rates are 62% for 2023, 46% for 2024, and 37% for Q1 2025, with net profit margin increasing from 7.82% in 2022 to 13.81% in Q1 2025 [3][5] - The company’s feed additive level reached 13.8% in Q1 2025, indicating potential for further margin improvement [6] Market Expectations and Growth Potential - The market has high expectations for Guibao Pet's revenue and profit margins, but there is a significant expectation gap due to the potential for non-linear growth as market size and share increase [5] - The Chinese pet food market has substantial growth potential compared to the U.S., with Guibao Pet's market share at approximately 6% compared to nearly 50% for leading U.S. companies [7] - The company’s strategy focuses on rapid revenue growth while accelerating high-end product offerings [7] Product Development - Guibao Pet launched a new dog food brand, Wangzhenchun, in 2024, which is positioned in the mid-to-high-end market [9][10] - The small dog food market is growing rapidly, similar to the cat food segment, allowing for high pricing and profitability [10] Investment Recommendations - Despite concerns about short-term overheating in the market, Guibao Pet and its competitor Zhongchong still have significant growth potential, with at least 10 times growth space anticipated [11] - Investors are advised to continue monitoring monthly data and consider buying on dips to capitalize on the expected rapid growth over the next 3 to 5 years [11]

Market Overview - On May 20, the A-share market experienced a collective rise, with the Shanghai Composite Index increasing by 0.38%, the Shenzhen Component Index by 0.77%, and the ChiNext Index by 0.77%. The North Star 50 Index reached a historical high with a 1.22% increase. The total market turnover was 12,112 billion yuan, an increase of 923 billion yuan from the previous day, with over 3,800 stocks rising [1]. Pet Economy - The pet economy sector saw significant gains, with multiple stocks hitting the daily limit [2]. - Recent disclosures from several listed companies in the pet industry, such as Zhongchong Co. and Guibao Pet, indicated substantial growth in their 2024 and Q1 2025 performance. The pet economy in China reached a scale of 5,928 billion yuan in 2023, with expectations to grow to 11,500 billion yuan by 2028 [3]. - According to the 2025 China Pet Industry White Paper, pet food constitutes the largest segment of pet consumption, projected to hold a market share of 52.8% in 2024. The breakdown of pet consumption includes 35.7% for pet staple food, 13.5% for snacks, and 3.6% for nutritional products [3]. - CITIC Securities research indicates that the pet sector's performance is expected to continue growing in 2025, highlighting the strong demand resilience and the current market structure of "large industry, small leaders," with an anticipated increase in market share for leading companies through product innovation and brand development [3]. Beauty and Women's Economy - The cultivated diamond sector led the market with a 4.10% increase, while the beauty and personal care sector also performed well, attributed to the rise of the "she economy." Data from Tmall indicated that over 13,000 brands saw their sales double within the first hour of the "6·18" sales event, with domestic beauty brands performing particularly well [4]. - According to Tianyancha, there are over 8.65 million enterprises related to the "she economy" currently in operation in China, with approximately 726,000 new registrations in 2025 alone. Guangdong, Shandong, and Zhejiang provinces have the highest number of such enterprises [4]. - Tianyancha Research Institute suggests that the influence of women is shifting industries from "traffic harvesting" to "value co-creation," emphasizing the importance of understanding women's deep-seated needs in areas like "scientific parenting," "self-growth," and "emotional resonance" to capture opportunities in the 10 trillion yuan market [4].

Core Viewpoint - The era of easy profits in the liquor sector is fading for investors in the consumer space, prompting public funds to actively expand their investment boundaries and reconstruct their investment methodologies in response to changing consumer habits and channels [1][2]. Investment Strategy Adjustments - The FuGuo Consumption Upgrade Mixed Fund announced adjustments to its investment scope to better meet investor needs and enhance market competitiveness, incorporating the beauty and personal care sector into its consumption upgrade theme [1][2]. - The fund manager emphasized a focus on emerging consumer sectors, particularly companies with global competitive potential, as evidenced by the fund's increased holdings in stocks like Pop Mart and Lao Pu Gold [2]. Performance of Emerging Consumer Stocks - Emerging consumer stocks have shown significant growth, with companies like Pop Mart and Lao Pu Gold experiencing stock price increases of over 100% this year [3]. - Several funds heavily invested in emerging consumer sectors have seen substantial net asset value increases, with some funds reporting returns exceeding 42% year-to-date [3]. Market Trends and Consumer Behavior - Traditional consumer stocks, particularly in the liquor sector, are underperforming, while new sectors such as pet economy, beauty care, and gold jewelry are thriving [3][4]. - Fund managers are adapting their strategies to align with market changes, focusing on mid-to-high-end domestic brands that are competing with foreign brands in various sectors [4]. Focus on New Consumption Channels - Industry experts highlight the importance of adapting to new consumer behaviors and channels, such as the shift from traditional media to platforms like Douyin and Xiaohongshu, which are reshaping brand engagement [5][6]. - The rise of new product categories, including pet food and functional beverages, is noted as a significant opportunity for growth in the consumer market [5][6]. Technological Innovations and Market Opportunities - The integration of AI technology is driving the emergence of innovative products like AI glasses and smart home devices, creating new growth opportunities in traditional industries [6]. - The rapid growth of "self-care" consumption categories, such as medical aesthetics and pet economy, is also highlighted as a key trend in the consumer market [6].

上市公司名称：乖宝宠物食品集团股份有限公司 信息披露义务人1：北京君联晟源股权投资合伙企业（有限合伙） 执行事务合伙人：拉萨君祺企业管理有限公司 住所及通讯地址：北京市海淀区科学院南路2号院1号楼16层1618 信息披露义务人2：珠海君联博远股权投资合伙企业（有限合伙） 执行事务合伙人：拉萨君祺企业管理有限公司 住所及通讯地址：珠海市横琴新区宝华路6号105室-43190（集中办公区） 股份变动性质：股份减少 签署日期：2025年5月14日 1 股票上市地点：深圳证券交易所 股票简称：乖宝宠物 股票代码：301498 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国 证券法》、《上市公司收购管理办法》、《证券期货法律适用意见第19号—— <上市公司收购管理办法>第十三条、第十四条的适用意见》、《公开发行证 券的公司信息披露内容与格式准则第15号——权益变动报告书》及其他相关法 律、法规和部门规章的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理 ...

证券代码：301498 证券简称：乖宝宠物 公告编号：2025-019 乖宝宠物食品集团股份有限公司 关于股东询价转让结果报告书暨持股 5%以上股东权益变 动触及 5%整数倍的提示性公告 股东北京君联晟源股权投资合伙企业（有限合伙）、珠海君联博远股权投资合 伙企业（有限合伙）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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1. 本次权益变动主体为持有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"）5%以上股份的股东北京君联晟源股权投资合伙企业（有限合伙） （以下简称"君联晟源"）、珠海君联博远股权投资合伙企业（有限合伙）（以下 简称"君联博远"）（上述股东合称"出让方"）。 2. 出让方不属于公司控股股东、实际控制人、董事、监事及高级管理人员，本 次权益变动不会导致乖宝宠物控股股东及实际控制人发生变化，不会对乖宝宠物公 司治理结构及持续经营产生重大影响。 3. 本次询价转让为非公开转让的询价转让方式，不会通过集中竞价 ...

中国国际金融股份有限公司 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的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受乖宝宠物 食品集团股份有限公司（以下简称"乖宝宠物""公司""上市公司"）股东北京君 联晟源股权投资合伙企业（有限合伙）（以下简称"君联晟源"）、珠海君联博远股 权投资合伙企业（有限合伙）（以下简称"君联博远"）（以下合称"出让方"）委 托，组织实施本次乖宝宠物股东向特定机构投资者询价转让（以下简称"本次询价转 让"）。 经核查，中金公司就本次询价转让的出让方、受让方是否符合《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"《指引第 16 号》"）要求，本次询价转让的询价、转 让过程与结果是否公平、公正，是否符合《指引第 16 号》的规定作出如下报告说明。 一、本次询价转让概述 （一）本次询价转让出让方 截至2025年4月30日，出让方所持公司股份的数量、比例情况如下： | 出让方名称 | 截至2025年4月30日收盘持股数量（股） | 持股比例 | | --- | ...

Summary of Guibao Pet's Conference Call Company Overview - Guibao Pet reported a revenue of 5.244 billion yuan in 2024, representing a year-on-year growth of 16.6% [2] - The brand business revenue reached 3.544 billion yuan, growing by 29.14%, accounting for 67.59% of total revenue [2] - Direct sales from self-owned brands generated 1.969 billion yuan, an increase of 59.33% [2] - In Q1 2025, revenue was 1.479 billion yuan, up 34.82%, with a net profit of 204 million yuan, reflecting a growth of 37.68% [2] Impact of US-China Trade Tensions - The trade tensions have led to increased tariffs, affecting the company's cost structure [4] - Guibao Pet shares the tariff burden with clients and adjusts pricing based on customer circumstances [4][5] - Orders have shifted to Thailand, resulting in higher production costs, but selling prices will also be adjusted, leading to uncertainty in gross margins [4][5] Export Business and Market Expansion - The company exports to over 30 countries, with exports to countries other than the US remaining unaffected by tariffs [6] - The overseas OEM business is expected to grow reasonably in 2025, with a gradual increase in the share of self-owned brands [6] - The overseas market is larger than the domestic market and continues to grow, prompting the company to expand its international presence [6] Production Capacity and Future Plans - The Thai factory is currently operating at full capacity, with an expansion project costing over 200 million yuan expected to double production capacity by June 2025 [7] - The company is also planning a research and development center in Thailand, with budget calculations underway [7] Research and Development Focus - Guibao Pet emphasizes optimizing fresh meat processing, product innovation, functional formula reserves, and manufacturing technology breakthroughs [8] - In 2024, R&D investment exceeded 85 million yuan, a 16% increase, with 329 patents obtained [8] - The pace of product innovation in the industry remains strong, indicating ample room for future innovation [8] Strategic Development Focus - Future strategic focuses include enhancing R&D investment, optimizing supply chain management, and elevating brand positioning [9] - The company is accelerating digital transformation to improve operational efficiency and restructure its digital framework [11] Financial Management and Future Investments - As of the end of 2024, the company had nearly 700 million yuan in cash, including unutilized raised funds [12] - The funds will be allocated to capital expenditures, including major projects, supply chain construction, and digital upgrades [12] - The company is open to mergers and acquisitions if suitable targets align with its strategic goals [12] Dividend Policy and Market Impact - In 2024, Guibao Pet distributed over 200 million yuan in dividends, representing 32% of net profit [13] - The company plans to continue its dividend policy in 2025, emphasizing long-term stability and investor returns [13] - Shareholder inquiries regarding share transfers are seen as normal and do not reflect a lack of confidence in the company's future [13]

Investment Rating - The report assigns a rating of "Outperform" for Gambol Pet Group, indicating an expected total return over the next 12-18 months that exceeds the return of its relevant broad market benchmark [20][22]. Core Insights - Gambol Pet Group demonstrated remarkable growth in both revenue and profit, with operating revenue reaching 5.244 billion yuan in 2024, a year-on-year increase of 21.22%. The net profit attributable to the parent company was 625 million yuan, up 45.68% year-on-year [2][9]. - The company's own brands are the primary drivers of revenue growth, contributing 3.545 billion yuan, which is 67.59% of total revenue, and growing by 29.14% year-on-year [2][9]. - The company is expanding its operations in Thailand, with a factory expansion project expected to double its capacity by June 2025, alongside the establishment of a research and development center [3][11]. Financial Performance - In Q4 2024, the company reported an operating revenue of 1.573 billion yuan, reflecting a quarter-on-quarter increase of 26.41% [2][9]. - The net cash flow from operating activities for 2024 was 719 million yuan, marking a 16.60% year-on-year increase [2][9]. - For Q1 2025, the company continued its positive trend with operating revenue of 1.479 billion yuan, a 34.82% year-on-year increase, and a profit of 204 million yuan, up 37.68% year-on-year [2][9]. Business Strategy - The company is actively mitigating tariff pressures from Sino-US trade frictions by shifting some production to its Thailand factory, which has alleviated some cost burdens [3][10]. - Gambol Pet Group is committed to enhancing its digital transformation efforts to improve operational efficiency and support its premiumization strategy [4][12]. - The company has outlined clear funding usage plans, with nearly 700 million yuan in cash and cash equivalents, and a stable dividend policy that includes two dividends totaling over 200 million yuan in 2024 [5][13]. Research and Development - The company invested over 85 million yuan in R&D in 2024, a 16% increase year-on-year, and has obtained 329 patents, focusing on innovations in fresh meat processing and functional formula reserves [4][12]. - The planned R&D center in Thailand is expected to play a crucial role in the company's global R&D system, enhancing its international competitiveness [3][11].